Revision of Previously Issued Financial Statements (Tables)

12 Months Ended

Jun. 28, 2024

The following tables provide a summary of the revisions made to the Company’s Condensed Consolidated Financial Statements for the periods presented.


	Year Ended July 1, 2022
Condensed Consolidated Statement of Operations	As Previously Reported		Adjustment		As Revised
	(in millions, except per share amounts)
Operating income	$	2,391	$	—	$	2,391
Interest and other income:
Interest income	6		—		6
Interest expense	(304)		—		(304)
Other income, net	30		48		78
Total interest and other income, net	(268)		48		(220)
Income before taxes	2,123		48		2,171
Income tax expense	623		2		625
Net income	$	1,500	$	46	$	1,546



Net income per common share:
Basic	$	4.81	$	0.15	$	4.96
Diluted	$	4.75	$	0.14	$	4.89


	Year Ended June 30, 2023
Condensed Consolidated Statement of Operations	As Previously Reported		Adjustment		As Revised
	(in millions, except per share amounts)








Operating loss	$	(1,285)	$	—	$	(1,285)
Interest and other income:
Interest income	24		—		24
Interest expense	(312)		—		(312)
Other income, net	13		10		23
Total interest and other income, net	(275)		10		(265)
Loss before taxes	(1,560)		10		(1,550)
Income tax expense	146		(12)		134
Net loss	(1,706)		22		(1,684)
Less: cumulative dividends allocated to preferred shareholders	24		—		24
Net loss attributable to common shareholders	$	(1,730)	$	22	$	(1,708)

Net loss per common share:
Basic	$	(5.44)	$	0.07	$	(5.37)
Diluted	$	(5.44)	$	0.07	$	(5.37)


	Year Ended July 1, 2022
Condensed Consolidated Statement of Comprehensive Income	As Previously Reported		Adjustment		As Revised
	(in millions)
Net income	$	1,500	$	46	$	1,546
Other comprehensive loss, before tax:
Actuarial pension gain	26		—		26
Foreign currency translation adjustment	(239)		(23)		(262)
Net unrealized loss on derivative contracts	(180)		—		(180)
Total other comprehensive loss, before tax	(393)		(23)		(416)
Income tax benefit related to items of other comprehensive loss, before tax	36		—		36
Other comprehensive loss, net of tax	(357)		(23)		(380)
Total comprehensive income	$	1,143	$	23	$	1,166


	Year Ended June 30, 2023
Condensed Consolidated Statement of Comprehensive Loss	As Previously Reported		Adjustment		As Revised
	(in millions)
Net loss	$	(1,706)	$	22	$	(1,684)
Other comprehensive income, before tax:
Actuarial pension gain	12		—		12
Foreign currency translation adjustment	(81)		(7)		(88)
Net unrealized gain on derivative contracts	138		—		138
Total other comprehensive income, before tax	69		(7)		62
Income tax expense related to items of other comprehensive income, before tax	(31)		—		(31)
Other comprehensive income, net of tax	38		(7)		31
Total comprehensive loss	$	(1,668)	$	15	$	(1,653)


	Year Ended July 1, 2022
Condensed Consolidated Statement of Cash Flows	As Previously Reported		Adjustment		As Revised
	(in millions)
Cash flows from operating activities
Net income	$	1,500	$	46	$	1,546
Deferred income taxes	114		2		116
Other non-cash operating activities, net	67		(48)		19
Other assets and liabilities, net	(349)		—		(349)
Net cash provided by operating activities	1,880		—		1,880


	Year Ended June 30, 2023
Condensed Consolidated Statement of Cash Flows	As Previously Reported		Adjustment		As Revised
	(in millions)
Cash flows from operating activities
Net loss	$	(1,706)	$	22	$	(1,684)
Deferred income taxes	(34)		(14)		(48)
Other non-cash operating activities, net	71		(10)		61
Other assets and liabilities, net	(185)		2		(183)
Net cash used in operating activities	(408)		—		(408)


Condensed Consolidated Statement of Shareholders’ Equity	As Previously Reported		Adjustment		As Revised
	(in millions)
Retained earnings as of:
July 2, 2021	$	7,539	$	81	$	7,620

Accumulated other comprehensive loss as of:
July 2, 2021	(197)		(2)		(199)

Foreign currency translation adjustment for the year ended June 30, 2023	(80)		(7)		(87)