Debt and Credit Sources (Tables)

9 Months Ended

Oct. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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

	October 2, 2022								January 2, 2022
(In thousands)	Face Value		Short-term		Long-term		Total1, 2		Face Value		Short-term		Long-term		Total1, 2
Recourse Debt:
4.00% convertible debentures due 2023	$	424,991	$	424,609	$	—	$	424,609	$	424,991	$	—	$	423,677	$	423,677
Asset-Backed Loan4	—		—		—		—		60,800		60,579		—		60,579
Safe Harbor Loan3	—		—		—		—		48,529		47,894		—		47,894
Total recourse debt	$	424,991	$	424,609	$	—	$	424,609	$	534,320	$	108,473	$	423,677	$	532,150
Non-Recourse Debt:
Credit Suisse Warehouse Loan	$	73,906	$	—	$	72,270	$	72,270	$	—	$	—	$	—	$	—
Vendor Financing and Other Debt	2,513		2,185		297		2,482		1,475		1,095		380		1,475
Total non-recourse debt	76,419		2,185		72,567		74,752		1,475		1,095		380		1,475
Total	$	501,410	$	426,794	$	72,567	$	499,361	$	535,795	$	109,568	$	424,057	$	533,625

1 Refers to the total carrying value of the outstanding debt arrangement.

2 See table below for discussion on the fair value of the convertible debt. The carrying value of all of our non-convertible debt approximates the fair value, based on our intention to fully repay or transfer the obligations at their face values plus any applicable interest, and is categorized within Level 3 of the fair value hierarchy.

3 In June 2022, we repaid the remaining outstanding principal amount of our $47.6 million loan with Hannon Armstrong under the safe harbor facility.

4 In September 2022, we repaid the outstanding principal amount of our $61.7 million asset-backed loan with Bank of America, N.A. and terminated the facility.

Schedule of Maturities of Debt

As of October 2, 2022, the aggregate future contractual maturities of our outstanding debt, at face value, were as follows:

(In thousands)	Fiscal 2022 (remaining three months)		Fiscal 2023		Fiscal 2024		Fiscal 2025		Fiscal 2026		Thereafter		Total
Aggregate future maturities of outstanding debt	$	2,173	$	498,955	$	61	$	64	$	68	$	89	$	501,410

Schedule of Long-Term Convertible Debt Instruments

The following table summarizes our outstanding convertible debt:

	October 2, 2022						January 2, 2022
(In thousands)	Carrying Value		Face Value		Fair Value1		Carrying Value		Face Value		Fair Value1
4.00% debentures due 2023	$	424,609	$	424,991	$	465,266	$	423,677	$	424,991	$	501,489

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.