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Earnings Per Common Share (Tables) | 6 Months Ended
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Jun. 29, 2024
Earnings Per Share [Abstract] |
Schedule of Computation of Basic and Diluted Earnings Per Share | The reconciliation of the numerator and denominator used for the computation of basic and diluted earnings per common share follows:
| Three Months Ended |  | Six Months Ended
(in millions, except per share data) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |
Net income | $ | 30 |  |  | $ | 50 |  |  | $ | 73 |  |  | $ | 107 |
Less: preferred stock dividends | 2 |  |  | — |  |  | 2 |  |  | — |
Net income available to common stockholders | $ | 28 |  |  | $ | 50 |  |  | $ | 71 |  |  | $ | 107 |
Denominator for basic and diluted earnings per common share: |  |  |  |  |  |  |
Weighted average basic number of common shares outstanding | 146 |  |  | 147 |  |  | 146 |  |  | 147 |
Plus: dilutive effect of common stock equivalents | 3 |  |  | 2 |  |  | 2 |  |  | 2 |
Weighted average diluted number of common shares outstanding | 149 |  |  | 149 |  |  | 148 |  |  | 149 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.19 |  |  | $ | 0.34 |  |  | $ | 0.49 |  |  | $ | 0.73 |
Diluted | $ | 0.19 |  |  | $ | 0.34 |  |  | $ | 0.48 |  |  | $ | 0.72 |
The following potentially dilutive instruments, presented as a weighted average of the instruments outstanding, were excluded from the calculation of diluted net income per common share because their effect would have been antidilutive, and in the case of certain PSUs, the contingency has not been satisfied.
| Three Months Ended |  | Six Months Ended
(in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
RSUs and other rights | 0.7 |  |  | 2.1 |  |  | 0.7 |  |  | 1.7 |
PSUs | 0.9 |  |  | 0.9 |  |  | 1.1 |  |  | 0.8 |
Preferred stock | 0.1 |  | — |  |  | — |  |  | — |

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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