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Variable Interest Entity

12 Months Ended

Dec. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Variable Interest Entity

Oxbow Realty was established for the purpose of holding real estate and facilitating real estate transactions. This included facilitating the purchase of the land and building of SkyWater’s Minnesota facility with proceeds from a bank loan (See Note 6 – Debt) and managing the leaseback of the land and building to SkyWater (see Note 13 – Related Party Transactions). Management determined that Oxbow Realty meets the definition of a VIE under ASC Topic 810, Consolidations (“Topic 810”), because it lacks sufficient equity to finance its activities. Furthermore, the Company is the primary beneficiary of Oxbow Realty as it has the power to direct operating and maintenance decisions of the Minnesota facility during the lease term, which would most significantly affect Oxbow Realty’s economic performance. As the primary beneficiary, the Company consolidates the assets, liabilities and results of operations of Oxbow Realty pursuant to Topic 810, eliminating any transactions between the Company and Oxbow Realty, and recording a noncontrolling interest for the economic interest in Oxbow Realty not attributable to the Company because the owners of SkyWater’s common stock do not legally have rights or obligations to the profits or losses of Oxbow Realty. 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 as of December 29, 2024 and December 31, 2023. The assets and liabilities are presented prior to consolidation, and thus do not reflect the elimination of intercompany balances.

			December 29, 2024						December 31, 2023
Cash and cash equivalents			$	383					$	9
Accounts receivable			1,242						8,807
Finance receivable			41,153						40,707
Other assets			107						744
Total assets			$	42,885					$	50,267
Accounts payable			$	1,217					$	6,053
Accrued expenses			80						248
Contract liabilities			1,078						1,283
Debt			34,634						35,722
Total liabilities			$	37,009					$	43,306

The following table shows the revenue and expenses of Oxbow Realty for the fiscal years ended December 29, 2024, December 31, 2023, and January 1, 2023. These results of Oxbow Realty are presented prior to consolidation, and thus do not reflect the elimination of intercompany transactions.

			Fiscal Year Ended
			December 29, 2024						December 31, 2023						January 1, 2023
Revenue			$	5,700					$	6,861					$	5,052
General and administrative expenses			45						(90)						1,016
Interest expense			1,379						1,252						1,314
Income tax expense			—						36						—
Total expenses			1,424						1,198						2,330
Net income			$	4,276					$	5,663					$	2,722

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- References

No definition available.

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- 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
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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