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Earnings Per Share | 6 Months Ended
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Jul. 02, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The following is a reconciliation of basic net earnings per share to diluted net earnings per share:
|  | Fiscal Second Quarter Ended |  | Fiscal Six Months Ended
(Shares in Millions) |  | July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
Basic net earnings per share |  | $ | 1.98 |  |  | 1.83 |  |  | 1.95 |  |  | 3.79 |
Average shares outstanding — basic |  | 2,598.4 |  |  | 2,629.6 |  |  | 2,601.9 |  |  | 2,629.4 |
Potential shares exercisable under stock option plans |  | 95.2 |  |  | 143.7 |  |  | 96.9 |  |  | 141.8 |
Less: shares which could be repurchased under treasury stock method |  | (67.9) |  |  | (105.4) |  |  | (68.1) |  |  | (102.0) |
Average shares outstanding — diluted |  | 2,625.7 |  |  | 2,667.9 |  |  | 2,630.7 |  |  | 2,669.2 |
Diluted net earnings per share |  | $ | 1.96 |  |  | 1.80 |  |  | 1.93 |  |  | 3.73 |
The diluted net earnings per share calculation for the fiscal second quarter ended July 2, 2023 excluded 50.8 million shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. The diluted net earnings per share calculation for the fiscal second quarter ended July 3, 2022 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company’s stock. The diluted net earnings per share calculation for the fiscal six months ended July 2, 2023 excluded 46.8 million shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. The diluted net earnings per share calculation for the fiscal six months ended July 3, 2022 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company’s stock.

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