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Related Parties and Related Commitments and Contingencies (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 27, 2024 | Jun. 28, 2024
Loss Contingencies [Line Items] |  |
Schedule of Related Party Transactions | The following table presents the notes receivable from, and equity investments in, Flash Ventures for the periods presented:
|  | December 27, 2024 |  |  | June 28, 2024 |
|  | (in millions) |
Notes receivable, Flash Partners |  | $ | 72 |  |  | $ | 1 |
Notes receivable, Flash Alliance |  |  | 35 |  |  |  | 5 |
Notes receivable, Flash Forward |  |  | 476 |  |  |  | 485 |
Investment in Flash Partners |  |  | 41 |  |  |  | 148 |
Investment in Flash Alliance |  |  | 118 |  |  |  | 219 |
Investment in Flash Forward |  |  | 129 |  |  |  | 143 |
Total notes receivable and investments in Flash Ventures |  | $ | 871 |  |  | $ | 1,001 |
The following presents a summary of the outstanding borrowings between the Company and subsidiaries of WDC for the periods presented, inclusive of any associated interest payable or interest receivable:
|  | Interest Rate |  | December 27, 2024 |  |  | June 28, 2024 |
|  |  |  | (in millions) |
Notes due from Parent |  |  |  |  |  |  |  |  |  |
Revolving Credit Agreement due from Parent $101M - Oct. 3, 2019 |  | AFR Rate (USD) or TIBOR + .35% (YEN) |  | $ | — |  |  | $ | (102 | )
Total Notes due from Parent |  |  |  |  | — |  |  |  | (102 | )
Notes due to Parent |  |  |  |  |  |  |  |  |  |
Revolving Credit Agreement due to Parent $1B - Sep. 27, 2024 |  | SOFR + 1.6% |  |  | 553 |  |  |  | — |
Notes due to Parent $500M - Nov. 25, 2014 |  | 1-year swap + 2% |  |  | — |  |  |  | 475 |
|  | Interest Rate |  | December 27, 2024 |  |  | June 28, 2024 |
|  |  |  | (in millions) |
Notes Due to Parent $42B Yen - Apr. 29, 2014 |  | TIBOR + .35% |  |  | — |  |  |  | 262 |
Revolving Credit Agreement due to Parent $100M - Aug. 20, 2021 |  | LIBOR Rate + 150 basis points |  |  | — |  |  |  | 77 |
Total Notes due to Parent |  |  |  |  | 553 |  |  |  | 814 |
|  | Total Notes due to Parent, net |  | $ | 553 |  |  | $ | 712 |
The following presents interest expense and interest income on notes due to (from) Parent, which have been recorded within Interest expense and Interest income in the Condensed Combined Statements of Operations for the periods presented:
|  | Six Months Ended |
|  | December 27, 2024 |  |  | December 29, 2023 |
|  | (in millions) |
Interest expense on notes due to Parent |  | $ | 4 |  |  | $ | 20 |
Interest income on notes due from Parent |  | $ | (1 | ) |  | $ | (3 | )
The table below summarizes the impact of expense allocations from WDC within the Condensed Combined Statements of Operations for the periods presented:
|  | Six Months Ended |
|  | December 27, 2024 |  |  | December 29, 2023 |
|  | (in millions) |
Research and development |  | $ | 189 |  |  | $ | 330 |
Selling general, and administrative |  |  | 148 |  |  |  | 219 |
Business separation costs |  |  | 41 |  |  |  | 34 |
Employee termination and other charges |  |  | 5 |  |  |  | (46 | )
Total allocation of Corporate Expenses |  | $ | 383 |  |  | $ | 537 |
A reconciliation of Net transfers from (to) Parent on the Condensed Combined Statements of Changes in Parent Company Net Investment to the corresponding amounts on the Condensed Combined Statements of Cash Flows is as follows:
|  | Six Months Ended |
|  | December 27, 2024 |  |  | December 29, 2023 |
|  | (in millions) |
Net transfers from Parent per Condensed Combined Statements of Changes in Parent Company Net Investment |  | $ | 491 |  |  | $ | 171 |
Liability for unrecognized tax benefits transferred from Parent |  |  | 14 |  |  |  | — |
Accumulated other comprehensive loss transferred from Parent |  |  | 6 |  |  |  | — |
Strategic investments transferred from Parent |  |  | (7 | ) |  |  | — |
Other assets and liabilities, net transferred from Parent |  |  | (37 | ) |  |  | — |
Property, plant and equipment, net transferred from Parent |  |  | (25 | ) |  |  | (2 | )
Notes due to Parent transferred from Parent |  |  | (673 | ) |  |  | — |
Notes due from Parent transferred to Parent |  |  | — |  |  |  | 113 |
Deferred taxes, net transferred from Parent |  |  | — |  |  |  | (8 | )
Net transfers from (to) Parent per Condensed Combined Statements of Cash Flows |  | $ | (231 | ) |  | $ | 274 |
Schedule of Variable Interest Entities | The Company’s maximum reasonably estimable loss exposure (excluding lost profits) as a result of its involvement with Flash Ventures, based upon the Japanese yen to U.S. dollar exchange rate at December 27, 2024, is presented below. Investments in Flash Ventures are denominated in Japanese yen, and the maximum estimable loss exposure excludes any cumulative translation adjustment due to revaluation from the Japanese yen to the U.S. dollar.
|  | December 27, 2024 |
|  | (in millions) |
Notes receivable |  | $ | 583 |
Equity investments |  |  | 288 |
Operating lease guarantees |  |  | 1,343 |
Inventory and prepayments |  |  | 1,393 |
Maximum estimable loss exposure |  | $ | 3,607 |
Schedule of Guarantor Obligations | The following table presents the Company’s portion of the remaining guarantee obligations under the Flash Ventures’ lease facilities in both Japanese yen and U.S. dollar-equivalent, based upon the Japanese yen to U.S. dollar exchange rate as of December 27, 2024:
|  | Lease Amounts |
|  | (Japanese yen, in billions) |  |  | (U.S. dollar, in millions) |
Total guarantee obligations |  | ¥ | 212 |  |  | $ | 1,343 |
The following table details the breakdown of the Company’s remaining guarantee obligations between the principal amortization and the purchase option exercise price at the end of the term of the Flash Ventures lease agreements, in annual installments, in U.S. dollars, based upon the Japanese yen to U.S. dollar exchange rate as of December 27, 2024:
Annual Installments |  | Payment of Principal Amortization |  |  | Purchase Option Exercise Price at Final Lease Terms |  |  | Guarantee Amount |
|  | (in millions) |
Remaining six months of 2025 |  | $ | 201 |  |  | $ | 49 |  |  | $ | 250 |
2026 |  |  | 406 |  |  |  | 113 |  |  |  | 519 |
2027 |  |  | 198 |  |  |  | 97 |  |  |  | 295 |
2028 |  |  | 83 |  |  |  | 93 |  |  |  | 176 |
2029 |  |  | 25 |  |  |  | 50 |  |  |  | 75 |
2030 |  |  | 4 |  |  |  | 24 |  |  |  | 28 |
Total guarantee obligations |  | $ | 917 |  |  | $ | 426 |  |  | $ | 1,343 |
The Flash Business of Western Digital Corporation [Member] |  |
Loss Contingencies [Line Items] |  |
Schedule of notes receivable from, and equity investments |  | The following table presents the notes receivable from, and equity investments in, Flash Ventures for the periods presented:
|  | June 28, 2024 |  |  | June 30, 2023 |
|  | (in millions) |
Notes receivable, Flash Partners |  | $ | 1 |  |  | $ | 37 |
Notes receivable, Flash Alliance |  |  | 5 |  |  |  | 48 |
Notes receivable, Flash Forward |  |  | 485 |  |  |  | 709 |
Investment in Flash Partners |  |  | 148 |  |  |  | 160 |
Investment in Flash Alliance |  |  | 219 |  |  |  | 274 |
Investment in Flash Forward |  |  | 143 |  |  |  | 183 |
Total notes receivable and investments in Flash Ventures |  | $ | 1,001 |  |  | $ | 1,411 |
A reconciliation of Net transfers from (to) Parent on the Combined Statements of Changes in Parent Company Net Investment to the corresponding amounts on the Combined Statements of Cash Flows is as follows:
|  | Years Ended |
|  | June 28, 2024 |  |  | June 30, 2023 |  |  | July 1, 2022 |
|  | (in millions) |
Net transfers from (to) Parent per Combined Statement of Changes in Parent Company Net Investment |  | $ | 275 |  |  | $ | 376 |  |  | $ | (922 | )
Property, plant and equipment, net transferred from Parent |  |  | (11 | ) |  |  | (18 | ) |  |  | (13 | )
Deferred taxes, net transferred to Parent |  |  | 17 |  |  |  | 2 |  |  |  | 2 |
Notes due from Parent transferred to Parent |  |  | 113 |  |  |  | 316 |  |  |  | — |
Net transfers from (to) Parent per Combined Statements of Cash Flows |  | $ | 394 |  |  | $ | 676 |  |  | $ | (933 | )
The table below summarizes the impact of expense allocations from WDC within the Combined Statements of Operations for the periods presented:
|  | Years Ended |
|  | June 28, 2024 |  |  | June 30, 2023 |  |  | July 1, 2022 |
|  | (in millions) |
Research and development |  | $ | 723 |  |  | $ | 750 |  |  | $ | 884 |
Selling, general and administrative |  |  | 418 |  |  |  | 452 |  |  |  | 470 |
Employee termination, asset impairment and other |  |  | (40 | ) |  |  | 61 |  |  |  | (2 | )
Business separation costs |  |  | 64 |  |  |  | — |  |  |  | — |
Total allocation of Corporate expenses |  | $ | 1,165 |  |  | $ | 1,263 |  |  | $ | 1,352 |
The following presents interest expense and interest income on notes due to (from) Parent, which have been recorded within interest expense and interest income in the Combined Statements of Operations for the periods presented:
|  | Years Ended |
|  | June 28, 2024 |  |  | June 30, 2023 |  |  | July 1, 2022 |
|  | (in millions) |
Interest income on notes due from Parent |  | $ | 6 |  |  | $ | 16 |  |  | $ | 3 |
Interest expense on notes due to Parent |  | $ | (37 | ) |  | $ | (29 | ) |  | $ | (13 | )
Schedule of Related Party Transactions |  | The following presents a summary of the outstanding borrowings between the Business and subsidiaries of the Parent for the periods presented, inclusive of any associated interest receivable or interest payable:
Notes due to (from) Parent |  | Interest Rate |  | June 28, 2024 |  |  | June 30, 2023 |
Notes due from Parent |  |  |  |  | (in millions) |
Revolving Credit Agreement due from Parent $101M - Oct. 3, 2019 |  | AFR Rate (USD) or TIBOR + .35% (YEN) |  | $ | (102 | ) |  | $ | — |
Notes due from Parent $40M - Dec. 19, 2018 |  | .15% through Dec. 2021, .33% through Dec. 2022 and 4.55% through Maturity Date |  |  | — |  |  |  | (40 | )
Notes due from Parent $10M - Mar. 29, 2019 |  | 1.5% through Mar 2022, .97% through Mar. 2023, and 4.5% through Maturity Date |  |  | — |  |  |  | (10 | )
Notes due from Parent $8M - Jul. 25, 2019 |  | .18% through Jul 2021, .12% through July 2022, and 2.37% through Maturity Date |  |  | — |  |  |  | (8 | )
Revolving Credit Agreement due from Parent $1B - Dec. 20, 2019 |  | AFR Rate (USD) or TIBOR + .35% (YEN) |  |  | — |  |  |  | (4 | )
Revolving Credit Agreement due from Parent $100M October 27, 2021 |  | LIBOR Rate + 150 basis points |  |  | — |  |  |  | (1 | )
Total Notes due from Parent |  |  |  |  | (102 | ) |  |  | (63 | )
Notes due to Parent |  |  |  |  |  |  |  |  |  |
Notes due to Parent $500M - Nov. 25, 2014 |  | 1-year swap + 2% |  |  | 475 |  |  |  | 467 |
Notes Due to Parent $42B Yen - April 29, 2014 |  | TIBOR + .35% |  |  | 262 |  |  |  | 291 |
Revolving Credit Agreement due to Parent $100M - Aug. 20, 2021 |  | LIBOR Rate + 150 basis points |  |  | 77 |  |  |  | 77 |
Revolving Credit Agreement due to Parent $1B - Dec. 20, 2019 |  | AFR Rate (USD) or TIBOR + .35% (YEN) |  |  | — |  |  |  | 29 |
Revolving Credit Agreement due to Parent - $1B - Dec. 20, 2019 |  | AFR Rate (USD) or TIBOR + .35% (YEN) |  |  | — |  |  |  | 24 |
Notes Due to Parent $60M - Feb. 22 2023 |  | Safe Notice Rate - 6.698% |  |  | — |  |  |  | 31 |
Total Notes due to Parent |  |  |  |  | 814 |  |  |  | 919 |
|  | Total Notes due to Parent, net |  | $712 |  |  | $856 |
Schedule of Variable Interest Entities |  | The Business’s maximum reasonably estimable loss exposure (excluding lost profits) as a result of its involvement with Flash Ventures, based upon the Japanese yen to U.S. dollar exchange rate at June 28, 2024, is presented below. Investments in Flash Ventures are denominated in Japanese yen, and the maximum estimable loss exposure excludes any cumulative translation adjustment due to revaluation from the Japanese yen to the U.S. dollar.
|  |  | June 28, 2024 |
|  |  | (in millions) |
Notes receivable |  | $ | 491 |
Equity investments |  |  | 510 |
Operating lease guarantees |  |  | 1,299 |
Inventory and prepayments |  |  | 1,069 |
Maximum estimable loss exposure |  | $ | 3,369 |
Schedule of Guarantor Obligations |  | The following table presents the Business’s portion of the remaining guarantee obligations under the Flash Ventures’ lease facilities in both Japanese yen and U.S. dollar-equivalent, based upon the Japanese yen to U.S. dollar exchange rate:
|  | June 28, 2024 Lease Amounts |
|  | (Japanese yen, in billions) |  |  | (U.S. dollar, in millions) |
Total guarantee obligations |  | ¥ | 208 |  |  | $ | 1,299 |
The following table details the breakdown of the Business’s remaining guarantee obligations between the principal amortization and the purchase option exercise price at the end of the term of the Flash Ventures lease agreements, in annual installments as of June 28, 2024, in U.S. dollars, based upon the Japanese yen to U.S. dollar exchange rate as of June 28, 2024:
Annual Installments |  | Payment of Principal Amortization |  |  | Purchase Option Exercise Price at Final Lease Terms |  |  | Guarantee Amount |
|  | (in millions) |
2025 |  | $ | 285 |  |  | $ | 74 |  |  | $ | 359 |
2026 |  |  | 359 |  |  |  | 111 |  |  |  | 470 |
2027 |  |  | 164 |  |  |  | 95 |  |  |  | 259 |
2028 |  |  | 58 |  |  |  | 92 |  |  |  | 150 |
2029 |  |  | 11 |  |  |  | 50 |  |  |  | 61 |
Total guarantee obligations |  | $ | 877 |  |  | $ | 422 |  |  | $ | 1,299 |

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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