Earnings Per Share

12 Months Ended

Jul. 02, 2016

Earnings Per Share, Basic [Abstract]

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:



	2016		2015		2014
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	949,622	$	686,773	$	931,533
Denominator:
Weighted-average basic shares outstanding	573,057,406		592,072,308		585,988,084
Dilutive effect of share-based awards	4,334,000		4,776,726		4,228,136
Weighted-average diluted shares outstanding	577,391,406		596,849,034		590,216,220
Basic earnings per share	$	1.66	$	1.16	$	1.59
Diluted earnings per share	$	1.64	$	1.15	$	1.58

The number of options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 3,586,927, 2,400,000 and 2,100,000 for fiscal 2016, 2015 and 2014, respectively.

Dividends declared were $695.5 million, $705.5 million and $673.6 million in fiscal 2016, 2015 and 2014, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $174.1 million, $178.3 million and $171.6 million in fiscal 2016, 2015 and 2014, respectively.