Stockholders' Equity and Stock-based Compensation (Tables)

3 Months Ended

Mar. 29, 2024

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 29, 2024	March 31, 2023
Preferred stock - shares issued:
Balance, beginning and end of period	—	1.7
Common stock - shares issued:
Balance, beginning of period	880.5	869.3
Common stock-based compensation awards	1.8	1.1
Balance, end of period	882.3	870.4

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 29, 2024		March 31, 2023
RSUs/PSUs:
Pretax compensation expense	$	32	$	41
Income tax benefit	(6)		(8)
RSU/PSU expense, net of income taxes	26		33
Stock options:
Pretax compensation expense	28		29
Income tax benefit	(6)		(6)
Stock option expense, net of income taxes	22		23
Total stock-based compensation:
Pretax compensation expense	60		70
Income tax benefit	(12)		(14)
Total stock-based compensation expense, net of income taxes	$	48	$	56

Components of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated OCI 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 29, 2024:
Balance, December 31, 2023	$	(1,446)	$	(401)		$	99		$	(1,748)
OCI before reclassifications:
Increase (decrease)	(935)		—			23			(912)
Income tax impact	(13)		—			—			(13)
OCI before reclassifications, net of income taxes	(948)		—			23			(925)
Reclassification adjustments:
Increase (decrease)	—		3		(a)	(73)		(b)	(70)
Income tax impact	—		(1)			—			(1)
Reclassification adjustments, net of income taxes	—		2			(73)			(71)
Net OCI, net of income taxes	(948)		2			(50)			(996)
Balance, March 29, 2024	$	(2,394)	$	(399)		$	49		$	(2,744)
For the Three-Month Period Ended March 31, 2023:
Balance, December 31, 2022	$	(2,644)	$	(341)		$	113		$	(2,872)
OCI before reclassifications:
Increase (decrease)	23		—			37			60
Income tax impact	2		—			—			2
OCI 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 OCI, net of income taxes	25		—			81			106
Balance, March 31, 2023	$	(2,619)	$	(341)		$	194		$	(2,766)

(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 8 for additional details).

(b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 12 for additional details).