Shareholders' Equity (Tables)

9 Months Ended

Oct. 03, 2020

Equity [Abstract]

Schedule of Shareholder's equity

A reconciliation of Shareholders’ equity is presented below:

									Accumulated
									Other		Total
	Common		Capital		Treasury		Retained		Comprehensive		Shareholders'
(In millions)	Stock		Surplus		Stock		Earnings		Loss		Equity
Three months ended October 3, 2020			​		​		​		​		​
Beginning of period	$	29	$	1,732	$	(74)	$	5,631	$	(1,791)	$	5,527
Net income	—		—		—		115		—		115
Other comprehensive income	—		—		—		—		74		74
Share-based compensation activity	—		30		—		—		—		30
Dividends declared	—		—		—		(5)		—		(5)
End of period	$	29	$	1,762	$	(74)	$	5,741	$	(1,717)	$	5,741
Three months ended September 28, 2019
Beginning of period	$	30	$	1,717	$	(490)	$	5,794	$	(1,715)	$	5,336
Net income	—		—		—		220		—		220
Other comprehensive loss	—		—		—		—		(14)		(14)
Share-based compensation activity	—		24		—		—		—		24
Dividends declared	—		—		—		(5)		—		(5)
Purchases of common stock	—		—		(109)		—		—		(109)
End of period	$	30	$	1,741	$	(599)	$	6,009	$	(1,729)	$	5,452
Nine months ended October 3, 2020
Beginning of period	$	29	$	1,674	$	(20)	$	5,682	$	(1,847)	$	5,518
Net income	—		—		—		73		—		73
Other comprehensive income	—		—		—		—		130		130
Share-based compensation activity	—		88		—		—		—		88
Dividends declared	—		—		—		(14)		—		(14)
Purchases of common stock	—		—		(54)		—		—		(54)
End of period	$	29	$	1,762	$	(74)	$	5,741	$	(1,717)	$	5,741
Nine months ended September 28, 2019
Beginning of period	$	30	$	1,646	$	(129)	$	5,407	$	(1,762)	$	5,192
Net income	—		—		—		616		—		616
Other comprehensive income	—		—		—		—		33		33
Share-based compensation activity	—		95		—		—		—		95
Dividends declared	—		—		—		(14)		—		(14)
Purchases of common stock	—		—		(470)		—		—		(470)
End of period	$	30	$	1,741	$	(599)	$	6,009	$	(1,729)	$	5,452

Schedule of weighted-average shares outstanding for basic and diluted EPS

The weighted-average shares outstanding for basic and diluted EPS are as follows:

​	Three Months Ended		Nine Months Ended
(In thousands)	October 3, 2020	September 28, 2019	October 3, 2020	September 28, 2019
Basic weighted-average shares outstanding	228,918	229,755	228,492	232,202
Dilutive effect of stock options	361	1,342	345	1,487
Diluted weighted-average shares outstanding	229,279	231,097	228,837	233,689

Schedule of components of Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss are presented below:

	Pension and		Foreign		Deferred		Accumulated
	Postretirement		Currency		Gains (Losses)		Other
	Benefits		Translation		on Hedge		Comprehensive
(In millions)	Adjustments		Adjustments		Contracts		Loss
Balance at January 4, 2020	$	(1,811)	$	(36)	$	—	$	(1,847)
Other comprehensive income before reclassifications	—		25		(2)		23
Reclassified from Accumulated other comprehensive loss	110		—		(3)		107
Balance at October 3, 2020	$	(1,701)	$	(11)	$	(5)	$	(1,717)
Balance at December 29, 2018	$	(1,727)	$	(32)	$	(3)	$	(1,762)
Other comprehensive loss before reclassifications	—		(30)		4		(26)
Reclassified from Accumulated other comprehensive loss	61		—		(2)		59
Balance at September 28, 2019	$	(1,666)	$	(62)	$	(1)	$	(1,729)

Schedule of before and after-tax components of other comprehensive income (loss)

The before and after-tax components of Other comprehensive income (loss) are presented below:

​	October 3, 2020						September 28, 2019
			Tax						Tax
	Pre-Tax		(Expense)		After-Tax		Pre-Tax		(Expense)		After-Tax
(In millions)	Amount		Benefit		Amount		Amount		Benefit		Amount
Three Months Ended	​		​		​		​		​		​
Pension and postretirement benefits adjustments:	​		​		​		​		​		​
Amortization of net actuarial loss*	$	46	$	(11)	$	35	$	25	$	(6)	$	19
Amortization of prior service cost*	2		—		2		1		—		1
Pension and postretirement benefits adjustments, net	48		(11)		37		26		(6)		20
Deferred gains (losses) on hedge contracts:
Current deferrals	3		—		3		—		—		—
Reclassification adjustments	(2)		1		(1)		—		—		—
Deferred gains (losses) on hedge contracts, net	1		1		2		—		—		—
Foreign currency translation adjustments	35		—		35		(33)		(1)		(34)
Total	$	84	$	(10)	$	74	$	(7)	$	(7)	$	(14)
Nine Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	138	$	(32)	$	106	$	74	$	(17)	$	57
Amortization of prior service cost*	5		(1)		4		5		(1)		4
Pension and postretirement benefits adjustments, net	143		(33)		110		79		(18)		61
Deferred gains (losses) on hedge contracts:
Current deferrals	(2)		—		(2)		6		(2)		4
Reclassification adjustments	(5)		2		(3)		(2)		—		(2)
Deferred gains (losses) on hedge contracts, net	(7)		2		(5)		4		(2)		2
Foreign currency translation adjustments	28		(3)		25		(29)		(1)		(30)
Total	$	164	$	(34)	$	130	$	54	$	(21)	$	33

*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (credit). See Note 16 of our 2019 Annual Report on Form 10-K for additional information