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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Jul. 02, 2021
Jul. 03, 2020
Jun. 28, 2019
Cash flows from operating activities      
Net income (loss) $ 821 $ (250) $ (754)
Adjustments to reconcile net income (loss) to net cash provided by operations:      
Depreciation and amortization 1,212 1,566 1,812
Stock-based compensation 318 308 306
Deferred income taxes (242) (82) 374
Loss (gain) on disposal of assets (70) (7) 39
Amortization of debt issuance costs and discounts 40 40 38
Other non-cash operating activities, net (6) 6 (8)
Changes in:      
Accounts receivable, net 121 (1,175) 993
Inventories (546) 200 (339)
Accounts payable 11 192 (588)
Accounts payable to related parties (9) 75 72
Accrued expenses 352 184 (42)
Accrued compensation 162 124 (135)
Other assets and liabilities, net (266) (357) (221)
Net cash provided by operating activities 1,898 824 1,547
Cash flows from investing activities      
Purchases of property, plant and equipment (1,146) (647) (876)
Proceeds from the sale of property, plant and equipment 143 0 119
Acquisitions, net of cash acquired 0 (22) 0
Purchases of investments 0 0 (79)
Proceeds from sale of investments 0 0 175
Proceeds from maturities of investments 0 0 7
Notes receivable issuances to Flash Ventures (541) (353) (1,364)
Notes receivable proceeds from Flash Ventures 772 1,284 766
Strategic investments and other, net 7 16 (20)
Net cash provided by (used in) investing activities (765) 278 (1,272)
Cash flows from financing activities      
Issuance of stock under employee stock plans 134 141 118
Taxes paid on vested stock awards under employee stock plans (56) (72) (115)
Repurchases of common stock 0 0 (563)
Dividends paid to shareholders 0 (595) (584)
Repayment of government grants (9) 0 0
Repayment of debt (886) (982) (181)
Repayment of revolving credit facility 0 0 (500)
Debt issuance costs 0 0 (4)
Net cash used in financing activities (817) (1,508) (1,829)
Effect of exchange rate changes on cash 6 (1) 4
Net increase (decrease) in cash and cash equivalents 322 (407) (1,550)
Cash and cash equivalents, beginning of year 3,048 3,455 5,005
Cash and cash equivalents, end of year 3,370 3,048 3,455
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 348 341 377
Cash paid for interest $ 283 $ 372 $ 431