Shareholders' Equity (Tables)

3 Months Ended

Apr. 04, 2020

Shareholders' Equity

Schedule of Shareholder's equity

									Accumulated
									Other		Total
	Common		Capital		Treasury		Retained		Comprehensive		Shareholders’
(In millions)	Stock		Surplus		Stock		Earnings		Loss		Equity
Balance at January 4, 2020	$	29	$	1,674	$	(20)	$	5,682	$	(1,847)	$	5,518
Net income		—		—		—		50		—		50
Other comprehensive loss		—		—		—		—		(12)		(12)
Share-based compensation activity		—		37		—		—		—		37
Dividends declared		—		—		—		(5)		—		(5)
Purchases of common stock		—		—		(54)		—		—		(54)
Balance at April 4, 2020	$	29	$	1,711	$	(74)	$	5,727	$	(1,859)	$	5,534
Balance at December 29, 2018	$	30	$	1,646	$	(129)	$	5,407	$	(1,762)	$	5,192
Net income		—		—		—		179		—		179
Other comprehensive income		—		—		—		—		26		26
Share-based compensation activity		—		43		—		—		—		43
Dividends declared		—		—		—		(5)		—		(5)
Purchases of common stock		—		—		(202)		—		—		(202)
Balance at March 30, 2019	$	30	$	1,689	$	(331)	$	5,581	$	(1,736)	$	5,233

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

	Three Months Ended
	April 4,		March 30,
(In thousands)	2020		2019
Basic weighted-average shares outstanding		228,311		234,839
Dilutive effect of stock options		616		1,598
Diluted weighted-average shares outstanding		228,927		236,437

Schedule of components of Accumulated Other Comprehensive Loss

	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 loss before reclassifications		—		(40)		(8)		(48)
Reclassified from Accumulated other comprehensive loss		37		—		(1)		36
Balance at April 4, 2020	$	(1,774)	$	(76)	$	(9)	$	(1,859)
Balance at December 29, 2018	$	(1,727)	$	(32)	$	(3)	$	(1,762)
Other comprehensive income before reclassifications		—		3		3		6
Reclassified from Accumulated other comprehensive loss		21		—		(1)		20
Balance at March 30, 2019	$	(1,706)	$	(29)	$	(1)	$	(1,736)

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

	April 4, 2020						March 30, 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	$	(10)	$	36	$	25	$	(5)	$	20
Amortization of prior service cost*		2		(1)		1		1		—		1
Pension and postretirement benefits adjustments, net		48		(11)		37		26		(5)		21
Deferred gains (losses) on hedge contracts:
Current deferrals		(9)		1		(8)		4		(1)		3
Reclassification adjustments		(1)		—		(1)		(1)		—		(1)
Deferred gains (losses) on hedge contracts, net		(10)		1		(9)		3		(1)		2
Foreign currency translation adjustments		(37)		(3)		(40)		1		2		3
Total	$	1	$	(13)	$	(12)	$	30	$	(4)	$	26

*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.