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Net Income (Loss) Per Common Share | 12 Months Ended
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Jun. 28, 2024
Earnings Per Share [Abstract] |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The following table presents the computation of basic and diluted income (loss) per common share:
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in millions, except per share data)
Net income (loss) |  |  |  |  | $ | (798) |  |  | $ | (1,684) |  |  | $ | 1,546 |
Less: cumulative dividends allocated to preferred shareholders |  |  |  |  | 54 |  |  | 24 |  |  | — |
Net income (loss) attributable to common shareholders |  |  |  |  | $ | (852) |  |  | $ | (1,708) |  |  | $ | 1,546 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | 326 |  |  | 318 |  |  | 312 |
Employee stock options, RSUs, PSUs and ESPP |  |  |  |  | — |  |  | — |  |  | 4 |
Diluted |  |  |  |  | 326 |  |  | 318 |  |  | 316 |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | (2.61) |  |  | $ | (5.37) |  |  | $ | 4.96 |
Diluted |  |  |  |  | $ | (2.61) |  |  | $ | (5.37) |  |  | $ | 4.89 |
Anti-dilutive potential common shares excluded |  |  |  |  | 22 |  |  | 14 |  |  | 3 |
Basic income (loss) per share attributable to common shareholders is computed using (i) net income (loss) less (ii) dividends paid to holders of Preferred Shares less (iii) net income (loss) attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income (loss) per share attributable to common shareholders is computed as (i) basic net income (loss) attributable to common shareholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the convertible notes and the Preferred Shares. The treasury stock method is used to determine the dilutive impact of unvested equity awards. For 2024 and 2023, the Company recorded a net loss and all shares subject to outstanding equity awards were excluded from the calculation of diluted shares for the period because their impact would have been anti-dilutive. For 2022, the Company excluded common shares subject to certain outstanding equity awards from the calculation of diluted shares because their impact would have been anti-dilutive based on the Company’s average stock price during those periods.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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