Net Income (Loss) Per Share

12 Months Ended

Apr. 01, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Basic 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:

	Year Ended
(In millions, except per share amounts)	April 1, 2022		April 2, 2021		April 3, 2020
Income (loss) from continuing operations	$	836	$	696	$	578
Income (loss) from discontinued operations	—		(142)		3,309
Net income (loss)	$	836	$	554	$	3,887
Income (loss) per share - basic:
Continuing operations	$	1.44	$	1.18	$	0.94
Discontinued operations	$	—	$	(0.24)	$	5.38
Net income per share - basic	$	1.44	$	0.94	$	6.32
Income (loss) per share - diluted:
Continuing operations	$	1.41	$	1.16	$	0.90
Discontinued operations	$	—	$	(0.24)	$	5.15
Net income per share - diluted	$	1.41	$	0.92	$	6.05
Weighted-average shares outstanding - basic	581		589		615
Dilutive potentially issuable shares:
Convertible debt	7		8		20
Employee equity awards	3		3		8
Weighted-average shares outstanding - diluted	591		600		643
Anti-dilutive shares excluded from diluted net income (loss) per share calculation:
Convertible debt	—		8		5
Employee equity awards	1		—		2
Total	1		8		7

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. On February 4, 2020, a portion of the 2.5% Convertible Notes were exchanged for the New 2.5% Convertible Notes, and a portion of the 2.0% Convertible Notes were exchanged for the New 2.0% Convertible Notes. The remaining Convertible Senior Notes received conversion price adjustments. The 2.5% Convertible Notes and 2.0% Convertible Notes were fully repaid on March 10, 2020 and May 26, 2020, respectively. The New 2.5% Convertible Notes were fully repaid on May 20, 2021. See Note 10 for further information on our convertible debt instruments. The conversion price of each convertible debt applicable in the periods presented is as follows:

	Year Ended
	April 1, 2022		April 2, 2021		April 3, 2020
2.5% Convertible Senior Notes due April 1, 2022	N/A		N/A		$	8.40
2.0% Convertible Senior Notes due August 15, 2022	N/A		N/A		$	10.23
New 2.5% Convertible Senior Notes due April 1, 2022	N/A		$	16.77	$	16.77
New 2.0% Convertible Senior Notes due August 15, 2022	$	20.41	$	20.41	$	20.41