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Revision of Previously Issued Financial Statements | 12 Months Ended
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Jun. 28, 2024
Accounting Changes and Error Corrections [Abstract] |
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements As described in Note 1, in connection with the preparation of its Condensed Consolidated Financial Statements as of and for the three and six months ended December 29, 2023, the Company identified certain errors related to the Company’s reporting and recording of its interests in its equity method investments in Flash Ventures. These errors related to unadjusted differences between the Flash Ventures’ application of Japanese generally accepted accounting principles to certain lease-related transactions compared to the applicable U.S. generally accepted accounting principles. These unadjusted differences resulted in differences in the equity in earnings from these entities recognized by the Company in Other income (expense), net and the carrying value of the Company’s equity method investments in Flash Ventures. The following tables provide a summary of the revisions made to the Company’s Condensed Consolidated Financial Statements for the periods presented.
|  | Year Ended July 1, 2022
Condensed Consolidated Statement of Operations |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions, except per share amounts)
Operating income |  | $ | 2,391 |  |  | $ | — |  |  | $ | 2,391 |
Interest and other income: |  |  |  |  |  |
Interest income |  | 6 |  |  | — |  |  | 6 |
Interest expense |  | (304) |  |  | — |  |  | (304) |
Other income, net |  | 30 |  |  | 48 |  |  | 78 |
Total interest and other income, net |  | (268) |  |  | 48 |  |  | (220) |
Income before taxes |  | 2,123 |  |  | 48 |  |  | 2,171 |
Income tax expense |  | 623 |  |  | 2 |  |  | 625 |
Net income |  | $ | 1,500 |  |  | $ | 46 |  |  | $ | 1,546 |
Net income per common share: |  |  |  |  |  |
Basic |  | $ | 4.81 |  |  | $ | 0.15 |  |  | $ | 4.96 |
Diluted |  | $ | 4.75 |  |  | $ | 0.14 |  |  | $ | 4.89 |
|  | Year Ended June 30, 2023
Condensed Consolidated Statement of Operations |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions, except per share amounts)
Operating loss |  | $ | (1,285) |  |  | $ | — |  |  | $ | (1,285) |
Interest and other income: |  |  |  |  |  |
Interest income |  | 24 |  |  | — |  |  | 24 |
Interest expense |  | (312) |  |  | — |  |  | (312) |
Other income, net |  | 13 |  |  | 10 |  |  | 23 |
Total interest and other income, net |  | (275) |  |  | 10 |  |  | (265) |
Loss before taxes |  | (1,560) |  |  | 10 |  |  | (1,550) |
Income tax expense |  | 146 |  |  | (12) |  |  | 134 |
Net loss |  | (1,706) |  |  | 22 |  |  | (1,684) |
Less: cumulative dividends allocated to preferred shareholders |  | 24 |  |  | — |  |  | 24 |
Net loss attributable to common shareholders |  | $ | (1,730) |  |  | $ | 22 |  |  | $ | (1,708) |
Net loss per common share: |  |  |  |  |  |
Basic |  | $ | (5.44) |  |  | $ | 0.07 |  |  | $ | (5.37) |
Diluted |  | $ | (5.44) |  |  | $ | 0.07 |  |  | $ | (5.37) |
|  | Year Ended July 1, 2022
Condensed Consolidated Statement of Comprehensive Income |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Net income |  | $ | 1,500 |  |  | $ | 46 |  |  | $ | 1,546 |
Other comprehensive loss, before tax: |  |  |  |  |  |
Actuarial pension gain |  | 26 |  |  | — |  |  | 26 |
Foreign currency translation adjustment |  | (239) |  |  | (23) |  |  | (262) |
Net unrealized loss on derivative contracts |  | (180) |  |  | — |  |  | (180) |
Total other comprehensive loss, before tax |  | (393) |  |  | (23) |  |  | (416) |
Income tax benefit related to items of other comprehensive loss, before tax |  | 36 |  |  | — |  |  | 36 |
Other comprehensive loss, net of tax |  | (357) |  |  | (23) |  |  | (380) |
Total comprehensive income |  | $ | 1,143 |  |  | $ | 23 |  |  | $ | 1,166 |
|  | Year Ended June 30, 2023
Condensed Consolidated Statement of Comprehensive Loss |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Net loss |  | $ | (1,706) |  |  | $ | 22 |  |  | $ | (1,684) |
Other comprehensive income, before tax: |  |  |  |  |  |
Actuarial pension gain |  | 12 |  |  | — |  |  | 12 |
Foreign currency translation adjustment |  | (81) |  |  | (7) |  |  | (88) |
Net unrealized gain on derivative contracts |  | 138 |  |  | — |  |  | 138 |
Total other comprehensive income, before tax |  | 69 |  |  | (7) |  |  | 62 |
Income tax expense related to items of other comprehensive income, before tax |  | (31) |  |  | — |  |  | (31) |
Other comprehensive income, net of tax |  | 38 |  |  | (7) |  |  | 31 |
Total comprehensive loss |  | $ | (1,668) |  |  | $ | 15 |  |  | $ | (1,653) |
|  | Year Ended July 1, 2022
Condensed Consolidated Statement of Cash Flows |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Cash flows from operating activities |  |  |  |  |  |
Net income |  | $ | 1,500 |  |  | $ | 46 |  |  | $ | 1,546 |
Deferred income taxes |  | 114 |  |  | 2 |  |  | 116 |
Other non-cash operating activities, net |  | 67 |  |  | (48) |  |  | 19 |
Other assets and liabilities, net |  | (349) |  |  | — |  |  | (349) |
Net cash provided by operating activities |  | 1,880 |  |  | — |  |  | 1,880 |
|  | Year Ended June 30, 2023
Condensed Consolidated Statement of Cash Flows |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Cash flows from operating activities |  |  |  |  |  |
Net loss |  | $ | (1,706) |  |  | $ | 22 |  |  | $ | (1,684) |
Deferred income taxes |  | (34) |  |  | (14) |  |  | (48) |
Other non-cash operating activities, net |  | 71 |  |  | (10) |  |  | 61 |
Other assets and liabilities, net |  | (185) |  |  | 2 |  |  | (183) |
Net cash used in operating activities |  | (408) |  |  | — |  |  | (408) |
Condensed Consolidated Statement of Shareholders’ Equity |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Retained earnings as of: |  |  |  |  |  |
July 2, 2021 |  | $ | 7,539 |  |  | $ | 81 |  |  | $ | 7,620 |
Accumulated other comprehensive loss as of: |  |  |  |  |  |
July 2, 2021 |  | (197) |  |  | (2) |  |  | (199) |
Foreign currency translation adjustment for the year ended June 30, 2023 |  | (80) |  |  | (7) |  |  | (87) |

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