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(Loss) Earnings Per Share
 6 Months Ended
Jun. 28, 2024
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share (LOSS) EARNINGS PER SHARE
Basic (loss) earnings per share is calculated by dividing the applicable (loss) income by the weighted average number of shares of common stock outstanding for the applicable period. Diluted earnings per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential shares outstanding during the period using the treasury stock method, except for the 2028 Convertible Notes and 2025 Convertible Notes, which are calculated using the if-converted method. Dilutive potential common shares include employee equity options, non-vested shares and similar instruments granted by the Company and the assumed conversion impact of convertible notes. The Company will settle any convertible note conversions through a combination settlement by satisfying the principal amount outstanding with cash and any convertible note conversion value in excess of the principal amount in cash or shares of the Company’s common stock or any combination thereof. As the Company will settle the principal amount of convertible notes in cash upon conversion, the convertible notes only have an impact on the Company's diluted earnings per share when the average share price of the Company’s common stock exceeds the conversion price, in any applicable period. See the computation of earnings per share below for the dilutive impact of the convertible notes for the three and six months ended June 28, 2024 and June 30, 2023.

In connection with the offering of the 2025 Convertible Notes, the Company entered into Capped Calls, which are intended to reduce or offset the potential dilution from shares of common stock issued upon conversion. The Company completed a partial unwind of the Capped Calls in connection with the Notes Exchanges. Refer to Note 12 for further discussion of the Capped Calls.

The impact of the remaining Capped Calls is not included when calculating potentially dilutive shares since their effect is anti-dilutive. The Capped Calls will mitigate dilution for the conversion of the remaining 2025 Convertible Notes up to the Company’s common stock price of $23.79. If the remaining 2025 Convertible Notes are converted at a price higher than $23.79 per share, the Capped Calls will no longer mitigate dilution from the conversion of the remaining 2025 Convertible Notes.
The table below presents the computation of basic and diluted earnings per share ($ and shares in millions, except per share amounts):
Three Months EndedSix Months Ended
June 28, 2024June 30, 2023June 28, 2024June 30, 2023
Numerator:
Net (loss) income$(1,151.6)$51.9 $(1,128.0)$95.7 
Denominator:
Weighted-average common shares outstanding used in basic earnings per share172.1 164.0 172.0 163.8 
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive restricted stock units and performance stock units— 2.4 — 2.6 
Assumed conversion of 2025 Convertible Notes
— 9.9 — 10.5 
Weighted average common shares outstanding used in diluted earnings per share172.1 176.3 172.0 176.9 
(Loss) earnings per share:
(Loss) earnings - basic$(6.69)$0.32 $(6.56)$0.58 
(Loss) earnings - diluted$(6.69)$0.29 $(6.56)$0.54 

The following table presents the number of outstanding securities not included in the computation of diluted income per share, because their effect was anti-dilutive (in millions):

Three Months EndedSix Months Ended
June 28, 2024June 30, 2023June 28, 2024June 30, 2023
Stock-based awards7.7 2.1 6.0 2.0 
2025 Convertible Notes0.6 — 0.5 — 
2028 Convertible Notes15.7 — 13.5 — 
Total24.0 2.1 20.0 2.0