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Earnings Per Share | 3 Months Ended
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Jun. 30, 2024
Earnings Per Share Reconciliation [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The following table summarizes the computations of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS is computed as net income divided by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation plans including stock options, restricted stock units, market-based restricted stock units, performance-based restricted stock units, and ESPP purchase rights using the treasury stock method.
| Three Months Ended June 30, |  |
(In millions, except per share amounts) | 2024 |  | 2023 |  |  |  |
Net income | $ | 280 |  |  | $ | 402 |  |  |  |  |
Shares used to compute earnings per share: |  |  |  |  |  |  |
Weighted-average common stock outstanding — basic | 266 |  |  | 272 |  |  |  |  |
Dilutive potential common shares related to stock award plans | 2 |  |  | 2 |  |  |  |  |
Weighted-average common stock outstanding — diluted | 268 |  |  | 274 |  |  |  |  |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 1.05 |  |  | $ | 1.48 |  |  |  |  |
Diluted | $ | 1.04 |  |  | $ | 1.47 |  |  |  |  |
Certain restricted stock units, market-based restricted stock units and performance-based restricted stock units were excluded from the treasury stock method computation of diluted shares as their inclusion would have had an antidilutive effect. For both the three months ended June 30, 2024 and 2023, one million such shares were excluded.

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