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EARNINGS (LOSS) PER SHARE | 9 Months Ended
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Sep. 28, 2024
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | NOTE 6. EARNINGS (LOSS) PER SHARE The following table represents the calculation of earnings per common share – basic and diluted:
|  | Third Quarter |  |  | Year-to-Date |
(In millions, except per share amounts) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 68 |  |  | $ | 82 |  |  | $ | 95 |  |  | $ | 208 |
Loss from discontinued operations, net of tax |  |  | (10 | ) |  |  | (12 | ) |  |  | (95 | ) |  |  | (32 | )
Net income |  | $ | 58 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 176 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 33 |  |  |  | 38 |  |  |  | 35 |  |  |  | 39 |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 2.06 |  |  | $ | 2.14 |  |  | $ | 2.72 |  |  | $ | 5.34 |
Discontinued operations |  |  | (0.31 | ) |  |  | (0.31 | ) |  |  | (2.71 | ) |  |  | (0.82 | )
Net basic earnings per share |  | $ | 1.75 |  |  | $ | 1.83 |  |  | $ | 0.01 |  |  | $ | 4.52 |
Diluted Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 68 |  |  | $ | 82 |  |  | $ | 95 |  |  | $ | 208 |
Loss from discontinued operations, net of tax |  |  | (10 | ) |  |  | (12 | ) |  |  | (95 | ) |  |  | (32 | )
Net income |  | $ | 58 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 176 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 33 |  |  |  | 38 |  |  |  | 35 |  |  |  | 39 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted stock |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Diluted weighted-average shares outstanding |  |  | 33 |  |  |  | 39 |  |  |  | 36 |  |  |  | 40 |
Diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 2.04 |  |  | $ | 2.09 |  |  | $ | 2.65 |  |  | $ | 5.18 |
Discontinued operations |  |  | (0.31 | ) |  |  | (0.30 | ) |  |  | (2.64 | ) |  |  | (0.80 | )
Net diluted earnings per share |  | $ | 1.73 |  |  | $ | 1.79 |  |  | $ | 0.01 |  |  | $ | 4.38 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 1 million and less than 1 million in the third quarter and year-to-date 2024, respectively, and less than 1 million in both the third quarter and year-to-date 2023, 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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