Earnings Per Share

12 Months Ended

Dec. 29, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal years ended December 29, 2019, December 30, 2018 and December 31, 2017:

(In Millions Except Per Share Amounts)	2019			2018		2017
Basic net earnings per share	$	5.72		5.70		0.48
Average shares outstanding — basic	2,645.1			2,681.5		2,692.0
Potential shares exercisable under stock option plans	136.3			139.0		139.7
Less: shares repurchased under treasury stock method	(97.8		)	(92.5	)	(87.3	)
Convertible debt shares	0.7			0.7		0.9
Adjusted average shares outstanding — diluted	2,684.3			2,728.7		2,745.3
Diluted net earnings per share	$	5.63		5.61		0.47

The diluted net earnings per share calculation included the dilutive effect of convertible debt that is offset by the related reduction in interest expense of $1 million after-tax for 2019, 2018 and 2017.

The diluted net earnings per share calculation for 2019 excluded an insignificant number of shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. The diluted net earnings per share calculation for 2018 and 2017 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company's stock.