XML 37 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

BALANCE SHEET COMPONENTS | 12 Months Ended
--- | ---
Jan. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Accounts Receivable, Net
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Accounts receivable, gross(1) | $ | 40,895 |  |  | $ | 80,829 |
Less: allowance for credit losses | (940) |  |  | (3,768) |
Less: allowance for sales returns | (225) |  |  | (359) |
Accounts receivable, net | $ | 39,730 |  |  | $ | 76,702 |
(1)In December 2018, May 2019 and March 2021, certain subsidiaries entered into factoring arrangements with two separate third-party factor agencies related to our accounts receivable from customers in Europe and the United States. As a result of these factoring arrangements, title of certain accounts receivable balances was transferred to third-party vendors, and both arrangements were accounted for as a sale of financial assets given effective control over these financial assets has been surrendered. As a result, these financial assets have been excluded from our Consolidated Balance Sheets. In connection with the factoring arrangements, we sold accounts receivable invoices amounting to $336.7 million and $249.0 million in fiscal years 2021 and 2020, respectively. As of January 2, 2022 and January 3, 2021, total uncollected accounts receivable from end customers under both arrangements were $36.7 million and $34.1 million, respectively.
(In thousands) | Balance at Beginning of Period |  | Charges (Releases) to Expense |  | Deductions |  | Balance at End of Period
Allowance for credit losses |  |  |  |  |  |  |
Year ended January 2, 2022 | $ | 3,768 |  |  | $ | (1,973) |  |  | $ | (855) |  |  | $ | 940 |
Year ended January 3, 2021 | 2,767 |  |  | 2,548 |  |  | (1,547) |  |  | 3,768 |
Allowance for sales returns |  |  |  |  |  |  |
Year ended January 2, 2022 | $ | 359 |  |  | $ | (134) |  |  | $ | — |  |  | $ | 225 |
Year ended January 3, 2021 | 501 |  |  | (142) |  |  | — |  |  | 359 |
Inventories
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Raw materials | $ | 47,894 |  |  | $ | 25,100 |
Work-in-process | 47,953 |  |  | 61,059 |
Finished goods | 116,973 |  |  | 83,081 |
Inventories | $ | 212,820 |  |  | $ | 169,240 |
As of January 2, 2022 and January 3, 2021, the Company had reserves for excess or obsolete inventories of $4.9 million and $5.3 million respectively. Prepaid Expenses and Other Current Assets
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
VAT receivables, current portion | $ | 9,063 |  |  | $ | 2,971 |
Derivative financial instruments (Note 12) | 3,526 |  |  | 1,997 |
Tax receivables | 6,843 |  |  | 5,025 |
Other receivables | 24,637 |  |  | 17,422 |
Deferred issuance cost (Note 11) | — |  |  | 9,228 |
Restricted cash | 1,661 |  |  | 2,483 |
Other prepaid expenses and other current assets | 16,174 |  |  | 10,344 |
Prepaid expenses and other current assets | $ | 61,904 |  |  | $ | 49,470 |
Intangible Assets, Net
(In thousands) | Gross |  | Accumulated Amortization |  | Net
As of January 2, 2022 |  |  |  |  |
Trademarks and purchased technology | $ | 2,162 |  |  | $ | (1,742) |  |  | $ | 420 |
As of January 3, 2021 |  |  |  |  |
Trademarks and purchased technology | $ | 1,815 |  |  | $ | (1,359) |  |  | $ | 456 |
Aggregate amortization expense for intangible assets totaled $0.4 million and $5.0 million and $7.3 million for fiscal years 2021, 2020, and 2019 respectively. As of January 2, 2022, the estimated future amortization expense related to definite-lived intangible assets is as follows:
(In thousands) |
Fiscal Year |
2022 | $ | 254 |
2023 | 89 |
2024 | 43 |
2025 | 20 |
2026 | 11 |
Thereafter | 3 |
Total future amortization expense | $ | 420 |
Property, Plant and Equipment, Net
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Manufacturing equipment | $ | 171,217 |  |  | $ | 123,453 |
Land and buildings | 145,134 |  |  | 137,975 |
Leasehold improvements | 83,293 |  |  | 82,091 |
Solar power systems | 1,337 |  |  | 1,382 |
Computer equipment | 39,815 |  |  | 34,811 |
Furniture and fixtures | 1,360 |  |  | 1,303 |
Construction-in-process | 124,494 |  |  | 24,626 |
Property, plant and equipment, gross | 566,650 |  |  | 405,641 |
Less: accumulated depreciation | (180,020) |  |  | (158,733) |
Property, plant and equipment, net | $ | 386,630 |  |  | $ | 246,908 |
Aggregate depreciation expense for property, plant and equipment totaled $41.8 million and $42.3 million and $46.0 million for fiscal years 2021, 2020, and 2019 respectively. Other Long-term Assets
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Equity investments without readily determinable fair value (Note 10) | $ | 4,000 |  |  | $ | 4,000 |
Equity method investments (Note 10) | 11,230 |  |  | 25,707 |
Prepaid Forward (Note 11) | 32,250 |  |  | 66,718 |
Prepayment for capital expenditure | 34,631 |  |  | 7,271 |
Restricted cash | 24,029 |  |  | 345 |
Other | 8,937 |  |  | 9,413 |
Other long-term assets | $ | 115,077 |  |  | $ | 113,454 |
Accrued Liabilities
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Employee compensation and employee benefits | $ | 18,769 |  |  | $ | 16,914 |
Short-term warranty reserves(1) | 11,457 |  |  | 9,548 |
Restructuring reserve (Note 8) | 1,177 |  |  | — |
Accrued interest payable | 6,056 |  |  | 6,185 |
Other payables to SunPower (Note 3) | 8,361 |  |  | 7,942 |
VAT payables | 6,687 |  |  | 9,270 |
Derivative financial instruments (Note 12) | 536 |  |  | 2,971 |
Legal accruals | 7,177 |  |  | 3,450 |
Taxes payable | 2,296 |  |  | 13,447 |
Unrecognized tax benefits | 3,731 |  |  | — |
Payable to factor agencies | 1,073 |  |  | 795 |
Other | 11,360 |  |  | 6,785 |
Accrued liabilities | $ | 78,680 |  |  | $ | 77,307 |
(1)Included in the warranty reserve is the short-term system warranty reserve of $0.03 million and $3.3 million as of January 2, 2022 and January 3, 2021, respectively, relating to SunPower’s business which is indemnified by SunPower under the Separation and Distribution Agreement and accordingly, the Company has recorded the corresponding receivables under “Prepaid expense and other current assets” on the Consolidated Balance Sheets. Other Long-term Liabilities
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Long-term warranty reserves | $ | 23,762 |  |  | $ | 26,955 |
Unrecognized tax benefits | 9,834 |  |  | 18,063 |
Long-term security deposit payable | 1,990 |  |  | 2,148 |
Long-term pension liability | 2,341 |  |  | 2,992 |
Refund liabilities to Total | 22,566 |  |  | — |
Other | 546 |  |  | 1,594 |
Other long-term liabilities | $ | 61,039 |  |  | $ | 51,752 |
(1)Included in the warranty reserve is the long-term system warranty reserve of $3.8 million and $2.0 million as of January 2, 2022 and January 3, 2021, respectively, relating to SunPower’s business which is indemnified by SunPower under the Separation and Distribution Agreement and accordingly, the Company has recorded the corresponding receivables under “Prepaid expense and other current assets” on the Consolidated Balance Sheets. Accumulated Other Comprehensive Loss
| As of
(In thousands) | January 2, 2022 |  | January 3, 2021
Cumulative translation adjustment | $ | (18,741) |  |  | $ | (13,280) |
Unrecognized gain on long-term pension liability adjustment | 4,208 |  |  | 3,365 |
Net unrealized gain (loss) on derivative instruments | 2,689 |  |  | (476) |
Accumulated other comprehensive loss | $ | (11,844) |  |  | $ | (10,391) |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration