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Revision of Previously Issued Financial Statements | 6 Months Ended
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Dec. 29, 2023
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 the Flash Ventures. The following tables provide a summary of the revisions made to the Company’s Condensed Consolidated Financial Statements for the periods presented.
|  | Three Months Ended December 30, 2022
Condensed Consolidated Statement of Operations |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions, except per share amounts)
Operating loss |  | $ | (321) |  |  | $ | — |  |  | $ | (321) |
Interest and other expense: |  |  |  |  |  |
Interest income |  | 3 |  |  | — |  |  | 3 |
Interest expense |  | (73) |  |  | — |  |  | (73) |
Other income, net |  | 6 |  |  | 4 |  |  | 10 |
Total interest and other expense, net |  | (64) |  |  | 4 |  |  | (60) |
Loss before taxes |  | (385) |  |  | 4 |  |  | (381) |
Income tax expense |  | 61 |  |  | 9 |  |  | 70 |
Net loss |  | $ | (446) |  |  | $ | (5) |  |  | $ | (451) |
Net loss per common share: |  |  |  |  |  |
Basic |  | $ | (1.40) |  |  | $ | (0.02) |  |  | $ | (1.42) |
Diluted |  | $ | (1.40) |  |  | $ | (0.02) |  |  | $ | (1.42) |
|  | Six Months Ended December 30, 2022
Condensed Consolidated Statement of Operations |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions, except per share amounts)
Operating loss |  | $ | (163) |  |  | $ | — |  |  | $ | (163) |
Interest and other expense: |  |  |  |  |  |
Interest income |  | 5 |  |  | — |  |  | 5 |
Interest expense |  | (143) |  |  | — |  |  | (143) |
Other income, net |  | — |  |  | 13 |  |  | 13 |
Total interest and other expense, net |  | (138) |  |  | 13 |  |  | (125) |
Loss before taxes |  | (301) |  |  | 13 |  |  | (288) |
Income tax expense |  | 118 |  |  | (2) |  |  | 116 |
Net loss |  | $ | (419) |  |  | $ | 15 |  |  | $ | (404) |
Net loss per common share: |  |  |  |  |  |
Basic |  | $ | (1.32) |  |  | $ | 0.05 |  |  | $ | (1.27) |
Diluted |  | $ | (1.32) |  |  | $ | 0.05 |  |  | $ | (1.27) |
|  | Three Months Ended December 30, 2022
Condensed Consolidated Statement of Comprehensive Loss |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Net loss |  | $ | (446) |  |  | $ | (5) |  |  | $ | (451) |
Other comprehensive income, before tax: |  |  |  |  |  |
Foreign currency translation adjustment |  | 95 |  |  | 11 |  |  | 106 |
Net unrealized gain on derivative contracts |  | 288 |  |  | — |  |  | 288 |
Total other comprehensive income, before tax |  | 383 |  |  | 11 |  |  | 394 |
Income tax expense related to items of other comprehensive income, before tax |  | (58) |  |  | 9 |  |  | (49) |
Other comprehensive income, net of tax |  | 325 |  |  | 20 |  |  | 345 |
Total comprehensive loss |  | $ | (121) |  |  | $ | 15 |  |  | $ | (106) |
|  | Six Months Ended December 30, 2022
Condensed Consolidated Statement of Comprehensive Loss |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Net loss |  | $ | (419) |  |  | $ | 15 |  |  | $ | (404) |
Other comprehensive income, before tax: |  |  |  |  |  |
Foreign currency translation adjustment |  | 15 |  |  | 4 |  |  | 19 |
Net unrealized gain on derivative contracts |  | 212 |  |  | — |  |  | 212 |
Total other comprehensive income, before tax |  | 227 |  |  | 4 |  |  | 231 |
Income tax expense related to items of other comprehensive income, before tax |  | (42) |  |  | 9 |  |  | (33) |
Other comprehensive income, net of tax |  | 185 |  |  | 13 |  |  | 198 |
Total comprehensive loss |  | $ | (234) |  |  | $ | 28 |  |  | $ | (206) |
|  | Six Months Ended December 30, 2022
Condensed Consolidated Statement of Cash Flows |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Cash flows from operating activities |  |  |  |  |  |
Net loss |  | $ | (419) |  |  | $ | 15 |  |  | $ | (404) |
Deferred income taxes |  | 25 |  |  | (4) |  |  | 21 |
Other non-cash operating activities, net |  | 69 |  |  | (13) |  |  | 56 |
Other assets and liabilities, net |  | (317) |  |  | 2 |  |  | (315) |
Net cash provided by operating activities |  | 41 |  |  | — |  |  | 41 |
Condensed Consolidated Statement of Shareholders’ Equity |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Retained earnings as of: |  |  |  |  |  |
July 1, 2022 |  | $ | 9,039 |  |  | $ | 127 |  |  | $ | 9,166 |
December 30, 2022 |  | 8,711 |  |  | 142 |  |  | 8,853 |
Accumulated other comprehensive loss as of: |  |  |  |  |  |
July 1, 2022 |  | (554) |  |  | (25) |  |  | (579) |
December 30, 2022 |  | (369) |  |  | (12) |  |  | (381) |
Foreign currency translation adjustment for the three months ended: |  |  |  |  |  |
September 30, 2022 |  | (80) |  |  | (7) |  |  | (87) |
December 30, 2022 |  | 97 |  |  | 20 |  |  | 117 |
|  | As of June 30, 2023
Condensed Consolidated Balance Sheet |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Notes receivable and investments in Flash Ventures |  | $ | 1,297 |  |  | $ | 113 |  |  | $ | 1,410 |
Other non-current assets |  | 1,509 |  |  | 4 |  |  | 1,513 |
Total assets |  | 24,429 |  |  | 117 |  |  | 24,546 |
Accumulated other comprehensive loss |  | (516) |  |  | (32) |  |  | (548) |
Retained earnings |  | 7,424 |  |  | 149 |  |  | 7,573 |
Total shareholders’ equity |  | 10,847 |  |  | 117 |  |  | 10,964 |
Total liabilities, convertible preferred stock and shareholders’ equity |  | 24,429 |  |  | 117 |  |  | 24,546 |

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 + Details
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