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v3.19.1

Separate Financial Information of Guarantor Subsidiaries (Tables) | 9 Months Ended
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Mar. 29, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet |
Condensed Consolidating Balance Sheet
As of March 29, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 9 |  |  | $ | 1,019 |  |  | $ | 2,654 |  |  | $ | — |  |  | $ | 3,682 |
Accounts receivable, net | — |  |  | 645 |  |  | 578 |  |  | — |  |  | 1,223 |
Intercompany receivables | 2,602 |  |  | 5,564 |  |  | 1,924 |  |  | (10,090 | ) |  | — |
Inventories | — |  |  | 1,115 |  |  | 2,517 |  |  | (192 | ) |  | 3,440 |
Loans due from consolidated affiliates | — |  |  | — |  |  | 50 |  |  | (50 | ) |  | — |
Other current assets | 11 |  |  | 273 |  |  | 273 |  |  | — |  |  | 557 |
Total current assets | 2,622 |  |  | 8,616 |  |  | 7,996 |  |  | (10,332 | ) |  | 8,902 |
Property, plant and equipment, net | — |  |  | 1,038 |  |  | 1,993 |  |  | — |  |  | 3,031 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 2,403 |  |  | — |  |  | 2,403 |
Goodwill | — |  |  | 388 |  |  | 9,687 |  |  | — |  |  | 10,075 |
Other intangible assets, net | — |  |  | 27 |  |  | 1,891 |  |  | — |  |  | 1,918 |
Investments in consolidated subsidiaries | 20,540 |  |  | 16,822 |  |  | — |  |  | (37,362 | ) |  | — |
Loans due from consolidated affiliates | — |  |  | 557 |  |  | — |  |  | (557 | ) |  | — |
Other non-current assets | 56 |  |  | 49 |  |  | 479 |  |  | — |  |  | 584 |
Total assets | $ | 23,218 |  |  | $ | 27,497 |  |  | $ | 24,449 |  |  | $ | (48,251 | ) |  | $ | 26,913 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 216 |  |  | $ | 1,361 |  |  | $ | — |  |  | $ | 1,577 |
Accounts payable to related parties | — |  |  | — |  |  | 312 |  |  | — |  |  | 312 |
Intercompany payables | 1,704 |  |  | 3,969 |  |  | 4,417 |  |  | (10,090 | ) |  | — |
Accrued expenses | 169 |  |  | 614 |  |  | 862 |  |  | — |  |  | 1,645 |
Accrued compensation | — |  |  | 264 |  |  | 138 |  |  | — |  |  | 402 |
Loans due to consolidated affiliates | — |  |  | 50 |  |  | — |  |  | (50 | ) |  | — |
Current portion of long-term debt | 276 |  |  | — |  |  | — |  |  | — |  |  | 276 |
Total current liabilities | 2,149 |  |  | 5,113 |  |  | 7,090 |  |  | (10,140 | ) |  | 4,212 |
Long-term debt | 10,277 |  |  | — |  |  | 32 |  |  | — |  |  | 10,309 |
Loans due to consolidated affiliates | 541 |  |  | — |  |  | 16 |  |  | (557 | ) |  | — |
Other liabilities | 37 |  |  | 1,684 |  |  | 457 |  |  | — |  |  | 2,178 |
Total liabilities | 13,004 |  |  | 6,797 |  |  | 7,595 |  |  | (10,697 | ) |  | 16,699 |
Total shareholders’ equity | 10,214 |  |  | 20,700 |  |  | 16,854 |  |  | (37,554 | ) |  | 10,214 |
Total liabilities and shareholders’ equity | $ | 23,218 |  |  | $ | 27,497 |  |  | $ | 24,449 |  |  | $ | (48,251 | ) |  | $ | 26,913 |
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 nine months ended March 29, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 9,931 |  |  | $ | 13,670 |  |  | $ | (10,666 | ) |  | $ | 12,935 |
Cost of revenue | — |  |  | 8,602 |  |  | 11,706 |  |  | (10,660 | ) |  | 9,648 |
Gross profit | — |  |  | 1,329 |  |  | 1,964 |  |  | (6 | ) |  | 3,287 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 1,056 |  |  | 603 |  |  | — |  |  | 1,659 |
Selling, general and administrative | 2 |  |  | 664 |  |  | 352 |  |  | — |  |  | 1,018 |
Intercompany operating expense (income) | — |  |  | (1,148 | ) |  | 1,148 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 80 |  |  | 62 |  |  | — |  |  | 142 |
Total operating expenses | 2 |  |  | 652 |  |  | 2,165 |  |  | — |  |  | 2,819 |
Operating income (loss) | (2 | ) |  | 677 |  |  | (201 | ) |  | (6 | ) |  | 468 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 10 |  |  | 12 |  |  | 35 |  |  | (14 | ) |  | 43 |
Interest expense | (353 | ) |  | (9 | ) |  | (4 | ) |  | 14 |  |  | (352 | )
Other income (expense), net | 1 |  |  | (2 | ) |  | 29 |  |  | — |  |  | 28 |
Total interest and other income (expense), net | (342 | ) |  | 1 |  |  | 60 |  |  | — |  |  | (281 | )
Income (loss) before taxes | (344 | ) |  | 678 |  |  | (141 | ) |  | (6 | ) |  | 187 |
Equity in earnings from subsidiaries | (551 | ) |  | (520 | ) |  | — |  |  | 1,071 |  |  | — |
Income tax expense (benefit) | (338 | ) |  | 702 |  |  | 380 |  |  | — |  |  | 744 |
Net loss | $ | (557 | ) |  | $ | (544 | ) |  | $ | (521 | ) |  | $ | 1,065 |  |  | $ | (557 | )
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 | )
Equity in earnings from subsidiaries | 837 |  |  | 562 |  |  | — |  |  | (1,399 | ) |  | — |
Income tax expense (benefit) | (228 | ) |  | 22 |  |  | 17 |  |  | — |  |  | (189 | )
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 |
Equity in earnings from subsidiaries | 869 |  |  | 1,747 |  |  | — |  |  | (2,616 | ) |  | — |
Income tax expense (benefit) | (319 | ) |  | 1,677 |  |  | 79 |  |  | — |  |  | 1,437 |
Net income (loss) | $ | (81 | ) |  | $ | 806 |  |  | $ | 1,770 |  |  | $ | (2,576 | ) |  | $ | (81 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended March 29, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (581 | ) |  | $ | (587 | ) |  | $ | (733 | ) |  | $ | 1,320 |  |  | $ | (581 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation adjustment | (2 | ) |  | (2 | ) |  | (2 | ) |  | 4 |  |  | (2 | )
Net unrealized gain (loss), on derivative contracts and available-for-sale securities | (24 | ) |  | 1 |  |  | 1 |  |  | (2 | ) |  | (24 | )
Total other comprehensive income (loss), before tax | (26 | ) |  | (1 | ) |  | (1 | ) |  | 2 |  |  | (26 | )
Income tax benefit (expense) related to items of other comprehensive income (loss) | 5 |  |  | — |  |  | — |  |  | 1 |  |  | 6 |
Other comprehensive income (loss), net of tax | (21 | ) |  | (1 | ) |  | (1 | ) |  | 3 |  |  | (20 | )
Total comprehensive loss | $ | (602 | ) |  | $ | (588 | ) |  | $ | (734 | ) |  | $ | 1,323 |  |  | $ | (601 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the nine months ended March 29, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (557 | ) |  | $ | (544 | ) |  | $ | (521 | ) |  | $ | 1,065 |  |  | $ | (557 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | (8 | ) |  | (4 | ) |  | (4 | ) |  | 8 |  |  | (8 | )
Net unrealized gain (loss), on derivative contracts and available-for-sale securities | (18 | ) |  | 23 |  |  | 21 |  |  | (44 | ) |  | (18 | )
Total other comprehensive income (loss), before tax | (25 | ) |  | 20 |  |  | 18 |  |  | (38 | ) |  | (25 | )
Income tax benefit (expense) related to items of other comprehensive income (loss) | 9 |  |  | (2 | ) |  | (1 | ) |  | 3 |  |  | 9 |
Other comprehensive income (loss), net of tax | (16 | ) |  | 18 |  |  | 17 |  |  | (35 | ) |  | (16 | )
Total comprehensive loss | $ | (573 | ) |  | $ | (526 | ) |  | $ | (504 | ) |  | $ | 1,030 |  |  | $ | (573 | )
Condensed Statement of Comprehensive Income |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the nine months ended March 29, 2019
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (557 | ) |  | $ | (544 | ) |  | $ | (521 | ) |  | $ | 1,065 |  |  | $ | (557 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | (8 | ) |  | (4 | ) |  | (4 | ) |  | 8 |  |  | (8 | )
Net unrealized gain (loss), on derivative contracts and available-for-sale securities | (18 | ) |  | 23 |  |  | 21 |  |  | (44 | ) |  | (18 | )
Total other comprehensive income (loss), before tax | (25 | ) |  | 20 |  |  | 18 |  |  | (38 | ) |  | (25 | )
Income tax benefit (expense) related to items of other comprehensive income (loss) | 9 |  |  | (2 | ) |  | (1 | ) |  | 3 |  |  | 9 |
Other comprehensive income (loss), net of tax | (16 | ) |  | 18 |  |  | 17 |  |  | (35 | ) |  | (16 | )
Total comprehensive loss | $ | (573 | ) |  | $ | (526 | ) |  | $ | (504 | ) |  | $ | 1,030 |  |  | $ | (573 | )
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 and available-for-sale securities | 18 |  |  | 10 |  |  | 11 |  |  | (21 | ) |  | 18 |
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 and available-for-sale securities | 31 |  |  | 15 |  |  | 16 |  |  | (31 | ) |  | 31 |
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 Cash Flow Statement |
Condensed Consolidating Statement of Cash Flows
For the nine months ended March 29, 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 | $ | 87 |  |  | $ | (1,115 | ) |  | $ | 2,461 |  |  | $ | (55 | ) |  | $ | 1,378 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (198 | ) |  | (524 | ) |  | — |  |  | (722 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Purchases of investments | — |  |  | (11 | ) |  | (58 | ) |  | — |  |  | (69 | )
Proceeds from sale of investments | — |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Proceeds from maturities of investments | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (858 | ) |  | — |  |  | (858 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 570 |  |  | — |  |  | 570 |
Strategic investments and other, net | — |  |  | 1 |  |  | (23 | ) |  | — |  |  | (22 | )
Intercompany loan from (to) consolidated affiliates | 943 |  |  | (541 | ) |  | — |  |  | (402 | ) |  | — |
Advances from (to) parent and consolidated affiliates | (243 | ) |  | 243 |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 700 |  |  | (506 | ) |  | (834 | ) |  | (402 | ) |  | (1,042 | )
Cash flows from financing activities |  |  |  |  |  |  | — |  |  |
Issuance of stock under employee stock plans | 66 |  |  | — |  |  | — |  |  | — |  |  | 66 |
Taxes paid on vested stock awards under employee stock plans | (109 | ) |  | — |  |  | — |  |  | — |  |  | (109 | )
Repurchases of common stock | (563 | ) |  | — |  |  | — |  |  | — |  |  | (563 | )
Repayment of revolving credit facility | — |  |  | — |  |  | — |  |  | — |  |  | — |
Dividends paid to shareholders | (438 | ) |  | — |  |  | — |  |  | — |  |  | (438 | )
Repayment of debt | (113 | ) |  | — |  |  | — |  |  | — |  |  | (113 | )
Proceeds from (repayment of) revolving credit facility | (500 | ) |  | — |  |  | — |  |  | — |  |  | (500 | )
Intercompany loan from (to) consolidated affiliates | 541 |  |  | (377 | ) |  | (566 | ) |  | 402 |  |  | — |
Change in investment in consolidated subsidiaries | 298 |  |  | 2,349 |  |  | (2,702 | ) |  | 55 |  |  | — |
Net cash provided by (used in) financing activities | (818 | ) |  | 1,972 |  |  | (3,268 | ) |  | 457 |  |  | (1,657 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Net increase (decrease) in cash and cash equivalents | (31 | ) |  | 351 |  |  | (1,643 | ) |  | — |  |  | (1,323 | )
Cash and cash equivalents, beginning of year | 40 |  |  | 668 |  |  | 4,297 |  |  | — |  |  | 5,005 |
Cash and cash equivalents, end of period | $ | 9 |  |  | $ | 1,019 |  |  | $ | 2,654 |  |  | $ | — |  |  | $ | 3,682 |
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 | (14,581 | ) |  | — |  |  | — |  |  | — |  |  | (14,581 | )
Proceeds from debt | 11,384 |  |  | — |  |  | — |  |  | — |  |  | 11,384 |
Proceeds from (repayment of) 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 |

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