Quarterly Results of Operations (Tables)

12 Months Ended

Jun. 27, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

	First		Second		Third		Fourth
2014(1)
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
2013(2)
Revenue, net	$	4,035	$	3,824	$	3,764	$	3,728
Gross profit	1,193		1,059		1,061		1,050
Operating income (loss)	592		478		417		(221		)
Net income (loss)	519		335		391		(265		)
Basic income (loss) per common share	$	2.11	$	1.38	$	1.64	$	(1.12	)
Diluted income (loss) per common share	$	2.06	$	1.36	$	1.60	$	(1.12	)

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(1) Certain prior quarter amounts have been reclassified from gross profit to the employee termination, asset impairment and other charges line within operating expenses to conform to the annual presentation. 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 insurance recovery.

(2) The fourth quarter of 2013 included a $681 million charge related to an arbitration award. The first, second, third and fourth quarters of 2013 included $26 million, $41 million, $63 million and $8 million, respectively, of employee termination, asset impairment and other charges. The second quarter of 2013 included an $88 million charge related to California Proposition 39 to reduce the Company’s previously recognized California deferred tax assets as of December 28, 2012.