Income (Loss) From Continuing Operations Per Common Share

6 Months Ended

Dec. 30, 2016

Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent [Abstract]

Income (Loss) From Continuing Operations Per Common Share

The computations of income from continuing operations per common share are as follows:

	Quarter Ended					Two Quarters Ended
	December 30, 2016			January 1, 2016		December 30, 2016			January 1, 2016
	(In millions, except per share amounts)
Income from continuing operations	$	168		$	197	$	324		$	343
Adjustments for participating securities outstanding	(1		)	—		(2		)	—
Income from continuing operations used in per basic and diluted common share calculations (A)	$	167		$	197	$	322		$	343
Basic weighted average common shares outstanding (B)	123.7			123.8		123.8			123.6
Impact of dilutive share-based awards	1.7			1.1		1.7			1.1
Diluted weighted average common shares outstanding (C)	125.4			124.9		125.5			124.7
Income from continuing operations per basic common share (A)/(B)	$	1.35		$	1.59	$	2.60		$	2.77
Income from continuing operations per diluted common share (A)/(C)	$	1.33		$	1.58	$	2.57		$	2.75

Potential dilutive common shares primarily consist of employee stock options and performance unit awards. Employee stock options to purchase approximately 1,200,708 and 1,482,261 shares of our common stock were outstanding at December 30, 2016 and January 1, 2016, respectively, but were not included as dilutive stock options in the computations of net income per diluted common share because the effect would have been antidilutive.