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Separate Financial Information of Guarantor Subsidiaries (Tables) | 6 Months Ended
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Dec. 29, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheet |
Condensed Consolidating Balance Sheet
As of December 29, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 22 |  |  | $ | 1,187 |  |  | $ | 5,063 |  |  | $ | — |  |  | $ | 6,272 |
Short-term investments | — |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Accounts receivable, net | — |  |  | 1,207 |  |  | 845 |  |  | — |  |  | 2,052 |
Intercompany receivables | 1,760 |  |  | 3,670 |  |  | 1,997 |  |  | (7,427 | ) |  | — |
Inventories | — |  |  | 1,076 |  |  | 1,481 |  |  | (276 | ) |  | 2,281 |
Other current assets | 5 |  |  | 181 |  |  | 264 |  |  | 35 |  |  | 485 |
Total current assets | 1,787 |  |  | 7,321 |  |  | 9,673 |  |  | (7,668 | ) |  | 11,113 |
Property, plant and equipment, net | — |  |  | 1,100 |  |  | 1,954 |  |  | — |  |  | 3,054 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 1,845 |  |  | — |  |  | 1,845 |
Goodwill | — |  |  | 387 |  |  | 9,689 |  |  | — |  |  | 10,076 |
Other intangible assets, net | — |  |  | 44 |  |  | 3,186 |  |  | — |  |  | 3,230 |
Investments in consolidated subsidiaries | 19,030 |  |  | 18,314 |  |  | — |  |  | (37,344 | ) |  | — |
Loans due from consolidated affiliates | 3,306 |  |  | 16 |  |  | — |  |  | (3,322 | ) |  | — |
Other non-current assets | 51 |  |  | 612 |  |  | 461 |  |  | (602 | ) |  | 522 |
Total assets | $ | 24,174 |  |  | $ | 27,794 |  |  | $ | 26,808 |  |  | $ | (48,936 | ) |  | $ | 29,840 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 227 |  |  | $ | 1,694 |  |  | $ | — |  |  | $ | 1,921 |
Accounts payable to related parties | — |  |  | — |  |  | 250 |  |  | — |  |  | 250 |
Intercompany payables | 609 |  |  | 4,500 |  |  | 2,318 |  |  | (7,427 | ) |  | — |
Accrued expenses | 273 |  |  | 457 |  |  | 426 |  |  | 35 |  |  | 1,191 |
Accrued compensation | — |  |  | 340 |  |  | 183 |  |  | — |  |  | 523 |
Accrued warranty | — |  |  | 5 |  |  | 189 |  |  | — |  |  | 194 |
Current portion of long-term debt | 274 |  |  | — |  |  | — |  |  | — |  |  | 274 |
Total current liabilities | 1,156 |  |  | 5,529 |  |  | 5,060 |  |  | (7,392 | ) |  | 4,353 |
Long-term debt | 11,746 |  |  | — |  |  | 31 |  |  | — |  |  | 11,777 |
Loans due to consolidated affiliates | — |  |  | 492 |  |  | 2,830 |  |  | (3,322 | ) |  | — |
Other liabilities | — |  |  | 2,523 |  |  | 517 |  |  | (602 | ) |  | 2,438 |
Total liabilities | 12,902 |  |  | 8,544 |  |  | 8,438 |  |  | (11,316 | ) |  | 18,568 |
Total shareholders’ equity | 11,272 |  |  | 19,250 |  |  | 18,370 |  |  | (37,620 | ) |  | 11,272 |
Total liabilities and shareholders’ equity | $ | 24,174 |  |  | $ | 27,794 |  |  | $ | 26,808 |  |  | $ | (48,936 | ) |  | $ | 29,840 |
Condensed Consolidating Balance Sheet
As of June 30, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 18 |  |  | $ | 1,212 |  |  | $ | 5,124 |  |  | $ | — |  |  | $ | 6,354 |
Short-term investments | — |  |  | — |  |  | 24 |  |  | — |  |  | 24 |
Accounts receivable, net | — |  |  | 1,247 |  |  | 701 |  |  | — |  |  | 1,948 |
Intercompany receivables | 1,225 |  |  | 2,528 |  |  | 622 |  |  | (4,375 | ) |  | — |
Inventories | — |  |  | 1,133 |  |  | 1,494 |  |  | (286 | ) |  | 2,341 |
Other current assets | 4 |  |  | 158 |  |  | 221 |  |  | 6 |  |  | 389 |
Total current assets | 1,247 |  |  | 6,278 |  |  | 8,186 |  |  | (4,655 | ) |  | 11,056 |
Property, plant and equipment, net | — |  |  | 1,124 |  |  | 1,909 |  |  | — |  |  | 3,033 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 1,340 |  |  | — |  |  | 1,340 |
Goodwill | — |  |  | 331 |  |  | 9,683 |  |  | — |  |  | 10,014 |
Other intangible assets, net | — |  |  | 11 |  |  | 3,812 |  |  | — |  |  | 3,823 |
Investments in consolidated subsidiaries | 19,082 |  |  | 17,588 |  |  | — |  |  | (36,670 | ) |  | — |
Loans due from consolidated affiliates | 4,700 |  |  | 16 |  |  | — |  |  | (4,716 | ) |  | — |
Other non-current assets | 51 |  |  | 723 |  |  | 419 |  |  | (599 | ) |  | 594 |
Total assets | $ | 25,080 |  |  | $ | 26,071 |  |  | $ | 25,349 |  |  | $ | (46,640 | ) |  | $ | 29,860 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 257 |  |  | $ | 1,887 |  |  | $ | — |  |  | $ | 2,144 |
Accounts payable to Flash Ventures | — |  |  | — |  |  | 206 |  |  | — |  |  | 206 |
Intercompany payables | 270 |  |  | 4,039 |  |  | 66 |  |  | (4,375 | ) |  | — |
Accrued expenses | 270 |  |  | 360 |  |  | 439 |  |  | — |  |  | 1,069 |
Accrued compensation | — |  |  | 313 |  |  | 193 |  |  | — |  |  | 506 |
Accrued warranty | — |  |  | 4 |  |  | 182 |  |  | — |  |  | 186 |
Current portion of long-term debt | 233 |  |  | — |  |  | — |  |  | — |  |  | 233 |
Total current liabilities | 773 |  |  | 4,973 |  |  | 2,973 |  |  | (4,375 | ) |  | 4,344 |
Long-term debt | 12,889 |  |  | — |  |  | 29 |  |  | — |  |  | 12,918 |
Loans due to consolidated affiliates | — |  |  | 546 |  |  | 4,170 |  |  | (4,716 | ) |  | — |
Other liabilities | — |  |  | 1,243 |  |  | 530 |  |  | (593 | ) |  | 1,180 |
Total liabilities | 13,662 |  |  | 6,762 |  |  | 7,702 |  |  | (9,684 | ) |  | 18,442 |
Total shareholders’ equity | 11,418 |  |  | 19,309 |  |  | 17,647 |  |  | (36,956 | ) |  | 11,418 |
Total liabilities and shareholders’ equity | $ | 25,080 |  |  | $ | 26,071 |  |  | $ | 25,349 |  |  | $ | (46,640 | ) |  | $ | 29,860 |
Condensed Income Statement |
Condensed Consolidating Statement of Operations
For the three months ended December 29, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 3,764 |  |  | $ | 5,173 |  |  | $ | (3,601 | ) |  | $ | 5,336 |
Cost of revenue | — |  |  | 3,256 |  |  | 3,703 |  |  | (3,636 | ) |  | 3,323 |
Gross profit | — |  |  | 508 |  |  | 1,470 |  |  | 35 |  |  | 2,013 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 400 |  |  | 229 |  |  | — |  |  | 629 |
Selling, general and administrative | 1 |  |  | 276 |  |  | 104 |  |  | — |  |  | 381 |
Intercompany operating expense (income) | — |  |  | (430 | ) |  | 430 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 10 |  |  | 38 |  |  | — |  |  | 48 |
Total operating expenses | 1 |  |  | 256 |  |  | 801 |  |  | — |  |  | 1,058 |
Operating income (loss) | (1 | ) |  | 252 |  |  | 669 |  |  | 35 |  |  | 955 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 66 |  |  | 2 |  |  | 12 |  |  | (66 | ) |  | 14 |
Interest expense | (197 | ) |  | (4 | ) |  | (62 | ) |  | 66 |  |  | (197 | )
Other income (expense), net | — |  |  | (4 | ) |  | 6 |  |  | — |  |  | 2 |
Total interest and other expense, net | (131 | ) |  | (6 | ) |  | (44 | ) |  | — |  |  | (181 | )
Income (loss) before taxes | (132 | ) |  | 246 |  |  | 625 |  |  | 35 |  |  | 774 |
Equity in earnings from subsidiaries | (725 | ) |  | 593 |  |  | — |  |  | 132 |  |  | — |
Income tax expense (benefit) | (34 | ) |  | 1,601 |  |  | 30 |  |  | — |  |  | 1,597 |
Net income (loss) | $ | (823 | ) |  | $ | (762 | ) |  | $ | 595 |  |  | $ | 167 |  |  | $ | (823 | )
Condensed Consolidating Statement of Operations
For the six months ended December 29, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 7,474 |  |  | $ | 10,254 |  |  | $ | (7,211 | ) |  | $ | 10,517 |
Cost of revenue | — |  |  | 6,456 |  |  | 7,350 |  |  | (7,215 | ) |  | 6,591 |
Gross profit | — |  |  | 1,018 |  |  | 2,904 |  |  | 4 |  |  | 3,926 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 781 |  |  | 440 |  |  | — |  |  | 1,221 |
Selling, general and administrative | 3 |  |  | 534 |  |  | 208 |  |  | — |  |  | 745 |
Intercompany operating expense (income) | — |  |  | (830 | ) |  | 830 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 21 |  |  | 79 |  |  | — |  |  | 100 |
Total operating expenses | 3 |  |  | 506 |  |  | 1,557 |  |  | — |  |  | 2,066 |
Operating income (loss) | (3 | ) |  | 512 |  |  | 1,347 |  |  | 4 |  |  | 1,860 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 147 |  |  | 4 |  |  | 26 |  |  | (147 | ) |  | 30 |
Interest expense | (401 | ) |  | (10 | ) |  | (138 | ) |  | 147 |  |  | (402 | )
Other income (expense), net | (8 | ) |  | 7 |  |  | (3 | ) |  | — |  |  | (4 | )
Total interest and other income (expense), net | (262 | ) |  | 1 |  |  | (115 | ) |  | — |  |  | (376 | )
Income (loss) before taxes | (265 | ) |  | 513 |  |  | 1,232 |  |  | 4 |  |  | 1,484 |
Equity in earnings from subsidiaries | 32 |  |  | 1,185 |  |  | — |  |  | (1,217 | ) |  | — |
Income tax expense (benefit) | (91 | ) |  | 1,655 |  |  | 62 |  |  | — |  |  | 1,626 |
Net income (loss) | $ | (142 | ) |  | $ | 43 |  |  | $ | 1,170 |  |  | $ | (1,213 | ) |  | $ | (142 | )
Condensed Consolidating Statement of Operations
For the three months ended December 30, 2016
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 3,786 |  |  | $ | 4,245 |  |  | $ | (3,143 | ) |  | $ | 4,888 |
Cost of revenue | — |  |  | 3,085 |  |  | 3,495 |  |  | (3,225 | ) |  | 3,355 |
Gross profit | — |  |  | 701 |  |  | 750 |  |  | 82 |  |  | 1,533 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 372 |  |  | 213 |  |  | — |  |  | 585 |
Selling, general and administrative | 3 |  |  | 252 |  |  | 103 |  |  | — |  |  | 358 |
Intercompany operating expense (income) | — |  |  | (218 | ) |  | 218 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 9 |  |  | 36 |  |  | — |  |  | 45 |
Total operating expenses | 3 |  |  | 415 |  |  | 570 |  |  | — |  |  | 988 |
Operating income (loss) | (3 | ) |  | 286 |  |  | 180 |  |  | 82 |  |  | 545 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 86 |  |  | — |  |  | 2 |  |  | (83 | ) |  | 5 |
Interest expense | (203 | ) |  | — |  |  | (85 | ) |  | 83 |  |  | (205 | )
Other expense, net | (2 | ) |  | (5 | ) |  | (17 | ) |  | — |  |  | (24 | )
Total interest and other expense, net | (119 | ) |  | (5 | ) |  | (100 | ) |  | — |  |  | (224 | )
Income (loss) before taxes | (122 | ) |  | 281 |  |  | 80 |  |  | 82 |  |  | 321 |
Equity in earnings from subsidiaries | 270 |  |  | 19 |  |  | — |  |  | (289 | ) |  | — |
Income tax expense (benefit) | (87 | ) |  | 116 |  |  | 57 |  |  | — |  |  | 86 |
Net income | $ | 235 |  |  | $ | 184 |  |  | $ | 23 |  |  | $ | (207 | ) |  | $ | 235 |
Condensed Consolidating Statement of Operations
For the six months ended December 30, 2016
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 7,484 |  |  | $ | 8,538 |  |  | $ | (6,420 | ) |  | $ | 9,602 |
Cost of revenue | — |  |  | 6,150 |  |  | 7,048 |  |  | (6,464 | ) |  | 6,734 |
Gross profit | — |  |  | 1,334 |  |  | 1,490 |  |  | 44 |  |  | 2,868 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 813 |  |  | 411 |  |  | — |  |  | 1,224 |
Selling, general and administrative | 4 |  |  | 526 |  |  | 224 |  |  | — |  |  | 754 |
Intercompany operating expense (income) | — |  |  | (569 | ) |  | 569 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 58 |  |  | 55 |  |  | — |  |  | 113 |
Total operating expenses | 4 |  |  | 828 |  |  | 1,259 |  |  | — |  |  | 2,091 |
Operating income (loss) | (4 | ) |  | 506 |  |  | 231 |  |  | 44 |  |  | 777 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 180 |  |  | 1 |  |  | 9 |  |  | (180 | ) |  | 10 |
Interest expense | (431 | ) |  | (5 | ) |  | (185 | ) |  | 180 |  |  | (441 | )
Other expense, net | (274 | ) |  | (4 | ) |  | (18 | ) |  | — |  |  | (296 | )
Total interest and other expense, net | (525 | ) |  | (8 | ) |  | (194 | ) |  | — |  |  | (727 | )
Income (loss) before taxes | (529 | ) |  | 498 |  |  | 37 |  |  | 44 |  |  | 50 |
Equity in earnings from subsidiaries | 217 |  |  | (208 | ) |  | — |  |  | (9 | ) |  | — |
Income tax expense (benefit) | (181 | ) |  | 121 |  |  | 241 |  |  | — |  |  | 181 |
Net income (loss) | $ | (131 | ) |  | $ | 169 |  |  | $ | (204 | ) |  | $ | 35 |  |  | $ | (131 | )
Condensed Statement of Comprehensive Income |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended December 29, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income (loss) | $ | (823 | ) |  | $ | (762 | ) |  | $ | 595 |  |  | $ | 167 |  |  | $ | (823 | )
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 6 |  |  | 5 |  |  | 5 |  |  | (10 | ) |  | 6 |
Net unrealized gain on derivative contracts | 10 |  |  | 3 |  |  | 3 |  |  | (6 | ) |  | 10 |
Net unrealized gain on available-for-sale securities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other comprehensive income, before tax | 16 |  |  | 8 |  |  | 8 |  |  | (16 | ) |  | 16 |
Income tax benefit (expense) related to items of other comprehensive income | (3 | ) |  | — |  |  | 1 |  |  | (1 | ) |  | (3 | )
Other comprehensive income, net of tax | 13 |  |  | 8 |  |  | 9 |  |  | (17 | ) |  | 13 |
Total comprehensive income (loss) | $ | (810 | ) |  | $ | (754 | ) |  | $ | 604 |  |  | $ | 150 |  |  | $ | (810 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the six months ended December 29, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income (loss) | $ | (142 | ) |  | $ | 43 |  |  | $ | 1,170 |  |  | $ | (1,213 | ) |  | $ | (142 | )
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation adjustment | 2 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 2 |
Net unrealized gain on derivative contracts | 14 |  |  | 6 |  |  | 6 |  |  | (12 | ) |  | 14 |
Net unrealized loss on available-for-sale securities | (1 | ) |  | (1 | ) |  | (1 | ) |  | 2 |  |  | (1 | )
Total other comprehensive income, before tax | 15 |  |  | 6 |  |  | 6 |  |  | (12 | ) |  | 15 |
Income tax benefit (expense) related to items of other comprehensive income | (3 | ) |  | — |  |  | (1 | ) |  | 1 |  |  | (3 | )
Other comprehensive income, net of tax | 12 |  |  | 6 |  |  | 5 |  |  | (11 | ) |  | 12 |
Total comprehensive income (loss) | $ | (130 | ) |  | $ | 49 |  |  | $ | 1,175 |  |  | $ | (1,224 | ) |  | $ | (130 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended December 30, 2016
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 235 |  |  | $ | 184 |  |  | $ | 23 |  |  | $ | (207 | ) |  | $ | 235 |
Other comprehensive loss, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | (186 | ) |  | (186 | ) |  | (210 | ) |  | 396 |  |  | (186 | )
Net unrealized loss on derivative contracts | (136 | ) |  | (136 | ) |  | (132 | ) |  | 268 |  |  | (136 | )
Total other comprehensive loss, before tax | (321 | ) |  | (321 | ) |  | (341 | ) |  | 662 |  |  | (321 | )
Income tax benefit related to items of other comprehensive loss | 9 |  |  | 10 |  |  | 9 |  |  | (19 | ) |  | 9 |
Other comprehensive loss, net of tax | (312 | ) |  | (311 | ) |  | (332 | ) |  | 643 |  |  | (312 | )
Total comprehensive loss | $ | (77 | ) |  | $ | (127 | ) |  | $ | (309 | ) |  | $ | 436 |  |  | $ | (77 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the six months ended December 30, 2016
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income (loss) | $ | (131 | ) |  | $ | 169 |  |  | $ | (204 | ) |  | $ | 35 |  |  | $ | (131 | )
Other comprehensive loss, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 6 |  |  | 6 |  |  | 6 |  |  | (12 | ) |  | 6 |
Foreign currency translation adjustment | (169 | ) |  | (169 | ) |  | (192 | ) |  | 361 |  |  | (169 | )
Net unrealized loss on derivative contracts | (140 | ) |  | (140 | ) |  | (136 | ) |  | 276 |  |  | (140 | )
Total other comprehensive loss, before tax | (303 | ) |  | (303 | ) |  | (322 | ) |  | 625 |  |  | (303 | )
Income tax benefit related to items of other comprehensive loss | 3 |  |  | 3 |  |  | 1 |  |  | (4 | ) |  | 3 |
Other comprehensive loss, net of tax | (300 | ) |  | (300 | ) |  | (321 | ) |  | 621 |  |  | (300 | )
Total comprehensive loss | $ | (431 | ) |  | $ | (131 | ) |  | $ | (525 | ) |  | $ | 656 |  |  | $ | (431 | )
Condensed Cash Flow Statement |
Condensed Consolidating Statement of Cash Flows
For the six months ended December 29, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (279 | ) |  | $ | 108 |  |  | $ | 2,560 |  |  | $ | (74 | ) |  | $ | 2,315 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (113 | ) |  | (303 | ) |  | — |  |  | (416 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Acquisitions, net of cash acquired | — |  |  | (93 | ) |  | (6 | ) |  | — |  |  | (99 | )
Purchases of investments | — |  |  | (11 | ) |  | (46 | ) |  | — |  |  | (57 | )
Proceeds from sale of investments | — |  |  | — |  |  | 29 |  |  | — |  |  | 29 |
Proceeds from maturities of investments | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (621 | ) |  | — |  |  | (621 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Strategic investments and other, net | — |  |  | (1 | ) |  | 20 |  |  | — |  |  | 19 |
Intercompany loan from consolidated affiliates | 1,395 |  |  | — |  |  | — |  |  | (1,395 | ) |  | — |
Advances from (to) parent and consolidated affiliates | 65 |  |  | (65 | ) |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 1,460 |  |  | (283 | ) |  | (789 | ) |  | (1,395 | ) |  | (1,007 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 99 |  |  | — |  |  | — |  |  | — |  |  | 99 |
Taxes paid on vested stock awards under employee stock plans | (67 | ) |  | — |  |  | — |  |  | — |  |  | (67 | )
Dividends paid to shareholders | (295 | ) |  | — |  |  | — |  |  | — |  |  | (295 | )
Settlement of debt hedge contracts | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |
Repayment of debt | (4,114 | ) |  | — |  |  | — |  |  | — |  |  | (4,114 | )
Proceeds from debt | 2,963 |  |  | — |  |  | — |  |  | — |  |  | 2,963 |
Debt issuance costs | (5 | ) |  | — |  |  | — |  |  | — |  |  | (5 | )
Intercompany loan to consolidated affiliates | — |  |  | (54 | ) |  | (1,341 | ) |  | 1,395 |  |  | — |
Change in investment in consolidated subsidiaries | 214 |  |  | 204 |  |  | (492 | ) |  | 74 |  |  | — |
Net cash provided by (used in) financing activities | (1,177 | ) |  | 150 |  |  | (1,833 | ) |  | 1,469 |  |  | (1,391 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net increase (decrease) in cash and cash equivalents | 4 |  |  | (25 | ) |  | (61 | ) |  | — |  |  | (82 | )
Cash and cash equivalents, beginning of year | 18 |  |  | 1,212 |  |  | 5,124 |  |  | — |  |  | 6,354 |
Cash and cash equivalents, end of period | $ | 22 |  |  | $ | 1,187 |  |  | $ | 5,063 |  |  | $ | — |  |  | $ | 6,272 |
Condensed Consolidating Statement of Cash Flows
For the six months ended December 30, 2016
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (256 | ) |  | $ | 211 |  |  | $ | 1,443 |  |  | $ | 102 |  |  | $ | 1,500 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (136 | ) |  | (194 | ) |  | — |  |  | (330 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Purchases of investments | — |  |  | — |  |  | (239 | ) |  | — |  |  | (239 | )
Proceeds from sale of investments | — |  |  | — |  |  | 55 |  |  | — |  |  | 55 |
Proceeds from maturities of investments | — |  |  | — |  |  | 279 |  |  | — |  |  | 279 |
Investments in Flash Ventures | — |  |  | — |  |  | (20 | ) |  | — |  |  | (20 | )
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (309 | ) |  | — |  |  | (309 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 259 |  |  | — |  |  | 259 |
Strategic investments and other, net | — |  |  | — |  |  | (12 | ) |  | — |  |  | (12 | )
Intercompany loans from consolidated affiliates | 770 |  |  | 40 |  |  | — |  |  | (810 | ) |  | — |
Advances from (to) consolidated affiliates | 293 |  |  | (285 | ) |  | — |  |  | (8 | ) |  | — |
Net cash provided by (used in) investing activities | 1,063 |  |  | (381 | ) |  | (180 | ) |  | (818 | ) |  | (316 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 90 |  |  | — |  |  | — |  |  | — |  |  | 90 |
Taxes paid on vested stock awards under employee stock plans | (40 | ) |  | — |  |  | — |  |  | — |  |  | (40 | )
Excess tax benefits from employee stock plans | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Proceeds from acquired call option | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Dividends paid to shareholders | (284 | ) |  | — |  |  | — |  |  | — |  |  | (284 | )
Repayment of debt | (4,767 | ) |  | (2,995 | ) |  | (492 | ) |  | — |  |  | (8,254 | )
Proceeds from debt | 3,992 |  |  | — |  |  | — |  |  | — |  |  | 3,992 |
Debt issuance costs | (7 | ) |  | — |  |  | — |  |  | — |  |  | (7 | )
Intercompany loan to consolidated affiliates | — |  |  | (5,966 | ) |  | 5,156 |  |  | 810 |  |  | — |
Change in investment in consolidated subsidiaries | 199 |  |  | 8,808 |  |  | (8,913 | ) |  | (94 | ) |  | — |
Net cash used in financing activities | (761 | ) |  | (153 | ) |  | (4,188 | ) |  | 716 |  |  | (4,386 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (9 | ) |  | — |  |  | (9 | )
Net increase (decrease) in cash and cash equivalents | 46 |  |  | (323 | ) |  | (2,934 | ) |  | — |  |  | (3,211 | )
Cash and cash equivalents, beginning of year | — |  |  | 1,206 |  |  | 6,945 |  |  | — |  |  | 8,151 |
Cash and cash equivalents, end of period | $ | 46 |  |  | $ | 883 |  |  | $ | 4,011 |  |  | $ | — |  |  | $ | 4,940 |

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