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Earnings Per Share | 6 Months Ended
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Jul. 01, 2012
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal second quarters ended July 1, 2012 and July 3, 2011:
|  | Fiscal Second Quarters Ended
(Shares in Millions) |  | July 1, 2012 |  | July 3, 2011
Basic net earnings per share |  | $ | 0.51 |  |  | $ | 1.01 |
Average shares outstanding — basic |  | 2,747.4 |  |  | 2,740.5 |
Potential shares exercisable under stock option plans |  | 138.1 |  |  | 168.9 |
Less: shares which could be repurchased under treasury stock method |  | (104.1 | ) |  | (131.7 | )
Convertible debt shares |  | 3.6 |  |  | 3.6 |
Accelerated share repurchase program |  | 13.2 |  |  | — |
Average shares outstanding — diluted |  | 2,798.2 |  |  | 2,781.3 |
Diluted earnings per share |  | $ | 0.50 |  |  | $ | 1.00 |
The diluted earnings per share calculation for both fiscal second quarters ended July 1, 2012 and July 3, 2011 included the dilutive effect of convertible debt that was offset by the related reduction in interest expense. The diluted earnings per share calculation for the fiscal second quarter ended July 1, 2012 included the dilutive effect of 13.2 million shares related to the accelerated share repurchase program, associated with the Synthes, Inc. acquisition. See Note10 to the Consolidated Financial Statements for additional details. A $1 increase/decrease in the volume weighted average share price would impact this estimate by approximately 2.8 million shares. The diluted earnings per share calculation for the fiscal second quarters ended July 1, 2012 and July 3, 2011, excluded 57 million and 51 million shares, respectively, related to stock options, as the exercise price of these options was greater than their average market value, which would result in an anti-dilutive effect on diluted earnings per share. The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the first fiscal six months ended July 1, 2012 and July 3, 2011:
|  | Fiscal Six Months Ended
(Shares in Millions) |  | July 1, 2012 |  | July 3, 2011
Basic net earnings per share |  | $ | 1.94 |  |  | $ | 2.28 |
Average shares outstanding — basic |  | 2,741.7 |  |  | 2,739.6 |
Potential shares exercisable under stock option plans |  | 138.0 |  |  | 168.8 |
Less: shares which could be repurchased under treasury stock method |  | (104.1 | ) |  | (133.9 | )
Convertible debt shares |  | 3.6 |  |  | 3.6 |
Accelerated share repurchase program |  | 13.2 |  |  | — |
Average shares outstanding — diluted |  | 2,792.4 |  |  | 2,778.1 |
Diluted earnings per share |  | $ | 1.91 |  |  | $ | 2.25 |
The diluted earnings per share calculation for both the first fiscal six months ended July 1, 2012 and July 3, 2011 included the dilutive effect of convertible debt that was offset by the related reduction in interest expense. The diluted earnings per share calculation for the first fiscal six months ended July 1, 2012 included the dilutive effect of 13.2 million shares related to the accelerated share repurchase program, associated with the Synthes, Inc. acquisition. See Note10 to the Consolidated Financial Statements for additional details. A $1 increase/decrease in the volume weighted average share price would impact this estimate by approximately 2.8 million shares. The diluted earnings per share calculation for the first fiscal six months ended July 1, 2012 and July 3, 2011, excluded 57 million and 52 million shares, respectively, related to stock options, as the exercise price of these options was greater than their average market value, which would result in an anti-dilutive effect on diluted earnings per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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