XML 39 R24.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

EARNINGS PER SHARE | 3 Months Ended
--- | ---
Mar. 31, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is convertible into Common Stock on a share-for-share basis at any time. The computation of diluted earnings per share for Common Stock assumes the conversion of Class B common stock using the if-converted method, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares.
|  | Three Months Ended
|  | March 31, 2024 |  | April 2, 2023
|  | Common Stock |  | Class B Common Stock |  | Common Stock |  | Class B Common Stock
Basic earnings per share: |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Allocation of distributed earnings (cash dividends paid) |  | $ | 205,411 |  |  | $ | 67,994 |  |  | $ | 153,555 |  |  | $ | 53,801 |
Allocation of undistributed earnings |  | 393,508 |  |  | 130,540 |  |  | 281,044 |  |  | 98,785 |
Total earnings—basic |  | $ | 598,919 |  |  | $ | 198,534 |  |  | $ | 434,599 |  |  | $ | 152,586 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Total weighted-average shares—basic |  | 149,609 |  |  | 54,614 |  |  | 147,746 |  |  | 57,114 |
Earnings Per Share—basic |  | $ | 4.00 |  |  | $ | 3.64 |  |  | $ | 2.94 |  |  | $ | 2.67 |
Diluted earnings per share: |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Allocation of total earnings used in basic computation |  | $ | 598,919 |  |  | $ | 198,534 |  |  | $ | 434,599 |  |  | $ | 152,586 |
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock |  | 198,534 |  |  | — |  |  | 152,586 |  |  | — |
Reallocation of undistributed earnings |  | — |  |  | (425) |  |  | — |  |  | (481) |
Total earnings—diluted |  | $ | 797,453 |  |  | $ | 198,109 |  |  | $ | 587,185 |  |  | $ | 152,105 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Number of shares used in basic computation |  | 149,609 |  |  | 54,614 |  |  | 147,746 |  |  | 57,114 |
Weighted-average effect of dilutive securities: |  |  |  |  |  |  |  |
Conversion of Class B common stock to Common shares outstanding |  | 54,614 |  |  | — |  |  | 57,114 |  |  | — |
Employee stock options |  | 318 |  |  | — |  |  | 503 |  |  | — |
Performance and restricted stock units |  | 334 |  |  | — |  |  | 474 |  |  | — |
Total weighted-average shares—diluted |  | 204,875 |  |  | 54,614 |  |  | 205,837 |  |  | 57,114 |
Earnings Per Share—diluted |  | $ | 3.89 |  |  | $ | 3.63 |  |  | $ | 2.85 |  |  | $ | 2.66 |
The earnings per share calculations for the three months ended March 31, 2024 and April 2, 2023 excluded 12 and 8 stock options (in thousands), respectively, that would have been antidilutive.

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