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Shareholders' Equity
 6 Months Ended
Jul. 02, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
A reconciliation of Shareholders’ equity is presented below:
(In millions)Common
Stock		Capital
Surplus		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Shareholders'
Equity
Three months ended July 2, 2022
Beginning of period$28 $1,924 $(314)$6,058 $(779)$6,917 
Net income— — — 217 — 217 
Other comprehensive loss— — — — (76)(76)
Share-based compensation activity— 29 — — — 29 
Dividends declared— — — (4)— (4)
Purchases of common stock— — (282)— — (282)
End of period$28 $1,953 $(596)$6,271 $(855)$6,801 
Three months ended July 3, 2021
Beginning of period$29 $1,845 $(294)$6,139 $(1,723)$5,996 
Net income— — — 183 — 183 
Other comprehensive income— — — — 47 47 
Share-based compensation activity— 75 — — — 75 
Dividends declared— — — (4)— (4)
Purchases of common stock— — (196)— — (196)
End of period$29 $1,920 $(490)$6,318 $(1,676)$6,101 
Six months ended July 2, 2022
Beginning of period$28 $1,863 $(157)$5,870 $(789)$6,815 
Net income— — — 410 — 410 
Other comprehensive loss— — — — (66)(66)
Share-based compensation activity— 90 — — — 90 
Dividends declared— — — (9)— (9)
Purchases of common stock— — (439)— — (439)
End of period$28 $1,953 $(596)$6,271 $(855)$6,801 
Six months ended July 3, 2021
Beginning of period$29 $1,785 $(203)$5,973 $(1,739)$5,845 
Net income— — — 354 — 354 
Other comprehensive income— — — — 63 63 
Share-based compensation activity— 135 — — — 135 
Dividends declared— — — (9)— (9)
Purchases of common stock— — (287)— — (287)
End of period$29 $1,920 $(490)$6,318 $(1,676)$6,101 
Dividends per share of common stock were $0.02 for both the second quarter of 2022 and 2021 and $0.04 for both the first half of 2022 and 2021.
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.  
The weighted-average shares outstanding for basic and diluted EPS are as follows:
Three Months EndedSix Months Ended
(In thousands)July 2,
2022		July 3,
2021		July 2,
2022		July 3,
2021
Basic weighted-average shares outstanding214,587 225,963 215,799 226,486 
Dilutive effect of stock options2,071 2,483 2,334 1,810 
Diluted weighted-average shares outstanding216,658 228,446 218,133 228,296 
For both the second quarter and first half of 2022, stock options to purchase 1.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive. For the first half of 2021, stock options to purchase 2.1 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Loss and Other Comprehensive Income
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at January 1, 2022$(799)$9 $1 $(789)
Other comprehensive loss before reclassifications— (104)4 (100)
Reclassified from Accumulated other comprehensive loss34 — — 34 
Balance at July 2, 2022$(765)$(95)$5 $(855)
Balance at January 2, 2021$(1,780)$42 $(1)$(1,739)
Other comprehensive loss before reclassifications— (17)6 (11)
Reclassified from Accumulated other comprehensive loss60 14 — 74 
Balance at July 3, 2021$(1,720)$39 $5 $(1,676)
The before and after-tax components of Other comprehensive income (loss) are presented below:
July 2, 2022July 3, 2021
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*$21 $(6)$15 $38 $(9)$29 
Amortization of prior service cost*2 — 2 2 (1)1 
Pension and postretirement benefits adjustments, net23 (6)17 40 (10)30 
Foreign currency translation adjustments(90)— (90)15 — 15 
Deferred gains (losses) on hedge contracts:
Current deferrals(5)2 (3)2 — 2 
Deferred gains (losses) on hedge contracts, net(5)2 (3)2 — 2 
Total$(72)$(4)$(76)$57 $(10)$47 
Six Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*$42 $(11)$31 $76 $(18)$58 
Amortization of prior service cost*4 (1)3 4 (2)2 
Pension and postretirement benefits adjustments, net46 (12)34 80 (20)60 
Foreign currency translation adjustments:
Foreign currency translation adjustments(104)— (104)(17)— (17)
Business disposition— — — 14 — 14 
Foreign currency translation adjustments, net(104)— (104)(3)— (3)
Deferred gains on hedge contracts:
Current deferrals5 (1)4 7 (1)6 
Deferred gains on hedge contracts, net5 (1)4 7 (1)6 
Total$(53)$(13)$(66)$84 $(21)$63 
*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 15 of our 2021 Annual Report on Form 10-K for additional information