Earnings Per Share

3 Months Ended

Apr. 04, 2025

Note 8–Earnings Per Share

The following table provides a reconciliation of the weighted average number of shares outstanding used to compute basic and diluted EPS for the periods presented:


	Three Months Ended
(in millions)	April 4, 2025	March 29, 2024
Basic weighted average number of shares outstanding	130	136
Dilutive common share equivalents—stock options and other stock awards	1	1
Diluted weighted average number of shares outstanding	131	137

Anti-dilutive stock-based awards are excluded from the weighted average number of shares outstanding used to compute diluted EPS. The total outstanding stock options and vesting stock awards that were anti-dilutive were less than 0.5 million for the three months ended April 4, 2025, and 1 million for the three months ended March 29, 2024.

On February 20, 2025, we entered into an ASR agreement with a financial institution to repurchase shares of our outstanding common stock. We paid $500 million to the financial institution and received an initial delivery of 3 million shares at an average price of $131.50 per share. The purchase was recorded to "Additional paid-in capital" in the condensed consolidated balance sheets. All shares delivered were immediately retired. The final number of shares to be repurchased will be based on the company's volume-weighted average share price during the term of the agreement, less a discount. The ASR is expected to be completed in the second quarter of 2025.

During the three months ended March 29, 2024, we made open market repurchases of our common stock for an aggregate purchase price of $150 million. All shares repurchased were immediately retired. There were no open market share repurchases during the three months ended April 4, 2025.