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(Loss) Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
(Loss) Earnings Per Share | (Loss) Earnings Per Share Basic net (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of diluted common shares outstanding. Diluted common shares outstanding is computed using the Treasury Stock method and, in periods of income, reflects the additional shares that would be outstanding if dilutive share-based compensation awards were converted into common shares during the period. (Loss) earnings per share (in millions, except share data):
| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Basic: |  |  |  |  |  |  |
Net (loss) income | $ | (15) |  |  | $ | 170 |  |  | $ | 279 |  |  | $ | 277 |
Weighted-average shares outstanding (1) | 51,336,645 |  |  | 51,834,236 |  |  | 51,380,876 |  |  | 52,387,838 |
Basic (loss) earnings per share | $ | (0.28) |  |  | $ | 3.28 |  |  | $ | 5.44 |  |  | $ | 5.29 |
Diluted: |  |  |  |  |  |  |
Net (loss) income | $ | (15) |  |  | $ | 170 |  |  | $ | 279 |  |  | $ | 277 |
Weighted-average shares outstanding (1) | 51,336,645 |  |  | 51,834,236 |  |  | 51,380,876 |  |  | 52,387,838 |
Dilutive shares (2) | — |  |  | 323,616 |  |  | 336,855 |  |  | 368,793 |
Diluted weighted-average shares outstanding | 51,336,645 |  |  | 52,157,852 |  |  | 51,717,731 |  |  | 52,756,631 |
Diluted (loss) earnings per share | $ | (0.28) |  |  | $ | 3.26 |  |  | $ | 5.40 |  |  | $ | 5.25 |
(1) In periods of a net loss, restricted stock and performance share awards, which are participating securities, are excluded from weighted-average shares outstanding. (2) In periods of net loss, all unvested share-based awards were anti-dilutive and therefore excluded from diluted shares. Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 446,331 and 250,025 shares that were anti-dilutive for the three and nine months ended September 30, 2023, respectively. There were 195,922 and 169,810 shares that were anti-dilutive for the three and nine months ended October 1, 2022, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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