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Separate Financial Information of Guarantor Subsidiaries (Tables) | 6 Months Ended
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Jan. 03, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet |
Condensed Consolidating Balance Sheet
As of January 3, 2020
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 11 |  |  | $ | 786 |  |  | $ | 2,340 |  |  | $ | — |  |  | $ | 3,137 |
Accounts receivable, net | — |  |  | 1,172 |  |  | 619 |  |  | — |  |  | 1,791 |
Intercompany receivables | 2,617 |  |  | 7,840 |  |  | 2,839 |  |  | (13,296 | ) |  | — |
Inventories | — |  |  | 716 |  |  | 2,472 |  |  | (66 | ) |  | 3,122 |
Loans due from consolidated affiliates | — |  |  | — |  |  | 258 |  |  | (258 | ) |  | — |
Other current assets | — |  |  | 364 |  |  | 213 |  |  | — |  |  | 577 |
Total current assets | 2,628 |  |  | 10,878 |  |  | 8,741 |  |  | (13,620 | ) |  | 8,627 |
Property, plant and equipment, net | — |  |  | 820 |  |  | 1,902 |  |  | — |  |  | 2,722 |
Notes receivable and investments in Flash Ventures | — |  |  | — |  |  | 2,321 |  |  | — |  |  | 2,321 |
Goodwill | — |  |  | 374 |  |  | 9,695 |  |  | — |  |  | 10,069 |
Other intangible assets, net | — |  |  | 10 |  |  | 1,301 |  |  | — |  |  | 1,311 |
Investments in consolidated subsidiaries | 20,637 |  |  | 15,471 |  |  | — |  |  | (36,108 | ) |  | — |
Loans due from consolidated affiliates | — |  |  | 1,626 |  |  | — |  |  | (1,626 | ) |  | — |
Other non-current assets | 56 |  |  | 255 |  |  | 499 |  |  | — |  |  | 810 |
Total assets | $ | 23,321 |  |  | $ | 29,434 |  |  | $ | 24,459 |  |  | $ | (51,354 | ) |  | $ | 25,860 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 153 |  |  | $ | 1,583 |  |  | $ | — |  |  | $ | 1,736 |
Accounts payable to related parties | — |  |  | 364 |  |  | — |  |  | — |  |  | 364 |
Intercompany payables | 2,285 |  |  | 4,953 |  |  | 6,058 |  |  | (13,296 | ) |  | — |
Accrued expenses | 206 |  |  | 837 |  |  | 516 |  |  | — |  |  | 1,559 |
Accrued compensation | — |  |  | 356 |  |  | 181 |  |  | — |  |  | 537 |
Loans due to consolidated affiliates | — |  |  | 258 |  |  | — |  |  | (258 | ) |  | — |
Current portion of long-term debt | 251 |  |  | — |  |  | 35 |  |  | — |  |  | 286 |
Total current liabilities | 2,742 |  |  | 6,921 |  |  | 8,373 |  |  | (13,554 | ) |  | 4,482 |
Long-term debt | 9,547 |  |  | — |  |  | — |  |  | — |  |  | 9,547 |
Loans due to consolidated affiliates | 1,603 |  |  | — |  |  | 23 |  |  | (1,626 | ) |  | — |
Other liabilities | 50 |  |  | 1,843 |  |  | 559 |  |  | — |  |  | 2,452 |
Total liabilities | 13,942 |  |  | 8,764 |  |  | 8,955 |  |  | (15,180 | ) |  | 16,481 |
Total shareholders’ equity | 9,379 |  |  | 20,670 |  |  | 15,504 |  |  | (36,174 | ) |  | 9,379 |
Total liabilities and shareholders’ equity | $ | 23,321 |  |  | $ | 29,434 |  |  | $ | 24,459 |  |  | $ | (51,354 | ) |  | $ | 25,860 |
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 Income Statement |
Condensed Consolidating Statement of Operations
For the three months ended January 3, 2020
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 3,304 |  |  | $ | 4,041 |  |  | $ | (3,111 | ) |  | $ | 4,234 |
Cost of revenue | — |  |  | 2,881 |  |  | 3,643 |  |  | (3,225 | ) |  | 3,299 |
Gross profit | — |  |  | 423 |  |  | 398 |  |  | 114 |  |  | 935 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 362 |  |  | 216 |  |  | — |  |  | 578 |
Selling, general and administrative | — |  |  | 196 |  |  | 102 |  |  | — |  |  | 298 |
Intercompany operating expense (income) | 4 |  |  | (397 | ) |  | 393 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | (5 | ) |  | 14 |  |  | — |  |  | 9 |
Total operating expenses | 4 |  |  | 156 |  |  | 725 |  |  | — |  |  | 885 |
Operating income (loss) | (4 | ) |  | 267 |  |  | (327 | ) |  | 114 |  |  | 50 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 16 |  |  | 5 |  |  | (13 | ) |  | 8 |
Interest expense | (118 | ) |  | — |  |  | — |  |  | 13 |  |  | (105 | )
Other income, net | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Total interest and other income (expense), net | (118 | ) |  | 16 |  |  | 12 |  |  | — |  |  | (90 | )
Income (loss) before taxes | (122 | ) |  | 283 |  |  | (315 | ) |  | 114 |  |  | (40 | )
Equity in earnings from subsidiaries | (42 | ) |  | (384 | ) |  | — |  |  | 426 |  |  | — |
Income tax expense (benefit) | (25 | ) |  | 55 |  |  | 69 |  |  | — |  |  | 99 |
Net loss | $ | (139 | ) |  | $ | (156 | ) |  | $ | (384 | ) |  | $ | 540 |  |  | $ | (139 | )
Condensed Consolidating Statement of Operations
For the six months ended January 3, 2020
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 6,665 |  |  | $ | 8,025 |  |  | $ | (6,416 | ) |  | $ | 8,274 |
Cost of revenue | — |  |  | 5,833 |  |  | 7,333 |  |  | (6,585 | ) |  | 6,581 |
Gross profit | — |  |  | 832 |  |  | 692 |  |  | 169 |  |  | 1,693 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 726 |  |  | 426 |  |  | — |  |  | 1,152 |
Selling, general and administrative | 1 |  |  | 399 |  |  | 203 |  |  | — |  |  | 603 |
Intercompany operating expense (income) | 7 |  |  | (822 | ) |  | 815 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | (5 | ) |  | 22 |  |  | — |  |  | 17 |
Total operating expenses | 8 |  |  | 298 |  |  | 1,466 |  |  | — |  |  | 1,772 |
Operating income (loss) | (8 | ) |  | 534 |  |  | (774 | ) |  | 169 |  |  | (79 | )
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 28 |  |  | 15 |  |  | (23 | ) |  | 20 |
Interest expense | (249 | ) |  | — |  |  | (1 | ) |  | 23 |  |  | (227 | )
Other income, net | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Total interest and other income (expense), net | (249 | ) |  | 28 |  |  | 23 |  |  | — |  |  | (198 | )
Income (loss) before taxes | (257 | ) |  | 562 |  |  | (751 | ) |  | 169 |  |  | (277 | )
Equity in earnings from subsidiaries | (206 | ) |  | (844 | ) |  | — |  |  | 1,050 |  |  | — |
Income tax expense (benefit) | (48 | ) |  | 94 |  |  | 92 |  |  | — |  |  | 138 |
Net loss | $ | (415 | ) |  | $ | (376 | ) |  | $ | (843 | ) |  | $ | 1,219 |  |  | $ | (415 | )
Condensed Consolidating Statement of Operations
For the three months ended December 28, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 3,392 |  |  | $ | 4,857 |  |  | $ | (4,016 | ) |  | $ | 4,233 |
Cost of revenue | — |  |  | 2,942 |  |  | 4,215 |  |  | (3,968 | ) |  | 3,189 |
Gross profit | — |  |  | 450 |  |  | 642 |  |  | (48 | ) |  | 1,044 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 334 |  |  | 205 |  |  | — |  |  | 539 |
Selling, general and administrative | — |  |  | 214 |  |  | 95 |  |  | — |  |  | 309 |
Intercompany operating expense (income) | — |  |  | (347 | ) |  | 347 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 6 |  |  | 14 |  |  | — |  |  | 20 |
Total operating expenses | — |  |  | 207 |  |  | 661 |  |  | — |  |  | 868 |
Operating income (loss) | — |  |  | 243 |  |  | (19 | ) |  | (48 | ) |  | 176 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 2 |  |  | 4 |  |  | 12 |  |  | (3 | ) |  | 15 |
Interest expense | (118 | ) |  | (2 | ) |  | (1 | ) |  | 3 |  |  | (118 | )
Other income (expense), net | — |  |  | (2 | ) |  | 8 |  |  | 2 |  |  | 8 |
Total interest and other income (expense), net | (116 | ) |  | — |  |  | 19 |  |  | 2 |  |  | (95 | )
Income (loss) before taxes | (116 | ) |  | 243 |  |  | — |  |  | (46 | ) |  | 81 |
Equity in earnings from subsidiaries | (468 | ) |  | (133 | ) |  | — |  |  | 601 |  |  | — |
Income tax expense (benefit) | (97 | ) |  | 532 |  |  | 133 |  |  | — |  |  | 568 |
Net loss | $ | (487 | ) |  | $ | (422 | ) |  | $ | (133 | ) |  | $ | 555 |  |  | $ | (487 | )
Condensed Consolidating Statement of Operations
For the six months ended December 28, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Revenue, net | $ | — |  |  | $ | 6,877 |  |  | $ | 9,853 |  |  | $ | (7,469 | ) |  | $ | 9,261 |
Cost of revenue | — |  |  | 5,947 |  |  | 8,039 |  |  | (7,433 | ) |  | 6,553 |
Gross profit | — |  |  | 930 |  |  | 1,814 |  |  | (36 | ) |  | 2,708 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development | — |  |  | 697 |  |  | 418 |  |  | — |  |  | 1,115 |
Selling, general and administrative | 1 |  |  | 465 |  |  | 199 |  |  | — |  |  | 665 |
Intercompany operating expense (income) | — |  |  | (754 | ) |  | 754 |  |  | — |  |  | — |
Employee termination, asset impairment, and other charges | — |  |  | 38 |  |  | 28 |  |  | — |  |  | 66 |
Total operating expenses | 1 |  |  | 446 |  |  | 1,399 |  |  | — |  |  | 1,846 |
Operating income (loss) | (1 | ) |  | 484 |  |  | 415 |  |  | (36 | ) |  | 862 |
Interest and other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 10 |  |  | 7 |  |  | 24 |  |  | (11 | ) |  | 30 |
Interest expense | (234 | ) |  | (8 | ) |  | (3 | ) |  | 11 |  |  | (234 | )
Other income (expense), net | 1 |  |  | (2 | ) |  | 7 |  |  | — |  |  | 6 |
Total interest and other income (expense), net | (223 | ) |  | (3 | ) |  | 28 |  |  | — |  |  | (198 | )
Income (loss) before taxes | (224 | ) |  | 481 |  |  | 443 |  |  | (36 | ) |  | 664 |
Equity in earnings from subsidiaries | 7 |  |  | 212 |  |  | — |  |  | (219 | ) |  | — |
Income tax expense (benefit) | (241 | ) |  | 650 |  |  | 231 |  |  | — |  |  | 640 |
Net income | $ | 24 |  |  | $ | 43 |  |  | $ | 212 |  |  | $ | (255 | ) |  | $ | 24 |
Condensed Statement of Comprehensive Income |
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended January 3, 2020
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (139 | ) |  | $ | (156 | ) |  | $ | (384 | ) |  | $ | 540 |  |  | $ | (139 | )
Other comprehensive loss, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 2 |  |  | 2 |  |  | 2 |  |  | (4 | ) |  | 2 |
Foreign currency translation adjustment | (15 | ) |  | (13 | ) |  | (13 | ) |  | 26 |  |  | (15 | )
Net unrealized loss, on derivative contracts and available-for-sale securities | (6 | ) |  | (26 | ) |  | (14 | ) |  | 40 |  |  | (6 | )
Total other comprehensive loss, before tax | (19 | ) |  | (37 | ) |  | (25 | ) |  | 62 |  |  | (19 | )
Income tax benefit (expense) related to items of other comprehensive loss | (1 | ) |  | 4 |  |  | 1 |  |  | (5 | ) |  | (1 | )
Other comprehensive loss, net of tax | (20 | ) |  | (33 | ) |  | (24 | ) |  | 57 |  |  | (20 | )
Total comprehensive loss | $ | (159 | ) |  | $ | (189 | ) |  | $ | (408 | ) |  | $ | 597 |  |  | $ | (159 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the six months ended January 3, 2020
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net loss | $ | (415 | ) |  | $ | (376 | ) |  | $ | (843 | ) |  | $ | 1,219 |  |  | $ | (415 | )
Other comprehensive loss, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 3 |  |  | 3 |  |  | 3 |  |  | (6 | ) |  | 3 |
Foreign currency translation adjustment | (10 | ) |  | (8 | ) |  | (8 | ) |  | 16 |  |  | (10 | )
Net unrealized loss, on derivative contracts and available-for-sale securities | (39 | ) |  | (34 | ) |  | (23 | ) |  | 57 |  |  | (39 | )
Total other comprehensive loss, before tax | (46 | ) |  | (39 | ) |  | (28 | ) |  | 67 |  |  | (46 | )
Income tax benefit (expense) related to items of other comprehensive loss | 4 |  |  | 3 |  |  | — |  |  | (3 | ) |  | 4 |
Other comprehensive loss, net of tax | (42 | ) |  | (36 | ) |  | (28 | ) |  | 64 |  |  | (42 | )
Total comprehensive loss | $ | (457 | ) |  | $ | (412 | ) |  | $ | (871 | ) |  | $ | 1,283 |  |  | $ | (457 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the three months ended December 28, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | (487 | ) |  | $ | (422 | ) |  | $ | (133 | ) |  | $ | 555 |  |  | $ | (487 | )
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | 31 |  |  | 32 |  |  | 32 |  |  | (64 | ) |  | 31 |
Net unrealized gain, on derivative contracts and available-for-sale securities | 7 |  |  | 30 |  |  | 30 |  |  | (60 | ) |  | 7 |
Total other comprehensive income, before tax | 39 |  |  | 63 |  |  | 63 |  |  | (126 | ) |  | 39 |
Income tax benefit (expense) related to items of other comprehensive income | 3 |  |  | (2 | ) |  | (2 | ) |  | 3 |  |  | 2 |
Other comprehensive income, net of tax | 42 |  |  | 61 |  |  | 61 |  |  | (123 | ) |  | 41 |
Total comprehensive loss | $ | (445 | ) |  | $ | (361 | ) |  | $ | (72 | ) |  | $ | 432 |  |  | $ | (446 | )
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the six months ended December 28, 2018
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Net income | $ | 24 |  |  | $ | 43 |  |  | $ | 212 |  |  | $ | (255 | ) |  | $ | 24 |
Other comprehensive income, before tax: |  |  |  |  |  |  |  |  |
Actuarial pension gain | 1 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 1 |
Foreign currency translation adjustment | (6 | ) |  | (2 | ) |  | (2 | ) |  | 4 |  |  | (6 | )
Net unrealized gain, on derivative contracts and available-for-sale securities | 6 |  |  | 22 |  |  | 20 |  |  | (42 | ) |  | 6 |
Total other comprehensive income, before tax | 1 |  |  | 21 |  |  | 19 |  |  | (40 | ) |  | 1 |
Income tax benefit (expense) related to items of other comprehensive income | 4 |  |  | (2 | ) |  | (1 | ) |  | 2 |  |  | 3 |
Other comprehensive income, net of tax | 5 |  |  | 19 |  |  | 18 |  |  | (38 | ) |  | 4 |
Total comprehensive income | $ | 29 |  |  | $ | 62 |  |  | $ | 230 |  |  | $ | (293 | ) |  | $ | 28 |
Condensed Cash Flow Statement |
Condensed Consolidating Statement of Cash Flows
For the six months ended January 3, 2020
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Company
| (in millions)
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (24 | ) |  | $ | 499 |  |  | $ | (125 | ) |  | $ | 160 |  |  | $ | 510 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (84 | ) |  | (221 | ) |  | — |  |  | (305 | )
Acquisitions, net of cash acquired | — |  |  | (2 | ) |  | (20 | ) |  | — |  |  | (22 | )
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (224 | ) |  | — |  |  | (224 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 690 |  |  | — |  |  | 690 |
Strategic investments and other, net | — |  |  | 6 |  |  | 15 |  |  | — |  |  | 21 |
Intercompany loan from (to) consolidated affiliates | — |  |  | (952 | ) |  | (208 | ) |  | 1,160 |  |  | — |
Advances from (to) parent and consolidated affiliates | (71 | ) |  | 71 |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | (71 | ) |  | (961 | ) |  | 32 |  |  | 1,160 |  |  | 160 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 72 |  |  | — |  |  | — |  |  | — |  |  | 72 |
Taxes paid on vested stock awards under employee stock plans | (54 | ) |  | — |  |  | — |  |  | — |  |  | (54 | )
Dividends paid to shareholders | (296 | ) |  | — |  |  | — |  |  | — |  |  | (296 | )
Repayment of debt | (707 | ) |  | — |  |  | — |  |  | — |  |  | (707 | )
Intercompany loan from (to) consolidated affiliates | 929 |  |  | 208 |  |  | 23 |  |  | (1,160 | ) |  | — |
Change in investment in consolidated subsidiaries | 154 |  |  | 55 |  |  | (49 | ) |  | (160 | ) |  | — |
Net cash provided by (used in) financing activities | 98 |  |  | 263 |  |  | (26 | ) |  | (1,320 | ) |  | (985 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net increase (decrease) in cash and cash equivalents | 3 |  |  | (199 | ) |  | (122 | ) |  | — |  |  | (318 | )
Cash and cash equivalents, beginning of year | 8 |  |  | 985 |  |  | 2,462 |  |  | — |  |  | 3,455 |
Cash and cash equivalents, end of period | $ | 11 |  |  | $ | 786 |  |  | $ | 2,340 |  |  | $ | — |  |  | $ | 3,137 |
Condensed Consolidating Statement of Cash Flows
For the six months ended December 28, 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 | $ | 103 |  |  | $ | (819 | ) |  | $ | 1,934 |  |  | $ | (44 | ) |  | $ | 1,174 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (129 | ) |  | (371 | ) |  | — |  |  | (500 | )
Proceeds from the sale of property, plant and equipment | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Purchases of investments | — |  |  | (11 | ) |  | (22 | ) |  | — |  |  | (33 | )
Proceeds from sale of investments | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Proceeds from maturities of investments | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Notes receivable issuances to Flash Ventures | — |  |  | — |  |  | (508 | ) |  | — |  |  | (508 | )
Notes receivable proceeds from Flash Ventures | — |  |  | — |  |  | 312 |  |  | — |  |  | 312 |
Strategic investments and other, net | — |  |  | (1 | ) |  | (18 | ) |  | — |  |  | (19 | )
Intercompany loan from (to) consolidated affiliates | 943 |  |  | (370 | ) |  | — |  |  | (573 | ) |  | — |
Advances from (to) parent and consolidated affiliates | (215 | ) |  | 215 |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 728 |  |  | (296 | ) |  | (584 | ) |  | (573 | ) |  | (725 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Issuance of stock under employee stock plans | 61 |  |  | — |  |  | — |  |  | — |  |  | 61 |
Taxes paid on vested stock awards under employee stock plans | (69 | ) |  | — |  |  | — |  |  | — |  |  | (69 | )
Repurchases of common stock | (563 | ) |  | — |  |  | — |  |  | — |  |  | (563 | )
Dividends paid to shareholders | (292 | ) |  | — |  |  | — |  |  | — |  |  | (292 | )
Repayment of debt | (75 | ) |  | — |  |  | — |  |  | — |  |  | (75 | )
Proceeds from (repayment of) revolving credit facility | (500 | ) |  | — |  |  | — |  |  | — |  |  | (500 | )
Intercompany loan from (to) consolidated affiliates | 370 |  |  | (387 | ) |  | (556 | ) |  | 573 |  |  | — |
Change in investment in consolidated subsidiaries | 214 |  |  | 1,997 |  |  | (2,255 | ) |  | 44 |  |  | — |
Net cash provided by (used in) financing activities | (854 | ) |  | 1,610 |  |  | (2,811 | ) |  | 617 |  |  | (1,438 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net increase (decrease) in cash and cash equivalents | (23 | ) |  | 495 |  |  | (1,464 | ) |  | — |  |  | (992 | )
Cash and cash equivalents, beginning of year | 40 |  |  | 668 |  |  | 4,297 |  |  | — |  |  | 5,005 |
Cash and cash equivalents, end of period | $ | 17 |  |  | $ | 1,163 |  |  | $ | 2,833 |  |  | $ | — |  |  | $ | 4,013 |

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