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Net Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Net Earnings Per Common Share | NET EARNINGS PER COMMON SHAREBasic net earnings per common share (“EPS”) is calculated by taking net earnings less the Mandatory Convertible Preferred Stock (“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 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 March 31, 2023 and April 1, 2022, approximately 2.4 million and 418 thousand options, respectively, to purchase shares were excluded from the diluted EPS calculation, as the impact of their inclusion would have been anti-dilutive. The impact of the MCPS Series B calculated under the if-converted method was anti-dilutive for the three-month periods ended March 31, 2023 and April 1, 2022, and as such 8.6 million shares underlying the MCPS Series B were excluded from the calculation of diluted EPS in both periods and the related MCPS Series B dividends of $21 million were included in the calculation of net earnings for diluted EPS for the periods. As of April 17, 2023, all outstanding shares of the MCPS Series B converted into 8.6 million shares of the Company’s common stock. The impact of the MCPS Series A calculated under the if-converted method was dilutive for the three-month period ended April 1, 2022, and as such 11.0 million shares underlying the MCPS Series A were included in the calculation of diluted EPS in the three-month period and the related MCPS Series A dividends of $20 million were excluded from the calculation of net earnings for diluted EPS. On April 15, 2022, all outstanding shares of the MCPS Series A converted into 11.0 million shares of the Company’s common stock. Refer to Note 14 for additional information about the MCPS Series A and B conversions. Information related to the calculation of net earnings per common share is summarized as follows ($ and shares in millions, except per share amounts):
| Three-Month Period Ended |  |  |
| March 31, 2023 |  | April 1, 2022 |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net earnings | $ | 1,450 |  |  | $ | 1,725 |  |  |  |  |  |
MCPS dividends | (21) |  |  | (41) |  |  |  |  |  |
Net earnings attributable to common stockholders for Basic EPS | 1,429 |  |  | 1,684 |  |  |  |  |  |
Adjustment for MCPS dividends for dilutive MCPS | — |  |  | 20 |  |  |  |  |  |
Net earnings attributable to common stockholders after assumed conversions for Diluted EPS | $ | 1,429 |  |  | $ | 1,704 |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding used in Basic EPS | 729.4 |  |  | 716.3 |  |  |  |  |  |
Incremental common shares from: |  |  |  |  |  |  |  |
Assumed exercise of dilutive options and vesting of dilutive restricted stock units (“RSUs”) and performance stock units (“PSUs”) | 7.8 |  |  | 10.4 |  |  |  |  |  |
Weighted average MCPS converted shares | — |  |  | 11.0 |  |  |  |  |  |
Weighted average common shares outstanding used in Diluted EPS | 737.2 |  |  | 737.7 |  |  |  |  |  |
Basic EPS | $ | 1.96 |  |  | $ | 2.35 |  |  |  |  |  |
Diluted EPS | $ | 1.94 |  |  | $ | 2.31 |  |  |  |  |  |

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