Quarterly Results of Operations (Tables)

12 Months Ended

Jul. 03, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

	First		Second		Third		Fourth
2015 (1)
Revenue, net	$	3,943	$	3,888	$	3,550	$	3,191
Gross profit	1,149		1,110		1,032		930
Operating income	469		466		421		255
Net income	423		438		384		220
Basic income per common share	$	1.81	$	1.88	$	1.66	$	0.95
Diluted income per common share	$	1.76	$	1.84	$	1.63	$	0.94
2014 (2)
Revenue, net	$	3,804	$	3,972	$	3,703	$	3,651
Gross profit	1,099		1,156		1,076		1,029
Operating income	542		478		419		352
Net income	495		430		375		317
Basic income per common share	$	2.10	$	1.82	$	1.60	$	1.35
Diluted income per common share	$	2.05	$	1.77	$	1.55	$	1.32

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(1) The first, second, third, and fourth quarters of 2015 included $9 million, $53 million, $10 million, and $104 million, respectively, of employee termination, asset impairment, and other charges. The first and second quarters of 2015 included $14 million and $1 million, respectively, of charges related to interest on an arbitration award. The second quarter of 2015 included a $37 million gain on flood-related insurance recovery.

(2) The first, second, third and fourth quarters of 2014 included $11 million, $23 million, $25 million and $36 million, respectively, of employee termination, asset impairment and other charges. Each of the four quarters of 2014 included $13 million of charges related to interest on an arbitration award. The first quarter of 2014 included a $65 million gain on flood-related insurance recovery.