Western Digital Files 2024 10-K
Ticker: WDC · Form: 10-K · Filed: Aug 20, 2024 · CIK: 106040
Sentiment: neutral
Topics: 10-K, annual-report, storage-devices
TL;DR
WDC filed its 2024 10-K. Full financials and biz details inside.
AI Summary
Western Digital Corp. filed its 10-K for the fiscal year ending June 28, 2024, reporting on its computer storage device business. The company's fiscal year concluded on July 3rd. Key financial data and business operations for the period are detailed within this comprehensive filing.
Why It Matters
This filing provides investors and analysts with a detailed overview of Western Digital's financial performance and strategic positioning for the fiscal year 2024, crucial for understanding the company's health and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard annual report, but the storage industry can be subject to rapid technological changes and market fluctuations.
Key Numbers
- 20240628 — Fiscal Year End (The reporting period concluded on this date.)
- 0703 — Fiscal Year End (The fiscal year officially ends on this month and day.)
- 001-08703 — SEC File Number (The SEC's file number for Western Digital Corp.)
Key Players & Entities
- WESTERN DIGITAL CORP (company) — Filer of the 10-K
- 20240628 (date) — Fiscal year end date
- 0703 (date) — Fiscal year end month and day
- 3572 (dollar_amount) — Standard Industrial Classification code for Computer Storage Devices
- SAN JOSE (company) — City of business address
- IRVINE (company) — City of mail address
FAQ
What is the primary business of Western Digital Corp. as indicated by its SIC code?
Western Digital Corp.'s primary business is in Computer Storage Devices, as indicated by its Standard Industrial Classification code 3572.
What is the fiscal year end date for Western Digital Corp. in this filing?
The fiscal year end date for Western Digital Corp. in this filing is June 28, 2024.
Where is Western Digital Corp.'s business address located?
Western Digital Corp.'s business address is located at 5601 Great Oaks Parkway, San Jose, CA 95119.
What is the SEC file number for Western Digital Corp.'s 10-K filing?
The SEC file number for Western Digital Corp.'s 10-K filing is 001-08703.
When was Western Digital Corp. formerly known as General Digital Corp?
Western Digital Corp. was formerly known as General Digital Corp. with a date of name change on January 25, 1973.
Filing Stats: 4,368 words · 17 min read · ~15 pages · Grade level 15.5 · Accepted 2024-08-19 17:39:43
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share WDC The Nasdaq Stoc
Filing Documents
- wdc-20240628.htm (10-K) — 2622KB
- wdc-2024q4ex31.htm (EX-3.1) — 56KB
- wdc-2024q4ex41.htm (EX-4.1) — 23KB
- wdc-2024q4ex44.htm (EX-4.4) — 29KB
- wdc-2024q4ex48.htm (EX-4.8) — 29KB
- wdc-2024q4ex10163.htm (EX-10.16(3)) — 110KB
- wdc-2024q4ex10171.htm (EX-10.17(1)) — 22KB
- wdc-2024q4ex10181.htm (EX-10.18(1)) — 39KB
- wdc-2024q4ex191.htm (EX-19.1) — 122KB
- wdc-2024q4ex21.htm (EX-21) — 46KB
- wdc-2024q4ex23.htm (EX-23) — 3KB
- a6awdc-2024q4ex311.htm (EX-31.1) — 8KB
- a6bwdc-2024q4ex312.htm (EX-31.2) — 8KB
- a6cwdc-2024q4ex321.htm (EX-32.1) — 4KB
- a6dwdc-2024q4ex322.htm (EX-32.2) — 4KB
- wdc-2024q4ex971.htm (EX-97.1) — 10KB
- image_111.jpg (GRAPHIC) — 6KB
- image_12.jpg (GRAPHIC) — 21KB
- image_6.jpg (GRAPHIC) — 0KB
- image_9.jpg (GRAPHIC) — 6KB
- wdc-20240628_g1.gif (GRAPHIC) — 16KB
- wdc-20240628_g2.jpg (GRAPHIC) — 155KB
- 0000106040-24-000031.txt ( ) — 16050KB
- wdc-20240628.xsd (EX-101.SCH) — 94KB
- wdc-20240628_cal.xml (EX-101.CAL) — 134KB
- wdc-20240628_def.xml (EX-101.DEF) — 530KB
- wdc-20240628_lab.xml (EX-101.LAB) — 1164KB
- wdc-20240628_pre.xml (EX-101.PRE) — 867KB
- wdc-20240628_htm.xml (XML) — 2587KB
Business
Business 4 Item 1A.
Risk Factors
Risk Factors 12 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.
Properties
Properties 29 Item 3.
Legal Proceedings
Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 33 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations 34
Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 110 Item 9A.
Controls and Procedures
Controls and Procedures 110 Item 9B. Other Information 111
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 PART III Item 10. Directors, Executive Officers and Corporate Governance 112 Item 11.
Executive Compensation
Executive Compensation 112 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112 Item 13. Certain Relationships and Related Transactions, and Director Independence 112 Item 14. Principal Accountant Fees and Services 112 PART IV Item 15. Exhibits and Financial Statement Schedules 113 Item 16. Form 10-K Summary 117 Unless otherwise indicated, references herein to specific years and quarters are to our fiscal years and fiscal quarters, and references to financial information are on a consolidated basis. As used herein, the terms "we," "us," "our," the "Company," "WDC" and "Western Digital" refer to Western Digital Corporation and its subsidiaries, unless we state, or the context indicates, otherwise. WDC, a Delaware corporation, is the parent company of our data storage business. Our principal executive offices are located at 5601 Great Oaks Parkway, San Jose, California 95119. Our telephone number is (408) 717-6000. Western Digital, the Western Digital logo, SanDisk and WD are registered trademarks or trademarks of Western Digital or its affiliates in the U.S. and/or other countries. All other trademarks, registered trademarks and/or service marks, indicated or otherwise, are the property of their respective owners. 2 Table of Contents
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "would," "project," "believe," "anticipate," "expect," "estimate," "continue," "potential," "plan," "forecast," and the like, or the use of future tense. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Examples of forward-looking statements include, but are not limited to, statements concerning: our expectations regarding our plan to separate our HDD and Flash business units; our product plans and business strategies; consumer trends and market conditions; expectations regarding demand trends, market opportunities and our market position; expectations regarding our future financial performance; the impact of the global macroeconomic environment; expectations related to our agreed sale of a portion of our equity interest in SanDisk Semiconductor (Shanghai) Co. Ltd.; expectations related to our joint ventures and partnerships including relating to our Flash Ventures joint venture with Kioxia Corporation ("Kioxia"); expectations regarding our product development and technology plans; expectations regarding capital expenditure plans and investments; expectations regarding our tax resolutions, effective tax rate and our unrecognized tax benefits; expectations regarding the merits of our position and our plans with respect to certain litigation matters; and our beliefs regarding our capital allocation plans and the sufficiency of our available liquidity to meet our working capital, debt and capital expenditure needs. These forward-looking statements are based on management's current expectations, represent the most c
Business
Item 1. Business General Western Digital is a leading developer, manufacturer and provider of data storage devices and solutions based on both hard disk drive and NAND flash technologies. With a differentiated innovation engine driving advancements in storage and semiconductor technologies, our broad and ever-expanding portfolio delivers powerful hard disk drives ("HDD") and flash-based products ("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. Our broad portfolio of technology and products addresses multiple end markets: "Cloud," "Client" and "Consumer." Cloud is comprised primarily of products for public or private cloud environments and end customers. Through the Client end market, we provide our original equipment manufacturer ("OEM") and channel customers a broad array of high-performance hard drive and flash solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Consumer end market is highlighted by our broad range of retail and other end-user products, which capitalize on the strength of our product brand recognition and vast points of presence around the world. On October 30, 2023, we announced that our Board of Directors had completed its strategic review of our business and, after evaluating a comprehensive range of alternatives, authorized us to pursue a plan to separate our HDD and Flash business units to create two independent, public companies. We believe the separation will better position each business unit to execute innovative technology and product development, capitalize on unique growth opportunities, extend respective leadership positions and operate more efficiently with distinct capital structures. The completion of the planned separation is subject to certain conditions, including final approva