SHAREHOLDERS' EQUITY

3 Months Ended

Apr. 03, 2026

NOTE J: SHAREHOLDERS' EQUITY

Common Stock

Authorized common stock consists of 500,000,000 shares, with a $1 par value of per share, of which 186,601,408 shares and 186,844,093 shares were issued and outstanding as of April 3, 2026 and January 2, 2026, respectively.

Share Repurchase Program. On January 28, 2021 and October 21, 2022, we announced that our Board of Directors (“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 first quarter 2026, we repurchased 0.8 million shares of our common stock under our share repurchase program for $296 million and had remaining unused authorizations of $1.9 billion as of April 3, 2026. During first quarter 2025, we repurchased 2.7 million shares of our common stock under our share repurchase program for $569 million and had remaining unused authorizations of $2.8 billion as of March 28, 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 both April 3, 2026 and January 2, 2026.

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 as of January 2, 2026	$	(234)	$	353	$	119
Other comprehensive loss before reclassifications	(15)		—		(15)
Losses (gains) reclassified to earnings	2		(8)		(6)
Other comprehensive loss	(13)		(8)		(21)
Balance as of April 3, 2026	$	(247)	$	345	$	98

Balance as of January 3, 2025	$	(331)	$	358	$	27
Other comprehensive income (loss) before reclassifications	19		(43)		(24)
Losses (gains) reclassified to earnings	11		(28)		(17)
Other comprehensive income (loss)	30		(71)		(41)
Balance as of March 28, 2025	$	(301)	$	287	$	(14)

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(1)Other, net consists of hedging derivatives.

(2)See Note H: Retirement Benefits in these Notes