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EARNINGS (LOSS) PER SHARE
 6 Months Ended
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.