Stockholders' Equity and Stock-based Compensation (Tables)

6 Months Ended

Jun. 28, 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		Six-Month Period Ended
	June 28, 2024	June 30, 2023	June 28, 2024	June 30, 2023
Preferred stock - shares issued:
Balance, beginning of period	—	1.7	—	1.7
Conversion of MCPS to common stock	—	(1.7)	—	(1.7)
Balance, end of period	—	—	—	—
Common stock - shares issued:
Balance, beginning of period	882.3	870.4	880.5	869.3
Common stock-based compensation awards	0.9	0.5	2.7	1.6
Issuance of common stock	—	8.6	—	8.6
Balance, end of period	883.2	879.5	883.2	879.5

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				Six-Month Period Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
RSUs/PSUs:
Pretax compensation expense	$	46	$	53	$	78	$	94
Income tax benefit	(10)		(12)		(16)		(20)
RSU/PSU expense, net of income taxes	36		41		62		74
Stock options:
Pretax compensation expense	41		43		69		72
Income tax benefit	(8)		(9)		(14)		(15)
Stock option expense, net of income taxes	33		34		55		57
Total stock-based compensation:
Pretax compensation expense	87		96		147		166
Income tax benefit	(18)		(21)		(30)		(35)
Total stock-based compensation expense, net of income taxes	$	69	$	75	$	117	$	131

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 June 28, 2024:
Balance, March 29, 2024	$	(2,394)	$	(399)		$	49		$	(2,744)
OCI before reclassifications:
Increase (decrease)	133		—			55			188
Income tax impact	(12)		—			—			(12)
OCI before reclassifications, net of income taxes	121		—			55			176
Reclassification adjustments:
Increase (decrease)	—		2		(a)	(24)		(b)	(22)
Income tax impact	—		—			(1)			(1)
Reclassification adjustments, net of income taxes	—		2			(25)			(23)
Net OCI, net of income taxes	121		2			30			153
Balance, June 28, 2024	$	(2,273)	$	(397)		$	79		$	(2,591)
For the Three-Month Period Ended June 30, 2023:
Balance, March 31, 2023	$	(2,619)	$	(341)		$	194		$	(2,766)
OCI before reclassifications:
Increase (decrease)	(718)		—			(127)			(845)
Income tax impact	14		—			—			14
OCI before reclassifications, net of income taxes	(704)		—			(127)			(831)
Reclassification adjustments:
Increase (decrease)	—		—		(a)	21		(b)	21
Income tax impact	—		—			—			—
Reclassification adjustments, net of income taxes	—		—			21			21
Net OCI, net of income taxes	(704)		—			(106)			(810)
Balance, June 30, 2023	$	(3,323)	$	(341)		$	88		$	(3,576)

	Foreign Currency Translation Adjustments		Pension and Postretirement Plan Benefit Adjustments			Cash Flow Hedge Adjustments			Accumulated Comprehensive Income (Loss)
For the Six-Month Period Ended June 28, 2024:
Balance, December 31, 2023	$	(1,446)	$	(401)		$	99		$	(1,748)
OCI before reclassifications:
Increase (decrease)	(802)		—			78			(724)
Income tax impact	(25)		—			—			(25)
OCI before reclassifications, net of income taxes	(827)		—			78			(749)
Reclassification adjustments:
Increase (decrease)	—		5		(a)	(97)		(b)	(92)
Income tax impact	—		(1)			(1)			(2)
Reclassification adjustments, net of income taxes	—		4			(98)			(94)
Net OCI, net of income taxes	(827)		4			(20)			(843)
Balance, June 28, 2024	$	(2,273)	$	(397)		$	79		$	(2,591)
For the Six-Month Period Ended June 30, 2023:
Balance, December 31, 2022	$	(2,644)	$	(341)		$	113		$	(2,872)
OCI before reclassifications:
Increase (decrease)	(695)		—			(90)			(785)
Income tax impact	16		—			—			16
OCI before reclassifications, net of income taxes	(679)		—			(90)			(769)
Reclassification adjustments:
Increase (decrease)	—		—		(a)	65		(b)	65
Income tax impact	—		—			—			—
Reclassification adjustments, net of income taxes	—		—			65			65
Net OCI, net of income taxes	(679)		—			(25)			(704)
Balance, June 30, 2023	$	(3,323)	$	(341)		$	88		$	(3,576)

(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).