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Revision of Previously Issued Financial Statements (Tables) | 9 Months Ended
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Mar. 29, 2024
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 March 31, 2023
Condensed Consolidated Statement of Operations |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions, except per share amounts)
Operating loss |  | $ | (472) |  |  | $ | — |  |  | $ | (472) |
Interest and other expense: |  |  |  |  |  |
Interest income |  | 10 |  |  | — |  |  | 10 |
Interest expense |  | (80) |  |  | — |  |  | (80) |
Other income, net |  | 13 |  |  | 1 |  |  | 14 |
Total interest and other expense, net |  | (57) |  |  | 1 |  |  | (56) |
Loss before taxes |  | (529) |  |  | 1 |  |  | (528) |
Income tax expense |  | 43 |  |  | — |  |  | 43 |
Net loss |  | (572) |  |  | 1 |  |  | (571) |
Less: cumulative dividends allocated to preferred shareholders |  | 9 |  |  | — |  |  | 9 |
Net loss attributable to common shareholders |  | $ | (581) |  |  | $ | 1 |  |  | $ | (580) |
Net loss per common share: |  |  |  |  |  |
Basic |  | $ | (1.82) |  |  | $ | — |  |  | $ | (1.82) |
Diluted |  | $ | (1.82) |  |  | $ | — |  |  | $ | (1.82) |
|  | Nine Months Ended March 31, 2023
Condensed Consolidated Statement of Operations |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions, except per share amounts)
Operating loss |  | $ | (635) |  |  | $ | — |  |  | $ | (635) |
Interest and other expense: |  |  |  |  |  |
Interest income |  | 15 |  |  | — |  |  | 15 |
Interest expense |  | (223) |  |  | — |  |  | (223) |
Other income, net |  | 13 |  |  | 14 |  |  | 27 |
Total interest and other expense, net |  | (195) |  |  | 14 |  |  | (181) |
Loss before taxes |  | (830) |  |  | 14 |  |  | (816) |
Income tax expense |  | 161 |  |  | (2) |  |  | 159 |
Net loss |  | (991) |  |  | 16 |  |  | (975) |
Less: cumulative dividends allocated to preferred shareholders |  | 9 |  |  | — |  |  | 9 |
Net loss attributable to common shareholders |  | $ | (1,000) |  |  | $ | 16 |  |  | $ | (984) |
Net loss per common share: |  |  |  |  |  |
Basic |  | $ | (3.14) |  |  | $ | 0.05 |  |  | $ | (3.09) |
Diluted |  | $ | (3.14) |  |  | $ | 0.05 |  |  | $ | (3.09) |
|  | Three Months Ended March 31, 2023
Condensed Consolidated Statement of Comprehensive Loss |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Net loss |  | $ | (572) |  |  | $ | 1 |  |  | $ | (571) |
Other comprehensive income, before tax: |  |  |  |  |  |
Actuarial pension loss |  | (1) |  |  | — |  |  | (1) |
Foreign currency translation adjustment |  | (7) |  |  | (1) |  |  | (8) |
Net unrealized gain on derivative contracts |  | 21 |  |  | — |  |  | 21 |
Total other comprehensive income, before tax |  | 13 |  |  | (1) |  |  | 12 |
Income tax expense related to items of other comprehensive income, before tax |  | (6) |  |  | — |  |  | (6) |
Other comprehensive income, net of tax |  | 7 |  |  | (1) |  |  | 6 |
Total comprehensive loss |  | $ | (565) |  |  | $ | — |  |  | $ | (565) |
|  | Nine Months Ended March 31, 2023
Condensed Consolidated Statement of Comprehensive Loss |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Net loss |  | $ | (991) |  |  | $ | 16 |  |  | $ | (975) |
Other comprehensive income, before tax: |  |  |  |  |  |
Actuarial pension loss |  | (1) |  |  | — |  |  | (1) |
Foreign currency translation adjustment |  | 8 |  |  | 3 |  |  | 11 |
Net unrealized gain on derivative contracts |  | 233 |  |  | — |  |  | 233 |
Total other comprehensive income, before tax |  | 240 |  |  | 3 |  |  | 243 |
Income tax expense related to items of other comprehensive income, before tax |  | (48) |  |  | 9 |  |  | (39) |
Other comprehensive income, net of tax |  | 192 |  |  | 12 |  |  | 204 |
Total comprehensive loss |  | $ | (799) |  |  | $ | 28 |  |  | $ | (771) |
|  | Nine Months Ended March 31, 2023
Condensed Consolidated Statement of Cash Flows |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Cash flows from operating activities |  |  |  |  |  |
Net loss |  | $ | (991) |  |  | $ | 16 |  |  | $ | (975) |
Deferred income taxes |  | 34 |  |  | (4) |  |  | 30 |
Other non-cash operating activities, net |  | 6 |  |  | (14) |  |  | (8) |
Other assets and liabilities, net |  | (165) |  |  | 2 |  |  | (163) |
Net cash used in operating activities |  | (340) |  |  | — |  |  | (340) |
Condensed Consolidated Statement of Shareholders’ Equity |  | As Previously Reported |  | Adjustment |  | As Revised
|  | (in millions)
Retained earnings as of March 31, 2023 |  | $ | 8,139 |  |  | $ | 143 |  |  | $ | 8,282 |
Accumulated other comprehensive loss as of March 31, 2023 |  | (362) |  |  | (13) |  |  | (375) |
Foreign currency translation adjustment for the three months ended March 31, 2023 |  | (8) |  |  | (1) |  |  | (9) |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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