Income per Common Share

9 Months Ended

Apr. 03, 2015

Earnings Per Share [Abstract]

Income per Common Share

3. Income per Common Share

The Company computes basic income per common share using net income and the weighted average number of common shares outstanding during the period. Diluted income per common share is computed using net income and the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include certain dilutive outstanding employee stock options, rights to purchase shares of common stock under the Company’s Employee Stock Purchase Plan (“ESPP”) and restricted stock unit awards (“RSUs”).

The following table illustrates the computation of basic and diluted income per common share (in millions, except per share data):

	Three Months Ended				Nine Months Ended
	April 3, 2015		March 28, 2014		April 3, 2015		March 28, 2014
Net income	$	384	$	375	$	1,245	$	1,300
Weighted average shares outstanding:
Basic	231		235		233		236
Employee stock options and other	5		7		5		6
Diluted	236		242		238		242
Income per common share:
Basic	$	1.66	$	1.60	$	5.34	$	5.51
Diluted	$	1.63	$	1.55	$	5.23	$	5.37
Anti-dilutive potential common shares excluded*	1		2		1		1

* For purposes of computing diluted income per common share, certain potentially dilutive securities have been excluded from the calculation because their effect would have been anti-dilutive.