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EARNINGS (LOSS) PER SHARE | 6 Months Ended
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Jun. 29, 2024
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | NOTE 5. EARNINGS (LOSS) PER SHARE The following table represents the calculation of earnings per common share – basic and diluted:
|  | Second Quarter |  |  | First Half |
(In millions, except per share amounts) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (4 | ) |  | $ | 43 |  |  | $ | 27 |  |  | $ | 127 |
Loss from discontinued operations, net of tax |  |  | (69 | ) |  |  | (9 | ) |  |  | (85 | ) |  |  | (20 | )
Net income (loss) |  | $ | (73 | ) |  | $ | 34 |  |  | $ | (58 | ) |  | $ | 107 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 35 |  |  |  | 38 |  |  |  | 36 |  |  |  | 40 |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (0.12 | ) |  | $ | 1.11 |  |  | $ | 0.75 |  |  | $ | 3.22 |
Discontinued operations |  |  | (1.93 | ) |  |  | (0.22 | ) |  |  | (2.34 | ) |  |  | (0.52 | )
Net basic earnings (loss) per share |  | $ | (2.05 | ) |  | $ | 0.89 |  |  | $ | (1.59 | ) |  | $ | 2.70 |
Diluted Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (4 | ) |  | $ | 43 |  |  | $ | 27 |  |  | $ | 127 |
Loss from discontinued operations, net of tax |  |  | (69 | ) |  |  | (9 | ) |  |  | (85 | ) |  |  | (20 | )
Net income (loss) |  | $ | (73 | ) |  | $ | 34 |  |  | $ | (58 | ) |  | $ | 107 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 35 |  |  |  | 38 |  |  |  | 36 |  |  |  | 40 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted stock |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Diluted weighted-average shares outstanding |  |  | 35 |  |  |  | 39 |  |  |  | 37 |  |  |  | 41 |
Diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (0.12 | ) |  | $ | 1.09 |  |  | $ | 0.73 |  |  | $ | 3.11 |
Discontinued operations |  |  | (1.93 | ) |  |  | (0.22 | ) |  |  | (2.28 | ) |  |  | (0.50 | )
Net diluted earnings (loss) per share |  | $ | (2.05 | ) |  | $ | 0.87 |  |  | $ | (1.55 | ) |  | $ | 2.61 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 1 million and less than 1 million in the second quarter and first half of 2024, respectively, and 1 million and less than 1 million the second quarter and first half of 2023, respectively, but they were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

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