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Debt and Credit Sources
 9 Months Ended
Oct. 03, 2021
Debt Disclosure [Abstract]  
Debt and Credit Sources DEBT AND CREDIT SOURCES
The following table summarizes our outstanding debt on our unaudited condensed consolidated balance sheets:

October 3, 2021January 3, 2021
(In thousands)Face ValueShort-termLong-termTotalFace ValueShort-termLong-termTotal
Convertible debt:
0.875% debentures due 2021
$— $— $— $— $62,634 $62,531 $— $62,531 
4.00% debentures due 20231
424,995 — 423,370 423,370 425,000 — 422,443 422,443 
CEDA loan— — — — 30,000 — 29,219 29,219 
Other debt109,445 66,304 42,082 108,386 126,283 97,059 27,228 124,287 
$534,440 $66,304 $465,452 $531,756 $643,917 $159,590 $478,890 $638,480 

1 The 4.00% debentures due 2023 with original principal amount of $425.0 million was reduced by $5.0 thousand during the first quarter of fiscal 2021 due to a bond conversion during the quarter.

As of October 3, 2021, the aggregate future contractual maturities of our outstanding debt, at face value, were as follows:

(In thousands)Fiscal 2021 (remaining three months)Fiscal 2022Fiscal 2023Fiscal 2024Fiscal 2025ThereafterTotal
Aggregate future maturities of outstanding debt$67,210 $65 $425,064 $41,839 $76 $186 $534,440 
Convertible Debt

The following table summarizes our outstanding convertible debt:
 October 3, 2021January 3, 2021
(In thousands)Carrying ValueFace Value
Fair Value1
Carrying ValueFace Value
Fair Value1
Convertible debt:
0.875% debentures due 2021
$— $— $— $62,531 $62,634 $64,018 
4.00% debentures due 2023
423,370 424,995 543,739 422,443 425,000 549,398 
$423,370 $424,995 $543,739 $484,974 $487,634 $613,416 

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

Our outstanding convertible debentures are senior, unsecured obligations ranking equally with all of our existing and future senior unsecured indebtedness.

Loan Agreement with California Enterprise Development Authority ("CEDA")

In 2010, we borrowed the proceeds of the $30.0 million aggregate principal amount of CEDA's tax-exempt Recovery Zone Facility Revenue Bonds (SunPower Corporation - Headquarters Project) Series 2010 (the "Bonds") under a loan agreement with CEDA. The Bonds mature on April 1, 2031 and bear interest at a fixed rate of 8.50% through maturity, and include customary covenants and other restrictions on us. As per the terms of the agreement, the bonds were subject to a 'make-whole' provision, wherein if retired prior to April 1, 2021, the Company has to 'make-whole' the bond holders for the full amount of unpaid interest through the term of the loan. After the make-whole provision expired in April 2021, the bonds can be retired any time at par value.

In April 2021, we repaid the outstanding principal amount of our $30.0 million loan with CEDA.

Other Debt

We enter into other debt arrangements to finance our operations, including sometimes entering into project level non-recourse debt dependent on the needs of the project. As of October 3, 2021, we had other debt of $108.4 million outstanding.
The following presents a summary of the other debt arrangements:

 
Aggregate Carrying Value1
(In thousands)October 3, 2021January 3, 2021Balance Sheet Classification
Recourse Debt:
PNC Energy Capital loan2
$— $5,545 Short-term debt and Long-term debt
Asset-Backed Loan$41,662 $32,690 Long-term debt
Safe Harbor$62,417 $75,910 Short-term debt
Total Recourse Debt$104,079 $114,145 
Non-Recourse Debt:
Vendor financing and other debt$4,307 $560 Short-term debt and Long-term debt
Construction project debt$— $9,583 Short-term debt
Total Non-Recourse Debt$4,307 $10,143 

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%. These debt obligations, and corresponding interest rate swap contracts, were assumed by the buyer in our sale of commercial projects portfolio during the second quarter of fiscal 2021 (see Note 5. Business Divestitures for additional details).

Asset-Backed Loan with Bank of America
On March 29, 2019, we entered into a Loan and Security Agreement with Bank of America, N.A, which, together with subsequent amendments, provides a revolving credit facility secured by certain inventory and accounts receivable in the maximum aggregate principal amount of $75.0 million. The Loan and Security Agreement contains negative and affirmative covenants, events of default and repayment and prepayment provisions customarily applicable to asset-backed credit facilities. The facility bears a floating interest rate of LIBOR plus an applicable margin, and matures on the earliest of (1) October 15, 2022 (a date that is 91 days prior to the maturity of our 4.00% debentures due 2023), (2) March 29, 2024, or (3) the termination of the commitments thereunder. The balance outstanding on the revolver was $41.8 million and $32.8 million, respectively, as of October 3, 2021 and January 3, 2021.