XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.24.2

Net Earnings Per Common Share | 6 Months Ended
--- | ---
Jun. 28, 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 June 28, 2024 and June 30, 2023, approximately 2.9 million and 4.7 million options, respectively, and for the six-month periods ended June 28, 2024 and June 30, 2023, approximately 1.7 million and 3.5 million options, respectively, to purchase shares were excluded from the diluted EPS calculation, as the impact of their inclusion would have been anti-dilutive. Basic and diluted EPS are computed independently for each quarter and year-to-date period, and each period involves the use of different weighted-average share count figures. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of prior quarterly EPS figures may not equal year-to-date EPS. The impact of the MCPS Series B calculated under the if-converted method was dilutive for the three-month period ended June 30, 2023, and as such 1.5 million shares underlying the MCPS Series B were included in the calculation of diluted EPS in the three-month period. The impact of the MCPS Series B calculated under the if-converted method was anti-dilutive for the six-month period ended June 30, 2023, and as such 5.1 million shares underlying the MCPS Series B 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 |  | Six-Month Period Ended |
| June 28, 2024 |  | June 30, 2023 |  | June 28, 2024 |  | June 30, 2023 |
Numerator: |  |  |  |  |  |  |  |
Net earnings from continuing operations | $ | 907 |  |  | $ | 920 |  |  | $ | 1,995 |  |  | $ | 2,160 |  |
MCPS dividends | — |  |  | — |  |  | — |  |  | (21) |  |
Net earnings from continuing operations attributable to common stockholders for Basic and Diluted EPS | $ | 907 |  |  | $ | 920 |  |  | $ | 1,995 |  |  | $ | 2,139 |  |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding used in Basic EPS | 737.6 |  |  | 737.3 |  |  | 739.1 |  |  | 733.4 |  |
Incremental common shares from: |  |  |  |  |  |  |  |
Assumed exercise of dilutive options and vesting of dilutive restricted stock units (“RSUs”) and performance stock units (“PSUs”) | 4.8 |  |  | 5.9 |  |  | 6.4 |  |  | 6.8 |  |
Weighted average MCPS converted shares | — |  |  | 1.5 |  |  | — |  |  | — |  |
Weighted average common shares outstanding used in Diluted EPS | 742.4 |  |  | 744.7 |  |  | 745.5 |  |  | 740.2 |  |
Basic EPS from continuing operations | $ | 1.23 |  |  | $ | 1.25 |  |  | $ | 2.70 |  |  | $ | 2.92 |  |
Diluted EPS from continuing operations | $ | 1.22 |  |  | $ | 1.24 |  |  | $ | 2.68 |  |  | $ | 2.89 |  |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration