XML 61 R14.htm IDEA: XBRL DOCUMENT v3.20.1
Equity
 3 Months Ended
Mar. 28, 2020
Equity [Abstract]  
Equity Equity

Earnings per share
Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and to a lesser extent, certain contingently issuable performance shares. There were 7 million and 14 million anti-dilutive potential common shares excluded from the
reconciliation for the quarters ended March 28, 2020 and March 30, 2019, respectively. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarters ended March 28, 2020 and March 30, 2019.

Share repurchases
In February 2020, the board of directors approved a new authorization to repurchase up to $1.5 billion of our common stock through December 2022. As of March 28, 2020, $1.5 billion remains available under the authorization.
During the quarter ended March 28, 2020, the Company did not repurchase any shares of common stock. During the quarter ended March 30, 2019, the Company repurchased approximately 4 million shares of common stock for a total of $220 million.

Comprehensive income
Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges and adjustments for net experience losses and prior service cost related to employee benefit plans, net of related tax effects.
Reclassifications out of AOCI for the quarters ended March 28, 2020 and March 30, 2019, consisted of the following:
(millions)
  
  
  
Details about AOCI
components
Amount reclassified
from AOCI
Line item impacted
within Income Statement
 
Quarter ended
March 28, 2020
Quarter ended
March 30, 2019
  
(Gains) losses on cash flow hedges:
 
 
 
Interest rate contracts
$
2

$
1

Interest expense
 
$
2

$
1

Total before tax
 
—

—

Tax expense (benefit)
 
$
2

$
1

Net of tax
Amortization of postretirement and postemployment benefits:
 
 
 
Net experience (gain) loss
$
(1
)
$
(1
)
OIE
 
$
(1
)
$
(1
)
Total before tax
 
—

—

Tax expense (benefit)
 
$
(1
)
$
(1
)
Net of tax
Total reclassifications
$
1

$
—

Net of tax

 
 
 
 

Accumulated other comprehensive income (loss), net of tax, as of March 28, 2020 and December 28, 2019 consisted of the following:
(millions)
March 28,
2020
December 28,
2019
Foreign currency translation adjustments
$
(1,628
)
$
(1,399
)
Cash flow hedges — unrealized net gain (loss)
(106
)
(60
)
Postretirement and postemployment benefits:
 
 
Net experience gain (loss)
6

7

Prior service credit (cost)
4

4

Available-for-sale securities unrealized net gain (loss)
(3
)
—

Total accumulated other comprehensive income (loss)
$
(1,727
)
$
(1,448
)