Debt and Credit Sources (Tables)

3 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our outstanding debt on our condensed consolidated balance sheets:

	March 29, 2020								December 29, 2019
(In thousands)	Face Value		Short-term		Long-term		Total		Face Value		Short-term		Long-term		Total
Convertible debt:
0.875% debentures due 2021	$	309,698	$	—	$	309,126	$	309,126	$	400,000	$	—	$	399,058	$	399,058
4.00% debentures due 2023	425,000		—		421,511		421,511		425,000		—		421,201		421,201
CEDA loan	30,000		—		29,161		29,161		30,000		—		29,141		29,141
Non-recourse financing and other debt	194,655		124,060		67,640		191,700		190,966		104,230		83,224		187,454
	$	959,353	$	124,060	$	827,438	$	951,498	$	1,045,966	$	104,230	$	932,624	$	1,036,854

	Aggregate Carrying Value1
(In thousands)	March 29, 2020		December 29, 2019		Balance Sheet Classification
Non-Recourse Project Debt:
Arizona loan2	$	6,053	$	6,111	Short-term debt and Long-term debt
Various construction project debt3	$	13,087	$	3,004	Short-term debt
Other Debt:
AUO debt4	$	40,944	$	37,749	Short-term debt
HSBC financing program5	$	5,000	$	21,993	Short-term debt
Other debt6	$	537	$	1,831	Short-term debt and Long-term debt

¹ Based on the nature of the debt arrangements included in the table above, and our intention to fully repay or transfer the obligations at their face values plus any applicable interest, we believe their carrying value materially approximates fair value, which is categorized within Level 3 of the fair value hierarchy.

² In fiscal 2013, we entered into a financing agreement with PNC Energy Capital, LLC to finance our construction projects. Interest is calculated at a per annum rate equal to LIBOR plus 4.13%.

³ In the fourth quarter of fiscal 2019 and the first quarter of 2020, we entered into various financing agreements with Fifth Third Bank, National Association, to finance our construction projects. The amount borrowed is non-recourse in nature and cannot exceed the total costs of the project. Each draw bears interest on the unpaid amount at a per annum rate equal to LIBOR. The loan matures at the earliest of 85 days after the project is placed in service; 9 months after the initial borrowing date; or the first anniversary of satisfaction of the closing conditions set forth by the Lenders, including the delivery of the signed loan agreement by the borrower.

⁴ In fiscal 2016, we entered into a financing agreement with the Standard Chartered Bank of Malaysia. The agreement allows for an amount outstanding up to $50 million for a 90-day period. Interest is calculated as 1.50% per annum over LIBOR.

⁵ Relates to trade payables that are financed through a facility with a financial institution.

⁶ Relates to financing and capital lease obligations.

Schedule of Maturities of Debt

As of March 29, 2020, the aggregate future contractual maturities of our outstanding debt, at face value, were as follows:

(In thousands)	Fiscal 2020 (remaining nine months)		Fiscal 2021		Fiscal 2022		Fiscal 2023		Fiscal 2024		Thereafter		Total
Aggregate future maturities of outstanding debt	$	90,492	$	387,495	$	21,605	$	425,741	$	780	$	33,240	$	959,353

Schedule of Long-Term Convertible Debt Instruments

The following table summarizes our outstanding convertible debt:

	March 29, 2020						December 29, 2019
(In thousands)	Carrying Value		Face Value		Fair Value1		Carrying Value		Face Value		Fair Value1
Convertible debt:
0.875% debentures due 2021	$	309,126	$	309,698	$	292,919	$	399,058	$	400,000	$	371,040
4.00% debentures due 2023	421,511		425,000		341,653		421,201		425,000		348,628
	$	730,637	$	734,698	$	634,572	$	820,259	$	825,000	$	719,668

¹The fair value of the convertible debt was determined using Level 2 inputs based on quarterly market prices as reported by an independent pricing source.