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Net Income Per Share | 3 Months Ended
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Jul. 01, 2022
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income 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. 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:
| Three Months Ended |  |
(In millions, except per share amounts) | July 1, 2022 |  | July 2, 2021 |  |  |  |
Net income (loss) | $ | 200 |  |  | $ | 181 |  |  |  |  |
Net income (loss) per share - basic | $ | 0.35 |  |  | $ | 0.31 |  |  |  |  |
Net income (loss) per share - diluted | $ | 0.33 |  |  | $ | 0.31 |  |  |  |  |
Weighted-average shares outstanding - basic | 578 |  |  | 580 |  |  |  |  |
Dilutive potentially issuable shares: |  |  |  |  |  |  |
Convertible debt | 22 |  |  | 7 |  |  |  |  |
Employee equity awards | 4 |  |  | 4 |  |  |  |  |
Weighted-average shares outstanding - diluted | 604 |  |  | 591 |  |  |  |  |
Upon adoption of ASU 2020-06 under the modified retrospective method, we are required to apply the if-converted method to our calculation of diluted earnings per share. For the three months ended July 1, 2022, we adjust for the dilutive effect of the maximum number of potential shares to be issued upon settlement of our outstanding convertible debt instruments. Prior period earnings per share amounts are not restated under the modified retrospective method. For the three months ended July 2, 2021, the dilutive effect of our debt instruments is calculated using the treasury stock method, under which our convertible debt instruments generally had 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. The adoption of ASU 2020-06 had a $0.01 impact on dilutive earnings per share for the three months ended July 1, 2022, with the dilutive shares underlying the convertible debt increasing by 18 million shares. The conversion price of each convertible debt instrument applicable in the periods presented is as follows:
| Three Months Ended |  |
| July 1, 2022 |  | July 2, 2021 |  |  |  |
New 2.00% Convertible Senior Notes due August 15, 2022 | $ | 20.41 |  |  | $ | 20.41 |  |  |  |  |

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