Earnings (Loss) Per Share

3 Months Ended

Apr. 03, 2026

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the applicable 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, 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.

The table below presents the computation of basic and diluted earnings per share ($ and shares in millions, except per share amounts):

	Three Months Ended
	April 3, 2026		March 28, 2025
Numerator:
Net income	$	38.7	$	18.0
Denominator:
Weighted-average common shares outstanding used in basic earnings per share	163.9		172.4
Incremental common shares from:
Assumed exercise of dilutive options, vesting of dilutive restricted stock units and performance stock units	2.5		1.2
Weighted-average common shares outstanding used in diluted earnings per share	166.4		173.6
Earnings per share:
Earnings - basic	$	0.24	$	0.10
Earnings - diluted	$	0.23	$	0.10

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 Ended
	April 3, 2026	March 28, 2025
Stock-based awards	3.8	6.7