Earnings (Loss) Per Share

9 Months Ended

Oct. 02, 2026

NOTE 12. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive shares of common stock include outstanding stock options, restricted stock units, contingently issuable shares, and shares to be purchased under our employee stock purchase plan.

The following table shows the computation of basic and diluted earnings (loss) per share:


	Third Quarter of				First Three Quarters of
	2026		2025		2026		2025
(In millions, except per share amounts)
Numerator:
Net income (loss)	$	59.1	$	111.5	$	(313.7)	$	267.4
Denominator:
Weighted-average shares of common stock outstanding - basic	232.4		238.2		233.3		239.9
Effect of dilutive securities	0.8		2.2		—		2.1
Weighted-average shares of common stock outstanding - diluted	233.2		240.4		233.3		242.0
Net earnings (loss) per share
Basic	$	0.25	$	0.47	$	(1.34)	$	1.11
Diluted	$	0.25	$	0.46	$	(1.34)	$	1.10
Antidilutive shares (1)	2.5		0.5		3.4		0.5

(1) Antidilutive stock-based awards are excluded from the weighted-average shares used to calculate diluted earnings (loss) per share because of their antidilutive impact.