v3.24.2.u1
Earnings Per Common Share (Tables)
 6 Months Ended
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 EndedSix Months Ended
(in millions, except per share data)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Numerator for basic and diluted earnings per common share:
Net income$30 $50 $73 $107 
Less: preferred stock dividends2 — 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 outstanding146 147 146 147 
Plus: dilutive effect of common stock equivalents3 2 2 2 
Weighted average diluted number of common shares outstanding149 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 EndedSix Months Ended
(in millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
RSUs and other rights0.7 2.1 0.7 1.7 
PSUs0.9 0.9 1.1 0.8 
Preferred stock0.1— — —