EARNINGS PER SHARE

12 Months Ended

Jul. 02, 2022

Earnings Per Share, Basic [Abstract]

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


	2022		2021		2020
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	1,358,768	$	524,209	$	215,475
Denominator:
Weighted-average basic shares outstanding	510,630,645		510,696,398		510,121,071
Dilutive effect of share-based awards	3,375,182		2,858,690		3,904,903
Weighted-average diluted shares outstanding	514,005,827		513,555,088		514,025,974
Basic earnings per share	$	2.66	$	1.03	$	0.42
Diluted earnings per share	$	2.64	$	1.02	$	0.42

The number of securities that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 1,538,000, 3,807,000 and 4,833,000 for fiscal 2022, 2021 and 2020, respectively.

Dividends declared were $970.8 million, $933.4 million and $884.1 million in fiscal 2022, 2021 and 2020, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $249.2 million, $240.6 million and $228.7 million in fiscal 2022, 2021 and 2020, respectively.