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Related Parties and Related Commitments and Contingencies (Tables)

6 Months Ended

Jan. 01, 2021

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 January 1, 2021 and July 3, 2020:

			January 1, 2021						July 3, 2020
			(in millions)
Notes receivable, Flash Partners			$	330					$	273
Notes receivable, Flash Alliance			197						301
Notes receivable, Flash Forward			666						670
Investment in Flash Partners			214						203
Investment in Flash Alliance			315						300
Investment in Flash Forward			136						128
Total notes receivable and investments in Flash Ventures			$	1,858					$	1,875

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 January 1, 2021, 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.

			January 1, 2021
			(in millions)
Notes receivable			$	1,193
Equity investments			665
Operating lease guarantees			2,107
Inventory and prepayments			662
Maximum estimable loss exposure			$	4,627

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 January 1, 2021.

			Lease Amounts
			(Japanese yen, in billions)						(U.S. dollar, in millions)
Total guarantee obligations			¥	217					$	2,107

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 January 1, 2021 in U.S. dollars, based upon the Japanese yen to U.S. dollar exchange rate as of January 1, 2021:

Annual Installments						Payment of Principal Amortization						Purchase Option Exercise Price at Final Lease Terms						Guarantee Amount
						(in millions)
Remaining six months of 2021						$	294					$	63					$	357
2022						524						52						576
2023						409						70						479
2024						238						126						364
2025						77						116						193
Thereafter						28						110						138
Total guarantee obligations						$	1,570					$	537					$	2,107

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Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12265-110248

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Disclosure of investments in and notes receivable from a joint venture accounted for under the equity-method.

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Represents the guarantor's disclosures which should include the information about each guarantee, or each group of similar guarantees, even if the likelihood of the guarantor's having to make any payments under the guarantee is remote. This excludes disclosures for product warranties.

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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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