0002023554-25-000016 | 10-Q/A | XBRL Viewer

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Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Feb. 21, 2025	Feb. 22, 2025
Western Digital Corporation
Subsequent Event [Line Items]
Dividends paid	$ 1,500.0
Term B Loan \| Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 2,000.0
Amortization percentage	1.00%
Term B Loan \| Line of Credit \| SOFR
Subsequent Event [Line Items]
Variable interest rate	3.00%
Term B Loan \| Line of Credit \| Base Rate
Subsequent Event [Line Items]
Variable interest rate	2.00%
Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 1,500.0
Variable interest rate	0.10%
Commitment fee percentage	0.30%
Revolving Credit Facility \| Line of Credit \| SOFR
Subsequent Event [Line Items]
Variable interest rate	2.00%
Revolving Credit Facility \| Line of Credit \| Base Rate
Subsequent Event [Line Items]
Variable interest rate	1.00%
Term Loan Facility \| Line of Credit
Subsequent Event [Line Items]
Proceeds from term loan	$ 2,000.0
Western Digital Corporation
Subsequent Event [Line Items]
Percent distribution of shares	80.10%
Western Digital Corporation \| Sandisk Corporation
Subsequent Event [Line Items]
Ownership percentage		19.90%

Related Parties and Related Commitments and Contingencies - Related Party Debt (Details) - Related Party - USD ($) $ in Millions	6 Months Ended
	Dec. 27, 2024	Sep. 27, 2024	Jun. 28, 2024	Aug. 20, 2021	Oct. 03, 2019	Nov. 25, 2014	Apr. 29, 2014
Related Party Transaction [Line Items]
Notes due from Parent	$ 0		$ (102)
Notes due to Parent	553		814
Total Notes due to Parent, net	553		712
Notes receivable
Related Party Transaction [Line Items]
Notes due from Parent	0		(102)
Line of Credit \| Revolving Credit Facility \| Revolver Credit Agreement, 2024
Related Party Transaction [Line Items]
Notes due to Parent	$ 553		0
Maximum borrowing capacity		$ 1,000
Line of Credit \| Revolving Credit Facility \| Revolver Credit Agreement, 2024 \| SOFR
Related Party Transaction [Line Items]
Variable interest rate	1.60%
Line of Credit \| Revolving Credit Facility \| Revolver Credit Agreement, 2021
Related Party Transaction [Line Items]
Notes due to Parent	$ 0		77
Maximum borrowing capacity				$ 100
Line of Credit \| Revolving Credit Facility \| Revolver Credit Agreement, 2021 \| LIBOR
Related Party Transaction [Line Items]
Variable interest rate	1.50%
Notes Payable, Other Payables \| 2014 $500M Notes
Related Party Transaction [Line Items]
Notes due to Parent	$ 0		475
Debt instrument, face amount						$ 500
Variable interest rate	2.00%
Notes Payable, Other Payables \| 2014 $42B Yen Notes
Related Party Transaction [Line Items]
Notes due to Parent	$ 0		262
Debt instrument, face amount							$ 42,000
Notes Payable, Other Payables \| 2014 $42B Yen Notes \| TIBOR
Related Party Transaction [Line Items]
Variable interest rate	0.35%
Revolving Credit Facility \| Notes receivable
Related Party Transaction [Line Items]
Notes due from Parent	$ 0		$ (102)
Notes receivable, related parties					$ 101
Revolving Credit Facility \| TIBOR \| Notes receivable
Related Party Transaction [Line Items]
Basis spread on variable rate					0.35%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023
Cash flows from operating activities
Net Income (Loss)	$ 315	$ (819)
Adjustments to reconcile net income (loss) to net cash used in operations:
Depreciation and amortization	90	114
Stock-based compensation	89	77
Deferred income taxes	23	1
Gain on disposal of assets	(1)	(60)
Non-cash portion of impairment of cost method investments	1	0
Unrealized foreign exchange (gain) loss	(5)	26
Gain on business divestiture	(34)	0
Equity loss in investees, net of dividends received	59	4
Other non-cash operating activities, net	10	41
Settlement of accrued interest on Notes due to Parent	(96)	0
Changes in:
Accounts receivable, net	31	(145)
Inventories	(252)	657
Accounts payable	57	100
Accounts payable to related parties	(54)	(42)
Accrued expenses	13	(90)
Accrued compensation	6	7
Other assets and liabilities, net	(288)	(38)
Net cash used in operating activities	(36)	(167)
Cash flows from investing activities
Purchases of property, plant and equipment	(115)	(99)
Proceeds from the sale of property, plant and equipment	0	134
Proceeds from dispositions of business	191	0
Notes receivable issuances to Flash Ventures	(266)	(184)
Notes receivable proceeds from Flash Ventures	182	263
Distributions from Flash Ventures	176	0
Strategic investments and other, net	1
Strategic investments and other, net		(1)
Net cash provided by investing activities	169	113
Cash flows from financing activities
Proceeds from borrowings on Notes due to Parent	550	0
Proceeds from principal repayments on Notes due from Parent	101	0
Repayments of principal on Notes due to Parent	(76)	(14)
Transfers from (to) Parent	(231)	274
Origination of Notes due from Parent	0	(74)
Net cash provided by financing activities	344	186
Effect of exchange rate changes on cash	(1)	1
Net increase in cash and cash equivalents	476	133
Cash and cash equivalents, beginning of year	328	292
Cash and cash equivalents, end of period	804	425
Supplemental disclosure of cash flow information:
Cash paid for interest	99	6
Cash received for interest	2	7
Non-cash transfers of Notes due to Parent transferred from Parent	673	0
Non-cash transfers of property, plant and equipment from Parent	25	2
Non-cash transfers of other assets and liabilities, net, from Parent	37	0
Non-cash transfers of strategic investments from Parent	7	0
Non-cash transfers of liability for unrecognized tax benefits transferred from Parent	14	0
Non-cash transfers of deferred taxes from Parent	0	8
Non-cash transfers of Notes due from Parent transferred to Parent	$ 0	$ 113

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Presentation (Details) - Western Digital Corporation - Subsequent Event	Feb. 22, 2025	Feb. 21, 2025
Noncontrolling Interest [Line Items]
Percent distribution of shares		80.10%
Right to receive per share ratio		0.33
Sandisk Corporation
Noncontrolling Interest [Line Items]
Ownership percentage	19.90%

Supplemental Financial Statement Data - Goodwill Roll Forward (Details)	3 Months Ended		6 Months Ended
	Dec. 27, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 27, 2024 USD ($) segment reporting_unit	Dec. 29, 2023 USD ($)
Goodwill [Roll Forward]
Balance at June 28, 2024			$ 7,207,000,000
Divestiture			(382,000,000)
Balance at September 27, 2024	$ 6,825,000,000		$ 6,825,000,000
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Number of reporting units \| reporting_unit			1
Impairment charges	$ 0	$ 0	$ 0	$ 0
Carrying value, percentage	12.00%		12.00%

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Supplemental Financial Statement Data - Schedule of Current Portion of the Warranty Accrual (Details) - USD ($) $ in Millions	Dec. 27, 2024	Sep. 27, 2024	Jun. 28, 2024	Dec. 29, 2023	Sep. 29, 2023	Jun. 30, 2023
Warranty accrual:
Current portion	$ 22		$ 27
Long-term portion	22		21
Total warranty accrual	$ 44	$ 41	$ 48	$ 43	$ 40	$ 42

Geographic Information and Concentrations of Risk - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Disaggregation of Revenue [Line Items]
Revenue, net	$ 1,876	$ 1,665	$ 3,759	$ 3,198
Asia
Disaggregation of Revenue [Line Items]
Revenue, net	1,086	1,112	2,236	2,173
Americas
Disaggregation of Revenue [Line Items]
Revenue, net	389	257	832	487
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue, net	401	296	691	538
Cloud
Disaggregation of Revenue [Line Items]
Revenue, net	250	40	550	58
Client
Disaggregation of Revenue [Line Items]
Revenue, net	1,028	970	2,097	1,967
Consumer
Disaggregation of Revenue [Line Items]
Revenue, net	$ 598	$ 655	$ 1,112	$ 1,173

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Stock-based Compensation Expense

6 Months Ended

Dec. 27, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense

The table below summarizes the total costs charged to the Company related to the Company’s employees’ participation in WDC’s equity incentive plan during the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Cost of revenue	$	3	$	5	$	9	$	10
Research and development	20		17		40		35
Selling general, and administrative	25		15		40		32
Total	$	48	$	37	$	89	$	77

The total unrecognized stock-based compensation expense associated with our employees was $303 million as of December 27, 2024. The total unrecognized stock-based expense relates to employees of WDC who will be employees of the Company after the separation.

Leases and Other Commitments - Sale Leaseback (Details) $ in Millions	1 Months Ended	6 Months Ended
	Sep. 29, 2023 USD ($) option	Dec. 27, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Sale leaseback net cash proceeds	$ 191
Proceeds from sale leaseback transaction	134
Sale leaseback gain		$ 60
Sale leaseback annual lease rate	$ 16
Sale leaseback increase percentage	0.03
Through January 1, 2039
Lessee, Lease, Description [Line Items]
Sale leaseback number of renewal options \| option	3
Sale leaseback renewal options term	5 years
Through December 2057
Lessee, Lease, Description [Line Items]
Sale leaseback number of renewal options \| option	1
Sale leaseback renewal options term	4 years

Geographic Information and Concentrations of Risk - Additional Information (Details) - Revenue from Contract with Customer - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Top Ten Customers
Concentration Risk [Line Items]
Concentration risk, percentage	42.00%	45.00%	46.00%	43.00%
One Customer
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%		10.00%

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 27, 2024	Sep. 27, 2024	Dec. 29, 2023	Sep. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 104	$ 211	$ (301)	$ (518)	$ 315	$ (819)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Financial Statement Data

6 Months Ended

Dec. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Statement Data

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 September 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.

Goodwill attributed to the Company represents the historical goodwill balances in WDC’s business arising from acquisitions specific to the Company.

The Company determined that its single operating segment was also its single reporting unit. Goodwill is not amortized. Instead, it is tested for impairment annually as of the beginning of the Company’s fourth quarter or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company uses qualitative factors to determine whether goodwill is more likely than not impaired and whether a quantitative test for impairment is considered necessary. If the Company concludes from the qualitative assessment that goodwill is more likely than not impaired, the Company is required to perform a quantitative approach to determine the amount of impairment.

The Company is required to use judgment when assessing goodwill for impairment, including evaluating the impact of industry and macroeconomic conditions and the determination of the fair value of the reporting unit. In addition, the estimates and assumptions used to determine the fair value as well as the actual carrying value may change based on future changes in the Company’s results of operations, macroeconomic conditions or other factors. Changes in these estimates and assumptions could materially affect the Company’s assessment of the fair value and goodwill impairment. In addition, if negative macroeconomic conditions continue or worsen, goodwill could become impaired, which could result in an impairment charge and materially adversely affect the Company’s financial condition and results of operations.

For the three and six months ended December 29, 2023, there were no impairment charges recorded. In the three months ended December 27, 2024, the Company identified macroeconomic conditions and other qualitative factors indicating a potential impairment of goodwill at December 27, 2024. The Company conducted a quantitative analysis of the fair value of its sole reporting unit to determine the existence and magnitude of any potential goodwill impairment. The quantitative analysis employed a weighted valuation model, assessing the fair value of the reporting unit using both income and market approaches.

The income approach valued the projected discounted cash flows that are expected to be generated by the Company’s reporting unit and required judgments and estimates surrounding general economic conditions and company-specific performance inputs such as revenue growth rates, gross margins, operating costs, capital expenditures, assumed tax rates and other assumptions deemed reasonable by management. The market approach valued the reporting unit based upon financial performance and market multiples of comparable public companies, including consideration of a control premium representing the estimated amount a market participant would pay to obtain a controlling interest in the Company. After completion of the quantitative analysis, the Company determined that the fair value of its reporting unit exceeded its carrying value by 12%, resulting in no impairment charges recorded in the three and six months ended December 27, 2024. See Part 1, Item 1, Note 15, Subsequent Events, for information about a potential impairment of goodwill for the three months ending March 28, 2025.

Accounts receivable, net

From time to time, in connection with factoring agreements, WDC sells certain of our trade accounts receivable without recourse to third-party purchasers in exchange for cash. During the six months ended December 27, 2024, there were no trade accounts receivable of the Company sold by WDC. During the six months ended December 29, 2023, WDC sold trade accounts receivable of the Company and received cash proceeds of $272 million. The discounts on the trade accounts receivable sold during the period were not material and were recorded within Other expense, net in the Condensed Combined Statements of Operations. There were no factored receivables outstanding as of December 27, 2024 and June 28, 2024.

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

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

Product warranty liability

Changes in the warranty accrual were as follows:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Warranty accrual, beginning of period	$	41	$	40	$	48	$	42
Charges to operations	8		8		9		15
Utilization	(9)		(7)		(17)		(17)
Changes in estimate related to pre-existing warranties	4		2		4		3
Warranty accrual, end of period	$	44	$	43	$	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

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

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)

During the three and six months ended December 27, 2024, the amounts reclassified out of AOCL were losses related to foreign exchange contracts, substantially all of which were charged to Cost of revenue in the Condensed Combined Statements of Operations.

As of December 27, 2024, substantially all existing net losses related to cash flow hedges recorded in AOCL are expected to be reclassified to earnings within the next twelve months.

Supplemental Financial Statement Data - Accounts Receivable, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023
Western Digital Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds on sale of trade accounts receivable	$ 0	$ 272

Revenues

6 Months Ended

Dec. 27, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Geographic Information and Concentrations of Risk

Disaggregated Revenue

The Company’s broad portfolio of technology and products addresses multiple end markets. Cloud represents a large and growing end market comprised primarily of products for public or private cloud environments and enterprise customers. Through the Client end market, the Company provides its original equipment manufacturer (“OEM”) and channel customers a broad array of high-performance flash solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Consumer end market is highlighted by the Company’s broad range of retail and other end-user products, which capitalize on the strength of the Company’s product brand recognition and vast points of presence around the world.

The Company’s disaggregated revenue information was as follows:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Revenue by end market
Cloud	$	250	$	40	$	550	$	58
Client	1,028		970		2,097		1,967
Consumer	598		655		1,112		1,173
Total revenue	$	1,876	$	1,665	$	3,759	$	3,198

Revenue by geography
Asia	$	1,086	$	1,112	$	2,236	$	2,173
Americas	389		257		832		487
Europe, Middle East and Africa	401		296		691		538
Total revenue	$	1,876	$	1,665	$	3,759	$	3,198

The Company’s top 10 customers accounted for 42% and 46% of its net revenue for the three and six months ended December 27, 2024, respectively, and 45% and 43% of its net revenue for the three and six months ended December 29, 2023, respectively. For the three and six months ended December 27, 2024, no customer accounted for more than 10% of the Company’s net revenue. For the three and six months ended December 29, 2023, one customer accounted for 10% of the Company’s net revenue.

Revenues

Contract assets represent the Company’s rights to consideration where performance obligations are completed, but the customer payments are not due until another performance obligation is satisfied. The Company did not have any contract assets as of December 27, 2024, or June 28, 2024. Contract liabilities relate to customers’ payments in advance of performance under the contract and primarily relate to remaining performance obligations under professional service and support and maintenance contracts. Contract liabilities as of December 27, 2024 and June 28, 2024, and changes in contract liabilities for the three and six months ended December 27, 2024 and December 29, 2023, were not material.

The Company incurs sales commissions as direct incremental costs to obtain sales contracts. The Company has applied the practical expedient to recognize sales commissions as an expense when incurred if the amortization period is expected to be one year or less or the amount is not material, with these costs charged to Selling, general and administrative expenses. The Company had no other direct incremental costs to obtain contracts that have an expected benefit of greater than one year.

The Company applies the practical expedients and does not disclose the transaction price allocated to the remaining performance obligations for (i) arrangements with an original expected duration of one year or less, mainly consisting of professional service, support, and maintenance contracts, and (ii) variable consideration for sale-based or usage-based royalties for intellectual property license arrangements, which typically range longer than one year. The remaining performance obligations are mainly attributed to right-to-access patent license arrangements, professional service arrangements and customer support and service contracts, which will be recognized over their contract period. The transaction price allocated to the remaining performance obligations as of December 27, 2024, was not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Supplemental Financial Statement Data - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Dec. 27, 2024	Sep. 27, 2024	Dec. 29, 2023	Sep. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 12,126	$ 11,082	$ 10,925	$ 11,439	$ 11,082	$ 11,439
Other comprehensive income (loss)					39
Income tax expense related to items of other comprehensive income	30		(15)		(15)	(5)
Net current-period other comprehensive income (loss)	(185)		83		24	28
Net transfer from Parent	(92)	583	152	19
Ending balance	12,001	12,126	10,896	10,925	12,001	10,896
Total Accumulated Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(243)	(452)	(398)	(343)	(452)	(343)
Net transfer from Parent	(6)				(6)
Ending balance	(434)	(243)	$ (315)	$ (398)	(434)	$ (315)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(208)			(208)
Other comprehensive income (loss)					(35)
Income tax expense related to items of other comprehensive income					0
Net current-period other comprehensive income (loss)					(35)
Net transfer from Parent					0
Ending balance	(243)				(243)
Unrealized Income (Losses) on Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		$ (244)			(244)
Other comprehensive income (loss)					74
Income tax expense related to items of other comprehensive income					(15)
Net current-period other comprehensive income (loss)					59
Net transfer from Parent					(6)
Ending balance	$ (191)				$ (191)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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+ Details

Related Parties and Related Commitments and Contingencies - Combined Consolidated Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Related Party Transaction [Line Items]
Interest expense	$ 4	$ 11	$ 6	$ 22
Interest income	(2)	(3)	(5)	(6)
Research and development	279	246	562	486
Selling, general and administrative	142	113	272	231
Business separation costs	21	34	41	34
Employee termination and other	3	13	5	(46)
Total operating expenses	411	406	846	705
Related Party
Related Party Transaction [Line Items]
Interest expense	2	9	4	20
Interest income	0	(1)	(1)	(3)
Research and development	2	161	189	330
Selling, general and administrative	35	107	148	219
Business separation costs	21	34	41	34
Employee termination and other	3	13	5	(46)
Total operating expenses	$ 61	$ 315	$ 383	$ 537

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Dec. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of December 27, 2024, the Company had outstanding foreign exchange forward contracts that were designated as either cash flow hedges or non-designated hedges. Substantially all of the contract maturity dates of these foreign exchange forward contracts do not exceed twelve months. Changes in the fair values of the non-designated foreign exchange contracts are recognized in Other expense, net and are largely offset by corresponding changes in the fair values of the foreign currency denominated monetary assets and liabilities. For the three months ended December 27, 2024 and December 29, 2023, total net realized and unrealized transactions and foreign exchange contract currency were a $10 million loss and $3 million loss, respectively. For the six months ended December 27, 2024 total net realized and unrealized transaction and foreign exchange contract currency were a $25 million loss and were not material for the six months ended December 29, 2023. Unrealized gains or losses on designated cash flow hedges are recognized in AOCL. For more information regarding cash flow hedges, see Part 1, Item 1, Note 5, Supplemental Financial Statement Data—Accumulated other comprehensive loss.

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Foreign exchange contracts
Derivative [Line Items]
Net realized and unrealized losses	$ 10	$ 3	$ 25	$ 0

Employee Termination and Other Charges (Tables)

6 Months Ended

Dec. 27, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The Company recorded the following net charges related to these actions for the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Employee termination benefits	$	2	$	13	$	2	$	14
Contract termination and other	1		—		3		—
Gain on sale-leaseback of facility	—		—		—		(60)
Total employee termination and other charges	$	3	$	13	$	5	$	(46)

Income Tax Expense - Additional Information (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 60	$ 47
Penalties and interest accrued on unrecognized tax benefits	$ 6	$ 9

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Income Statement [Abstract]
Revenue, net	$ 1,876	$ 1,665	$ 3,759	$ 3,198
Cost of revenue	1,270	1,504	2,427	3,225
Gross profit (loss)	606	161	1,332	(27)
Operating expenses:
Research and development	279	246	562	486
Selling, general and administrative	142	113	272	231
Business separation costs	21	34	41	34
Employee termination and other	3	13	5	(46)
Gain on business divestiture	(34)	0	(34)	0
Total operating expenses	411	406	846	705
Operating income (loss)	195	(245)	486	(732)
Interest and other expense:
Interest income	2	3	5	6
Interest expense	(4)	(11)	(6)	(22)
Other expense, net	(20)	(7)	(45)	(6)
Total interest and other expense, net	(22)	(15)	(46)	(22)
Income (loss) before taxes	173	(260)	440	(754)
Income tax expense	69	41	125	65
Net income (loss)	$ 104	$ (301)	$ 315	$ (819)

Stock-based Compensation Expense (Tables)

6 Months Ended

Dec. 27, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The table below summarizes the total costs charged to the Company related to the Company’s employees’ participation in WDC’s equity incentive plan during the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Cost of revenue	$	3	$	5	$	9	$	10
Research and development	20		17		40		35
Selling general, and administrative	25		15		40		32
Total	$	48	$	37	$	89	$	77

Employee Termination and Other Charges

6 Months Ended

Dec. 27, 2024

Restructuring and Related Activities [Abstract]

Employee Termination and Other Charges

Business Realignment

The Company periodically incurs charges to realign its operations with anticipated market demand, primarily consisting of organization rationalization designed to streamline its business, reduce its cost structure and focus its resources. The Company has taken actions to reduce the amount of capital invested in facilities, including the sale-leaseback of its facility in Milpitas, California, in September 2023, as discussed in Part 1, Item 1, Note 10, Leases and Other Commitments of the Notes to Condensed Combined Financial Statements included in this Quarterly Report on Form 10-Q.

The Company recorded the following net charges related to these actions for the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Employee termination benefits	$	2	$	13	$	2	$	14
Contract termination and other	1		—		3		—
Gain on sale-leaseback of facility	—		—		—		(60)
Total employee termination and other charges	$	3	$	13	$	5	$	(46)

The termination benefits accrual balance as of December 27, 2024 and the periodic activity during the three and six months ended December 27, 2024 were not material.

Income Tax Expense

6 Months Ended

Dec. 27, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

The Tax Cuts and Jobs Act (the “2017 Act”), enacted on December 22, 2017, includes a broad range of tax reform proposals affecting businesses. WDC completed its accounting for the tax effects of the enactment of the 2017 Act during the second quarter of 2019. However, the U.S. Treasury and the Internal Revenue Service have issued tax guidance on certain provisions of the 2017 Act since the enactment date, and the Company anticipates the issuance of additional regulatory and interpretive guidance. WDC applied a reasonable interpretation of the 2017 Act along with the then-available guidance in finalizing its accounting for the tax effects of the 2017 Act. Any additional regulatory or interpretive guidance would constitute new information, which may require further refinements to the Company’s estimates in future periods.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which contained significant changes to laws related to tax, climate, energy, and health care. The tax measures include, among other things, a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income (“AFSI”) exceeding $1.0 billion. The CAMT was effective for the Company beginning with fiscal year 2024. The Company does not expect to be subject to the CAMT of 15% for fiscal year 2025 as its average annual AFSI did not exceed $1.0 billion for the preceding three-year period.

On December 20, 2021, the Organization for Economic Co-operation and Development G20 (“OECD/G20”) Inclusive Framework on Base Erosion and Profit Shifting released Model Global Anti-Base Erosion rules under Pillar Two (“Pillar Two”). Several non-U.S. jurisdictions have either enacted legislation or announced their intention to enact future legislation to adopt certain or all components of the Pillar Two, some of which are effective for the Company in fiscal year 2025. For fiscal year 2025, the Company currently expects to be able to meet certain transitional safe harbors and does not expect any material Pillar Two taxes. As more jurisdictions adopt this legislation in fiscal year 2026, there may be material increases in the Company’s future tax obligations in certain jurisdictions.

The following table presents the Company’s Income tax expense and the effective tax rate:


	Three Months Ended						Six Months Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	($ in millions)
Income (loss) before taxes	$	173		$	(260)		$	440		$	(754)
Income tax expense	69			41			125			65
Effective tax rate	40		%	(16)		%	28		%	(9)		%

Beginning in fiscal year 2023, the 2017 Act requires the Company to capitalize and amortize R&D expenses rather than expensing them in the year incurred. The tax effects related to the capitalization of R&D expenses are included in the effective tax rate for the three and six months ended December 27, 2024 and December 29, 2023.

The relative mix of earnings and losses by jurisdiction, the deduction for foreign-derived intangible income, credits and tax holidays in Malaysia that have or will expire at various dates during years 2025 through 2031 resulted in decreases to the effective tax rate below the U.S. statutory rate for the three and six months ended December 27, 2024. However, the tax effects of the mandatory capitalization of R&D expenses offset these decreases, resulting in the effective tax rate being closer to the U.S. Federal statutory rate for the three and six months ended December 27, 2024.

The primary drivers of the difference between the effective tax rate for the three and six months ended December 29, 2023 and the U.S. Federal statutory rate of 21% are the relative mix of earnings and losses by jurisdiction, the deduction for foreign-derived intangible income, credits and tax holidays in Malaysia.

Uncertain Tax Positions

With the exception of certain unrecognized tax benefits that are directly associated with the tax position taken, unrecognized tax benefits are presented gross in the Condensed Combined Balance Sheets.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding accrued interest and penalties for the six months ended December 27, 2024:


	(in millions)
Accrual balance at June 28, 2024	$	47
Gross increases related to prior year tax positions	17
Gross increases related to current year tax positions	3

Gross decrease related to prior year tax positions	(7)
Accrual balance at December 27, 2024	$	60

As of December 27, 2024 and June 28, 2024, the liability for unrecognized tax benefits (excluding accrued interest and penalties) was $60 million and $47 million, respectively. Interest and penalties related to unrecognized tax benefits are recognized in liabilities recorded for uncertain tax positions and are recorded in the provision for income taxes. Accrued interest and penalties included in the Company’s liability related to unrecognized tax benefits as of December 27, 2024 and June 28, 2024 was $6 million and $9 million, respectively.

The Company believes that adequate provision has been made for any adjustments that may result from any other tax examinations. However, the outcome of such tax examinations cannot be predicted with certainty. If any issues addressed in the Company’s tax examinations are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Any significant change in the amount of the Company’s liability for unrecognized tax benefits would most likely result from additional information relating to the examination of the Company’s tax returns.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Retirement Benefits [Abstract]
Net funded (unfunded) status	$ (7)	$ (6)

Related Parties and Related Commitments and Contingencies (Tables)

6 Months Ended

Dec. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

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
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:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Interest expense on notes due to Parent	$	2	$	9	$	4	$	20
Interest income on notes due from Parent	$	—	$	(1)	$	(1)	$	(3)

The table below summarizes the impact of expense allocations from WDC within the Condensed Combined Statements of Operations for the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Research and development	$	2	$	161	$	189	$	330
Selling general, and administrative	35		107		148		219
Business separation costs	21		34		41		34
Employee termination and other charges	3		13		5		(46)
Total allocation of Corporate Expenses	$	61	$	315	$	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

- 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 + Details

Employee Termination and Other Charges - Schedule of Net Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Restructuring Cost and Reserve [Line Items]
Employee termination and other	$ 3	$ 13	$ 5	$ (46)
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Employee termination and other	2	13	2	14
Contract termination and other
Restructuring Cost and Reserve [Line Items]
Employee termination and other	1	0	3	0
Gain on sale-leaseback of facility
Restructuring Cost and Reserve [Line Items]
Employee termination and other	$ 0	$ 0	$ 0	$ (60)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Legal Proceedings	6 Months Ended
Legal Proceedings	Dec. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal ProceedingsIn the normal course of business, the Company is subject to legal proceedings, lawsuits and other claims. Although the ultimate aggregate amount of reasonably possible monetary liability or financial impact with respect to these other matters is subject to many uncertainties, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, would not be material to the Company’s financial condition, results of operations or cash flows. However, any monetary liability and financial impact to the Company from these matters could differ materially from the Company’s expectations

Supplemental Financial Statement Data - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,038	$ 2,994
Accumulated depreciation	(1,459)	(2,203)
Property, plant and equipment, net	579	791
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10	10
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,463	2,340
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	280	397
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	153	123
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18	16
Construction-in-process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 114	$ 108

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Dec. 27, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Defined Benefit Plan The Company sponsors a defined benefit pension plan that is solely available for employees located in South Korea. As of December 27, 2024, and June 28, 2024, the plan had a net unfunded status of $7 million and $6 million, respectively, classified as Other liabilities on the Condensed Combined Balance Sheets. Total pension expense included in Cost of revenue and Operating expenses in the Condensed Combined Statements of Operations was not material for the three and six months ended December 27, 2024 and December 29, 2023. No employees of the Company participate in defined benefit pension plans sponsored by WDC or its subsidiaries.

Geographic Information and Concentrations of Risk

6 Months Ended

Dec. 27, 2024

Revenue from Contract with Customer [Abstract]

Geographic Information and Concentrations of Risk

Disaggregated Revenue

The Company’s disaggregated revenue information was as follows:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Revenue by end market
Cloud	$	250	$	40	$	550	$	58
Client	1,028		970		2,097		1,967
Consumer	598		655		1,112		1,173
Total revenue	$	1,876	$	1,665	$	3,759	$	3,198

Revenue by geography
Asia	$	1,086	$	1,112	$	2,236	$	2,173
Americas	389		257		832		487
Europe, Middle East and Africa	401		296		691		538
Total revenue	$	1,876	$	1,665	$	3,759	$	3,198

Revenues

- Definition

+ References

+ Details

Related Parties and Related Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - Dec. 27, 2024 $ in Millions, ¥ in Billions	USD ($)	JPY (¥)
Related Party
Loss Contingencies [Line Items]
Total guarantee obligations	$ 1,343	¥ 212

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Dec. 27, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In September 2022, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. The ASU requires the Company to provide disclosure of outstanding obligations to such suppliers for all balance sheet dates presented beginning with the Company’s first quarter of 2024 and to provide certain annual roll-forward information related to those obligations beginning with the Company’s first fiscal quarter of 2025. The ASU does not affect the recognition, measurement or financial statement presentation for supplier finance program obligations. The Company adopted the guidance on the first day of fiscal year 2024, and the adoption did not have a material impact on its Condensed Combined Financial Statements. As of December 27, 2024, none of the Company’s suppliers are utilizing these programs. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands on segment reporting requirements primarily through enhanced disclosures surrounding significant segment expenses. The ASU expands on existing segment reporting requirements to require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity’s CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. These incremental disclosures will be required beginning with the Company’s financial statements for the year ending June 27, 2025. The Company is currently assessing these reporting requirements and expects to provide any required disclosures at that time. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU calls for enhanced income tax disclosure requirements surrounding the tabular rate reconciliation and income taxes paid. The Company is currently compiling the information required for these disclosures. These incremental disclosures will be required beginning with the Company’s financial statements for the year ending June 26, 2026, with early adoption permitted. The Company expects to provide any required disclosures at that time. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which is intended to improve disclosures about the expenses of public entities. The new guidance requires more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales and selling, general and administrative expenses) and requires public entities to disclose, on an annual and interim basis, the amounts of expenses included in each relevant expense caption presented on the face of the income statement within continuing operations, in a tabular format. Additionally, public entities will be required to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and, in annual reporting periods, the definition of selling expenses. This standard is effective on either a prospective or retrospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently compiling the information required for these disclosures and assessing the basis of adoption and expects to adopt the guidance for annual reporting periods included in the Company’s financial statements for the year ending June 30, 2028.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Income Tax Expense (Tables)

6 Months Ended

Dec. 27, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the Company’s Income tax expense and the effective tax rate:


	Three Months Ended						Six Months Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	($ in millions)
Income (loss) before taxes	$	173		$	(260)		$	440		$	(754)
Income tax expense	69			41			125			65
Effective tax rate	40		%	(16)		%	28		%	(9)		%

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding accrued interest and penalties for the six months ended December 27, 2024:


	(in millions)
Accrual balance at June 28, 2024	$	47
Gross increases related to prior year tax positions	17
Gross increases related to current year tax positions	3

Gross decrease related to prior year tax positions	(7)
Accrual balance at December 27, 2024	$	60

Organization and Basis of Presentation (Policies)	6 Months Ended
Organization and Basis of Presentation (Policies)	Dec. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Throughout the periods covered by the Condensed Combined Financial Statements, the Company was an operating segment of WDC. Consequently, stand-alone interim financial statements were not historically prepared for the Company. The accompanying Condensed Combined Financial Statements have been prepared from WDC’s historical consolidated interim financial statements and accounting records and are presented on a stand-alone basis as if the Company’s operations had been conducted independently from WDC. The Company utilized allocations and carve-out methodologies to prepare these historic Condensed Combined Financial Statements. The Condensed Combined Financial Statements include the historical results of operations, financial position, and cash flows of the Company in accordance with GAAP, and the Company has adopted accounting policies and practices that are generally accepted in the industry in which it operates. As no single legal entity of the Company had a controlling financial interest in all other legal entities as of the reporting date, Condensed Combined Financial Statements have been prepared.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Friday nearest to June 30 and typically consists of 52 weeks. Approximately every five to six years, we report a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal year 2025, which will end on June 27, 2025, and fiscal year 2024, which ended on June 28, 2024, are each comprised of 52 weeks, with all quarters presented consisting of 13 weeks. Unless otherwise indicated, references herein to specific years and quarters are to fiscal years and fiscal quarters, and references to financial information are on a condensed combined basis.
Segment Reporting	Segment Reporting Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company currently operates as both a single operating and reportable segment.
Business Separation Costs	Business Separation Costs On October 30, 2023, WDC announced that its Board of Directors had completed its strategic review and, after evaluating a comprehensive range of alternatives, authorized WDC to pursue a plan to separate its flash business from its hard disk drive business to create two independent public companies. As a result of the plan, the Company has incurred separation and transition costs related to the completion of its separation from WDC. The separation and transition costs are recorded within Business separation costs in the Condensed Combined Statements of Operations.
Use of Estimates	Use of Estimates Management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with U.S. GAAP. These estimates and assumptions have been applied using methodologies that are consistent throughout the periods presented, with consideration given to the potential impacts of current macroeconomic conditions. However, actual results could differ materially from these estimates.
Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In September 2022, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. The ASU requires the Company to provide disclosure of outstanding obligations to such suppliers for all balance sheet dates presented beginning with the Company’s first quarter of 2024 and to provide certain annual roll-forward information related to those obligations beginning with the Company’s first fiscal quarter of 2025. The ASU does not affect the recognition, measurement or financial statement presentation for supplier finance program obligations. The Company adopted the guidance on the first day of fiscal year 2024, and the adoption did not have a material impact on its Condensed Combined Financial Statements. As of December 27, 2024, none of the Company’s suppliers are utilizing these programs. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands on segment reporting requirements primarily through enhanced disclosures surrounding significant segment expenses. The ASU expands on existing segment reporting requirements to require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity’s CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. These incremental disclosures will be required beginning with the Company’s financial statements for the year ending June 27, 2025. The Company is currently assessing these reporting requirements and expects to provide any required disclosures at that time. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU calls for enhanced income tax disclosure requirements surrounding the tabular rate reconciliation and income taxes paid. The Company is currently compiling the information required for these disclosures. These incremental disclosures will be required beginning with the Company’s financial statements for the year ending June 26, 2026, with early adoption permitted. The Company expects to provide any required disclosures at that time. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which is intended to improve disclosures about the expenses of public entities. The new guidance requires more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales and selling, general and administrative expenses) and requires public entities to disclose, on an annual and interim basis, the amounts of expenses included in each relevant expense caption presented on the face of the income statement within continuing operations, in a tabular format. Additionally, public entities will be required to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and, in annual reporting periods, the definition of selling expenses. This standard is effective on either a prospective or retrospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently compiling the information required for these disclosures and assessing the basis of adoption and expects to adopt the guidance for annual reporting periods included in the Company’s financial statements for the year ending June 30, 2028.
Fair Value Measurements and Investments	Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2. Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3. Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Supplemental Financial Statement Data - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
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

Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 27, 2024	Feb. 27, 2025
Cover [Abstract]
Document Type	10-Q/A
Document Period End Date	Dec. 27, 2024
Document Transition Report	false
Entity File Number	001-42420
Entity Registrant Name	Sandisk Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-1508671
Entity Address, Address Line One	951 Sandisk Drive
Entity Address, City or Town	Milpitas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95035
City Area Code	408
Local Phone Number	801-1000(Registrant’s telephone number, including area code)
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	SNDK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		144,863,251
Entity Central Index Key	0002023554
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	true
Current Fiscal Year End Date	--06-27
Amendment Description	The purpose of this Amendment No. 1 on Form 10-Q/A to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 27, 2024, filed with the Securities and Exchange Commission on March 7, 2025 (the “Form 10-Q”), is to (1) correct an error in the number of shares outstanding on the cover page of the Form 10-Q as of the last practicable date from 114,863,251 to 144,863,251, and (2) correct a typographical error in the certification contained in Exhibit 31.2 to the Form 10-Q.No other changes have been made to the Form 10-Q, which is hereby refiled in its entirety. This Form 10-Q/A does not reflect events that may have occurred subsequent to the original filing date, and except as noted above, does not modify or update in any way disclosures made in the original Form 10-Q.
Document Quarterly Report	true

Fair Value Measurements and Investments

6 Months Ended

Dec. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Investments

Financial Instruments Carried at Fair Value

Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels:

Level 1. Quoted prices in active markets for identical assets or liabilities.

Level 2. Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3. Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities.

The following tables present information about the Company’s financial instruments that were measured at fair value on a recurring basis for the periods presented and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:


	December 27, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	232	$	—	$	—	$	232
Foreign exchange contracts (included in other current assets)	—		17		—		17
Total assets at fair value	$	232	$	17	$	—	$	249
Liabilities:
Foreign exchange contracts (included in accrued expenses)	$	—	$	145	$	—	$	145
Total liabilities at fair value	$	—	$	145	$	—	$	145


	June 28, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	28	$	—	$	—	$	28
Foreign exchange contracts (included in other current assets)	—		7		—		7
Total assets at fair value	$	28	$	7	$	—	$	35
Liabilities:
Foreign exchange contracts (included in accrued expenses)	$	—	$	179	$	—	$	179
Total liabilities at fair value	$	—	$	179	$	—	$	179

During the periods presented, the Company had no transfers of financial instruments between levels and there were no changes in valuation techniques or the inputs used in the fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Related Parties and Related Commitments and Contingencies - Unis Venture (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023	Jun. 28, 2024
Accounts Receivable \| Customer Concentration Risk \| Unis Venture
Concentration Risk [Line Items]
Concentration risk, percentage			1.00%		4.00%
Unis Venture \| Revenue from Contract with Customer \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%	1.00%	1.00%	1.00%

Leases and Other Commitments - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Leases [Abstract]
Operating lease right-of-use assets (included in other non-current assets)	$ 191	$ 179
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
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Current assets:
Cash and cash equivalents	$ 804	$ 328
Accounts receivable, net	904	935
Inventories	2,172	1,955
Income tax receivable	8	7
Other current assets	568	221
Total current assets	4,456	3,548
Non-current assets:
Property, plant and equipment, net	579	791
Notes receivable and investments in Flash Ventures	871	1,001
Goodwill	6,825	7,207
Deferred tax assets	96	96
Income tax receivable, non-current	13	11
Other non-current assets	1,394	852
Total assets	14,234	13,506
Current liabilities:
Accrued expenses	438	424
Accrued compensation	188	195
Income tax payables	5	20
Total current liabilities	1,873	2,123
Non-current liabilities:
Deferred tax liabilities	53	15
Other liabilities	307	286
Liabilities, Total	2,233	2,424
Commitments and contingencies (Notes 9, 10, 12 and 14)
Parent company net investment
Parent company net investment	12,435	11,534
Accumulated other comprehensive loss	(434)	(452)
Total Parent company net investment	12,001	11,082
Total liabilities and Parent company net investment	14,234	13,506
Related Party
Current assets:
Notes due from Parent	0	102
Current liabilities:
Accounts payable	369	313
Notes due to Parent	553	814
Nonrelated Party
Current liabilities:
Accounts payable	$ 320	$ 357

Geographic Information and Concentrations of Risk (Tables)

6 Months Ended

Dec. 27, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s disaggregated revenue information was as follows:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Revenue by end market
Cloud	$	250	$	40	$	550	$	58
Client	1,028		970		2,097		1,967
Consumer	598		655		1,112		1,173
Total revenue	$	1,876	$	1,665	$	3,759	$	3,198

Revenue by geography
Asia	$	1,086	$	1,112	$	2,236	$	2,173
Americas	389		257		832		487
Europe, Middle East and Africa	401		296		691		538
Total revenue	$	1,876	$	1,665	$	3,759	$	3,198

Leases and Other Commitments

6 Months Ended

Dec. 27, 2024

Leases [Abstract]

Leases and Other Commitments

Leases

The Company leases certain domestic and international facilities and data center space under long-term, non-cancelable operating leases that expire at various dates through fiscal year 2039. These leases include no material variable or contingent lease payments. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using the Company’s incremental borrowing rate. Operating lease assets also include prepaid lease payments minus any lease incentives. Extension or termination options present in the Company’s lease agreements are included in determining the right-of-use asset and lease liability when it is reasonably certain the Company will exercise those options. Lease expense is recognized on a straight-line basis over the lease term.

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

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


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Cost of operating leases	$	8	$	7	$	16	$	13
Cash paid for operating leases	7		8		14		14
Operating lease assets obtained in exchange for operating lease liabilities	4		—		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	%

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

Sale-Leaseback

In September 2023, WDC completed a sale and leaseback of its facility in Milpitas, California and received net proceeds of $191 million in cash. A substantial majority of these assets are associated with the Company, and as a result, $134 million of the net proceeds from the sale-leaseback transaction has been allocated to us on a relative square footage basis and reflected as a cash inflow from investing activities within the Condensed Combined Statements of Cash Flows for the six months ended December 29, 2023. In connection with the sale and leaseback, the Company recorded a gain of $60 million upon the closing of the transaction. For more information, see Part 1, Item 1, Note 13, Employee Termination and Other Charges of the Notes to Condensed Combined Financial Statements included in this Quarterly Report on Form 10-Q.

The property is being leased back to the Company at a total annual rate of $16 million for the first year and increasing by 3% per year thereafter through January 1, 2039. The lease includes three five-year renewal options and one four-year renewal option for the ability to extend through December 2057. The associated operating lease liability and right-of-use asset for this facility has been included in the Condensed Combined Balance Sheets as of December 27, 2024 and June 28, 2024. This facility is utilized in the Company’s operations, and the total lease expense has been allocated to the Company based on the continued usage of the facility.

Purchase Agreements and Other Commitments

In the normal course of business, the Company enters into purchase orders with suppliers for the purchase of components used to manufacture its products. These purchase orders generally cover forecasted component supplies needed for production during the coming months, are recorded as a liability upon receipt of the components, and generally may be changed or canceled at any time prior to shipment of the components. The Company also enters into long-term agreements with suppliers that contain fixed future commitments, which are contingent upon certain conditions such as performance, quality and technology of the vendor’s components. 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
2028	570
2029	570
Thereafter	660
Total	$	2,908

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 104	$ (301)	$ 315	$ (819)
Other comprehensive loss, before tax:
Foreign currency translation adjustment	(78)	24	(35)	8
Net unrealized loss on derivative contracts	(137)	74	74	25
Total other comprehensive income (loss), before tax	(215)	98	39	33
Income tax benefit (expense) related to items of other comprehensive income (loss), before tax	30	(15)	(15)	(5)
Net current-period other comprehensive income (loss)	(185)	83	24	28
Total comprehensive income (loss)	$ (81)	$ (218)	$ 339	$ (791)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements and Investments - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Assets [Abstract]
Total assets at fair value	$ 249	$ 35
Liabilities
Total liabilities at fair value	145	179
Foreign exchange contracts
Assets [Abstract]
Derivative Asset	17	7
Liabilities
Derivative liability	145	179
Cash equivalents - Money market funds
Assets [Abstract]
Cash equivalents - Money market funds	232	28
Level 1
Assets [Abstract]
Total assets at fair value	232	28
Liabilities
Total liabilities at fair value	0	0
Level 1 \| Foreign exchange contracts
Assets [Abstract]
Derivative Asset	0	0
Liabilities
Derivative liability	0	0
Level 1 \| Cash equivalents - Money market funds
Assets [Abstract]
Cash equivalents - Money market funds	232	28
Level 2
Assets [Abstract]
Total assets at fair value	17	7
Liabilities
Total liabilities at fair value	145	179
Level 2 \| Foreign exchange contracts
Assets [Abstract]
Derivative Asset	17	7
Liabilities
Derivative liability	145	179
Level 2 \| Cash equivalents - Money market funds
Assets [Abstract]
Cash equivalents - Money market funds	0	0
Level 3
Assets [Abstract]
Total assets at fair value	0	0
Liabilities
Total liabilities at fair value	0	0
Level 3 \| Foreign exchange contracts
Assets [Abstract]
Derivative Asset	0	0
Liabilities
Derivative liability	0	0
Level 3 \| Cash equivalents - Money market funds
Assets [Abstract]
Cash equivalents - Money market funds	$ 0	$ 0

Supplemental Financial Statement Data - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and component parts	$ 1,661	$ 1,398
Work-in-process	208	237
Finished goods	303	320
Total inventories	$ 2,172	$ 1,955

Income Tax Expense - Schedule of Unrecognized Tax Benefits (Details) $ in Millions	6 Months Ended
	Dec. 27, 2024 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit, beginning balance	$ 47
Gross increases related to prior year tax positions	17
Gross increases related to current year tax positions	3
Gross decrease related to prior year tax positions	(7)
Unrecognized tax benefit, ending balance	$ 60

Supplemental Financial Statement Data (Tables)

6 Months Ended

Dec. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 September 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:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Warranty accrual, beginning of period	$	41	$	40	$	48	$	42
Charges to operations	8		8		9		15
Utilization	(9)		(7)		(17)		(17)
Changes in estimate related to pre-existing warranties	4		2		4		3
Warranty accrual, end of period	$	44	$	43	$	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


	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)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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+ Details

Related Parties and Related Commitments and Contingencies

6 Months Ended

Dec. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

Flash Ventures

The Company procures substantially all of its flash-based memory wafers from its business ventures with Kioxia Corporation (“Kioxia”), which consists of three separate legal entities: Flash Partners Ltd. (“Flash Partners”), Flash Alliance Ltd. (“Flash Alliance”) and Flash Forward Ltd. (“Flash Forward”), collectively referred to as “Flash Ventures.”

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

During the three and six months ended December 27, 2024, and December 29, 2023, the Company made net payments to Flash Ventures of $1.1 billion and $2.0 billion and $0.8 billion and $1.8 billion, respectively, for purchased flash-based memory wafers and net loans.

The Company makes, or will make, loans to Flash Ventures to fund equipment investments for new process technologies and additional wafer capacity. The Company aggregates its Flash Ventures’ notes receivable into one class of financing receivables due to the similar ownership interest and common structure in each Flash Ventures entity. For all reporting periods presented, no loans were past due, and no loan impairments were recorded. The Company’s notes receivable from each Flash Ventures entity, denominated in Japanese yen, are secured by equipment owned by that Flash Ventures entity.

As of December 27, 2024, and June 28, 2024, the Company had accounts payable balances due to Flash Ventures of $252 million and $313 million, respectively.


	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

The Company is obligated to pay for variable costs incurred in producing its share of Flash Ventures’ flash-based memory wafer supply, based on its rolling three-month forecast, which generally equals 50% of Flash Ventures’ output. In addition, the Company is obligated to pay for half of Flash Ventures’ fixed costs regardless of the output the Company chooses to purchase. The Company is not able to estimate its total wafer purchase commitment obligation beyond its rolling three-month purchase commitment because the price is determined by reference to the future cost of producing the semiconductor wafers. In addition, the Company is committed to fund 49.9% to 50.0% of each Flash Ventures entity’s capital investments to the extent that the Flash Ventures entity’s operating cash flow is insufficient to fund these investments.

Flash Ventures has historically operated nearly 100% of its manufacturing capacity. During the three and six months ended December 29, 2023, as a result of flash market conditions, the Company temporarily reduced its utilization of its share of Flash Ventures’ manufacturing capacity to an abnormally low level to more closely align the Company’s flash-based wafer supply with projected demand. During the three and six months ended December 29, 2023, the Company incurred costs of $107 million and $249 million, respectively, associated with the reduction in utilization related to Flash Ventures, which was recorded as a charge to Cost of revenue. No such charges were incurred during the three and six months ended December 27, 2024.

The Company has facility agreements with Kioxia related to the construction and operation of Kioxia’s 300-millimeter wafer fabrication facility in Kitakami, Japan, referred to as “K1”, a wafer fabrication facility in Yokkaichi, Japan, referred to as “Y7”, and a wafer fabrication facility in Kitakami, Japan, referred to as “K2”. In connection with the construction of these facilities, the Company makes prepayments toward future building depreciation. In connection with the start-up of the K1, Y7 and K2 facilities, the Company has made prepayments over time, and as of December 27, 2024, $944 million, with $124 million recorded within Other current assets and $840 million recorded within Other non-current assets in the Condensed Combined Balance Sheets, remain to be credited against future building depreciation charges. As of December 27, 2024, the Company is also committed to making additional building depreciation prepayments of $303 million, based on the Japanese yen to U.S. dollars exchange rate of ¥157.86 as of such date, payable as follows: $60 million for the remaining of fiscal year 2025, $30 million in fiscal year 2026, $111 million in fiscal year 2027, $89 million in fiscal year 2028 and $13 million in fiscal year 2029. As of December 27, 2024, in addition to the requirements to make building depreciation prepayments, the Company will also make payments for building depreciation of approximately $107 million at varying dates through fiscal year 2035.

Inventory Purchase Commitments with Flash Ventures. Purchase orders placed with Flash Ventures for up to three months are binding and cannot be canceled.

Research and Development Activities. The Company participates in common research and development (“R&D”) activities with Kioxia and is contractually committed to a minimum funding level. R&D commitments are immaterial to the Condensed Combined Financial Statements.

Off-Balance Sheet Liabilities. Flash Ventures sells to and leases back from a consortium of financial institutions a portion of its tools and has entered into equipment lease agreements of which the Company guarantees half of all of the outstanding obligations under each lease agreement. The lease agreements are subject to customary covenants and cancellation events related to Flash Ventures and each of the guarantors. The occurrence of a cancellation event could result in an acceleration of Flash Ventures’ obligations and a call on the Company’s guarantees.


	Lease Amounts
	(Japanese yen, in billions)		(U.S. dollar, in millions)
Total guarantee obligations	¥	212	$	1,343


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 Company and Kioxia have agreed to mutually contribute to and indemnify each other and Flash Ventures for environmental remediation costs or liabilities resulting from Flash Ventures’ manufacturing operations in certain circumstances. The Company has not made any indemnification payments nor recorded any indemnification receivables under any such agreements. As of December 27, 2024, no amounts have been accrued in the Condensed Combined Financial Statements with respect to these indemnification agreements.

Unis Venture

WDC also has a venture with Unisplendour Corporation Limited and Unissoft (Wuxi) Group Co. Ltd. (“Unis”), referred to as the “Unis Venture,” to market and sell the Company’s products in China and to develop data storage systems for the Chinese market in the future. On January 24, 2025, the Company and WDC entered into an equity transfer agreement (the “Equity Transfer Agreement”) to transfer WDC’s entire equity interest in the Unis Venture to us. Therefore, subsequent to the end of the second quarter of fiscal 2025, the Unis Venture will be minority owned by the Company and majority-owned by Unis.

Prior to the execution of the Equity Transfer Agreement, the Unis Venture was not historically managed as a component of the Company and as such, the related equity method investment is not reflected within our Condensed Combined Financial Statements. For the three and six months ended December 27, 2024, and December 29, 2023, the Company recognized approximately 1% and 1%, respectively, of its combined revenue on products distributed by the Unis Venture. The outstanding accounts receivable due from the Unis Venture were 1% and 4% of Accounts receivable, net, as of December 27, 2024 and June 28, 2024, respectively.

Sale of a Majority Interest in a Subsidiary

In March 2024, SanDisk China Limited (“SanDisk China”), an indirect wholly-owned subsidiary of WDC, entered into an equity purchase agreement to sell 80% of its equity interest in SanDisk Semiconductor (Shanghai) Co. Ltd. (“SDSS”) an indirect wholly-owned subsidiary of WDC which holds one of the Company’s manufacturing facilities, to JCET Management Co., Ltd. (“JCET”), a wholly-owned subsidiary of JCET Group Co., Ltd., a Chinese publicly-listed company, thereby forming a venture between SanDisk China and JCET (the “Transaction”). The venture aims to provide independent semiconductor assembly, testing, and other related services in the People’s Republic of China for customers including, but not limited to, the Company and its affiliates.

The Transaction closed on September 28, 2024, and SanDisk China completed the sale of 80% of its equity interest in SDSS to JCET.

Proceeds from the sale, including working capital adjustments, were $659 million (pre-tax). On October 1, 2024, the Company received an initial pre-tax installment of $262 million. On January 6, 2025, the Company received a second pre-tax installment of $210 million and expects to receive remaining pre-tax proceeds of $187 million in five installments of approximately $37 million on September 28 of each year through September 28, 2029. As of December 27, 2024, the outstanding consideration receivable was recognized at its present value of $370 million, with $243 million classified as Other current assets and $127 million classified as Other non-current assets in the Condensed Combined Balance Sheets. The present value discount of $27 million as of December 27, 2024 will be recognized using the effective interest method over the next five years as Interest income in the Condensed Combined Statements of Operations.

The Company’s 20% retained interest in SDSS was determined to be valued at $158 million based on the fair value of the total pre-tax consideration received and receivable from JCET for its purchase of its 80% interest in SDSS. The Company accounts for its 20% interest in SDSS as an equity method investment within Other non-current assets in the Condensed Combined Balance Sheets. The Company’s 20% interest in the earnings of SDSS will be recognized one quarter in arrears and will be reported in Other expense, net in the Condensed Combined Statements of Operations.

The Transaction resulted in a pre-tax gain of $34 million, calculated as the difference between the total consideration for the sale, including the outstanding consideration receivable and the fair value of the Company’s 20% retained interest, less the carrying value of the net assets divested, which included, among other items, $71 million of cash and cash equivalents and $382 million of goodwill allocated to SDSS.

Subsequent to and in connection with the Transaction, Western Digital Technologies, Inc. (“WDT”) entered into a five-year supply agreement with SDSS (the “Supply Agreement”) to purchase certain flash-based products with a minimum annual commitment of $550 million (the “minimum annual commitment”). On January 10, 2025, the Company and WDT entered into an assignment agreement, pursuant to which, WDT assigned all of its rights and obligations under the Supply Agreement to the Company. The Supply Agreement contains specific penalties the Company must pay if SDSS fails to meet its minimum annual commitment. The Supply Agreement also provides that if SDSS purchases exceed the minimum annual commitment in any of the two years immediately succeeding any annual period where a shortfall penalty has been paid, SDSS shall reimburse the Company an amount not exceeding the previously paid penalty amount. The Supply Agreement expires on September 28, 2029, and automatically renews for additional one-year terms unless earlier terminated by either of the parties. The Company also entered into an agreement to grant SDSS certain intellectual property rights on a royalty-free basis for use in manufacturing products on the Company’s behalf for the term of and under the Supply Agreement. For the six months ended December 27, 2024, the Company made purchases of $111 million under the Supply Agreement and had an accounts payable balance due to SDSS of $117 million as of December 27, 2024.

The Company also entered into an arrangement to provide certain transition services for a limited period following the closing of the Transaction. Charges under this arrangement were not material.

Related Party Transactions

Notes Due to (from) Parent

Prior to the separation, the Company received financing from certain of WDC’s subsidiaries in the form of borrowings under revolving credit agreements and promissory notes to fund activities primarily related to Flash Ventures. Additionally, cash generated by the Company was lent from time to time via promissory notes to certain of WDC’s subsidiaries for use in general corporate purposes. Outstanding balances due under these financing arrangements are due on demand.


	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
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


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Interest expense on notes due to Parent	$	2	$	9	$	4	$	20
Interest income on notes due from Parent	$	—	$	(1)	$	(1)	$	(3)

Allocation of Corporate Expenses

WDC has provided various corporate services to the Company in the ordinary course of business, including executive management, finance, tax, legal, information technology, employee benefits administration, treasury, risk management, procurement and other shared services. These corporate expenses have been allocated to the Company based on direct usage or benefit, where identifiable, with the remainder allocated based on headcount, revenue or other relevant measures. Management believes the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us.

Effective at the beginning of the second quarter of fiscal year 2025, the Company was operationally separated from the operations that were ultimately retained by WDC following completion of the spin-off transaction. In connection with this operational separation, personnel serving the Company in shared service functions were transferred into legal entities dedicated to the Company, and substantially all assets, liabilities, and contracts pertaining to operations of the Company were transferred to legal entities dedicated to the Company as well. Accordingly, there was a substantial reduction in the pool of shared corporate overhead costs of WDC that were subject to allocation in the second quarter of fiscal year 2025.

The table below summarizes the impact of expense allocations from WDC within the Condensed Combined Statements of Operations for the periods presented:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Research and development	$	2	$	161	$	189	$	330
Selling general, and administrative	35		107		148		219
Business separation costs	21		34		41		34
Employee termination and other charges	3		13		5		(46)
Total allocation of Corporate Expenses	$	61	$	315	$	383	$	537

Our historical financial statements do not purport to reflect what results of operations, financial position, equity or cash flows would have been if we had operated as a stand-alone company during the periods presented.

Cash Management

Prior to the separation, WDC provided funding for our operating and investing activities, including pooled cash managed by WDC’s treasury, to fund operating expenses and capital expenditures. WDC also directly collected certain of our receivables. These activities are reflected as a component of the Parent’s net investment, and this arrangement is not reflective of the manner in which we would operate on a stand-alone company separate from WDC during the periods presented.

Parent Company Net Investment

Parent company net investment on the Condensed Combined Balance Sheets represents WDC’s historical investment in the Company, the net effect of transactions with and allocations from WDC, the Company’s retained earnings and the allocation to the Company of cumulative effect adjustments from the adoption of new accounting standards.

Net Transfers from (to) Parent


	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

CONDENSED COMBINED STATEMENTS OF CHANGES IN PARENT COMPANY NET INVESTMENT - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Dec. 27, 2024	Sep. 27, 2024	Dec. 29, 2023	Sep. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 12,126	$ 11,082	$ 10,925	$ 11,439	$ 11,082	$ 11,439
Net Income (Loss)	104	211	(301)	(518)	315	(819)
Foreign currency translation adjustment	(78)	43	24	(16)	(35)	8
Net unrealized gain (loss) on derivative contracts	(107)	166	59	(39)
Stock-based compensation	48	41	37	40
Net transfer from Parent	(92)	583	152	19
Ending balance	12,001	12,126	10,896	10,925	12,001	10,896
Parent Company Net Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	12,369	11,534	11,323	11,782	11,534	11,782
Net Income (Loss)	104	211	(301)	(518)
Stock-based compensation	48	41	37	40
Net transfer from Parent	(86)	583	152	19
Ending balance	12,435	12,369	11,211	11,323	12,435	11,211
Total Accumulated Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(243)	(452)	(398)	(343)	(452)	(343)
Foreign currency translation adjustment	(78)	43	24	(16)
Net unrealized gain (loss) on derivative contracts	(107)	166	59	(39)
Net transfer from Parent	(6)				(6)
Ending balance	$ (434)	$ (243)	$ (315)	$ (398)	$ (434)	$ (315)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Dec. 27, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Completion of the spin-off On January 31, 2025, the Company’s Form 10 was declared effective by the SEC. On February 21, 2025, the Company completed its spin-off from WDC (the “Spin-Off”) through WDC’s pro rata distribution of 80.1% of the outstanding shares of common stock of the Company to WDC’s existing stockholders. Each of WDC’s stockholders received one-third (1/3) of one share of the Company’s common stock for each share of WDC’s common stock held by such WDC stockholder as of February 12, 2025, the record date of the distribution. Upon completion of the Spin-Off, WDC owned 19.9% of the outstanding shares of the Company’s common stock, which WDC is expected to retain for a period of up to 12 months following the separation. The Company is also subject to various agreements with WDC in connection with the separation. On February 24, 2025, the Company began trading as an independent, publicly traded company under the stock symbol “SNDK” on the Nasdaq Stock Market LLC (“Nasdaq”). In connection with, and as of the closing date of the Spin-Off, on February 21, 2025, the Company entered into definitive agreements with WDC that set forth the terms and conditions of the Spin-Off and provide a framework for WDC’s relationship with the Company following the Spin-Off. These agreements include the Separation and Distribution Agreement (as described below), which contains certain key provisions related to the Spin-Off, as well as a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement, an Intellectual Property Cross-License Agreement, a Transitional Trademark License Agreement, and a Stockholder and Registration Rights Agreement, as described in and filed as Exhibits to the Company’s Current Report on Form 8-K on February 24, 2025. Additionally, the Company adopted certain compensation plans, which were filed as Exhibits to our Form 10. Loan Agreement On February 21, 2025, the Company entered into a Loan Agreement (the “Loan Agreement”) by and among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent and the other parties party thereto. The Loan Agreement comprises a term loan B facility in the principal amount of $2 billion (the “Term Loan Facility”) and a revolving credit facility in the principal amount of $1.5 billion (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Facilities”). The Term Loan Facility bears interest, at the Company’s option, at (x) the Adjusted Term SOFR Rate (as defined in the Loan Agreement) plus an interest rate margin of 3.00% per annum or (y) a base rate plus an interest rate margin of 2.00% per annum. The Term Loan Facility will mature on February 20, 2032, and amortizes at 1.00% per annum. Borrowings under the Revolving Credit Facility, for U.S. dollar borrowings, will bear interest, at the Company’s option, at (x) the Adjusted Term SOFR Rate (as defined in the Loan Agreement), which rate includes a credit spread adjustment of 0.10%, plus an interest rate margin of 2.00% per annum (subject to step-ups based on the Company’s Leverage Ratio (as defined in the Loan Agreement)), or (y) a base rate plus an interest rate margin of 1.00% per annum (subject to step-ups based on the Company’s Leverage Ratio (as defined in the Loan Agreement)). The Company will pay a commitment fee of 0.30% per annum (subject to step-ups based on the Company’s Leverage Ratio (as defined in the Loan Agreement)) in respect of undrawn revolving commitments under the Revolving Credit Facility. The Revolving Credit Facility will also provide for borrowings in Euros, Yen and additional currencies agreed to by the lenders under the Revolving Credit Facility. The Revolving Credit Facility will mature on February 21, 2030, at which time the commitments thereunder shall be terminated and will not have any amortization. The obligations under the Loan Agreement are guaranteed by the Company’s wholly owned subsidiary, Sandisk Technologies, Inc. (“SDT”) and are required to be guaranteed by any of the Company’s future material U.S. wholly owned subsidiaries, subject to certain exceptions outlined in the Loan Agreement. The obligations under the Loan Agreement are secured by the Company’s assets and SDT’s assets and are required to be secured by the assets of any of the Company’s future material U.S. wholly owned subsidiaries, subject, in each case, to certain exceptions outlined in the Loan Agreement. The Loan Agreement includes certain restrictions (subject to certain exceptions outlined in the Loan Agreement) on the ability of the Company and its subsidiaries to undertake certain activities, including to incur indebtedness and liens, merge or consolidate with other entities, dispose or transfer their assets, pay dividends or make distributions, make investments, make payments on junior or subordinated debt, enter into burdensome agreements or transact with affiliates. The Loan Agreement also includes a financial covenant, which is solely for the benefit of the lenders under the Revolving Credit Facility, that requires the Company to maintain a maximum Leverage Ratio (as defined in the Loan Agreement). On February 21, 2025, the Company borrowed $2 billion under its Term Loan Facility. The Company used a portion of the proceeds of the borrowing to pay a dividend to WDC in the amount of approximately $1.5 billion, with the remainder to be used for general corporate purposes of the Company. The Revolving Credit Facility may be borrowed by the Company from time to time for general corporate purposes. In connection with the Loan Agreement, the Company and SDT entered into a security agreement (the “Security Agreement”) to secure the obligations under the Facilities on a first-priority basis (subject to permitted liens) by a lien on substantially all the assets and properties of the Company and SDT, subject to certain exceptions. In connection with the Loan Agreement, the Company (solely with respect to obligations of any additional Borrower under the Loan Agreement) and SDT entered into a guaranty agreement (the “Guaranty Agreement”) to secure and unconditionally guarantee the obligations under the Loan Agreement, respectively, in each case subject to certain exceptions. The foregoing description of the Loan Agreement, Security Agreement and Guaranty Agreement do not purport to be complete and are subject to, and qualified in its entirety by, the full text of the Loan Agreement, Security Agreement and Guaranty Agreement, copies of which are filed as Exhibits 10.7 to 10.9 hereto and are incorporated herein by reference. Potential Impairment of Goodwill and Long-lived Assets Subsequent to the completion of the separation, the Company identified potential impairment indicators related to the trading price of the Company’s common stock and a resulting market capitalization that was below its December 27, 2024 net book value. In accordance with Accounting Standards Codification No. 350, Intangibles - Goodwill and Other, the Company initiated a quantitative analysis of potential impairment of goodwill and long-lived assets. That analysis is ongoing, and the Company believes it is more likely than not that it will record an impairment charge in the three months ending March 28, 2025. See Part 1, Item 1, Note 5, Supplemental Financial Statement Data, for information about how goodwill is tested for impairment.

Fair Value Measurements and Investments (Tables)

6 Months Ended

Dec. 27, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


	December 27, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	232	$	—	$	—	$	232
Foreign exchange contracts (included in other current assets)	—		17		—		17
Total assets at fair value	$	232	$	17	$	—	$	249
Liabilities:
Foreign exchange contracts (included in accrued expenses)	$	—	$	145	$	—	$	145
Total liabilities at fair value	$	—	$	145	$	—	$	145


	June 28, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	28	$	—	$	—	$	28
Foreign exchange contracts (included in other current assets)	—		7		—		7
Total assets at fair value	$	28	$	7	$	—	$	35
Liabilities:
Foreign exchange contracts (included in accrued expenses)	$	—	$	179	$	—	$	179
Total liabilities at fair value	$	—	$	179	$	—	$	179

Income Tax Expense - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Income Tax Disclosure [Abstract]
Income (loss) before taxes	$ 173	$ (260)	$ 440	$ (754)
Income tax expense	$ 69	$ 41	$ 125	$ 65
Effective tax rate	40.00%	(16.00%)	28.00%	(9.00%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Related Parties and Related Commitments and Contingencies - Schedule of Remaining Guarantee Obligations (Details) - Flash Ventures $ in Millions	Dec. 27, 2024 USD ($)
Guarantor Obligations [Line Items]
Remaining six months of 2025	$ 250
2026	519
2027	295
2028	176
2029	75
2030	28
Total guarantee obligations	1,343
Payment of Principal Amortization
Guarantor Obligations [Line Items]
Remaining six months of 2025	201
2026	406
2027	198
2028	83
2029	25
2030	4
Total guarantee obligations	917
Purchase Option Exercise Price at Final Lease Terms
Guarantor Obligations [Line Items]
Remaining six months of 2025	49
2026	113
2027	97
2028	93
2029	50
2030	24
Total guarantee obligations	$ 426

Stock-based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	$ 48	$ 37	$ 89	$ 77
Unrecognized stock-based compensation expense	303		303
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	3	5	9	10
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	20	17	40	35
Selling general, and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	$ 25	$ 15	$ 40	$ 32

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 3
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(iii)(02)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Leases and Other Commitments - Schedule of Minimum Long-Term Commitments (Details) $ in Millions	Dec. 27, 2024 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remaining six months of 2025	$ 26
2026	496
2027	586
2028	570
2029	570
Thereafter	660
Total	$ 2,908

Related Parties and Related Commitments and Contingencies - Additional Information (Details) - Related Party - USD ($)	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023	Jun. 28, 2024
Related Party Transaction [Line Items]
Accounts payable	$ 369,000,000		$ 369,000,000		$ 313,000,000
Investment funding commitments, percentage	50.00%		50.00%
Manufacturing capacity percent operating	100.00%		100.00%
Costs incurred associated with reduction in utilization	$ 0	$ 107,000,000	$ 0	$ 249,000,000
Flash Ventures
Related Party Transaction [Line Items]
Payments for equity method investments	1,100,000,000	$ 800,000,000	2,000,000,000.0	$ 1,800,000,000
Accounts payable	252,000,000		252,000,000		$ 313,000,000
K1, K2, And Y7 Facilities \| Future Building Depreciation Payments
Related Party Transaction [Line Items]
Other commitment	944,000,000		944,000,000
K1, K2, And Y7 Facilities \| Future Building Depreciation Payments \| Other current assets
Related Party Transaction [Line Items]
Other commitment	124,000,000		124,000,000
K1, K2, And Y7 Facilities \| Future Building Depreciation Payments \| Other noncurrent assets
Related Party Transaction [Line Items]
Other commitment	$ 840,000,000		$ 840,000,000
Flash Ventures \| Future Building Depreciation Payments
Related Party Transaction [Line Items]
Other Commitment, Exchange Rate	157.86		157.86
Other commitment	$ 303,000,000		$ 303,000,000
To be paid remainder of fiscal year	60,000,000		60,000,000
To be paid year one	30,000,000		30,000,000
To be paid year two	111,000,000		111,000,000
To be paid year three	89,000,000		89,000,000
To be paid year four	$ 13,000,000		13,000,000
Payments for building depreciation			$ 107,000,000
Western Digital Corp \| Minimum
Related Party Transaction [Line Items]
Investment funding commitments, percentage	49.90%		49.90%
Western Digital Corp \| Maximum
Related Party Transaction [Line Items]
Investment funding commitments, percentage	50.00%		50.00%

Supplemental Financial Statement Data - Schedule of Warranty Accrual (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty accrual, beginning of period	$ 41	$ 40	$ 48	$ 42
Charges to operations	8	8	9	15
Utilization	(9)	(7)	(17)	(17)
Changes in estimate related to pre-existing warranties	4	2	4	3
Warranty accrual, end of period	$ 44	$ 43	$ 44	$ 43

Leases and Other Commitments - Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Leases [Abstract]
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
Operating Lease, Liability	$ 196	$ 182

Related Parties and Related Commitments and Contingencies - Sale of Majority Interest (Details) $ in Millions					3 Months Ended	6 Months Ended		12 Months Ended
	Jan. 06, 2025 USD ($)	Oct. 01, 2024 USD ($)	Sep. 29, 2024 USD ($)	Sep. 28, 2024 USD ($) installment	Dec. 27, 2024 USD ($)	Dec. 27, 2024 USD ($)	Dec. 29, 2023 USD ($)	Jun. 27, 2025 USD ($)
Related Party Transaction [Line Items]
Proceeds from dispositions of business						$ 191	$ 0
SDSS
Related Party Transaction [Line Items]
Commitment term			5 years
Purchase commitment amount			$ 550
SDSS \| Certain Flash-Based Products
Related Party Transaction [Line Items]
Commitment purchases						111
Accounts payable					$ 117	117
SDSS
Related Party Transaction [Line Items]
Equity investment				$ 158
Ownership percentage				20.00%
SDSS \| Disposed of by sale
Related Party Transaction [Line Items]
Ownership percentage sold				80.00%
Proceeds from dispositions of business		$ 262
Disposal consideration				$ 659
Number of installment payments \| installment				5
Installment payment				$ 37
Consideration receivable					370	370
Present value discount					27	$ 27
Term of effective interest method						5 years
Gain on disposal					34
Cash and cash equivalents				71
Goodwill				$ 382
SDSS \| Disposed of by sale \| Subsequent Event
Related Party Transaction [Line Items]
Proceeds from dispositions of business	$ 210
SDSS \| Disposed of by sale \| Other current assets
Related Party Transaction [Line Items]
Consideration receivable					243	$ 243
SDSS \| Disposed of by sale \| Other noncurrent assets
Related Party Transaction [Line Items]
Consideration receivable					$ 127	$ 127
SDSS \| Disposed of by sale \| Forecast
Related Party Transaction [Line Items]
Proceeds from dispositions of business								$ 187

Related Parties and Related Commitments and Contingencies - Net Transfer From (to) Parent (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Dec. 27, 2024	Sep. 27, 2024	Dec. 29, 2023	Sep. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Related Party Transaction [Line Items]
Net transfer from Parent	$ (92)	$ 583	$ 152	$ 19
Non-cash transfers of liability for unrecognized tax benefits transferred from Parent					$ 14	$ 0
Non-cash transfers of strategic investments from Parent					7	0
Non-cash transfers of other assets and liabilities, net, from Parent					37	0
Non-cash transfers of property, plant and equipment from Parent					25	2
Non-cash transfers of Notes due to Parent transferred from Parent					673	0
Non-cash transfers of Notes due from Parent transferred to Parent					0	113
Non-cash transfers of deferred taxes from Parent					0	8
Related Party
Related Party Transaction [Line Items]
Net transfer from Parent					491	171
Non-cash transfers of liability for unrecognized tax benefits transferred from Parent					14	0
Accumulated other comprehensive loss transferred from Parent					6	0
Non-cash transfers of strategic investments from Parent					(7)	0
Non-cash transfers of other assets and liabilities, net, from Parent					(37)	0
Non-cash transfers of property, plant and equipment from Parent					(25)	(2)
Non-cash transfers of Notes due to Parent transferred from Parent					(673)	0
Non-cash transfers of Notes due from Parent transferred to Parent					0	113
Non-cash transfers of deferred taxes from Parent					0	(8)
Net transfers from (to) Parent per Condensed Combined Statements of Cash Flows					$ (231)	$ 274

Related Parties and Related Commitments and Contingencies - Schedule of Notes Receivable and Investments in Related Parties (Details) - USD ($) $ in Millions	Dec. 27, 2024	Jun. 28, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and investments in Flash Ventures	$ 871	$ 1,001
Flash Ventures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and investments in Flash Ventures	871	1,001
Flash Partners Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	41	148
Flash Partners Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	72	1
Flash Alliance Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	118	219
Flash Alliance Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	35	5
Flash Forward Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	129	143
Flash Forward Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	$ 476	$ 485

Leases and Other Commitments (Tables)

6 Months Ended

Dec. 27, 2024

Leases [Abstract]

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:


	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions)
Cost of operating leases	$	8	$	7	$	16	$	13
Cash paid for operating leases	7		8		14		14
Operating lease assets obtained in exchange for operating lease liabilities	4		—		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
2028	570
2029	570
Thereafter	660
Total	$	2,908

Leases and Other Commitments - Schedule of Supplemental Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023	Jun. 28, 2024
Leases [Abstract]
Cost of operating leases	$ 8	$ 7	$ 16	$ 13
Cash paid for operating leases	7	8	14	14
Operating lease assets obtained in exchange for operating lease liabilities	$ 4	$ 0	$ 4	$ 167
Weighted average remaining lease term in years	12 years 7 months 6 days		12 years 7 months 6 days		13 years 8 months 12 days
Weighted average discount rate	7.40%		7.40%		7.50%

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Dec. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Description of the Company Sandisk Corporation (“Company,” “we,” “us,” or “our”) is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology. With a differentiated innovation engine driving advancements in storage and semiconductor technologies, our broad and ever-expanding portfolio delivers powerful flash storage solutions for everyone from students, gamers, and home offices to the largest enterprises and public clouds to capture, preserve, access, and transform an ever-increasing diversity of data. The Company operates primarily in the United States (“U.S.”) and internationally, with a significant concentration in the Asia Pacific region. On October 30, 2023, our parent company, Western Digital Corporation (collectively “WDC” or “Parent”), announced that its board of directors (“WDC Board of Directors”) authorized management to pursue a plan to separate the Company into an independent public company. The separation received final approval by the WDC Board of Directors and was completed on February 21, 2025. WDC executed the spin-off of the Company through WDC’s pro rata distribution of 80.1% of the outstanding shares of common stock of the Company to holders of WDC’s common stock. Each WDC stockholder received one-third (1/3) of one share of the Company’s common stock for each share of WDC’s common stock held by such WDC stockholder as of February 12, 2025, the record date of the distribution. Upon completion of the separation, WDC owned 19.9% of the shares of the Company’s common stock, which WDC is expected to retain for a period of up to 12 months following the distribution. The completion of the spin-off was subject to certain conditions as described in our Registration Statement on Form 10, initially filed with the U.S. Securities and Exchange Commission (“SEC”) on November 25, 2024, and as further amended thereafter and declared effective on January 31, 2025 (as amended, the “Form 10”). In connection with the spin-off, the Company entered into or adopted several agreements that provide a framework for the relationships between the Company and WDC. See Part 1, Item 1, Note 9, Related Parties and Related Commitments and Contingencies, of the Notes to the Combined Financial Statements included in this Quarterly Report on Form 10-Q. The accounting policies followed by the Company are set forth in Note 1, Organization and Basis of Presentation, of the Notes to the Combined Financial Statements for the year ended June 28, 2024, included in Exhibit 99.1 to our Form 10. Unaudited Interim Financial Information The Company has prepared the accompanying Condensed Combined Financial Statements pursuant to the rules and regulations of the SEC for interim financial reporting. These Condensed Combined Financial Statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our operations, financial position, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These Condensed Combined Financial Statements should be read in conjunction with the Company’s audited Combined Financial Statements and accompanying notes for the year ended June 28, 2024, included in our Form 10. Basis of Presentation Throughout the periods covered by the Condensed Combined Financial Statements, the Company was an operating segment of WDC. Consequently, stand-alone interim financial statements were not historically prepared for the Company. The accompanying Condensed Combined Financial Statements have been prepared from WDC’s historical consolidated interim financial statements and accounting records and are presented on a stand-alone basis as if the Company’s operations had been conducted independently from WDC. The Company utilized allocations and carve-out methodologies to prepare these historic Condensed Combined Financial Statements. The Condensed Combined Financial Statements include the historical results of operations, financial position, and cash flows of the Company in accordance with GAAP, and the Company has adopted accounting policies and practices that are generally accepted in the industry in which it operates. As no single legal entity of the Company had a controlling financial interest in all other legal entities as of the reporting date, Condensed Combined Financial Statements have been prepared. Intercompany transactions have been eliminated. With the exception of balances associated with lending arrangements reflected within Notes due to (from) Parent in the Condensed Combined Balance Sheets, transactions between the Company and WDC are generally considered to be effectively settled in the Condensed Combined Financial Statements at the time the transactions are recorded. The total net effect of the settlement of these transactions is reflected in the Condensed Combined Statements of Cash Flows as a financing activity and in the Condensed Combined Balance Sheets as Parent company net investment. General financing activities include the net impact of any cash movements resulting from WDC’s centralized treasury cash management. The Condensed Combined Balance Sheets include all assets and liabilities that are specifically identifiable or otherwise attributable to the Company. Assets and liabilities shared between the Company and WDC are included in the stand-alone financial statements to the extent the asset is primarily used by the Company. If the Company is not the primary user of the asset, it is excluded entirely from the Condensed Combined Financial Statements. WDC has historically used a centralized approach to cash management and financing of its operations, as needed. Certain of our cash was transferred to WDC according to centrally managed cash programs by treasury, and WDC funded our operating and investing activities as needed. Cash transfers to and from WDC’s cash management accounts are reflected as a component of the Parent company net investment in the Condensed Combined Balance Sheets. Cash and cash equivalents in our Condensed Combined Balance Sheets primarily represent cash held locally by entities included in our Condensed Combined Financial Statements. None of the debt obligations of WDC or corresponding interest expense have been included in the accompanying Condensed Combined Financial Statements, as the Company is neither the legal obligor nor transferee for any portion of such debt. WDC’s debt obligations were secured by a lien on substantially all assets and properties of WDC and certain key subsidiaries, which included assets and properties of the Company prior to the completion of the separation. The Condensed Combined Statements of Operations and Comprehensive Income (Loss) include all revenues and costs directly attributable to the Company as well as an allocation of expenses related to facilities, functions and services provided by WDC. Allocation of general corporate expenses from WDC include, but are not limited to, executive management, finance, tax, legal, information technology, employee benefits administration, treasury, risk management, procurement, and other shared services. These corporate expenses have been allocated to the Company based on direct usage or benefit, where identifiable, with the remainder allocated based on headcount, revenue, or other relevant measures. The allocated costs are deemed to be settled between the Company and WDC in the period in which the expense was recorded in the Condensed Combined Statements of Operations. The Condensed Combined Statements of Cash Flows present these corporate expenses as cash flows from operating activities, as these costs were incurred by WDC on our behalf. We consider these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to, the Company. The allocations may not, however, reflect the expense the Company would have incurred as a stand-alone company for the periods presented. Additionally, these costs may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from an unrelated third party. It is not practicable to estimate the actual costs that would have been incurred had the Company been a stand-alone company during the periods presented. The actual costs that may have been incurred would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by employees, and decisions with respect to areas such as facilities, information technology, and operating infrastructure. WDC maintains various stock-based compensation plans at a corporate level. Employees of the Company participated in those programs and a portion of the compensation cost associated with those plans is included in the Company’s Condensed Combined Statements of Operations for the periods presented in this Quarterly Report on Form 10-Q. Stock-based compensation expense has been included within Parent company net investment. The amounts presented in the Condensed Combined Financial Statements are not necessarily indicative of future awards and may not reflect the results that the Company would have experienced as a stand-alone entity. Current and deferred income taxes and related tax expenses have been determined based on the stand-alone results of the Company by applying Accounting Standards Codification No. 740, Income Taxes, to the Company’s operations in each country as if it were a separate taxpayer (i.e., following the “Separate Return Methodology”). Fiscal Year The Company’s fiscal year ends on the Friday nearest to June 30 and typically consists of 52 weeks. Approximately every five to six years, we report a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal year 2025, which will end on June 27, 2025, and fiscal year 2024, which ended on June 28, 2024, are each comprised of 52 weeks, with all quarters presented consisting of 13 weeks. Unless otherwise indicated, references herein to specific years and quarters are to fiscal years and fiscal quarters, and references to financial information are on a condensed combined basis. Segment Reporting Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company currently operates as both a single operating and reportable segment. Business Separation Costs On October 30, 2023, WDC announced that its Board of Directors had completed its strategic review and, after evaluating a comprehensive range of alternatives, authorized WDC to pursue a plan to separate its flash business from its hard disk drive business to create two independent public companies. As a result of the plan, the Company has incurred separation and transition costs related to the completion of its separation from WDC. The separation and transition costs are recorded within Business separation costs in the Condensed Combined Statements of Operations. Use of Estimates Management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with U.S. GAAP. These estimates and assumptions have been applied using methodologies that are consistent throughout the periods presented, with consideration given to the potential impacts of current macroeconomic conditions. However, actual results could differ materially from these estimates.

Related Parties and Related Commitments and Contingencies - Schedule of Variable Interest Entity Maximum Loss Exposure (Details) - Dec. 27, 2024 - Related Party $ in Millions, ¥ in Billions	USD ($)	JPY (¥)
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	$ 3,607
Operating lease guarantees	1,343	¥ 212
Inventory and prepayments	1,393
Notes receivable
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	583
Equity investments
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	$ 288