Basic and Diluted Earnings Per Share

6 Months Ended

Mar. 29, 2025

Basic and Diluted Earnings Per Share [Abstract]

12. Basic and Diluted Earnings Per Share

Basic net income or earnings per share ("EPS") is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents.

Diluted EPS includes the effects of options and restricted stock units, if dilutive.

The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:

	Quarterly Period Ended				Two Quarterly Periods Ended
(in millions, except per share amounts)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Numerator
Consolidated net income	$	193	$	116	$	207	$	175
Denominator
Weighted average common shares outstanding - basic		116.0		115.6		115.7		115.6
Dilutive shares		3.4		2.6		3.1		2.9
Weighted average common and common equivalent shares outstanding - diluted		119.4		118.2		118.8		118.5

Per common share earnings (loss)
Basic	$	1.66	$	1.00	$	1.79	$	1.51
Diluted		1.62		0.98		1.74		1.48

No shares were excluded from the diluted EPS calculation for either of the quarterly and two quarterly periods ended March 29, 2025. 2.2 million and 2.3 million shares were excluded for the quarterly and two quarterly periods ended March 30, 2024, respectively.