Net Income Per Share

3 Months Ended

Jul. 02, 2021

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per ShareBasic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share also includes the incremental effect of dilutive potentially issuable common shares outstanding during the period using the treasury stock method. Dilutive potentially issuable common shares include the dilutive effect of the shares underlying convertible debt and employee equity awards.

The components of basic and diluted net income (loss) per share are as follows:

	Three Months Ended
(In millions, except per share amounts)	July 2, 2021		July 3, 2020
Income (loss) from continuing operations	$	181	$	149
Income (loss) from discontinued operations	—		(31)
Net income	$	181	$	118
Income (loss) per share - basic:
Continuing operations	$	0.31	$	0.25
Discontinued operations	$	—	$	(0.05)
Net income per share - basic	$	0.31	$	0.20
Income (loss) per share - diluted:
Continuing operations	$	0.31	$	0.24
Discontinued operations	$	—	$	(0.05)
Net income per share - diluted	$	0.31	$	0.19
Weighted-average shares outstanding - basic	580		590
Dilutive potentially issuable shares:
Convertible debt	7		20
Employee equity awards	4		4
Weighted-average shares outstanding - diluted	591		614
Anti-dilutive shares excluded from diluted net income per share calculation:
Employee equity awards (1)	—		1
Total	—		1

(1) During the three months ended July 2, 2021, the number of shares was less than 1 million.

Under the treasury stock method, our convertible debt instruments will generally have a dilutive impact on net income per share when our average stock price for the period exceeds the conversion prices for the convertible debt instruments. The 2.0% Convertible Notes and New 2.5% Convertible Senior Notes were fully repaid on May 26, 2020 and May 13, 2021, respectively. The conversion price of each convertible debt instrument applicable in the periods presented is as follows:

	Three Months Ended
	July 2, 2021		July 3, 2020
2.0% Convertible Senior Notes due August 15, 2022	N/A		$	10.23
New 2.5% Convertible Senior Notes due April 1, 2022	N/A		$	16.77
New 2.0% Convertible Senior Notes due August 15, 2022	$	20.41	$	20.41