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Net Earnings Per Common Share
 9 Months Ended
Sep. 27, 2024
Earnings Per Share [Abstract]  
Net Earnings Per Common Share NET EARNINGS PER COMMON SHARE
Basic net earnings per common share from continuing operations (“EPS”) is calculated by taking net earnings from continuing operations less the MCPS dividends divided by the weighted average number of common shares outstanding for the applicable period. Diluted net EPS from continuing operations is computed by taking net earnings from continuing operations less the MCPS dividends divided by the weighted average number of common shares outstanding increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased with the proceeds from the issuance of the potentially dilutive shares. For the three-month periods ended September 27, 2024 and September 29, 2023, approximately 305 thousand and 2.5 million options, respectively, and for the nine-month periods ended September 27, 2024 and September 29, 2023, approximately 1.2 million and 3.2 million options, respectively, to purchase shares were excluded from the diluted EPS calculation, as the impact of their inclusion would have been anti-dilutive. Basic and diluted EPS are computed independently for each quarter and year-to-date period, and each period involves the use of different weighted-average share count figures. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of prior quarterly EPS figures may not equal year-to-date EPS.
The impact of the MCPS Series B calculated under the if-converted method was anti-dilutive for the nine-month period ended September 29, 2023, and as such 3.4 million weighted average shares underlying the MCPS Series B were excluded from the calculation of diluted EPS and the related MCPS dividends of $21 million were included in the calculation of net earnings for diluted EPS. As of April 17, 2023, all outstanding shares of the MCPS converted into 8.6 million shares of the Company’s common stock.
Information related to the calculation of net earnings per common share from continuing operations is summarized as follows ($ and shares in millions, except per share amounts):
Three-Month Period EndedNine-Month Period Ended
September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Numerator:
Net earnings from continuing operations
$818 $940 $2,813 $3,100 
MCPS dividends— — — (21)
Net earnings from continuing operations attributable to common stockholders for Basic and Diluted EPS
$818 $940 $2,813 $3,079 
Denominator:
Weighted average common shares outstanding used in Basic EPS723.0 739.4 733.8 735.4 
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive restricted stock units (“RSUs”) and performance stock units (“PSUs”)6.4 6.5 6.3 6.7 
Weighted average common shares outstanding used in Diluted EPS729.4 745.9 740.1 742.1 
Basic EPS from continuing operations
$1.13 $1.27 $3.83 $4.19 
Diluted EPS from continuing operations
$1.12 $1.26 $3.80 $4.15