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Commitments, Contingencies and Related Parties (Tables)

12 Months Ended

Jun. 28, 2019

Commitments and Contingencies Disclosure [Abstract]

Notes Receivable and Investments in Related Parties

The following table presents the notes receivable from, and equity investments in, Flash Ventures as of June 28, 2019 and June 29, 2018:

	June 28, 2019				June 29, 2018
	(in millions)
Notes receivable, Flash Partners	$	551			$	767
Notes receivable, Flash Alliance	878				48
Notes receivable, Flash Forward	743				700
Investment in Flash Partners	200				191
Investment in Flash Alliance	296				283
Investment in Flash Forward	123				116
Total notes receivable and investments in Flash Ventures	$	2,791			$	2,105

Variable Interest Entity Maximum Loss Exposure

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 June 28, 2019, 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.

	June 28, 2019
Notes receivable	$	2,172
Equity investments	619
Operating lease guarantees	1,575
Inventory	197
Maximum estimable loss exposure	$	4,563

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 June 28, 2019.

	Lease Amounts
	(Japanese yen, in billions)				(U.S. dollar, in millions)
Total guarantee obligations	¥	170			$	1,575

Remaining Guarantee Obligations

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 as of June 28, 2019 in U.S. dollars, based upon the Japanese yen to U.S. dollar exchange rate as of June 28, 2019:

Annual Installments		Payment of Principal Amortization				Purchase Option Exercise Price at Final Lease Terms				Guarantee Amount
		(in millions)
2020		$	419			$	66			$	485
2021		321				109				430
2022		235				50				285
2023		137				67				204
2024		51				120				171
Thereafter		—				—				—
Total guarantee obligations		$	1,163			$	412			$	1,575

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under operating leases that have initial non-cancelable lease terms in excess of one year at June 28, 2019 are as follows:

		Lease Amounts
		(in millions)
Fiscal year
2020		$	59
2021		45
2022		33
2023		22
2024		16
Thereafter		116
Total future minimum lease payments		$	291

Schedule of Rent Expense

Net rent expense was as follows:

	2019				2018				2017
	(In millions)
Rent expense, net	$	47			$	49			$	56

Schedule of Long-term Purchase Commitments

As of June 28, 2019, annual future debt payments were as follows:

		Future Debt Payments
		(in millions)
Fiscal year
2020		$	276
2021		311
2022		276
2023		6,431
2024		1,100
2025 and thereafter		2,300
Total debt maturities		10,694
Issuance costs and debt discounts		(172		)
Net carrying value		$	10,522

As of June 28, 2019, the Company had the following minimum long-term commitments:

		Long-term purchase commitments
		(in millions)
Fiscal year
2020		$	136
2021		244
2022		263
2023		154
2024		40
Thereafter		210
Total		$	1,047

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- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

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Tabular disclosure of rental expense from operating leases for each period for which an income statement is presented with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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Enterprise's maximum exposure to loss as a result of its involvement with the VIE, including how the maximum exposure is determined, the significant sources of the enterprise's exposure to the VIE, and the differences between the maximum exposure to loss and the liability recognized in its financial statements. It may also include factors such as the fair market value at which the registrant is carrying an asset and registrant guarantees. Also, whether the enterprise's maximum exposure to loss as a result of its involvement with the VIE cannot be quantified. In general, a VIE is a corporation, partnership, trust, or any other legal structure used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE often holds financial assets, including loans or receivables, real estate or other property. A VIE may be essentially passive or it may engage in research and development or other activities on behalf of another company.

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