Stockholders' Equity and Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share Activity

The following table summarizes the Company’s share activity (shares in millions):

	Three-Month Period Ended
	March 31, 2023	April 1, 2022
Preferred stock - shares issued:
Balance, beginning and end of period	1.7	3.4
Common stock - shares issued:
Balance, beginning of period	869.3	855.7
Common stock-based compensation awards	1.1	1.3
Balance, end of period	870.4	857.0

Components of Stock-Based Compensation Program

The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):

	Three-Month Period Ended
	March 31, 2023		April 1, 2022
RSUs/PSUs:
Pretax compensation expense	$	46	$	46
Income tax benefit	(9)		(9)
RSU/PSU expense, net of income taxes	37		37
Stock options:
Pretax compensation expense	33		34
Income tax benefit	(7)		(7)
Stock option expense, net of income taxes	26		27
Total stock-based compensation:
Pretax compensation expense	79		80
Income tax benefit	(16)		(16)
Total stock-based compensation expense, net of income taxes	$	63	$	64

Components of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions).

	Foreign Currency Translation Adjustments		Pension and Postretirement Plan Benefit Adjustments			Cash Flow Hedge Adjustments			Accumulated Comprehensive Income (Loss)
For the Three-Month Period Ended March 31, 2023:
Balance, December 31, 2022	$	(2,644)	$	(341)		$	113		$	(2,872)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	23		—			37			60
Income tax impact	2		—			—			2
Other comprehensive income (loss) before reclassifications, net of income taxes	25		—			37			62
Reclassification adjustments:
Increase (decrease)	—		—		(a)	44		(b)	44
Income tax impact	—		—			—			—
Reclassification adjustments, net of income taxes	—		—			44			44
Net other comprehensive income (loss), net of income taxes	25		—			81			106
Balance, March 31, 2023	$	(2,619)	$	(341)		$	194		$	(2,766)
For the Three-Month Period Ended April 1, 2022:
Balance, December 31, 2021	$	(539)	$	(550)		$	62		$	(1,027)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	(331)		—			125			(206)
Income tax impact	(12)		—			(30)			(42)
Other comprehensive income (loss) before reclassifications, net of income taxes	(343)		—			95			(248)
Reclassification adjustments:
Increase (decrease)	—		18		(a)	(115)		(b)	(97)
Income tax impact	—		(4)			—			(4)
Reclassification adjustments, net of income taxes	—		14			(115)			(101)
Net other comprehensive income (loss), net of income taxes	(343)		14			(20)			(349)
Balance, April 1, 2022	$	(882)	$	(536)		$	42		$	(1,376)

(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Notes 7 and 12 for additional details).

(b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 11 for additional details).