EARNINGS PER SHARE

12 Months Ended

Jul. 01, 2023

Earnings Per Share, Basic [Abstract]

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


	2023		2022		2021
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	1,770,124	$	1,358,768	$	524,209
Denominator:
Weighted-average basic shares outstanding	507,362,913		510,630,645		510,696,398
Dilutive effect of share-based awards	2,356,843		3,375,182		2,858,690
Weighted-average diluted shares outstanding	509,719,756		514,005,827		513,555,088
Basic earnings per share	$	3.49	$	2.66	$	1.03
Diluted earnings per share	$	3.47	$	2.64	$	1.02

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 2,373,000, 1,538,000 and 3,807,000 for fiscal 2023, 2022 and 2021, respectively.

Dividends declared were $999.2 million, $970.8 million and $933.4 million in fiscal 2023, 2022 and 2021, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $252.6 million, $249.2 million and $240.6 million in fiscal 2023, 2022 and 2021, respectively.