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EARNINGS PER SHARE | 9 Months Ended
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Sep. 29, 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
|  | September 29, 2024 |  | October 1, 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) |  | $ | 202,390 |  |  | $ | 67,993 |  |  | $ | 178,573 |  |  | $ | 59,146 |
Allocation of undistributed earnings |  | 131,726 |  |  | 44,192 |  |  | 211,085 |  |  | 69,773 |
Total earnings—basic |  | $ | 334,116 |  |  | $ | 112,185 |  |  | $ | 389,658 |  |  | $ | 128,919 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Total weighted-average shares—basic |  | 147,938 |  |  | 54,614 |  |  | 150,116 |  |  | 54,614 |
Earnings Per Share—basic |  | $ | 2.26 |  |  | $ | 2.05 |  |  | $ | 2.60 |  |  | $ | 2.36 |
Diluted earnings per share: |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Allocation of total earnings used in basic computation |  | $ | 334,116 |  |  | $ | 112,185 |  |  | $ | 389,658 |  |  | $ | 128,919 |
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock |  | 112,185 |  |  | — |  |  | 128,919 |  |  | — |
Reallocation of undistributed earnings |  | — |  |  | (107) |  |  | — |  |  | (264) |
Total earnings—diluted |  | $ | 446,301 |  |  | $ | 112,078 |  |  | $ | 518,577 |  |  | $ | 128,655 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Number of shares used in basic computation |  | 147,938 |  |  | 54,614 |  |  | 150,116 |  |  | 54,614 |
Weighted-average effect of dilutive securities: |  |  |  |  |  |  |  |
Conversion of Class B common stock to Common shares outstanding |  | 54,614 |  |  | — |  |  | 54,614 |  |  | — |
Employee stock options |  | 283 |  |  | — |  |  | 400 |  |  | — |
Performance and restricted stock units |  | 195 |  |  | — |  |  | 358 |  |  | — |
Total weighted-average shares—diluted |  | 203,030 |  |  | 54,614 |  |  | 205,488 |  |  | 54,614 |
Earnings Per Share—diluted |  | $ | 2.20 |  |  | $ | 2.05 |  |  | $ | 2.52 |  |  | $ | 2.36 |
The earnings per share calculations for the three months ended September 29, 2024 and October 1, 2023 excluded 12 and 8 stock options (in thousands), respectively, that would have been antidilutive.
|  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 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) |  | $ | 610,328 |  |  | $ | 203,981 |  |  | $ | 484,517 |  |  | $ | 166,749 |
Allocation of undistributed earnings |  | 457,433 |  |  | 152,906 |  |  | 644,062 |  |  | 217,417 |
Total earnings—basic |  | $ | 1,067,761 |  |  | $ | 356,887 |  |  | $ | 1,128,579 |  |  | $ | 384,166 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Total weighted-average shares—basic |  | 148,474 |  |  | 54,614 |  |  | 149,307 |  |  | 55,447 |
Earnings Per Share—basic |  | $ | 7.19 |  |  | $ | 6.53 |  |  | $ | 7.56 |  |  | $ | 6.93 |
Diluted earnings per share: |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Allocation of total earnings used in basic computation |  | $ | 1,067,761 |  |  | $ | 356,887 |  |  | $ | 1,128,579 |  |  | $ | 384,166 |
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock |  | 356,887 |  |  | — |  |  | 384,166 |  |  | — |
Reallocation of undistributed earnings |  | — |  |  | (418) |  |  | — |  |  | (931) |
Total earnings—diluted |  | $ | 1,424,648 |  |  | $ | 356,469 |  |  | $ | 1,512,745 |  |  | $ | 383,235 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Number of shares used in basic computation |  | 148,474 |  |  | 54,614 |  |  | 149,307 |  |  | 55,447 |
Weighted-average effect of dilutive securities: |  |  |  |  |  |  |  |
Conversion of Class B common stock to Common shares outstanding |  | 54,614 |  |  | — |  |  | 55,447 |  |  | — |
Employee stock options |  | 300 |  |  | — |  |  | 457 |  |  | — |
Performance and restricted stock units |  | 243 |  |  | — |  |  | 402 |  |  | — |
Total weighted-average shares—diluted |  | 203,631 |  |  | 54,614 |  |  | 205,613 |  |  | 55,447 |
Earnings Per Share—diluted |  | $ | 7.00 |  |  | $ | 6.53 |  |  | $ | 7.36 |  |  | $ | 6.91 |
The earnings per share calculations for the nine months ended September 29, 2024 and October 1, 2023 excluded 13 and 12 stock options (in thousands), respectively, that would have been antidilutive.

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