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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 29, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Redemption of the 2024 Notes On January 30, 2024, the Company issued a notice to redeem the outstanding 2024 Notes in full pursuant to the terms of the 2024 Notes Indenture, which gave holders the right to convert their 2024 Notes prior to the redemption date. On April 18, 2024, the Company settled the conversions of the entire $115.5 million in aggregate principal amount of the 2024 Notes. In accordance with the provisions of the 2024 Notes Indenture, the Company settled such conversions of the 2024 Notes by paying and delivering, as applicable, a combination of $115.5 million in cash and 4.6 million shares of the Company’s common stock. To finance the conversion of the 2024 Notes, the Company borrowed $75 million under the Revolving Facility and $40 million on the Term Facility, in each case, under its Credit Agreement (each as defined below). As of April 18, 2024, the Company has $45.0 million remaining available for borrowing under the Revolving Facility and no remaining amounts available for borrowing under the Term Facility. Lease In April, 2024, the Company announced a decision to reduce the use of leased space for its headquarters in San Jose, California. The Company plans to consolidate its operations and market the excess space for sublease. Depending on the outcome of marketing the sublease, the Company believes this decision could result in an impairment of the right-of-use assets and the associated leasehold improvement assets for the leased property. The estimated impairment loss is expected to be between $5.5 million and $6.5 million for the quarter ending June 28, 2024.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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