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Separate Financial Information of Guarantor Subsidiaries (Tables) | 12 Months Ended
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Jun. 28, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet |
Condensed Consolidating Balance Sheet
As of June 28, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 8 |  |  | $ | 985 |  |  | $ | 2,462 |  |  | $ | — |  |  | $ | 3,455 |
Accounts receivable, net | — |  |  | 779 |  |  | 425 |  |  | — |  |  | 1,204 |
Intercompany receivables | 2,409 |  |  | 5,808 |  |  | 1,581 |  |  | (9,798 | ) |  | — |
Inventories | — |  |  | 990 |  |  | 2,438 |  |  | (145 | ) |  | 3,283 |
Loans due from consolidated affiliates | — |  |  | — |  |  | 50 |  |  | (50 | ) |  | — |
Other current assets | 2 |  |  | 251 |  |  | 282 |  |  | — |  |  | 535 |
Total current assets | 2,419 |  |  | 8,813 |  |  | 7,238 |  |  | (9,993 | ) |  | 8,477 |
Property, plant and equipment, net | — |  |  | 873 |  |  | 1,970 |  |  | — |  |  | 2,843 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 2,791 |  |  | — |  |  | 2,791 |
Goodwill | — |  |  | 388 |  |  | 9,688 |  |  | — |  |  | 10,076 |
Other intangible assets, net | — |  |  | 23 |  |  | 1,688 |  |  | — |  |  | 1,711 |
Investments in consolidated subsidiaries | 20,772 |  |  | 16,355 |  |  | — |  |  | (37,127 | ) |  | — |
Loans due from consolidated affiliates | — |  |  | 674 |  |  | — |  |  | (674 | ) |  | — |
Other non-current assets | 60 |  |  | 51 |  |  | 361 |  |  | — |  |  | 472 |
Total assets | $ | 23,251 |  |  | $ | 27,177 |  |  | $ | 23,736 |  |  | $ | (47,794 | ) |  | $ | 26,370 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 195 |  |  | $ | 1,372 |  |  | $ | — |  |  | $ | 1,567 |
Accounts payable to related parties | — |  |  | — |  |  | 331 |  |  | — |  |  | 331 |
Intercompany payables | 1,871 |  |  | 3,515 |  |  | 4,412 |  |  | (9,798 | ) |  | — |
Accrued expenses | 195 |  |  | 522 |  |  | 579 |  |  | — |  |  | 1,296 |
Accrued compensation | — |  |  | 214 |  |  | 133 |  |  | — |  |  | 347 |
Loans due to consolidated affiliates | — |  |  | 50 |  |  | — |  |  | (50 | ) |  | — |
Current portion of long-term debt | 276 |  |  | — |  |  | — |  |  | — |  |  | 276 |
Total current liabilities | 2,342 |  |  | 4,496 |  |  | 6,827 |  |  | (9,848 | ) |  | 3,817 |
Long-term debt | 10,213 |  |  | — |  |  | 33 |  |  | — |  |  | 10,246 |
Loans due to consolidated affiliates | 674 |  |  | — |  |  | — |  |  | (674 | ) |  | — |
Other liabilities | 55 |  |  | 1,795 |  |  | 490 |  |  | — |  |  | 2,340 |
Total liabilities | 13,284 |  |  | 6,291 |  |  | 7,350 |  |  | (10,522 | ) |  | 16,403 |
Total shareholders’ equity | 9,967 |  |  | 20,886 |  |  | 16,386 |  |  | (37,272 | ) |  | 9,967 |
Total liabilities and shareholders’ equity | $ | 23,251 |  |  | $ | 27,177 |  |  | $ | 23,736 |  |  | $ | (47,794 | ) |  | $ | 26,370 |
Condensed Consolidating Balance Sheet
As of June 29, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 40 |  |  | $ | 668 |  |  | $ | 4,297 |  |  | $ | — |  |  | $ | 5,005 |
Accounts receivable, net | — |  |  | 1,358 |  |  | 839 |  |  | — |  |  | 2,197 |
Intercompany receivables | 1,903 |  |  | 4,256 |  |  | 2,674 |  |  | (8,833 | ) |  | — |
Inventories | — |  |  | 990 |  |  | 2,159 |  |  | (205 | ) |  | 2,944 |
Other current assets | 20 |  |  | 195 |  |  | 277 |  |  | — |  |  | 492 |
Total current assets | 1,963 |  |  | 7,467 |  |  | 10,246 |  |  | (9,038 | ) |  | 10,638 |
Property, plant and equipment, net | — |  |  | 1,092 |  |  | 2,003 |  |  | — |  |  | 3,095 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 2,105 |  |  | — |  |  | 2,105 |
Goodwill | — |  |  | 387 |  |  | 9,688 |  |  | — |  |  | 10,075 |
Other intangible assets, net | — |  |  | 38 |  |  | 2,642 |  |  | — |  |  | 2,680 |
Investments in consolidated subsidiaries | 20,847 |  |  | 19,893 |  |  | — |  |  | (40,740 | ) |  | — |
Loans due from consolidated affiliates | 943 |  |  | 16 |  |  | — |  |  | (959 | ) |  | — |
Other non-current assets | 182 |  |  | 29 |  |  | 431 |  |  | — |  |  | 642 |
Total assets | $ | 23,935 |  |  | $ | 28,922 |  |  | $ | 27,115 |  |  | $ | (50,737 | ) |  | $ | 29,235 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 279 |  |  | $ | 1,986 |  |  | $ | — |  |  | $ | 2,265 |
Accounts payable to related parties | — |  |  | — |  |  | 259 |  |  | — |  |  | 259 |
Intercompany payables | 1,066 |  |  | 4,648 |  |  | 3,119 |  |  | (8,833 | ) |  | — |
Accrued expenses | 198 |  |  | 505 |  |  | 571 |  |  | — |  |  | 1,274 |
Accrued compensation | — |  |  | 297 |  |  | 182 |  |  | — |  |  | 479 |
Current portion of long-term debt | 179 |  |  | — |  |  | — |  |  | — |  |  | 179 |
Total current liabilities | 1,443 |  |  | 5,729 |  |  | 6,117 |  |  | (8,833 | ) |  | 4,456 |
Long-term debt | 10,962 |  |  | — |  |  | 31 |  |  | — |  |  | 10,993 |
Loans due to consolidated affiliates | — |  |  | 427 |  |  | 532 |  |  | (959 | ) |  | — |
Other liabilities | (1 | ) |  | 1,768 |  |  | 488 |  |  | — |  |  | 2,255 |
Total liabilities | 12,404 |  |  | 7,924 |  |  | 7,168 |  |  | (9,792 | ) |  | 17,704 |
Total shareholders’ equity | 11,531 |  |  | 20,998 |  |  | 19,947 |  |  | (40,945 | ) |  | 11,531 |
Total liabilities and shareholders’ equity | $ | 23,935 |  |  | $ | 28,922 |  |  | $ | 27,115 |  |  | $ | (50,737 | ) |  | $ | 29,235 |
Condensed Income Statement |
Condensed Consolidating Statement of Operations
For the year ended June 28, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 12,860 |  |  | $ | 17,189 |  |  | $ | (13,480 | ) |  | $ | 16,569 |
Cost of revenue | — |  |  | 11,237 |  |  | 15,138 |  |  | (13,558 | ) |  | 12,817 |
Gross profit | — |  |  | 1,623 |  |  | 2,051 |  |  | 78 |  |  | 3,752 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 1,376 |  |  | 806 |  |  | — |  |  | 2,182 |
Selling, general and administrative | 2 |  |  | 865 |  |  | 450 |  |  | — |  |  | 1,317 |
Intercompany operating expense (income) | 16 |  |  | (1,523 | ) |  | 1,507 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 85 |  |  | 81 |  |  | — |  |  | 166 |
Total operating expenses | 18 |  |  | 803 |  |  | 2,844 |  |  | — |  |  | 3,665 |
Operating income (loss) | (18 | ) |  | 820 |  |  | (793 | ) |  | 78 |  |  | 87 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 10 |  |  | 25 |  |  | 46 |  |  | (24 | ) |  | 57 |
Interest expense | (478 | ) |  | (9 | ) |  | (6 | ) |  | 24 |  |  | (469 | )
Other income (expense), net | 1 |  |  | (6 | ) |  | 43 |  |  | — |  |  | 38 |
Total interest and other income (expense), net | (467 | ) |  | 10 |  |  | 83 |  |  | — |  |  | (374 | )
Income (loss) before taxes | (485 | ) |  | 830 |  |  | (710 | ) |  | 78 |  |  | (287 | )
Equity in earnings from subsidiaries | (418 | ) |  | (867 | ) |  | — |  |  | 1,285 |  |  | — |
Income tax expense (benefit) | (149 | ) |  | 457 |  |  | 159 |  |  | — |  |  | 467 |
Net loss | $ | (754 | ) |  | $ | (494 | ) |  | $ | (869 | ) |  | $ | 1,363 |  |  | $ | (754 | )
Condensed Consolidating Statement of Operations
For the year ended June 29, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 14,913 |  |  | $ | 20,155 |  |  | $ | (14,421 | ) |  | $ | 20,647 |
Cost of revenue | — |  |  | 12,913 |  |  | 14,573 |  |  | (14,544 | ) |  | 12,942 |
Gross profit | — |  |  | 2,000 |  |  | 5,582 |  |  | 123 |  |  | 7,705 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 1,551 |  |  | 849 |  |  | — |  |  | 2,400 |
Selling, general and administrative | 8 |  |  | 1,044 |  |  | 421 |  |  | — |  |  | 1,473 |
Intercompany operating expense (income) | — |  |  | (1,626 | ) |  | 1,626 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | 1 |  |  | 47 |  |  | 167 |  |  | — |  |  | 215 |
Total operating expenses | 9 |  |  | 1,016 |  |  | 3,063 |  |  | — |  |  | 4,088 |
Operating income (loss) | (9 | ) |  | 984 |  |  | 2,519 |  |  | 123 |  |  | 3,617 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 211 |  |  | 8 |  |  | 51 |  |  | (210 | ) |  | 60 |
Interest expense | (674 | ) |  | (21 | ) |  | (191 | ) |  | 210 |  |  | (676 | )
Other expense, net | (905 | ) |  | (9 | ) |  | (2 | ) |  | — |  |  | (916 | )
Total interest and other expense, net | (1,368 | ) |  | (22 | ) |  | (142 | ) |  | — |  |  | (1,532 | )
Income (loss) before taxes | (1,377 | ) |  | 962 |  |  | 2,377 |  |  | 123 |  |  | 2,085 |
Equity in earnings from subsidiaries | 1,698 |  |  | 2,223 |  |  | — |  |  | (3,921 | ) |  | — |
Income tax expense (benefit) | (354 | ) |  | 1,633 |  |  | 131 |  |  | — |  |  | 1,410 |
Net income | $ | 675 |  |  | $ | 1,552 |  |  | $ | 2,246 |  |  | $ | (3,798 | ) |  | $ | 675 |
Condensed Consolidating Statement of Operations
For the year ended June 30, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 14,732 |  |  | $ | 16,381 |  |  | $ | (12,020 | ) |  | $ | 19,093 |
Cost of revenue | — |  |  | 12,786 |  |  | 12,203 |  |  | (11,968 | ) |  | 13,021 |
Gross profit | — |  |  | 1,946 |  |  | 4,178 |  |  | (52 | ) |  | 6,072 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 1,619 |  |  | 822 |  |  | — |  |  | 2,441 |
Selling, general and administrative | 6 |  |  | 1,006 |  |  | 433 |  |  | — |  |  | 1,445 |
Intercompany operating expense (income) | — |  |  | (1,736 | ) |  | 1,736 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 88 |  |  | 144 |  |  | — |  |  | 232 |
Total operating expenses | 6 |  |  | 977 |  |  | 3,135 |  |  | — |  |  | 4,118 |
Operating income (loss) | (6 | ) |  | 969 |  |  | 1,043 |  |  | (52 | ) |  | 1,954 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 347 |  |  | 11 |  |  | 22 |  |  | (354 | ) |  | 26 |
Interest expense | (843 | ) |  | (10 | ) |  | (348 | ) |  | 354 |  |  | (847 | )
Other income (expense), net | (290 | ) |  | 49 |  |  | (61 | ) |  | (62 | ) |  | (364 | )
Total interest and other income (expense), net | (786 | ) |  | 50 |  |  | (387 | ) |  | (62 | ) |  | (1,185 | )
Income (loss) before taxes | (792 | ) |  | 1,019 |  |  | 656 |  |  | (114 | ) |  | 769 |
Equity in earnings from subsidiaries | 907 |  |  | 287 |  |  | — |  |  | (1,194 | ) |  | — |
Income tax expense (benefit) | (282 | ) |  | 259 |  |  | 395 |  |  | — |  |  | 372 |
Net income | $ | 397 |  |  | $ | 1,047 |  |  | $ | 261 |  |  | $ | (1,308 | ) |  | $ | 397 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the year ended June 28, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (754 | ) |  | $ | (494 | ) |  | $ | (869 | ) |  | $ | 1,363 |  |  | $ | (754 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Actuarial pension loss | (39 | ) |  | (39 | ) |  | (39 | ) |  | 78 |  |  | (39 | )
Foreign currency translation adjustment | 28 |  |  | 31 |  |  | 31 |  |  | (62 | ) |  | 28 |
Net unrealized gain (loss), on derivative contracts and available-for-sale securities | (39 | ) |  | 40 |  |  | 38 |  |  | (78 | ) |  | (39 | )
Total other comprehensive income (loss), before tax | (50 | ) |  | 32 |  |  | 30 |  |  | (62 | ) |  | (50 | )
Income tax benefit related to items of other comprehensive income (loss) | 21 |  |  | 1 |  |  | 2 |  |  | (3 | ) |  | 21 |
Other comprehensive income (loss), net of tax | (29 | ) |  | 33 |  |  | 32 |  |  | (65 | ) |  | (29 | )
Total comprehensive loss | $ | (783 | ) |  | $ | (461 | ) |  | $ | (837 | ) |  | $ | 1,298 |  |  | $ | (783 | )
Condensed Statement of Comprehensive Income |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the year ended June 28, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (754 | ) |  | $ | (494 | ) |  | $ | (869 | ) |  | $ | 1,363 |  |  | $ | (754 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Actuarial pension loss | (39 | ) |  | (39 | ) |  | (39 | ) |  | 78 |  |  | (39 | )
Foreign currency translation adjustment | 28 |  |  | 31 |  |  | 31 |  |  | (62 | ) |  | 28 |
Net unrealized gain (loss), on derivative contracts and available-for-sale securities | (39 | ) |  | 40 |  |  | 38 |  |  | (78 | ) |  | (39 | )
Total other comprehensive income (loss), before tax | (50 | ) |  | 32 |  |  | 30 |  |  | (62 | ) |  | (50 | )
Income tax benefit related to items of other comprehensive income (loss) | 21 |  |  | 1 |  |  | 2 |  |  | (3 | ) |  | 21 |
Other comprehensive income (loss), net of tax | (29 | ) |  | 33 |  |  | 32 |  |  | (65 | ) |  | (29 | )
Total comprehensive loss | $ | (783 | ) |  | $ | (461 | ) |  | $ | (837 | ) |  | $ | 1,298 |  |  | $ | (783 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the year ended June 29, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 675 |  |  | $ | 1,552 |  |  | $ | 2,246 |  |  | $ | (3,798 | ) |  | $ | 675 |
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension loss | (2 | ) |  | (2 | ) |  | (2 | ) |  | 4 |  |  | (2 | )
Foreign currency translation adjustment | 18 |  |  | 15 |  |  | 15 |  |  | (30 | ) |  | 18 |
Net unrealized gain on derivative contracts and available-for-sale securities | 7 |  |  | (10 | ) |  | (6 | ) |  | 16 |  |  | 7 |
Total other comprehensive income, before tax | 23 |  |  | 3 |  |  | 7 |  |  | (10 | ) |  | 23 |
Income tax benefit (expense) related to items of other comprehensive income | (4 | ) |  | 1 |  |  | (1 | ) |  | — |  |  | (4 | )
Other comprehensive income, net of tax | 19 |  |  | 4 |  |  | 6 |  |  | (10 | ) |  | 19 |
Total comprehensive income | $ | 694 |  |  | $ | 1,556 |  |  | $ | 2,252 |  |  | $ | (3,808 | ) |  | $ | 694 |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the year ended June 30, 2017
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 397 |  |  | $ | 1,047 |  |  | $ | 261 |  |  | $ | (1,308 | ) |  | $ | 397 |
Other comprehensive loss, before tax: |  |  |  |  |  |  |  |  | — |
Actuarial pension gain | 39 |  |  | 39 |  |  | 39 |  |  | (78 | ) |  | 39 |
Foreign currency translation adjustment | (115 | ) |  | (113 | ) |  | (136 | ) |  | 249 |  |  | (115 | )
Net unrealized loss on derivative contracts and available-for-sale securities | (75 | ) |  | (75 | ) |  | (73 | ) |  | 148 |  |  | (75 | )
Total other comprehensive loss, before tax | (151 | ) |  | (149 | ) |  | (170 | ) |  | 319 |  |  | (151 | )
Income tax expense related to items of other comprehensive loss | (10 | ) |  | (10 | ) |  | (8 | ) |  | 18 |  |  | (10 | )
Other comprehensive loss, net of tax | (161 | ) |  | (159 | ) |  | (178 | ) |  | 337 |  |  | (161 | )
Total comprehensive income | $ | 236 |  |  | $ | 888 |  |  | $ | 83 |  |  | $ | (971 | ) |  | $ | 236 |
Condensed Cash Flow Statement |
Condensed Consolidating Statement of Cash Flows
For the year ended June 28, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 160 |  |  | $ | (1,286 | ) |  | $ | 2,723 |  |  | $ | (50 | ) |  | $ | 1,547 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (250 | ) |  | (626 | ) |  | — |  |  | (876 | )
Proceeds from the sale of property, plant and equipment | — |  |  | 116 |  |  | 3 |  |  | — |  |  | 119 |
Purchases of investments | — |  |  | (11 | ) |  | (68 | ) |  | — |  |  | (79 | )
Proceeds from sale of investments | — |  |  | — |  |  | 175 |  |  | — |  |  | 175 |
Proceeds from maturities of investments | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (1,364 | ) |  | — |  |  | (1,364 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 766 |  |  | — |  |  | 766 |
Strategic investments and other, net | — |  |  | 2 |  |  | (22 | ) |  | — |  |  | (20 | )
Intercompany loan from (to) consolidated affiliates | 943 |  |  | (659 | ) |  | 1 |  |  | (285 | ) |  | — |
Advances from (to) parent and consolidated affiliates | (342 | ) |  | 342 |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 601 |  |  | (460 | ) |  | (1,128 | ) |  | (285 | ) |  | (1,272 | )
Cash flows from financing activities |  |  |  |  |  |  | — |  |  |
Issuance of stock under employee stock plans | 118 |  |  | — |  |  | — |  |  | — |  |  | 118 |
Taxes paid on vested stock awards under employee stock plans | (115 | ) |  | — |  |  | — |  |  | — |  |  | (115 | )
Repurchases of common stock | (563 | ) |  | — |  |  | — |  |  | — |  |  | (563 | )
Dividends paid to shareholders | (584 | ) |  | — |  |  | — |  |  | — |  |  | (584 | )
Repayment of debt | (181 | ) |  | — |  |  | — |  |  | — |  |  | (181 | )
Repayment of revolving credit facility | (500 | ) |  | — |  |  | — |  |  | — |  |  | (500 | )
Debt issuance costs | (4 | ) |  | — |  |  | — |  |  | — |  |  | (4 | )
Intercompany loan from (to) consolidated affiliates | 674 |  |  | (377 | ) |  | (582 | ) |  | 285 |  |  | — |
Change in investment in consolidated subsidiaries | 362 |  |  | 2,440 |  |  | (2,852 | ) |  | 50 |  |  | — |
Net cash provided by (used in) financing activities | (793 | ) |  | 2,063 |  |  | (3,434 | ) |  | 335 |  |  | (1,829 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Net increase (decrease) in cash and cash equivalents | (32 | ) |  | 317 |  |  | (1,835 | ) |  | — |  |  | (1,550 | )
Cash and cash equivalents, beginning of year | 40 |  |  | 668 |  |  | 4,297 |  |  | — |  |  | 5,005 |
Cash and cash equivalents, end of period | $ | 8 |  |  | $ | 985 |  |  | $ | 2,462 |  |  | $ | — |  |  | $ | 3,455 |
Condensed Consolidating Statement of Cash Flows
For the year ended June 29, 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 | $ | (144 | ) |  | $ | 211 |  |  | $ | 4,158 |  |  | $ | (20 | ) |  | $ | 4,205 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (220 | ) |  | (615 | ) |  | — |  |  | (835 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Acquisitions, net of cash acquired | — |  |  | (94 | ) |  | (6 | ) |  | — |  |  | (100 | )
Purchases of investments | — |  |  | (21 | ) |  | (68 | ) |  | — |  |  | (89 | )
Proceeds from sale of investments | — |  |  | — |  |  | 48 |  |  | — |  |  | 48 |
Proceeds from maturities of investments | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (1,313 | ) |  | — |  |  | (1,313 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 571 |  |  | — |  |  | 571 |
Strategic investments and other, net | — |  |  | (2 | ) |  | 20 |  |  | — |  |  | 18 |
Intercompany loan from consolidated affiliates | 3,757 |  |  | — |  |  | — |  |  | (3,757 | ) |  | — |
Advances from (to) parent and consolidated affiliates | (86 | ) |  | 86 |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 3,671 |  |  | (251 | ) |  | (1,318 | ) |  | (3,757 | ) |  | (1,655 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 220 |  |  | — |  |  | — |  |  | — |  |  | 220 |
Taxes paid on vested stock awards under employee stock plans | (171 | ) |  | — |  |  | — |  |  | — |  |  | (171 | )
Repurchases of common stock | (591 | ) |  | — |  |  | — |  |  | — |  |  | (591 | )
Dividends paid to shareholders | (593 | ) |  | — |  |  | — |  |  | — |  |  | (593 | )
Settlement of debt hedge contracts | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |
Repayment of debt | (17,074 | ) |  | — |  |  | — |  |  | — |  |  | (17,074 | )
Proceeds from debt | 13,840 |  |  | — |  |  | — |  |  | — |  |  | 13,840 |
Proceeds from revolving credit facility | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |
Debt issuance costs | (59 | ) |  | — |  |  | — |  |  | — |  |  | (59 | )
Intercompany loan to consolidated affiliates | — |  |  | (119 | ) |  | (3,638 | ) |  | 3,757 |  |  | — |
Change in investment in consolidated subsidiaries | 395 |  |  | (385 | ) |  | (30 | ) |  | 20 |  |  | — |
Net cash used in financing activities | (3,505 | ) |  | (504 | ) |  | (3,668 | ) |  | 3,777 |  |  | (3,900 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net increase (decrease) in cash and cash equivalents | 22 |  |  | (544 | ) |  | (827 | ) |  | — |  |  | (1,349 | )
Cash and cash equivalents, beginning of year | 18 |  |  | 1,212 |  |  | 5,124 |  |  | — |  |  | 6,354 |
Cash and cash equivalents, end of year | $ | 40 |  |  | $ | 668 |  |  | $ | 4,297 |  |  | $ | — |  |  | $ | 5,005 |
Condensed Consolidating Statement of Cash Flows
For the year ended June 30, 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 | $ | (360 | ) |  | $ | (836 | ) |  | $ | 4,593 |  |  | $ | 40 |  |  | $ | 3,437 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (240 | ) |  | (338 | ) |  | — |  |  | (578 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Purchases of investments | — |  |  | — |  |  | (281 | ) |  | — |  |  | (281 | )
Proceeds from sale of investments | — |  |  | — |  |  | 94 |  |  | — |  |  | 94 |
Proceeds from maturities of investments | — |  |  | — |  |  | 417 |  |  | — |  |  | 417 |
Investments in Flash Ventures | — |  |  | — |  |  | (20 | ) |  | — |  |  | (20 | )
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (549 | ) |  | — |  |  | (549 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 292 |  |  | — |  |  | 292 |
Strategic investments and other, net | — |  |  | (1 | ) |  | (31 | ) |  | — |  |  | (32 | )
Intercompany loans from consolidated affiliates | 1,300 |  |  | 39 |  |  | — |  |  | (1,339 | ) |  | — |
Advances from (to) consolidated affiliates | (158 | ) |  | 166 |  |  | — |  |  | (8 | ) |  | — |
Net cash provided by (used in) investing activities | 1,142 |  |  | (36 | ) |  | (395 | ) |  | (1,347 | ) |  | (636 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 235 |  |  | — |  |  | — |  |  | — |  |  | 235 |
Taxes paid on vested stock awards under employee stock plans | (124 | ) |  | — |  |  | — |  |  | — |  |  | (124 | )
Excess tax benefits from employee stock plans | 119 |  |  | — |  |  | — |  |  | — |  |  | 119 |
Proceeds from acquired call option | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Settlement of convertible debt | — |  |  | — |  |  | (492 | ) |  | — |  |  | (492 | )
Dividends paid to shareholders | (574 | ) |  | — |  |  | — |  |  | — |  |  | (574 | )
Settlement of debt hedge contracts | — |  |  | (21 | ) |  | — |  |  | — |  |  | (21 | )
Repayment of debt | (8,702 | ) |  | (2,995 | ) |  | — |  |  | — |  |  | (11,697 | )
Proceeds from debt | 7,908 |  |  | — |  |  | — |  |  | — |  |  | 7,908 |
Debt issuance costs | (10 | ) |  | — |  |  | — |  |  | — |  |  | (10 | )
Intercompany loan to consolidated affiliates | — |  |  | (5,454 | ) |  | 4,115 |  |  | 1,339 |  |  | — |
Change in investment in consolidated subsidiaries | 384 |  |  | 9,348 |  |  | (9,700 | ) |  | (32 | ) |  | — |
Net cash provided by (used in) financing activities | (764 | ) |  | 878 |  |  | (6,016 | ) |  | 1,307 |  |  | (4,595 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net increase (decrease) in cash and cash equivalents | 18 |  |  | 6 |  |  | (1,821 | ) |  | — |  |  | (1,797 | )
Cash and cash equivalents, beginning of year | — |  |  | 1,206 |  |  | 6,945 |  |  | — |  |  | 8,151 |
Cash and cash equivalents, end of year | 18 |  |  | 1,212 |  |  | 5,124 |  |  | — |  |  | 6,354 |

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