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EARNINGS PER SHARE | 6 Months Ended
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Jul. 01, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles net earnings (loss) attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings (loss) per share for the three and six months ended July 1, 2023 and July 2, 2022:
| Second Quarter |  | Year-to-Date
| 2023 |  | 2022 |  | 2023 |  | 2022
Numerator (in millions): |  |  |  |  |  |  |
Net Earnings (Loss) from Continuing Operations Attributable to Common Shareowners | $ | 177.5 |  |  | $ | 78.6 |  |  | $ | (10.3) |  |  | $ | 234.1 |
Add: Contract adjustment payments accretion | — |  |  | 0.4 |  |  | — |  |  | 0.7 |
Net Earnings (Loss) from Continuing Operations Attributable to Common Shareowners - Diluted | $ | 177.5 |  |  | $ | 79.0 |  |  | $ | (10.3) |  |  | $ | 234.8 |
Net (loss) earnings from discontinued operations | (0.5) |  |  | 9.0 |  |  | (0.5) |  |  | 28.8 |
Net Earnings (Loss) Attributable to Common Shareowners - Diluted | $ | 177.0 |  |  | $ | 88.0 |  |  | $ | (10.8) |  |  | $ | 263.6 |
| Second Quarter |  | Year-to-Date
| 2023 |  | 2022 |  | 2023 |  | 2022
Denominator (in thousands): |  |  |  |  |  |  |
Basic weighted-average shares outstanding | 149,687 |  |  | 145,353 |  |  | 149,631 |  |  | 150,385 |
Dilutive effect of stock contracts and awards | 540 |  |  | 9,461 |  |  | — |  |  | 9,742 |
Diluted weighted-average shares outstanding | 150,227 |  |  | 154,814 |  |  | 149,631 |  |  | 160,127 |
| Second Quarter |  | Year-to-Date
| 2023 |  | 2022 |  | 2023 |  | 2022
Earnings (loss) per share of common stock: |  |  |  |  |  |  |
Basic earnings (loss) per share of common stock: |  |  |  |  |  |  |
Continuing operations | $ | 1.19 |  |  | $ | 0.54 |  |  | $ | (0.07) |  |  | $ | 1.56 |
Discontinued operations | $ | — |  |  | $ | 0.06 |  |  | $ | — |  |  | $ | 0.19 |
Total basic earnings (loss) per share of common stock | $ | 1.18 |  |  | $ | 0.60 |  |  | $ | (0.07) |  |  | $ | 1.75 |
Diluted earnings (loss) per share of common stock: |  |  |  |  |  |  |
Continuing operations | $ | 1.18 |  |  | $ | 0.51 |  |  | $ | (0.07) |  |  | $ | 1.47 |
Discontinued operations | $ | — |  |  | $ | 0.06 |  |  | $ | — |  |  | $ | 0.18 |
Total dilutive earnings (loss) per share of common stock | $ | 1.18 |  |  | $ | 0.57 |  |  | $ | (0.07) |  |  | $ | 1.65 |
The following weighted-average stock options were not included in the computation of weighted-average diluted shares outstanding because the effect would be anti-dilutive (in thousands):
| Second Quarter |  | Year-to-Date
| 2023 |  | 2022 |  | 2023 |  | 2022
Number of stock options | 5,857 |  |  | 4,166 |  |  | 5,796 |  |  | 3,356 |
In November 2019, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million ("2019 Equity Units"). Each unit had a stated amount of $100 and initially consisted of a three-year forward stock purchase contract (“2022 Purchase Contracts”) for the purchase of a variable number of shares of common stock, on November 15, 2022, for a price of $100, and a 10% beneficial ownership interest in one share of 0% Series D Cumulative Perpetual Convertible Preferred Stock, without par, with a liquidation preference of $1,000 per share (“Series D Preferred Stock”). The shares associated with the forward stock purchase contracts component of the 2019 Equity Units were reflected in diluted earnings per share in the first quarter of 2022 using the if-converted method. Upon the adoption of ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), in the first quarter of 2022, the common shares that would be required to settle the applicable conversion value of the Series D Preferred Stock was included in the denominator of diluted earnings per share using the if-converted method through the date of redemption as discussed below. In accordance with the standard, the Company increased weighted-average shares outstanding used to calculate diluted earnings per share for both the three and six months ended July 2, 2022 by 4.1 million shares. In November 2022, the Company generated cash proceeds of $750 million from the successful remarketing of the Series D Preferred Stock (the "Remarketed Series D Preferred Stock"). Upon completion of the remarketing, the holders of the 2019 Equity Units received 4,723,500 common shares and the Company issued 750,000 shares of Remarketed Series D Preferred Stock. Holders of the Remarketed Series D Preferred Stock were entitled to receive cumulative dividends, if declared by the Board of Directors, at an initial fixed rate equal to 7.5% per annum of the $1,000 per share liquidation preference (equivalent to $75.00 per annum per share). On November 15, 2022, the Company informed holders that it would redeem all outstanding shares of the Remarketed Series D Preferred Stock on December 22, 2022 at $1,007.71 per share in cash, which was equal to 100% of the liquidation preference of a share of Remarketed Series D Preferred Stock, plus accumulated and unpaid dividends to, but excluding December 22, 2022. In December 2022, the Company redeemed the Remarketed Series D Preferred Stock, paying $750 million in cash. Refer to Note I, Equity Arrangements, for further discussion.

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