XML 33 R20.htm IDEA: XBRL DOCUMENT v3.26.1
Stockholders' Equity and Stock-Based Compensation
 3 Months Ended
Mar. 27, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity and Stock-Based Compensation STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION
Stockholders’ Equity
The Company’s Board of Directors has approved the following programs to repurchase shares of the Company’s common stock:
Name of programDate of Board of Director approvalNumber of shares of Company common stock approved for repurchase
Number of shares remaining available for repurchase as of March 27, 2026
2024 Repurchase ProgramJuly 22, 202420,000,000 2,000,000 
2025 Repurchase ProgramSeptember 9, 202535,000,000 35,000,000 
In each case, the approved program authorized or authorizes the repurchase of up to the specified number of shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions. None of the repurchase programs were or are subject to an expiration date, and the timing and amount of any shares repurchased in the future will be determined by members of the Company’s management based on its evaluation of market conditions and other factors. Any repurchase program with remaining availability may be suspended or discontinued at any time. Repurchased shares are and will be available for use in connection with the Company’s equity compensation plans (or any successor plans) and for other corporate purposes.
During the three-month period ended March 28, 2025, the Company repurchased approximately 4.5 million shares of the Company’s common stock for approximately $1.1 billion, inclusive of excise taxes as part of the 2024 Repurchase Program.
The following table summarizes the activity of the Company’s issued shares (shares in millions):
Three-Month Period Ended
March 27, 2026March 28, 2025
Common stock - shares issued:
Balance, beginning of period886.9 884.3 
Common stock-based compensation awards1.1 1.3 
Balance, end of period888.0 885.6 
Stock-Based Compensation
For a full description of the Company’s stock-based compensation programs, refer to Note 18 of the Company’s financial statements as of and for the year ended December 31, 2025 included in the Company’s 2025 Annual Report. As of March 27, 2026, approximately 38 million shares of the Company’s common stock were reserved for issuance under the 2007 Omnibus Incentive Plan.
The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
 Three-Month Period Ended
 March 27, 2026March 28, 2025
RSUs/PSUs:
Pretax compensation expense$36 $35 
Income tax benefit(7)(7)
RSU/PSU expense, net of income taxes29 28 
Stock options:
Pretax compensation expense22 26 
Income tax benefit(5)(5)
Stock option expense, net of income taxes17 21 
Total stock-based compensation:
Pretax compensation expense58 61 
Income tax benefit(12)(12)
Total stock-based compensation expense, net of income taxes$46 $49 
Stock-based compensation has been recognized as a component of SG&A and R&D expenses in the accompanying Consolidated Condensed Statements of Earnings. As of March 27, 2026, $334 million of total unrecognized compensation cost related to RSUs/PSUs is expected to be recognized over a weighted average period of approximately two years. As of March 27, 2026, $200 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of approximately two years. Future compensation amounts will be adjusted for any changes in estimated forfeitures.
Accumulated Other Comprehensive Income
Accumulated OCI refers to certain gains and losses that under U.S. GAAP are included in comprehensive income (loss) but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any income tax impacts.
The changes in accumulated OCI by component are summarized below ($ in millions).
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Three-Month Period Ended March 27, 2026:
Balance, December 31, 2025$(239)$(185)$217 $(207)
OCI before reclassifications:
Increase (decrease)(383)— 58 (325)
Income tax impact(11)— — (11)
OCI before reclassifications, net of income taxes(394)— 58 (336)
Reclassification adjustments:
Increase (decrease)— 1 (a)(51)(b)(50)
Income tax impact— — — — 
Reclassification adjustments, net of income taxes— 1 (51)(50)
Net OCI, net of income taxes(394)1 7 (386)
Balance, March 27, 2026$(633)$(184)$224 $(593)
For the Three-Month Period Ended March 28, 2025:
Balance, December 31, 2024$(2,904)$(300)$(14)$(3,218)
OCI before reclassifications:
Increase (decrease)1,436 — 39 1,475 
Income tax impact13 — — 13 
OCI before reclassifications, net of income taxes1,449 — 39 1,488 
Reclassification adjustments:
Increase (decrease)— 2 (a)117 (b)119 
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— 1 117 118 
Net OCI, net of income taxes1,449 1 156 1,606 
Balance, March 28, 2025
$(1,455)$(299)$142 $(1,612)
(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).