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Separate Financial Information of Guarantor Subsidiaries (Tables) | 9 Months Ended
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Mar. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheet |
Condensed Consolidating Balance Sheet
As of March 30, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 118 |  |  | $ | 729 |  |  | $ | 4,116 |  |  | $ | — |  |  | $ | 4,963 |
Short-term investments | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Accounts receivable, net | — |  |  | 1,232 |  |  | 779 |  |  | — |  |  | 2,011 |
Intercompany receivables | 1,869 |  |  | 3,488 |  |  | 2,209 |  |  | (7,566 | ) |  | — |
Inventories | — |  |  | 1,055 |  |  | 1,877 |  |  | (262 | ) |  | 2,670 |
Other current assets | 15 |  |  | 185 |  |  | 263 |  |  | 37 |  |  | 500 |
Total current assets | 2,002 |  |  | 6,689 |  |  | 9,264 |  |  | (7,791 | ) |  | 10,164 |
Property, plant and equipment, net | — |  |  | 1,078 |  |  | 1,933 |  |  | — |  |  | 3,011 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 2,160 |  |  | — |  |  | 2,160 |
Goodwill | — |  |  | 387 |  |  | 9,692 |  |  | — |  |  | 10,079 |
Other intangible assets, net | — |  |  | 40 |  |  | 2,916 |  |  | — |  |  | 2,956 |
Investments in consolidated subsidiaries | 19,980 |  |  | 19,439 |  |  | — |  |  | (39,419 | ) |  | — |
Loans due from consolidated affiliates | 1,406 |  |  | 15 |  |  | — |  |  | (1,421 | ) |  | — |
Other non-current assets | 172 |  |  | 613 |  |  | 444 |  |  | (595 | ) |  | 634 |
Total assets | $ | 23,560 |  |  | $ | 28,261 |  |  | $ | 26,409 |  |  | $ | (49,226 | ) |  | $ | 29,004 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 255 |  |  | $ | 1,879 |  |  | $ | — |  |  | $ | 2,134 |
Accounts payable to related parties | — |  |  | — |  |  | 282 |  |  | — |  |  | 282 |
Intercompany payables | 916 |  |  | 4,277 |  |  | 2,373 |  |  | (7,566 | ) |  | — |
Accrued expenses | 175 |  |  | 434 |  |  | 369 |  |  | 37 |  |  | 1,015 |
Accrued compensation | — |  |  | 309 |  |  | 200 |  |  | — |  |  | 509 |
Accrued warranty | — |  |  | — |  |  | 195 |  |  | — |  |  | 195 |
Current portion of long-term debt | 124 |  |  | — |  |  | — |  |  | — |  |  | 124 |
Total current liabilities | 1,215 |  |  | 5,275 |  |  | 5,298 |  |  | (7,529 | ) |  | 4,259 |
Long-term debt | 11,045 |  |  | — |  |  | 31 |  |  | — |  |  | 11,076 |
Loans due to consolidated affiliates | — |  |  | 342 |  |  | 1,079 |  |  | (1,421 | ) |  | — |
Other liabilities | — |  |  | 2,458 |  |  | 506 |  |  | (595 | ) |  | 2,369 |
Total liabilities | 12,260 |  |  | 8,075 |  |  | 6,914 |  |  | (9,545 | ) |  | 17,704 |
Total shareholders’ equity | 11,300 |  |  | 20,186 |  |  | 19,495 |  |  | (39,681 | ) |  | 11,300 |
Total liabilities and shareholders’ equity | $ | 23,560 |  |  | $ | 28,261 |  |  | $ | 26,409 |  |  | $ | (49,226 | ) |  | $ | 29,004 |
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 March 30, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 3,685 |  |  | $ | 4,924 |  |  | $ | (3,596 | ) |  | $ | 5,013 |
Cost of revenue | — |  |  | 3,209 |  |  | 3,499 |  |  | (3,622 | ) |  | 3,086 |
Gross profit | — |  |  | 476 |  |  | 1,425 |  |  | 26 |  |  | 1,927 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 361 |  |  | 241 |  |  | — |  |  | 602 |
Selling, general and administrative | 3 |  |  | 264 |  |  | 109 |  |  | — |  |  | 376 |
Intercompany operating expense (income) | (12 | ) |  | (391 | ) |  | 403 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | 1 |  |  | 9 |  |  | 25 |  |  | — |  |  | 35 |
Total operating expenses | (8 | ) |  | 243 |  |  | 778 |  |  | — |  |  | 1,013 |
Operating income | 8 |  |  | 233 |  |  | 647 |  |  | 26 |  |  | 914 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 42 |  |  | 2 |  |  | 12 |  |  | (40 | ) |  | 16 |
Interest expense | (160 | ) |  | (5 | ) |  | (35 | ) |  | 40 |  |  | (160 | )
Other expense, net | (894 | ) |  | (7 | ) |  | (7 | ) |  | 10 |  |  | (898 | )
Total interest and other expense, net | (1,012 | ) |  | (10 | ) |  | (30 | ) |  | 10 |  |  | (1,042 | )
Income (loss) before taxes | (1,004 | ) |  | 223 |  |  | 617 |  |  | 36 |  |  | (128 | )
Income tax expense (benefit) | (228 | ) |  | 22 |  |  | 17 |  |  | — |  |  | (189 | )
Equity in earnings from subsidiaries | 837 |  |  | 562 |  |  | — |  |  | (1,399 | ) |  | — |
Net income | $ | 61 |  |  | $ | 763 |  |  | $ | 600 |  |  | $ | (1,363 | ) |  | $ | 61 |
Condensed Consolidating Statement of Operations
For the nine months ended March 30, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 11,159 |  |  | $ | 15,178 |  |  | $ | (10,807 | ) |  | $ | 15,530 |
Cost of revenue | — |  |  | 9,665 |  |  | 10,849 |  |  | (10,837 | ) |  | 9,677 |
Gross profit | — |  |  | 1,494 |  |  | 4,329 |  |  | 30 |  |  | 5,853 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 1,142 |  |  | 681 |  |  | — |  |  | 1,823 |
Selling, general and administrative | 6 |  |  | 798 |  |  | 317 |  |  | — |  |  | 1,121 |
Intercompany operating expense (income) | (12 | ) |  | (1,221 | ) |  | 1,233 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | 1 |  |  | 30 |  |  | 104 |  |  | — |  |  | 135 |
Total operating expenses | (5 | ) |  | 749 |  |  | 2,335 |  |  | — |  |  | 3,079 |
Operating income | 5 |  |  | 745 |  |  | 1,994 |  |  | 30 |  |  | 2,774 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 189 |  |  | 6 |  |  | 38 |  |  | (187 | ) |  | 46 |
Interest expense | (561 | ) |  | (15 | ) |  | (173 | ) |  | 187 |  |  | (562 | )
Other income (expense), net | (902 | ) |  | — |  |  | (10 | ) |  | 10 |  |  | (902 | )
Total interest and other expense, net | (1,274 | ) |  | (9 | ) |  | (145 | ) |  | 10 |  |  | (1,418 | )
Income (loss) before taxes | (1,269 | ) |  | 736 |  |  | 1,849 |  |  | 40 |  |  | 1,356 |
Income tax expense (benefit) | (319 | ) |  | 1,677 |  |  | 79 |  |  | — |  |  | 1,437 |
Equity in earnings from subsidiaries | 869 |  |  | 1,747 |  |  | — |  |  | (2,616 | ) |  | — |
Net income (loss) | $ | (81 | ) |  | $ | 806 |  |  | $ | 1,770 |  |  | $ | (2,576 | ) |  | $ | (81 | )
Condensed Consolidating Statement of Operations
For the three months ended March 31, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 3,406 |  |  | $ | 4,333 |  |  | $ | (3,090 | ) |  | $ | 4,649 |
Cost of revenue | — |  |  | 2,791 |  |  | 3,403 |  |  | (3,068 | ) |  | 3,126 |
Gross profit | — |  |  | 615 |  |  | 930 |  |  | (22 | ) |  | 1,523 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 413 |  |  | 200 |  |  | — |  |  | 613 |
Selling, general and administrative | 1 |  |  | 240 |  |  | 105 |  |  | — |  |  | 346 |
Intercompany operating expense (income) | — |  |  | (282 | ) |  | 282 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 30 |  |  | 9 |  |  | — |  |  | 39 |
Total operating expenses | 1 |  |  | 401 |  |  | 596 |  |  | — |  |  | 998 |
Operating income (loss) | (1 | ) |  | 214 |  |  | 334 |  |  | (22 | ) |  | 525 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 88 |  |  | 8 |  |  | 6 |  |  | (95 | ) |  | 7 |
Interest expense | (211 | ) |  | — |  |  | (89 | ) |  | 95 |  |  | (205 | )
Other expense, net | (9 | ) |  | (6 | ) |  | (8 | ) |  | — |  |  | (23 | )
Total interest and other income (expense), net | (132 | ) |  | 2 |  |  | (91 | ) |  | — |  |  | (221 | )
Income (loss) before taxes | (133 | ) |  | 216 |  |  | 243 |  |  | (22 | ) |  | 304 |
Income tax expense (benefit) | (26 | ) |  | 56 |  |  | 26 |  |  | — |  |  | 56 |
Equity in earnings from subsidiaries | 355 |  |  | 229 |  |  | — |  |  | (584 | ) |  | — |
Net income | $ | 248 |  |  | $ | 389 |  |  | $ | 217 |  |  | $ | (606 | ) |  | $ | 248 |
Condensed Consolidating Statement of Operations
For the nine months ended March 31, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 10,890 |  |  | $ | 12,871 |  |  | $ | (9,510 | ) |  | $ | 14,251 |
Cost of revenue | — |  |  | 8,941 |  |  | 10,451 |  |  | (9,532 | ) |  | 9,860 |
Gross profit | — |  |  | 1,949 |  |  | 2,420 |  |  | 22 |  |  | 4,391 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 1,226 |  |  | 611 |  |  | — |  |  | 1,837 |
Selling, general and administrative | 5 |  |  | 766 |  |  | 329 |  |  | — |  |  | 1,100 |
Intercompany operating expense (income) | — |  |  | (851 | ) |  | 851 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 88 |  |  | 64 |  |  | — |  |  | 152 |
Total operating expenses | 5 |  |  | 1,229 |  |  | 1,855 |  |  | — |  |  | 3,089 |
Operating income (loss) | (5 | ) |  | 720 |  |  | 565 |  |  | 22 |  |  | 1,302 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 268 |  |  | 9 |  |  | 15 |  |  | (275 | ) |  | 17 |
Interest expense | (642 | ) |  | (5 | ) |  | (274 | ) |  | 275 |  |  | (646 | )
Other expense, net | (283 | ) |  | (10 | ) |  | (26 | ) |  | — |  |  | (319 | )
Total interest and other expense, net | (657 | ) |  | (6 | ) |  | (285 | ) |  | — |  |  | (948 | )
Income (loss) before taxes | (662 | ) |  | 714 |  |  | 280 |  |  | 22 |  |  | 354 |
Income tax expense (benefit) | (207 | ) |  | 177 |  |  | 267 |  |  | — |  |  | 237 |
Equity in earnings from subsidiaries | 572 |  |  | 21 |  |  | — |  |  | (593 | ) |  | — |
Net income | $ | 117 |  |  | $ | 558 |  |  | $ | 13 |  |  | $ | (571 | ) |  | $ | 117 |
Condensed Statement of Comprehensive Income |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended March 30, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 61 |  |  | $ | 763 |  |  | $ | 600 |  |  | $ | (1,363 | ) |  | $ | 61 |
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | 76 |  |  | 75 |  |  | 75 |  |  | (150 | ) |  | 76 |
Net unrealized gain on derivative contracts | 21 |  |  | 13 |  |  | 14 |  |  | (27 | ) |  | 21 |
Net unrealized loss on available-for-sale securities | (3 | ) |  | (3 | ) |  | (3 | ) |  | 6 |  |  | (3 | )
Total other comprehensive income, before tax | 95 |  |  | 86 |  |  | 87 |  |  | (173 | ) |  | 95 |
Income tax expense related to items of other comprehensive income | (3 | ) |  | (2 | ) |  | (3 | ) |  | 5 |  |  | (3 | )
Other comprehensive income, net of tax | 92 |  |  | 84 |  |  | 84 |  |  | (168 | ) |  | 92 |
Total comprehensive income | $ | 153 |  |  | $ | 847 |  |  | $ | 684 |  |  | $ | (1,531 | ) |  | $ | 153 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the nine months ended March 30, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income (loss) | $ | (81 | ) |  | $ | 806 |  |  | $ | 1,770 |  |  | $ | (2,576 | ) |  | $ | (81 | )
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | 78 |  |  | 76 |  |  | 76 |  |  | (152 | ) |  | 78 |
Net unrealized gain on derivative contracts | 35 |  |  | 19 |  |  | 20 |  |  | (39 | ) |  | 35 |
Net unrealized loss on available-for-sale securities | (4 | ) |  | (4 | ) |  | (4 | ) |  | 8 |  |  | (4 | )
Total other comprehensive income, before tax | 110 |  |  | 92 |  |  | 93 |  |  | (185 | ) |  | 110 |
Income tax expense related to items of other comprehensive income | (6 | ) |  | (2 | ) |  | (4 | ) |  | 6 |  |  | (6 | )
Other comprehensive income, net of tax | 104 |  |  | 90 |  |  | 89 |  |  | (179 | ) |  | 104 |
Total comprehensive income | $ | 23 |  |  | $ | 896 |  |  | $ | 1,859 |  |  | $ | (2,755 | ) |  | $ | 23 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended March 31, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 248 |  |  | $ | 389 |  |  | $ | 217 |  |  | $ | (606 | ) |  | $ | 248 |
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | 58 |  |  | 58 |  |  | 58 |  |  | (116 | ) |  | 58 |
Net unrealized gain on derivative contracts | 45 |  |  | 42 |  |  | 41 |  |  | (83 | ) |  | 45 |
Total other comprehensive income, before tax | 104 |  |  | 101 |  |  | 100 |  |  | (201 | ) |  | 104 |
Income tax expense related to items of other comprehensive income | (3 | ) |  | (3 | ) |  | (2 | ) |  | 5 |  |  | (3 | )
Other comprehensive income, net of tax | 101 |  |  | 98 |  |  | 98 |  |  | (196 | ) |  | 101 |
Total comprehensive income | $ | 349 |  |  | $ | 487 |  |  | $ | 315 |  |  | $ | (802 | ) |  | $ | 349 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the nine months ended March 31, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 117 |  |  | $ | 558 |  |  | $ | 13 |  |  | $ | (571 | ) |  | $ | 117 |
Other comprehensive loss, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 7 |  |  | 7 |  |  | 7 |  |  | (14 | ) |  | 7 |
Foreign currency translation adjustment | (111 | ) |  | (111 | ) |  | (134 | ) |  | 245 |  |  | (111 | )
Net unrealized loss on derivative contracts | (95 | ) |  | (98 | ) |  | (95 | ) |  | 193 |  |  | (95 | )
Total other comprehensive loss, before tax | (199 | ) |  | (202 | ) |  | (222 | ) |  | 424 |  |  | (199 | )
Income tax benefit (expense) related to items of other comprehensive loss | — |  |  | — |  |  | (1 | ) |  | 1 |  |  | — |
Other comprehensive loss, net of tax | (199 | ) |  | (202 | ) |  | (223 | ) |  | 425 |  |  | (199 | )
Total comprehensive income (loss) | $ | (82 | ) |  | $ | 356 |  |  | $ | (210 | ) |  | $ | (146 | ) |  | $ | (82 | )
Condensed Cash Flow Statement |
Condensed Consolidating Statement of Cash Flows
For the nine months ended March 30, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (130 | ) |  | $ | 405 |  |  | $ | 3,284 |  |  | $ | (217 | ) |  | $ | 3,342 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (162 | ) |  | (481 | ) |  | — |  |  | (643 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 24 |  |  | — |  |  | 24 |
Acquisitions, net of cash acquired | — |  |  | (93 | ) |  | (6 | ) |  | — |  |  | (99 | )
Purchases of investments | — |  |  | (11 | ) |  | (55 | ) |  | — |  |  | (66 | )
Proceeds from sale of investments | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Proceeds from maturities of investments | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (1,015 | ) |  | — |  |  | (1,015 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 308 |  |  | — |  |  | 308 |
Strategic investments and other, net | — |  |  | (1 | ) |  | 31 |  |  | — |  |  | 30 |
Intercompany loan from consolidated affiliates | 3,295 |  |  | — |  |  | — |  |  | (3,295 | ) |  | — |
Advances from (to) parent and consolidated affiliates | (47 | ) |  | 47 |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 3,248 |  |  | (220 | ) |  | (1,139 | ) |  | (3,295 | ) |  | (1,406 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 146 |  |  | — |  |  | — |  |  | — |  |  | 146 |
Taxes paid on vested stock awards under employee stock plans | (164 | ) |  | — |  |  | — |  |  | — |  |  | (164 | )
Repurchases of common stock | (155 | ) |  | — |  |  | — |  |  | — |  |  | (155 | )
Dividends paid to shareholders | (443 | ) |  | — |  |  | — |  |  | — |  |  | (443 | )
Settlement of debt hedge contracts | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |
Repayment of debt and premiums | (14,581 | ) |  | — |  |  | — |  |  | — |  |  | (14,581 | )
Proceeds from debt | 11,384 |  |  | — |  |  | — |  |  | — |  |  | 11,384 |
Proceeds from revolving credit facility | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |
Debt issuance costs | (52 | ) |  | — |  |  | — |  |  | — |  |  | (52 | )
Intercompany loan to consolidated affiliates | — |  |  | (205 | ) |  | (3,090 | ) |  | 3,295 |  |  | — |
Change in investment in consolidated subsidiaries | 319 |  |  | (463 | ) |  | (73 | ) |  | 217 |  |  | — |
Net cash used in financing activities | (3,018 | ) |  | (668 | ) |  | (3,163 | ) |  | 3,512 |  |  | (3,337 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net increase (decrease) in cash and cash equivalents | 100 |  |  | (483 | ) |  | (1,008 | ) |  | — |  |  | (1,391 | )
Cash and cash equivalents, beginning of year | 18 |  |  | 1,212 |  |  | 5,124 |  |  | — |  |  | 6,354 |
Cash and cash equivalents, end of period | $ | 118 |  |  | $ | 729 |  |  | $ | 4,116 |  |  | $ | — |  |  | $ | 4,963 |
Condensed Consolidating Statement of Cash Flows
For the nine months ended March 31, 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 | $ | (443 | ) |  | $ | 617 |  |  | $ | 2,177 |  |  | $ | 147 |  |  | $ | 2,498 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (185 | ) |  | (268 | ) |  | — |  |  | (453 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Purchases of investments | — |  |  | — |  |  | (274 | ) |  | — |  |  | (274 | )
Proceeds from sale of investments | — |  |  | — |  |  | 75 |  |  | — |  |  | 75 |
Proceeds from maturities of investments | — |  |  | — |  |  | 430 |  |  | — |  |  | 430 |
Investments in Flash Ventures | — |  |  | — |  |  | (20 | ) |  | — |  |  | (20 | )
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (480 | ) |  | — |  |  | (480 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 276 |  |  | — |  |  | 276 |
Strategic investments and other, net | — |  |  | — |  |  | (21 | ) |  | — |  |  | (21 | )
Intercompany loans from (to) consolidated affiliates | 995 |  |  | (258 | ) |  | — |  |  | (737 | ) |  | — |
Advances from (to) consolidated affiliates | 244 |  |  | (236 | ) |  | — |  |  | (8 | ) |  | — |
Net cash provided by (used in) investing activities | 1,239 |  |  | (679 | ) |  | (261 | ) |  | (745 | ) |  | (446 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 123 |  |  | — |  |  | — |  |  | — |  |  | 123 |
Taxes paid on vested stock awards under employee stock plans | (111 | ) |  | — |  |  | — |  |  | — |  |  | (111 | )
Excess tax benefits from employee stock plans | 90 |  |  | — |  |  | — |  |  | — |  |  | 90 |
Proceeds from acquired call option | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Dividends paid to shareholders | (428 | ) |  | — |  |  | — |  |  | — |  |  | (428 | )
Repayment of debt and premiums | (8,692 | ) |  | (2,995 | ) |  | (492 | ) |  | — |  |  | (12,179 | )
Proceeds from revolving credit facility | — |  |  | — |  |  | — |  |  | — |  |  | — |
Proceeds from debt | 7,908 |  |  | — |  |  | — |  |  | — |  |  | 7,908 |
Debt issuance costs | (10 | ) |  | — |  |  | — |  |  | — |  |  | (10 | )
Intercompany loan to consolidated affiliates | 298 |  |  | (5,966 | ) |  | 4,931 |  |  | 737 |  |  | — |
Change in investment in consolidated subsidiaries | 296 |  |  | 8,673 |  |  | (8,830 | ) |  | (139 | ) |  | — |
Net cash used in financing activities | (526 | ) |  | (288 | ) |  | (4,330 | ) |  | 598 |  |  | (4,546 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Net increase (decrease) in cash and cash equivalents | 270 |  |  | (350 | ) |  | (2,419 | ) |  | — |  |  | (2,499 | )
Cash and cash equivalents, beginning of year | — |  |  | 1,206 |  |  | 6,945 |  |  | — |  |  | 8,151 |
Cash and cash equivalents, end of period | $ | 270 |  |  | $ | 856 |  |  | $ | 4,526 |  |  | $ | — |  |  | $ | 5,652 |

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