XML 39 R17.htm IDEA: XBRL DOCUMENT
v3.22.1

RESTRUCTURING | 12 Months Ended
--- | ---
Jan. 02, 2022
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING SunPower’s Restructuring Plans In connection with the Spin-off, the restructuring expenses for several restructuring plans that were initiated when we were part of SunPower were accounted for by SunPower. Accordingly, there were no related restructuring expenses incurred in the books of Maxeon for fiscal year 2020 thereon. Maxeon’s Restructuring Plans May 2021 Restructuring Plan During the second quarter of fiscal year 2021, the Company adopted a restructuring plan to reduce costs and focus on improving cash flow, primarily related to the closure of a France-based manufacturing facility. The Company expects less than 40 employees to be affected in connection with this restructuring plan. This represents a mixture of manufacturing and non-manufacturing employees. There was a charge of $4.6 million related to this plan during fiscal year 2021. The restructuring activities is expected to be completed by first quarter of fiscal year 2022 and remaining costs to be incurred amounts to $0.8 million. The following table summarizes the period-to-date restructuring charges by plan recognized in our Consolidated and Combined Statements of Operations:
| Fiscal Year Ended
(In thousands) | January 2, 2022 |  | January 3, 2021 |  | December 29, 2019
SunPower Restructuring Plans: |  |  |  |  |
Severance and benefits | $ | — |  |  | $ | — |  |  | $ | (234) |
Other costs(1) | — |  |  | — |  |  | (283) |
Total SunPower Restructuring Plans | — |  |  | — |  |  | (517) |
May 2021 Restructuring Plan: |  |  |  |  |
Severance and benefits | 4,313 |  |  | — |  |  | — |
Impairment of assets | 252 |  |  | — |  |  | — |
Total May 2021 Restructuring Plan | 4,565 |  |  | — |  |  | — |
Other Restructuring: |  |  |  |  |
Severance and benefits | 1,077 |  |  | — |  |  | — |
Impairment and accelerated depreciation of assets | 2,440 |  |  | — |  |  | — |
Other costs(1) | 2 |  |  | — |  |  | — |
Total Other Restructurings | 3,519 |  |  | — |  |  | — |
Total restructuring charges (credits) | $ | 8,084 |  |  | $ | — |  |  | $ | (517) |
(1)Other costs primarily represent associated legal and advisory services, and costs of relocating employees. The following table summarizes the restructuring reserve movements during fiscal year 2021:
(In thousands) | January 3, 2021 |  | Charges (Credits) |  | Recovery (Payments) |  | January 2, 2022
May 2021 Restructuring Plan: |  |  |  |  |  |  |
Severance and benefits | $ | — |  |  | $ | 4,313 |  |  | $ | (3,136) |  |  | $ | 1,177 |
Impairment and accelerated depreciation of assets | — |  |  | 252 |  |  | (252) |  |  | — |
Total May 2021 Restructuring Plan | — |  |  | 4,565 |  |  | (3,388) |  |  | 1,177 |
Other Restructuring: |  |  |  |  |  |  |
Severance and benefits | — |  |  | 1,077 |  |  | (1,077) |  |  | — |
Impairment and accelerated depreciation of assets | — |  |  | 2,440 |  |  | (2,440) |  |  | — |
Other costs(1) | — |  |  | 2 |  |  | (2) |  |  | — |
Total Other Restructurings | — |  |  | 3,519 |  |  | (3,519) |  |  | — |
Total restructuring charges | $ | — |  |  | $ | 8,084 |  |  | $ | (6,907) |  |  | $ | 1,177 |
(1)Other costs primarily represent associated legal and advisory services, and costs of relocating employees.

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

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration