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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jun. 29, 2024
Jul. 01, 2023
Statement of Comprehensive Income [Abstract]        
Net sales $ 9,709 $ 9,013 $ 18,658 $ 17,555
Cost of goods sold 8,003 7,422 15,457 14,539
Gross profit 1,706 1,591 3,201 3,016
Operating expenses:        
Distribution, selling and administrative costs 1,354 1,269 2,671 2,507
Restructuring activity and asset impairment charges (1) 0 12 0
Total operating expenses 1,353 1,269 2,683 2,507
Operating income 353 322 518 509
Other expense (income)—net 3 (2) 2 (3)
Interest expense—net 81 82 160 163
Income before income taxes 269 242 356 349
Income tax provision 71 60 76 85
Net income 198 182 280 264
Other comprehensive income —net of tax:        
Changes in retirement benefit obligations 1 0 3 1
Derivative, Gain on Derivative 0 1 0 1
Comprehensive income 199 183 283 266
Net income 198 182 280 264
Series A convertible preferred stock dividends 0 0 0 (7)
Net income available to common shareholders $ 198 $ 182 $ 280 $ 257
Net income per share        
EPS basic (in dollars per share) $ 0.81 $ 0.76 $ 1.14 $ 1.11
EPS diluted (in dollars per share) $ 0.80 $ 0.73 $ 1.13 $ 1.05
Weighted-average common shares outstanding        
Basic weighted average shares outstanding (in shares) 246 238 245 232
Diluted weighted average shares outstanding (in shares) 248 251 248 251