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Net Earnings Per Common Share | 3 Months Ended
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Apr. 02, 2021
Earnings Per Share [Abstract] |
Net Earnings Per Common Share | NET EARNINGS PER COMMON SHARE Basic net earnings per common share (“EPS”) is calculated by taking net earnings less the MCPS dividends divided by the weighted average number of common shares outstanding for the applicable period. Diluted net EPS is computed by taking net earnings plus the interest accrued on the Company’s LYONs (prior to their redemption in January 22, 2021) less the MCPS dividends divided by the weighted average number of common shares outstanding increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased with the proceeds from the issuance of the potentially dilutive shares. For the three-month periods ended April 2, 2021 and April 3, 2020, approxim ately 71 thousand a nd two million options, respectively, to purchase shares were not included in the diluted EPS calculation as the impact of their inclusion would have been anti-dilutive. The impact of the MCPS Series A calculated under the if-converted method was dilutive for the three-month period ended April 2, 2021, and as s uch 11.0 million sha res underlying the MCPS Series A were included in the calculation of diluted EPS and the related MCPS Series A dividends of $20 million were excluded from the calculation of net earnings for diluted EPS for the three-month period ended April 2, 2021. The impact of the MCPS Series B calculated under the if-converted method was anti-dilutive for the three-month period ended April 2, 2021 and as such 8.6 million shares underlying the MCPS Series B were excluded in the calculation of diluted EPS and the related MCPS Series B dividends of $21 million were included in the calculation of net earnings for diluted EPS for the three-month period ended April 2, 2021. The impact of the MCPS Series A calculated under the if-converted method was anti-dilutive for the three-month period ended April 3, 2020, and as such 12.4 million shares underlying the MCPS Series A were excluded from the diluted EPS calculation and the related MCPS Series A dividends were included in the calculation of net earnings for diluted EPS for the three-month period ended April 3, 2020. Information related to the calculation of net earnings per common share is summarized as follows ($ and shares in millions, except per share amounts):
| Three-Month Period Ended |  |
| April 2, 2021 |  | April 3, 2020 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net earnings | $ | 1,702 |  |  | $ | 595 |  |  |  |  |
MCPS dividends | (41) |  |  | (19) |  |  |  |  |
Net earnings attributable to common stockholders for Basic EPS | 1,661 |  |  | 576 |  |  |  |  |
Adjustment for interest on convertible debentures | — |  |  | — |  |  |  |  |
Adjustment for MCPS dividends for dilutive MCPS | 20 |  | — |  |  |  |  |
Net earnings attributable to common stockholders after assumed conversions for Diluted EPS | $ | 1,681 |  |  | $ | 576 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average common shares outstanding used in Basic EPS | 713.2 |  |  | 697.2 |  |  |  |  |
Incremental common shares from: |  |  |  |  |  |  |
Assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs | 10.7 |  |  | 9.4 |  |  |  |  |
Assumed conversion of the convertible debentures | 0.2 |  |  | 1.3 |  |  |  |  |
Weighted average MCPS converted shares | 11.0 |  |  | — |  |  |  |  |
Weighted average common shares outstanding used in Diluted EPS | 735.1 |  |  | 707.9 |  |  |  |  |
Basic EPS | $ | 2.33 |  |  | $ | 0.83 |  |  |  |  |
Diluted EPS | $ | 2.29 |  |  | $ | 0.81 |  |  |  |  |

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