Stockholders' Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 26, 2025

Share-Based Payment Arrangement [Abstract]

The Company’s Board of Directors has approved the following programs to repurchase shares of the Company’s common stock:

Name of program

Date of Board of Director approval

Number of shares of Company common stock approved for repurchase

Number of shares remaining available for repurchase as of September 26, 2025

2013 Repurchase Program

July 16, 2013

20,000,000

—

2024 Repurchase Program

July 22, 2024

20,000,000

2,000,000

2025 Repurchase Program

September 9, 2025

35,000,000

Summary of Share Activity

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


	Three-Month Period Ended		Nine-Month Period Ended
	September 26, 2025	September 27, 2024	September 26, 2025	September 27, 2024





Common stock - shares issued:
Balance, beginning of period	885.9	883.2	884.3	880.5
Common stock-based compensation awards	0.4	0.7	2.0	3.4




Balance, end of period	886.3	883.9	886.3	883.9

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				Nine-Month Period Ended
	September 26, 2025		September 27, 2024		September 26, 2025		September 27, 2024
RSUs/PSUs:
Pretax compensation expense	$	49	$	49	$	137	$	127
Income tax benefit	(10)		(11)		(28)		(27)
RSU/PSU expense, net of income taxes	39		38		109		100
Stock options:
Pretax compensation expense	34		35		98		104
Income tax benefit	(7)		(7)		(20)		(21)
Stock option expense, net of income taxes	27		28		78		83
Total stock-based compensation:
Pretax compensation expense	83		84		235		231
Income tax benefit	(17)		(18)		(48)		(48)
Total stock-based compensation expense, net of income taxes	$	66	$	66	$	187	$	183

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 September 26, 2025:
Balance, June 27, 2025	$	(427)	$	(297)		$	155		$	(569)
OCI before reclassifications:
Increase (decrease)	(65)		—			49			(16)
Income tax impact	(6)		—			—			(6)
OCI before reclassifications, net of income taxes	(71)		—			49			(22)
Reclassification adjustments:
Increase (decrease)	—		2		(a)	—		(b)	2
Income tax impact	—		—			(1)			(1)
Reclassification adjustments, net of income taxes	—		2			(1)			1
Net OCI, net of income taxes	(71)		2			48			(21)
Balance, September 26, 2025	$	(498)	$	(295)		$	203		$	(590)

For the Three-Month Period Ended September 27, 2024:
Balance, June 28, 2024	$	(2,273)	$	(397)		$	79		$	(2,591)
OCI before reclassifications:
Increase (decrease)	1,193		—			(77)			1,116
Income tax impact	23		—			—			23
OCI before reclassifications, net of income taxes	1,216		—			(77)			1,139
Reclassification adjustments:
Increase (decrease)	—		3		(a)	140		(b)	143
Income tax impact	—		(1)			—			(1)
Reclassification adjustments, net of income taxes	—		2			140			142
Net OCI, net of income taxes	1,216		2			63			1,281
Balance, September 27, 2024	$	(1,057)	$	(395)		$	142		$	(1,310)



	Foreign Currency Translation Adjustments		Pension and Postretirement Plan Benefit Adjustments			Cash Flow Hedge Adjustments			Accumulated Comprehensive Income (Loss)
For the Nine-Month Period Ended September 26, 2025:
Balance, December 31, 2024	$	(2,904)	$	(300)		$	(14)		$	(3,218)
OCI before reclassifications:
Increase (decrease)	2,350		—			(112)			2,238
Income tax impact	56		—			—			56
OCI before reclassifications, net of income taxes	2,406		—			(112)			2,294
Reclassification adjustments:
Increase (decrease)	—		6		(a)	330		(b)	336
Income tax impact	—		(1)			(1)			(2)
Reclassification adjustments, net of income taxes	—		5			329			334
Net OCI, net of income taxes	2,406		5			217			2,628
Balance, September 26, 2025	$	(498)	$	(295)		$	203		$	(590)

For the Nine-Month Period Ended September 27, 2024:
Balance, December 31, 2023	$	(1,446)	$	(401)		$	99		$	(1,748)
OCI before reclassifications:
Increase (decrease)	391		—			1			392
Income tax impact	(2)		—			—			(2)
OCI before reclassifications, net of income taxes	389		—			1			390
Reclassification adjustments:
Increase (decrease)	—		8		(a)	43		(b)	51
Income tax impact	—		(2)			(1)			(3)
Reclassification adjustments, net of income taxes	—		6			42			48
Net OCI, net of income taxes	389		6			43			438
Balance, September 27, 2024	$	(1,057)	$	(395)		$	142		$	(1,310)

(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 7 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).

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details