XML 42 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Related Parties and Related Commitments and Contingencies (Tables)
 9 Months Ended
Apr. 02, 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 April 2, 2021 and July 3, 2020:
April 2,
2021		July 3,
2020
(in millions)
Notes receivable, Flash Partners$289 $273 
Notes receivable, Flash Alliance228 301 
Notes receivable, Flash Forward554 670 
Investment in Flash Partners200 203 
Investment in Flash Alliance294 300 
Investment in Flash Forward129 128 
Total notes receivable and investments in Flash Ventures$1,694 $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 April 2, 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.
April 2,
2021
(in millions)
Notes receivable$1,071 
Equity investments623 
Operating lease guarantees1,993 
Inventory and prepayments656 
Maximum estimable loss exposure$4,343 
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 April 2, 2021.
Lease Amounts
(Japanese yen, in billions)(U.S. dollar, in millions)
Total guarantee obligations¥221 $1,993 
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 April 2, 2021 in U.S. dollars, based upon the Japanese yen to U.S. dollar exchange rate as of April 2, 2021:
Annual InstallmentsPayment of Principal AmortizationPurchase Option Exercise Price at Final Lease TermsGuarantee Amount
(in millions)
Remaining three months of 2021$146 $22 $168 
2022531 48 579 
2023419 65 484 
2024260 117 377 
202596 108 204 
Thereafter45 136 181 
Total guarantee obligations$1,497 $496 $1,993