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Revision of Previously Issued Financial Statements (Tables) | 6 Months Ended
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Dec. 29, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of the Revisions Made to the Company’s Condensed Consolidated Financial Statements | 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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