Debt and Credit Sources (Tables)

9 Months Ended

Oct. 03, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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

	October 3, 2021								January 3, 2021
(In thousands)	Face Value		Short-term		Long-term		Total		Face Value		Short-term		Long-term		Total
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 debt	109,445		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.

The following presents a summary of the other debt arrangements:

	Aggregate Carrying Value1
(In thousands)	October 3, 2021		January 3, 2021		Balance 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).

Schedule of Maturities of Debt

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 2022		Fiscal 2023		Fiscal 2024		Fiscal 2025		Thereafter		Total
Aggregate future maturities of outstanding debt	$	67,210	$	65	$	425,064	$	41,839	$	76	$	186	$	534,440

Schedule of Long-Term Convertible Debt Instruments

The following table summarizes our outstanding convertible debt:

	October 3, 2021						January 3, 2021
(In thousands)	Carrying Value		Face Value		Fair Value1		Carrying Value		Face 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.