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Earnings (loss) Per Share | 9 Months Ended
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Sep. 28, 2024
Earnings Per Share [Abstract] |
Earnings (loss) Per Share | Earnings (loss) Per Share Basic net earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) 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. Earnings (loss) per share (in millions, except share data):
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Basic: |  |  |  |  |  |  |
Net income (loss) | $ | 137 |  |  | $ | (15) |  |  | $ | 365 |  |  | $ | 279 |
Weighted-average shares outstanding (1) | 51,567,216 |  |  | 51,336,645 |  |  | 51,480,812 |  |  | 51,380,876 |
Basic earnings (loss) per share | $ | 2.65 |  |  | $ | (0.28) |  |  | $ | 7.09 |  |  | $ | 5.44 |
Diluted: |  |  |  |  |  |  |
Net income (loss) | $ | 137 |  |  | $ | (15) |  |  | $ | 365 |  |  | $ | 279 |
Weighted-average shares outstanding (1) | 51,567,216 |  |  | 51,336,645 |  |  | 51,480,812 |  |  | 51,380,876 |
Dilutive shares (2) | 350,839 |  |  | — |  |  | 364,760 |  |  | 336,855 |
Diluted weighted-average shares outstanding | 51,918,055 |  |  | 51,336,645 |  |  | 51,845,572 |  |  | 51,717,731 |
Diluted earnings (loss) per share | $ | 2.64 |  |  | $ | (0.28) |  |  | $ | 7.04 |  |  | $ | 5.40 |
(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 a net loss, all unvested share-based awards are anti-dilutive and therefore excluded from diluted shares. Anti-dilutive share-based compensation awards are excluded from diluted earnings (loss) per share calculations. There were 1,621 and 61,240 shares that were anti-dilutive for the three and nine months ended September 28, 2024, respectively. There were 446,331 and 250,025 shares that were anti-dilutive for the three and nine months ended September 30, 2023, 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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