Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the computation of basic and diluted income (loss) per common share:

	Three Months Ended				Nine Months Ended
	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
	(in millions, except per share data)
Net income (loss)	$	135	$	(571)	$	(837)	$	(975)
Less: cumulative dividends on Preferred Stock	15		9		44		9
Less: income attributable to participating securities(1)	7		—		—		—
Net income (loss) attributable to common shareholders	$	113	$	(580)	$	(881)	$	(984)
Weighted average shares outstanding:
Basic	326		319		324		318
RSUs, PSUs, ESPP, and the convertible notes	9		—		—		—
Diluted	335		319		324		318
Net income (loss) per common share
Basic	$	0.35	$	(1.82)	$	(2.72)	$	(3.09)
Diluted	$	0.34	$	(1.82)	$	(2.72)	$	(3.09)
Anti-dilutive potential common shares excluded	—		15		13		15

(1)     Preferred Stock represents participating securities because they participate in any dividends on shares of common stock on a pari passu, pro rata basis. Preferred Stock does not participate in undistributed net losses.