Property, Plant and Equipment (Tables)

6 Months Ended

Jul. 02, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. The Company utilizes the straight-line method of depreciation over the estimated useful lives.

Building and building equipment	20 - 30 years
Land and leasehold improvements	10 - 20 years
Machinery and equipment	2 - 13 years
Software	3 - 8 years

At the end of fiscal years 2022 and 2021, property, plant and equipment at cost and accumulated depreciation were:

(Dollars in Millions)	2022		2021
Machinery and equipment	$	2,280	$	2,416
Buildings and building equipment	1,709		1,744
Software	1,329		1,303
Construction in progress	307		228
Land and land improvements	75		79
Total property, plant and equipment, gross	$	5,700	$	5,770
Less: accumulated depreciation	(3,880)		(3,943)
Total property, plant and equipment, net	$	1,820	$	1,827