XML 31 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2

Variable Interest Entities

6 Months Ended

Jul. 03, 2022

Condensed Financial Information Disclosure [Abstract]

Variable Interest Entities

Variable Interest Entities

Oxbow Realty was established for the purpose of holding real estate and facilitating real estate transactions. This included facilitating the purchase of our land and building with proceeds from a bank loan and managing the leaseback of the land and building to us. We determined that Oxbow Realty meets the definition of a VIE under Topic 810, Consolidation, because it lacks sufficient equity to finance its activities. We concluded that we are the primary beneficiary of Oxbow Realty as we have the power to direct operation and maintenance decisions during the lease term, which would most significantly affect the VIE’s economic performance. As the primary beneficiary, we consolidate the assets, liabilities and results of operations of Oxbow Realty, eliminate any transactions between us and Oxbow Realty, and record a non-controlling interest for the economic interest in Oxbow Realty not owned by us because the owners of our common stock do not legally have rights or obligations to those profits or losses. In addition, the assets of Oxbow Realty can only be used to settle its liabilities, and the creditors of Oxbow Realty do not have recourse to the general credit of SkyWater.

The following table shows the carrying amounts of assets and liabilities of Oxbow Realty that are consolidated by us as of July 3, 2022 and January 2, 2022. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation.

			July 3, 2022						January 2, 2022
Cash and cash equivalents			$	282					$	475
Prepaid expenses			341						192
Finance receivable			37,549						37,437
Other assets			256						200
Total assets			$	38,428					$	38,304
Accounts payable			$	916					$	1,232
Accrued expenses			607						479
Debt			37,287						37,793
Total liabilities			$	38,810					$	39,504

 The following table shows the revenue and expenses of Oxbow Realty that are consolidated by us for the three and six months ended July 3, 2022 and July 4, 2021. We have included these amounts, net of eliminations, in the corresponding tables in the notes to our condensed consolidated financial statements.

			Three Months Ended												Six Months Ended
			July 3, 2022						July 4, 2021						July 3, 2022						July 4, 2021
Revenue			$	1,262					$	1,159					$	2,522					$	2,504
General and administrative expenses			102						66						179						318
Interest expense			334						336						658						671
Total expenses			436						402						837						989
Net income			$	826					$	757					$	1,685					$	1,515

X

- References

No definition available.

+ Details

Name:	srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

+ Details

Name:	us-gaap_VariableInterestEntityDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration