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Earnings Per Share (Tables)
 6 Months Ended
Jun. 26, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock for the three and six months ended June 26, 2021, the periods wherein the Corporation had outstanding Class A common stock.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in millions except per share data)

 

June 26, 2021

 

 

June 26, 2021

 

 

 

Continuing Operations

 

 

Discontinued Operations

 

 

Total

 

 

Continuing Operations

 

 

Discontinued Operations

 

 

Total

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to McAfee
Corp., basic

 

$

23

 

 

$

13

 

 

$

36

 

 

$

50

 

 

$

16

 

 

$

66

 

   Net income attributable to change in
   ownership percentage due to dilutive
   equity awards

 

 

2

 

 

 

—

 

 

 

2

 

 

 

4

 

 

 

—

 

 

 

4

 

   Less: Provision for income tax
   expense(1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income attributable to McAfee
Corp., diluted

 

$

25

 

 

$

13

 

 

$

38

 

 

$

54

 

 

$

16

 

 

$

70

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Weighted average shares of Class A
   common stock outstanding, basic

 

 

165.0

 

 

 

165.0

 

 

 

165.0

 

 

 

163.7

 

 

 

163.7

 

 

 

163.7

 

   Dilutive impact of equity awards(2)

 

 

17.8

 

 

 

17.8

 

 

 

17.8

 

 

 

15.8

 

 

 

15.8

 

 

 

15.8

 

   Weighted average shares of Class A
   common stock outstanding, diluted

 

 

182.8

 

 

 

182.8

 

 

 

182.8

 

 

 

179.5

 

 

 

179.5

 

 

 

179.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to
McAfee Corp., basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic(3)

 

$

0.14

 

 

$

0.08

 

 

$

0.22

 

 

$

0.31

 

 

$

0.10

 

 

$

0.40

 

Earnings per share attributable to
McAfee Corp., diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, diluted(4)

 

$

0.14

 

 

$

0.07

 

 

$

0.21

 

 

$

0.30

 

 

$

0.09

 

 

$

0.39

 
(1)
Represents incremental income tax provision we would have recognized due to change in ownership.
(2)
Represents the dilutive impact of equity awards.
(3)
Amounts may not add due to rounding.
(4)
For the three and six months ended June 26, 2021, 271.5 million and 272.7 million weighted average units were excluded from dilution, respectively. The excluded units consist primarily of RNCI that is excluded from dilution because its effects would have been anti-dilutive.