SHAREHOLDERS' EQUITY

12 Months Ended

Jan. 02, 2026

NOTE 12: SHAREHOLDERS' EQUITY

Common Stock

Authorized common stock consists of 500,000,000 shares with a par value of $1 per share, of which 186,844,093 shares and 189,794,911 shares were issued and outstanding as of January 2, 2026 and January 3, 2025, respectively.

Shares Repurchase Program. On January 28, 2021 and October 21, 2022, we announced that our Board approved share repurchase authorizations under our repurchase program of $6.0 billion and $3.0 billion, respectively. The $6.0 billion program was fully utilized during the first quarter 2025. Our repurchase program does not have an expiration date and authorizes us to repurchase shares of our common stock through open market purchases, private transactions, transactions structured through investment banking institutions or any combination thereof.

During fiscal 2025, we repurchased 5.1 million shares of our common stock under our share repurchase program for $1.2 billion and had remaining unused authorizations of $2.2 billion as of January 2, 2026. During fiscal 2024, we repurchased 2.5 million shares of our common stock under our share repurchase program for $554 million and had of remaining unused authorizations of $3.4 billion as of January 3, 2025.

Preferred Stock

Authorized preferred stock consists of 1,000,000 shares, without par value, of which no shares were issued and outstanding as of January 2, 2026 and January 3, 2025.

Accumulated Other Comprehensive Income (Loss) (“AOCI”)

Changes in the components of AOCI, net of tax were as follows:


(In millions)	Foreign currency translation and other, net(1)		Pension and other postretirement benefits(2)		Total AOCI

Balance at December 30, 2022	$	(316)	$	28	$	(288)
Other comprehensive income before reclassifications	46		71		117
Losses (gains) reclassified to earnings	4		(31)		(27)
Other comprehensive income	50		40		90
Balance at December 29, 2023	(266)		68		(198)
Other comprehensive (loss) income before reclassifications	(72)		323		251
Losses (gains) reclassified to earnings	7		(33)		(26)
Other comprehensive (loss) income	(65)		290		225
Balance at January 3, 2025	(331)		358		27
Other comprehensive income before reclassifications	77		73		150
Losses (gains) reclassified to earnings	20		(78)		(58)
Other comprehensive income (loss)	97		(5)		92
Balance at January 2, 2026	$	(234)	$	353	$	119

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(1)Other, net consists of hedging derivatives.

(2)See Note 9: Retirement Benefits in these Notes for further information.