Earnings Per Share (Tables)

12 Months Ended

Jul. 02, 2021

Schedule of computation of basic and diluted net income (loss) per share

Basic earnings per share is computed by dividing income available to shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing income available to shareholders by the weighted-average number of shares outstanding during the period and the number of additional shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options, unvested RSUs and PSUs and shares to be purchased under the ESPP. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. Under the treasury stock method, an increase in fair market value of the Company’s share price can result in a greater dilutive effect from potentially dilutive securities. The following table sets forth the computation of basic and diluted net income per share attributable to the shareholders of the Company:


	Fiscal Years Ended
(In millions, except per share data)	July 2, 2021		July 3, 2020		June 28, 2019
Numerator:
Net income	$	1,314	$	1,004	$	2,012
Number of shares used in per share calculations:
Total shares for purposes of calculating basic net income per share	242		262		282
Weighted-average effect of dilutive securities:
Employee equity award plans	3		3		3
Total shares for purposes of calculating diluted net income per share	245		265		285
Net income per share
Basic	$	5.43	$	3.83	$	7.13
Diluted	5.36		3.79		7.06