Earnings Per Share

3 Months Ended

Sep. 29, 2023

(Loss) Earnings Per Share

Basic (loss) 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 restricted share units and performance-based share units and shares to be purchased under the Employee Stock Purchase Plan. 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 (loss) income per share attributable to the shareholders of the Company:


	For the Three Months Ended
(In millions, except per share data)	September 29, 2023		September 30, 2022
Numerator:
Net (loss) income	$	(184)	$	29
Number of shares used in per share calculations:
Total shares for purposes of calculating basic net (loss) income per share	208		208
Weighted-average effect of dilutive securities:
Employee equity award plans	—		2
Total shares for purposes of calculating diluted net (loss) income per share	208		210
Net (loss) income per share:
Basic	$	(0.88)	$	0.14
Diluted	$	(0.88)	$	0.14

For the three months ended September 29, 2023, the Company recorded a net loss, and as such, all potentially dilutive securities related to the employee equity award plans have been excluded for those periods as including them would be anti-dilutive. The weighted average anti-dilutive shares that were excluded from the computation of diluted net (loss) income per share were 6 million for the three months ended September 29, 2023, and were not material for the three months ended September 30, 2022.