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Net Earnings Per Common Share | 3 Months Ended
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Mar. 29, 2024
Earnings Per Share [Abstract] |
Net Earnings Per Common Share | NET EARNINGS PER COMMON SHARE Basic net earnings per common share from continuing operations (“EPS”) is calculated by taking net earnings from continuing operations less the MCPS dividends divided by the weighted average number of common shares outstanding for the applicable period. Diluted net EPS from continuing operations is computed by taking net earnings from continuing operations 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 29, 2024 and March 31, 2023, approximately 442 thousand and 2.4 million options to purchase shares, respectively, 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 period ended March 31, 2023, and as such 8.6 million shares underlying the MCPS were excluded from the calculation of diluted EPS and the related MCPS dividends of $21 million were included in the calculation of net earnings for diluted EPS. As of April 17, 2023, all outstanding shares of the MCPS converted into 8.6 million shares of the Company’s common stock. Information related to the calculation of net earnings per common share from continuing operations is summarized as follows ($ and shares in millions, except per share amounts):
| Three-Month Period Ended |  |  |
| March 29, 2024 |  | March 31, 2023 |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net earnings from continuing operations | $ | 1,088 |  |  | $ | 1,240 |  |  |  |  |  |
MCPS dividends | — |  |  | (21) |  |  |  |  |  |
Net earnings from continuing operations attributable to common stockholders for Basic and Diluted EPS | $ | 1,088 |  |  | $ | 1,219 |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding used in Basic EPS | 740.6 |  |  | 729.4 |  |  |  |  |  |
Incremental common shares from: |  |  |  |  |  |  |  |
Assumed exercise of dilutive options and vesting of dilutive restricted stock units (“RSUs”) and performance stock units (“PSUs”) | 8.0 |  |  | 7.8 |  |  |  |  |  |
Weighted average common shares outstanding used in Diluted EPS | 748.6 |  |  | 737.2 |  |  |  |  |  |
Basic EPS from continuing operations | $ | 1.47 |  |  | $ | 1.67 |  |  |  |  |  |
Diluted EPS from continuing operations | $ | 1.45 |  |  | $ | 1.65 |  |  |  |  |  |

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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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