Leases and Other Commitments (Tables)

6 Months Ended

12 Months Ended

Dec. 27, 2024

Jun. 28, 2024

Leases and Other Commitments [Line Items]

Schedule of Supplemental Balance Sheet Disclosures

The following table presents right-of-use lease assets and lease liabilities included in the Company’s Condensed Combined Balance Sheets:

	December 27, 2024		June 28, 2024
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	191	$	179
Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)		17		11
Long-term operating lease liabilities (included in other liabilities)		179		171
Total operating lease liabilities	$	196	$	182

Schedule of Supplemental Cash Flow

The following table summarizes supplemental disclosures of operating cost and cash flow information related to operating leases:

	Six Months Ended
	December 27, 2024		December 29, 2023
	(in millions)
Cost of operating leases	$	16	$	13
Cash paid for operating leases		14		14
Operating lease assets obtained in exchange for operating lease liabilities		4		167

The weighted average remaining lease term and discount rate for the Company’s operating leases were as follows:

	December 27, 2024			June 28, 2024
Weighted average remaining lease term in years		12.6			13.7
Weighted average discount rate		7.4	%		7.5	%

Schedule of Minimum Lease Payments

As of December 27, 2024, minimum lease payments were as follows:

	Lease Amounts
	(in millions)
Minimum lease payments by fiscal year:
Remaining six months of 2025	$	14
2026		30
2027		28
2028		20
2029		20
Thereafter		198
Total future minimum lease payments		310
Less: Imputed interest		114
Present value of lease liabilities	$	196

Schedule of Minimum Long-Term Commitments

As of December 27, 2024, the Company had the following minimum long-term commitments:

	Long-term commitments
	(in millions)
Fiscal year:
Remaining six months of 2025	$	26
2026		496
2027		586

	Long-term commitments
	(in millions)
2028		570
2029		570
Thereafter		660
Total	$	2,908

The Flash Business of Western Digital Corporation [Member]

Leases and Other Commitments [Line Items]

Schedule of Supplemental Balance Sheet Disclosures

The following table presents right-of-use-lease assets and lease liabilities included in the Business’s Combined Balance Sheets:

	June 28, 2024		June 30, 2023
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	179	$	93
Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)		11		13
Long-term operating lease liabilities (included in other liabilities)		172		87
Total operating lease liabilities	$	183	$	100

Schedule of Supplemental Cash Flow

The following tables summarize supplemental disclosures of operating cost and cash flow information related to operating leases:

	Years ended
	June 28, 2024		June 30, 2023		July 1, 2022
	(in millions)
Cost of operating leases	$	29	$	21	$	22
Cash paid for operating leases		30		14		10
Operating lease assets obtained in exchange for operating lease liabilities		167		3		107
Decrease in operating lease liabilities and right-of-use assets due to lease remeasurement		71		—		—

The weighted average remaining lease term and discount rate for the Business’s operating leases were as follows:

	2024			2023
Weighted average remaining lease term in years		13.7			7.8
Weighted average discount rate		7.5	%		3.0	%

Schedule of Minimum Lease Payments

As of June 28, 2024, minimum lease payments were as follows:

	Lease Amounts
	(in millions)
2025	$	23
2026		22
2027		21
2028		19
2029		19
Thereafter		199
Total future minimum lease payments		303
Less: Imputed interest		120
Present value of lease liabilities	$	183

Schedule of Minimum Long-Term Commitments

As of June 28, 2024, the Business had the following minimum long-term commitments:

	Long-term commitments
	(in millions)
Fiscal year:
2025	$	43
2026		51
2027		32
2028		20
2029		20
Thereafter		110
Total	$	276