Business Divestitures (Tables)

9 Months Ended

Oct. 03, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The assets and liabilities of the commercial projects that were sold in the transaction are summarized below:

(In thousands)
Accounts receivable, net	$	719
Prepaid expenses, other current assets, and cash	840
Property, plant and equipment, net	12,847
Total assets	14,406
Accrued liabilities	137
Short-term debt	614
Long-term debt	4,779
Other long-term liabilities	804
Total liabilities	6,334
Net assets	$	8,072

Net proceeds received were as follows:

(In thousands)
Purchase price	$	8,881
Transaction costs	(105)
Holdback receivables	(369)
Debt repaid directly by buyer	(5,585)
Net proceeds received	$	2,822

Net loss on sale for the nine months ended October 3, 2021 was as follows:

(In thousands)
Net proceeds received	$	2,822
Estimated receivable from amount held back for retained obligations	184
Book value of net assets sold	(8,072)
Net loss on sale	$	(5,066)

The assets and liabilities related to the residential leases that were sold are summarized below:

(In thousands)
Accounts receivable, net	$	253
Prepaid expenses and other current assets	825
Property, plant, and equipment, net	1,934
Solar power systems leased, net	186
Total assets	3,198
Accrued and other liabilities	106
Contract liabilities	332
Total liabilities	438
Net assets	$	2,760

Net proceeds received were as follows:

(In thousands)
Purchase price	$	8,500
Transaction costs	(449)
Net proceeds received	$	8,051

Net gain on sale for the nine months ended October 3, 2021 was as follows:

(In thousands)
Net proceeds received	$	8,051
Book value of net assets sold	(2,760)
Net gain on sale	$	5,291