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Discontinued Operations (Tables) | 9 Months Ended
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Mar. 28, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table provides a summary of the assets and liabilities classified as discontinued operations:
Assets and Liabilities of Discontinued Operations |  | June 28, 2024
|  | (in millions)
Assets
Cash and cash equivalents |  | $ | 328 |
Accounts receivable, net |  | 935 |
Inventories |  | 1,955 |
Other current assets |  | 313 |
Current assets of discontinued operations |  | $ | 3,531 |
Property, plant and equipment, net |  | $ | 808 |
Notes receivable and investments in Flash Ventures |  | 991 |
Goodwill |  | 5,713 |
Other non-current assets |  | 1,101 |
Non-current assets of discontinued operations |  | $ | 8,613 |
Liabilities
Accounts payable |  | $ | 357 |
Accounts payable to related parties |  | 313 |
Accrued expenses |  | 427 |
Income taxes payable |  | 54 |
Accrued compensation |  | 173 |
Current liabilities of discontinued operations |  | $ | 1,324 |
Non-current liabilities of discontinued operations |  | $ | 368 |
The following table provides a summary of net income (loss) from discontinued operations, net of taxes:
|  | Three Months Ended |  | Nine Months Ended |  |
Net Income (Loss) from Discontinued Operations, Net of Taxes |  | March 28, 2025 |  | March 29, 2024 |  | March 28, 2025 |  | March 29, 2024 |  |
|  | (in millions) |  |
Revenue, net |  | $ | 602 |  |  | $ | 1,705 |  |  | $ | 4,361 |  |  | $ | 4,926 |  |  |
Cost of revenue |  | 485 |  |  | 1,223 |  |  | 2,892 |  |  | 4,410 |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Research and development |  | 185 |  |  | 251 |  |  | 718 |  |  | 686 |  |  |
Selling, general and administrative |  | 84 |  |  | 27 |  |  | 229 |  |  | 66 |  |  |
Gain on business divestiture |  | — |  |  | — |  |  | (113) |  |  | — |  |  |
Business separation costs |  | 57 |  |  | 23 |  |  | 144 |  |  | 59 |  |  |
Employee termination, asset impairment and other |  | — |  |  | 2 |  |  | 3 |  |  | (74) |  |  |
Operating income (loss) |  | (209) |  |  | 179 |  |  | 488 |  |  | (221) |  |  |
Total interest and other income (expense), net |  | 1 |  |  | 11 |  |  | (36) |  |  | 4 |  |  |
Income (loss) before taxes |  | (208) |  |  | 190 |  |  | 452 |  |  | (217) |  |  |
Income tax expense |  | 44 |  |  | 47 |  |  | 236 |  |  | 101 |  |  |
Net income (loss) from discontinued operations, net of taxes |  | $ | (252) |  |  | $ | 143 |  |  | $ | 216 |  |  | $ | (318) |  |  |
The following table provides selected financial information related to cash flows from discontinued operations:
|  | Nine Months Ended
Select Cash Flow Information from Discontinued Operations |  | March 28, 2025 |  | March 29, 2024
|  | (in millions)
Depreciation and amortization |  | $ | 117 |  |  | $ | 166 |
Purchases of property, plant and equipment |  | 139 |  |  | 128 |
Stock-based compensation |  | 98 |  |  | 71 |

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