Supplemental Financial Statement Data (Tables)

6 Months Ended

12 Months Ended

Dec. 27, 2024

Jun. 28, 2024

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Carrying Amount of Goodwill

The following table provides a summary of goodwill activity for the period presented:

	(in millions)
Balance at June 28, 2024	$	7,207
Divestiture (1)		(382	)
Balance at December 27, 2024	$	6,825

(1)  On September 28, 2024, the Company sold its majority interest in a subsidiary. See further discussion in Part 1, Item 1, Note 9, Related Parties and Related Commitments and Contingencies.

Schedule of Inventories

Inventories

	December 27, 2024		June 28, 2024
	(in millions)
Inventories:
Raw materials and component parts	$	1,661	$	1,398
Work-in-process		208		237
Finished goods		303		320
Total inventories	$	2,172	$	1,955

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net

	December 27, 2024			June 28, 2024
	(in millions)
Property, plant and equipment:
Land	$	10		$	10
Machinery and equipment		1,463			2,340
Buildings and improvements		280			397
Computer equipment and software		153			123
Furniture and fixtures		18			16
Construction-in-process		114			108
Property, plant and equipment, gross		2,038			2,994
Accumulated depreciation		(1,459	)		(2,203	)
Property, plant and equipment, net	$	579		$	791

Schedule of Product Warranty Liability

Product warranty liability

Changes in the warranty accrual were as follows:

	Six Months Ended
	December 27, 2024			December 29, 2023
	(in millions)
Warranty accrual, beginning of period	$	48		$	42
Charges to operations		9			15
Utilization		(17	)		(17	)
Changes in estimate related to pre-existing warranties		4			3
Warranty accrual, end of period	$	44		$	43

The current portion of the warranty accrual was classified in Accrued expenses and the long-term portion was classified in Other liabilities as noted below:

	December 27, 2024		June 28, 2024
	(in millions)
Warranty accrual:
Current portion	$	22	$	27
Long-term portion		22		21
Total warranty accrual	$	44	$	48

Schedule of Other Liabilities

Other liabilities

	December 27, 2024		June 28, 2024
	(in millions)
Other liabilities:
Non-current lease liability	$	179	$	171
Non-current net tax payable		66		56
Other non-current liabilities		62		59
Total other liabilities	$	307	$	286

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss

Accumulated other comprehensive loss (“AOCL”), net of tax, refers to expenses, gains, and losses that are recorded as an element of equity but are excluded from net income. The components of AOCL were as follows:

	Foreign Currency Translation Adjustment			Unrealized Income (Losses) on Derivative Contracts			Total Accumulated Comprehensive Loss
	(in millions)
Balance at June 28, 2024	$	(208	)	$	(244	)	$	(452	)
Other comprehensive income (loss)		(35	)		74			39
Income tax expense related to items of other comprehensive income		—			(15	)		(15	)
Net current-period other comprehensive income (loss)		(35	)		59			24
Net transfer to Parent		—			(6	)		(6	)
Balance at December 27, 2024	$	(243	)	$	(191	)	$	(434	)

The Flash Business of Western Digital Corporation [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Carrying Amount of Goodwill

The following table provides a summary of goodwill activity for the periods presented:

	(in millions)
Balance at July 2, 2021	$	7,912
Reduction in goodwill in connection with disposition of business		(14	)
Foreign currency translation adjustment		(11	)
Balance at July 1, 2022		7,887
Impairment		(671	)
Foreign currency translation adjustment		(4	)
Balance at June 30, 2023		7,212
Foreign currency translation adjustment		(5	)
Balance at June 28, 2024	$	7,207

Schedule of Inventories

Inventories

	June 28, 2024		June 30, 2023
	(in millions)
Inventories:
Raw materials and component parts	$	1,398	$	1,754
Work-in-process		237		182
Finished goods		320		333
Total inventories	$	1,955	$	2,269

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net

	June 28, 2024			June 30, 2023
	(in millions)
Property, plant and equipment:
Land	$	10		$	35
Buildings and improvements		397			479
Machinery and equipment		2,340			2,280
Computer equipment and software		123			121
Furniture and fixtures		16			15
Construction-in-process		108			86
Property, plant and equipment, gross		2,994			3,016
Accumulated depreciation		(2,203	)		(2,083	)
Property, plant and equipment, net	$	791		$	933

Summary Finite Lived Intangible Assets Amortization Expense

Intangible asset amortization was as follows:

	2024		2023		2022
	(in millions)
Intangible asset amortization	$	—	$	133	$	219

Schedule of Product Warranty Liability

Product warranty liability

Changes in the warranty accrual were as follows:

	2024			2023			2022
	(in millions)
Warranty accrual, beginning of period	$	42		$	52		$	48
Charges to operations		28			30			35
Utilization		(34	)		(26	)		(19	)
Changes in estimate related to pre-existing warranties		12			(14	)		(12	)
Warranty accrual, end of period	$	48		$	42		$	52

The current portion of the warranty accrual is classified in accrued expenses and the long-term portion is classified in other liabilities as noted below:

	2024		2023
	(in millions)
Warranty accrual:
Current portion (included in Accrued expenses)	$	27	$	23
Long-term portion (included in Other liabilities)		21		19
Total warranty accrual	$	48	$	42

Schedule of Other Liabilities

Other liabilities

Other liabilities are as follows:

	2024		2023
	(in millions)
Other liabilities:
Non-current net tax payable	$	56	$	30
Long-term lease liability		171		88
Other non-current liabilities		59		61
Total other liabilities	$	286	$	179

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (“AOCL”), net of tax refers to expenses, gains and losses that are recorded as an element of equity but are excluded from net income (loss). The following table illustrates the changes in the balances of each component of AOCL:

	Foreign Currency Translation Adjustment			Unrealized Gain (Loss) on Derivative Contracts			Total Accumulated Comprehensive Loss
	(in millions)
Balance at July 1, 2022		(130	)		(277	)		(407	)
Other comprehensive income (loss)		(35	)		128			93
Income tax expense related to items of other comprehensive income (loss)		—			(29	)		(29	)
Net current-period other comprehensive income (loss)		(35	)		99			64
Balance at June 30, 2023		(165	)		(178	)		(343	)
Other comprehensive loss		(43	)		(87	)		(130	)
Income tax benefit related to items of other comprehensive loss		—			21			21
Net current-period other comprehensive loss		(43	)		(66	)		(109	)
Balance at June 28, 2024	$	(208	)	$	(244	)	$	(452	)