Earnings (Loss) Per Share (Tables)

6 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

Earnings (loss) per share (in millions, except share data):

	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Basic:
Net income (loss)	$	144	$	(98)	$	294	$	107
Weighted-average shares outstanding (1)	51,377,064		52,138,470		51,395,062		52,642,348
Basic earnings (loss) per share	$	2.80	$	(1.87)	$	5.72	$	2.04
Diluted:
Net income (loss)	$	144	$	(98)	$	294	$	107
Weighted-average shares outstanding (1)	51,377,064		52,138,470		51,395,062		52,642,348
Dilutive shares (2)	330,396		—		328,964		391,381
Diluted weighted-average shares outstanding	51,707,460		52,138,470		51,724,026		53,033,729
Diluted earnings (loss) per share	$	2.78	$	(1.87)	$	5.68	$	2.02

(1) In periods of a net loss, restricted stock and performance share awards, which are participating securities, are excluded from weighted-average shares outstanding.

(2) In periods of net loss, all unvested share-based awards were anti-dilutive and therefore excluded from diluted shares.