SNDK » Topics » Notes Receivable and Investments in the Flash Ventures with Toshiba.

This excerpt taken from the SNDK 10-K filed Feb 25, 2010.
Notes Receivable and Investments in the Flash Ventures with Toshiba.  Notes receivable and investments in the flash ventures with Toshiba Corporation (“Toshiba”) were as follows (in thousands):

   
January 3,
 2010
   
December 28,
 2008
 
Notes receivable, Flash Partners Ltd.
  $ 562,946     $ 843,380  
Notes receivable, Flash Alliance Ltd.
    520,225       276,518  
Investment in FlashVision Ltd.
 
      63,965  
Investment in Flash Partners Ltd.
    199,106       202,530  
Investment in Flash Alliance Ltd.
    225,273       215,898  
Total notes receivable and investments in the flash ventures with Toshiba
  $ 1,507,550     $ 1,602,291  

In the third quarter of fiscal year 2008, the Company recorded a $10.4 million impairment charge related to its equity investment in FlashVision Ltd. (“FlashVision”) due to FlashVision’s difficulty in selling the remaining excess capital equipment due to limited demand for 200-millimeter production equipment.  The FlashVision impairment was recorded in Loss on Equity Investments as the impairments relate to the wind-down of the venture.  In the first quarter of fiscal year 2009, the Company completed the wind-down of FlashVision and received distributions of $12.7 million in cash, released $43.3 million of cumulative translation adjustments recorded in accumulated OCI and impaired the remaining $7.9 million relating to the Company’s investment in FlashVision.  See Note 13, “Commitments, Contingencies and Guarantees – FlashVision” regarding equity method investments in fiscal year 2008.

In the fourth quarter of fiscal year 2008, the Company recorded an impairment to the equity investments in Flash Partners Ltd. (“Flash Partners”) and Flash Alliance Ltd. (“Flash Alliance”) of $20.0 million and $63.0 million, respectively, as the fair value of these investments was determined to be less than the carrying value.  These impairments were based upon a comparison of the forecasted discounted cash flows to the carrying value of each venture.  The analyses considered several factors including the volatility in foreign currencies resulting in an appreciation in the carrying value of these Japanese yen denominated assets and a reduced business outlook primarily due to NAND-industry pricing conditions.  The impairment analyses and measurement is a process that requires significant judgment and the use of significant estimates related to valuation such as discount rates, long-term growth rates, foreign currency rates, and the level and timing of future cash flows.  The Flash Partners and Flash Alliance impairments were recorded in cost of product revenues due to the operational nature of the ventures.  See Note 13, “Commitments, Contingencies and Guarantees – Flash Partners and Flash Alliance,” regarding equity method investments in fiscal year 2009.

F - 21

Notes to Consolidated Financial Statements
 
This excerpt taken from the SNDK 8-K filed Jun 3, 2009.
Notes Receivable and Investments in the Flash Ventures with Toshiba.  Notes receivable and investments in the flash ventures with Toshiba Corporation (“Toshiba”) were as follows (in thousands):
 
   
December 28,
 2008
   
December 30,
 2007
 
Notes receivable, Flash Partners Ltd.
  $ 843,380     $ 639,834  
Notes receivable, Flash Alliance Ltd.
    276,518        
Investment in FlashVision Ltd.
    63,965       159,146  
Investment in Flash Partners Ltd.
    202,530       177,529  
Investment in Flash Alliance Ltd.
    215,898       132,396  
Total notes receivable and investments in the flash ventures with Toshiba
  $ 1,602,291     $ 1,108,905  
 
In the fourth quarter of fiscal year 2007 and the third quarter of fiscal year 2008, the Company recorded a $10.0 million and $10.4 million impairment charge, respectively, related to its equity investment in FlashVision due to FlashVision’s difficulty in selling the remaining excess capital equipment due to limited demand for 200-millimeter production equipment.  The FlashVision impairment was recorded in Income (Loss) in Equity Investments as the impairments relate to the wind-down of the venture.  At December 28, 2008, the Company had an investment in FlashVision of $64.0 million denominated in Japanese yen, and related unrealized gains of $43.3 million due to cumulative translation adjustments recorded in Accumulated Other Comprehensive Income.  See Note 13, “Commitments, Contingencies and Guarantees – FlashVision,” regarding equity method investments in fiscal year 2008.
 
In the fourth quarter of fiscal year 2008, the Company recorded an impairment to the equity investments in Flash Partners and Flash Alliance of $20.0 million and $63.0 million, respectively, as the fair value of these investments was determined to be less than the carrying value.  These impairments were based upon a comparison of the forecasted discounted cash flows to the carrying value of each venture.  The analysis considered several factors including the volatility in foreign currencies resulting in an appreciation in the carrying value of these Japanese yen denominated assets and a reduced business outlook primarily due to NAND-industry pricing conditions.  The impairment analyses and measurement is a process that requires significant judgment and the use of significant estimates related to valuation such as discount rates, long term growth rates, foreign currency rates and the level and timing of future cash flows.  The Flash Partners and Flash Alliance impairments were recorded in Cost of Product Revenues due to the operational nature of the ventures.  See Note 13, “Commitments, Contingencies and Guarantees – Flash Partners and Flash Alliance,” regarding equity method investments in fiscal year 2008.
 
This excerpt taken from the SNDK 10-Q filed May 7, 2009.
Notes Receivable and Investments in the Flash Ventures with Toshiba.  Notes receivable and investments in the flash ventures with Toshiba Corporation (“Toshiba”) were as follows (in thousands):

   
March 29, 2009
   
December 28, 2008
 
Notes receivable, Flash Partners Ltd.
  $ 634,913     $ 843,380  
Notes receivable, Flash Alliance Ltd.
    441,011       276,518  
Investment in FlashVision Ltd.
          63,965  
Investment in Flash Partners Ltd.
    189,357       202,530  
Investment in Flash Alliance Ltd.
    202,331       215,898  
Total notes receivable and investments in the flash ventures with Toshiba
  $ 1,467,612     $ 1,602,291  

In the first quarter of fiscal year 2009, the Company completed the wind-down of FlashVision Ltd. (“FlashVision”) and received cash distributions of $12.7 million, released $34.0 million of cumulative translation adjustments recorded in accumulated OCI and recorded an impairment charge of $7.9 million in Other Income (Expense) related to FlashVision.

See Note 12, “Commitments, Contingencies and Guarantees – FlashVision, Flash Partners and Flash Alliance,” regarding equity method investments in the three months ended March 29, 2009 and Note 13, “Related Parties,” for the Company’s maximum loss exposure related to these variable interest entities.


- 17 -


 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)
 

These excerpts taken from the SNDK 10-K filed Feb 26, 2009.
Notes Receivable and Investments in the Flash Ventures with Toshiba.  Notes receivable and investments in the flash ventures with Toshiba Corporation (“Toshiba”) were as follows (in thousands):
 
   
December 28,
 2008
   
December 30,
 2007
 
Notes receivable, Flash Partners Ltd.
  $ 843,380     $ 639,834  
Notes receivable, Flash Alliance Ltd.
    276,518        
Investment in FlashVision Ltd.
    63,965       159,146  
Investment in Flash Partners Ltd.
    202,530       177,529  
Investment in Flash Alliance Ltd.
    215,898       132,396  
Total notes receivable and investments in the flash ventures with Toshiba
  $ 1,602,291     $ 1,108,905  

In the fourth quarter of fiscal year 2007 and the third quarter of fiscal year 2008, the Company recorded a $10.0 million and $10.4 million impairment charge, respectively, related to its equity investment in FlashVision due to FlashVision’s difficulty in selling the remaining excess capital equipment due to limited demand for 200-millimeter production equipment.  The FlashVision impairment was recorded in Income (Loss) in Equity Investments as the impairments relate to the wind-down of the venture.  At December 28, 2008, the Company had an investment in FlashVision of $64.0 million denominated in Japanese yen, and related unrealized gains of $43.3 million due to cumulative translation adjustments recorded in Accumulated Other Comprehensive Income.  See Note 13, “Commitments, Contingencies and Guarantees – FlashVision,” regarding equity method investments in fiscal year 2008.

In the fourth quarter of fiscal year 2008, the Company recorded an impairment to the equity investments in Flash Partners and Flash Alliance of $20.0 million and $63.0 million, respectively, as the fair value of these investments was determined to be less than the carrying value.  These impairments were based upon a comparison of the forecasted discounted cash flows to the carrying value of each venture.  The analysis considered several factors including the volatility in foreign currencies resulting in an appreciation in the carrying value of these Japanese yen denominated assets and a reduced business outlook primarily due to NAND-industry pricing conditions.  The impairment analyses and measurement is a process that requires significant judgment and the use of significant estimates related to valuation such as discount rates, long term growth rates, foreign currency rates and the level and timing of future cash flows.  The Flash Partners and Flash Alliance impairments were recorded in Cost of Product Revenues due to the operational nature of the ventures.  See Note 13, “Commitments, Contingencies and Guarantees – Flash Partners and Flash Alliance,” regarding equity method investments in fiscal year 2008.

Notes Receivable
and Investments in the Flash Ventures with Toshiba.  
Notes
receivable and investments in the flash ventures with Toshiba Corporation
(“Toshiba”) were as follows (in thousands):

 















































































 
 

December 28,

 2008


   

December 30,

 2007


 

Notes
receivable, Flash Partners Ltd.

  $ 843,380     $ 639,834  

Notes
receivable, Flash Alliance Ltd.

    276,518        

Investment
in FlashVision Ltd.

    63,965       159,146  

Investment
in Flash Partners Ltd.

    202,530       177,529  

Investment
in Flash Alliance Ltd.

    215,898       132,396  

Total
notes receivable and investments in the flash ventures with
Toshiba

  $ 1,602,291     $ 1,108,905  





In the
fourth quarter of fiscal year 2007 and the third quarter of fiscal year 2008,
the Company recorded a $10.0 million and $10.4 million impairment
charge, respectively, related to its equity investment in FlashVision due to
FlashVision’s difficulty in selling the remaining excess capital equipment due
to limited demand for 200-millimeter production equipment.  The
FlashVision impairment was recorded in Income (Loss) in Equity Investments as
the impairments relate to the wind-down of the venture.  At December
28, 2008, the Company had an investment in FlashVision of $64.0 million
denominated in Japanese yen, and related unrealized gains of $43.3 million
due to cumulative translation adjustments recorded in Accumulated Other
Comprehensive Income.  See Note 13, “Commitments, Contingencies and
Guarantees – FlashVision,” regarding equity method investments in fiscal year
2008.



In the
fourth quarter of fiscal year 2008, the Company recorded an impairment to the
equity investments in Flash Partners and Flash Alliance of $20.0 million
and $63.0 million, respectively, as the fair value of these investments was
determined to be less than the carrying value.  These impairments were
based upon a comparison of the forecasted discounted cash flows to the carrying
value of each venture.  The analysis considered several factors
including the volatility in foreign currencies resulting in an appreciation in
the carrying value of these Japanese yen denominated assets and a reduced
business outlook primarily due to NAND-industry pricing
conditions.  The impairment analyses and measurement is a process that
requires significant judgment and the use of significant estimates related to
valuation such as discount rates, long term growth rates, foreign currency rates
and the level and timing of future cash flows.  The Flash Partners and
Flash Alliance impairments were recorded in Cost of Product Revenues due to the
operational nature of the ventures.  See Note 13, “Commitments,
Contingencies and Guarantees – Flash Partners and Flash Alliance,” regarding
equity method investments in fiscal year 2008.



These excerpts taken from the SNDK 10-K filed Feb 25, 2009.
Notes Receivable and Investments in the Flash Ventures with Toshiba.  Notes receivable and investments in the flash ventures with Toshiba Corporation (“Toshiba”) were as follows (in thousands):
 
   
December 28,
 2008
   
December 30,
 2007
 
Notes receivable, Flash Partners Ltd.
  $ 843,380     $ 639,834  
Notes receivable, Flash Alliance Ltd.
    276,518        
Investment in FlashVision Ltd.
    63,965       159,146  
Investment in Flash Partners Ltd.
    202,530       177,529  
Investment in Flash Alliance Ltd.
    215,898       132,396  
Total notes receivable and investments in the flash ventures with Toshiba
  $ 1,602,291     $ 1,108,905  

In the fourth quarter of fiscal year 2007 and the third quarter of fiscal year 2008, the Company recorded a $10.0 million and $10.4 million impairment charge, respectively, related to its equity investment in FlashVision due to FlashVision’s difficulty in selling the remaining excess capital equipment due to limited demand for 200-millimeter production equipment.  The FlashVision impairment was recorded in Income (Loss) in Equity Investments as the impairments relate to the wind-down of the venture.  At December 28, 2008, the Company had an investment in FlashVision of $64.0 million denominated in Japanese yen, and related unrealized gains of $43.3 million due to cumulative translation adjustments recorded in Accumulated Other Comprehensive Income.  See Note 13, “Commitments, Contingencies and Guarantees – FlashVision,” regarding equity method investments in fiscal year 2008.

In the fourth quarter of fiscal year 2008, the Company recorded an impairment to the equity investments in Flash Partners and Flash Alliance of $20.0 million and $63.0 million, respectively, as the fair value of these investments was determined to be less than the carrying value.  These impairments were based upon a comparison of the forecasted discounted cash flows to the carrying value of each venture.  The analysis considered several factors including the volatility in foreign currencies resulting in an appreciation in the carrying value of these Japanese yen denominated assets and a reduced business outlook primarily due to NAND-industry pricing conditions.  The impairment analyses and measurement is a process that requires significant judgment and the use of significant estimates related to valuation such as discount rates, long term growth rates, foreign currency rates and the level and timing of future cash flows.  The Flash Partners and Flash Alliance impairments were recorded in Cost of Product Revenues due to the operational nature of the ventures.  See Note 13, “Commitments, Contingencies and Guarantees – Flash Partners and Flash Alliance,” regarding equity method investments in fiscal year 2008.

Notes Receivable
and Investments in the Flash Ventures with Toshiba.  
Notes
receivable and investments in the flash ventures with Toshiba Corporation
(“Toshiba”) were as follows (in thousands):

 















































































 
 

December 28,

 2008


   

December 30,

 2007


 

Notes
receivable, Flash Partners Ltd.

  $ 843,380     $ 639,834  

Notes
receivable, Flash Alliance Ltd.

    276,518        

Investment
in FlashVision Ltd.

    63,965       159,146  

Investment
in Flash Partners Ltd.

    202,530       177,529  

Investment
in Flash Alliance Ltd.

    215,898       132,396  

Total
notes receivable and investments in the flash ventures with
Toshiba

  $ 1,602,291     $ 1,108,905  





In the
fourth quarter of fiscal year 2007 and the third quarter of fiscal year 2008,
the Company recorded a $10.0 million and $10.4 million impairment
charge, respectively, related to its equity investment in FlashVision due to
FlashVision’s difficulty in selling the remaining excess capital equipment due
to limited demand for 200-millimeter production equipment.  The
FlashVision impairment was recorded in Income (Loss) in Equity Investments as
the impairments relate to the wind-down of the venture.  At December
28, 2008, the Company had an investment in FlashVision of $64.0 million
denominated in Japanese yen, and related unrealized gains of $43.3 million
due to cumulative translation adjustments recorded in Accumulated Other
Comprehensive Income.  See Note 13, “Commitments, Contingencies and
Guarantees – FlashVision,” regarding equity method investments in fiscal year
2008.



In the
fourth quarter of fiscal year 2008, the Company recorded an impairment to the
equity investments in Flash Partners and Flash Alliance of $20.0 million
and $63.0 million, respectively, as the fair value of these investments was
determined to be less than the carrying value.  These impairments were
based upon a comparison of the forecasted discounted cash flows to the carrying
value of each venture.  The analysis considered several factors
including the volatility in foreign currencies resulting in an appreciation in
the carrying value of these Japanese yen denominated assets and a reduced
business outlook primarily due to NAND-industry pricing
conditions.  The impairment analyses and measurement is a process that
requires significant judgment and the use of significant estimates related to
valuation such as discount rates, long term growth rates, foreign currency rates
and the level and timing of future cash flows.  The Flash Partners and
Flash Alliance impairments were recorded in Cost of Product Revenues due to the
operational nature of the ventures.  See Note 13, “Commitments,
Contingencies and Guarantees – Flash Partners and Flash Alliance,” regarding
equity method investments in fiscal year 2008.



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