v3.24.1.1.u2
BALANCE SHEET COMPONENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable
Accounts Receivable, Net
As of
(In thousands)December 31, 2023January 1, 2023
Accounts receivable, gross(1)
$63,517 $55,218 
Less: allowance for credit losses
(566)(807)
Less: allowance for sales returns(264)(110)
Accounts receivable, net$62,687 $54,301 
(1)The Company maintains factoring arrangements with two separate third-party factor agencies related to our accounts receivable from customers in Europe and the United States. As a result of these factoring arrangements, title of certain accounts receivable balances was transferred to third-party vendors, and both arrangements were accounted for as a sale of financial assets given effective control over these financial assets has been surrendered. As a result, these financial assets have been excluded from our Consolidated Balance Sheets. The Company maintains the role as a collection agent for the factor agencies and as of December 31, 2023 and January 1, 2023, the cash held in escrow for the collection of such funds that has not been collected by the factor agencies is $0.1 million and $0.5 million, respectively.
Schedule of Allowance For Credit Losses And Sales Returns
(In thousands)Balance at
Beginning
of Period
Charges
to
Expense
DeductionsBalance
at End
of
Period
Allowance for credit losses
Year ended December 31, 2023
$807 $(170)$(71)$566 
Year ended January 1, 2023
940 (13)(120)807 
Allowance for sales returns
Year ended December 31, 2023
$110 $154 $— $264 
Year ended January 1, 2023
225 (115)— 110 
Schedule of Inventory, Current
Inventories    
As of
(In thousands)December 31, 2023January 1, 2023
Raw materials$37,063 $83,350 
Work-in-process80,219 76,718 
Finished goods191,666 143,162 
Inventories$308,948 $303,230 
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure
Prepaid Expenses and Other Current Assets
As of
(In thousands)December 31, 2023January 1, 2023
VAT receivables, current portion$10,218 $7,320 
Tax receivables
1,580 3,819 
Receivables from tolling partners— 14,923 
Other receivables from SunPower (Note 3)3,448 14,703 
Other receivables14,278 19,394 
Deferred issuance cost
1,528 1,652 
Restricted cash5,242 37,974 
Prepaid expenses
18,055 26,366 
Derivative financial instruments (Note 12)
313 703 
Asset held for sale(1)
466 1,490 
Other prepaid expenses and other current assets684 764 
Prepaid expenses and other current assets$55,812 $129,108 
(1)     Asset held for sale represents fixed assets that have satisfied the held for sale criteria under ASC 360 Property, Plant and Equipment. Such assets are carried at the lower of carrying amount and fair value less costs to sell.
Schedule of Finite-Lived Intangible Assets Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the intangible assets as follows:
Useful Lives in
Years
Patents12
Trademarks
2 to 7
Customers relationship4
Purchased technology
1 to 7
Intangible Assets, Net
(In thousands)GrossAccumulated
Amortization		Net
As of December 31, 2023
Customer relationship
$2,600 $— $2,600 
Trademarks and purchased technology
2,961 (2,209)752 
Total
$5,561 $(2,209)$3,352 
As of January 1, 2023
Trademarks and purchased technology
$2,305 $(2,014)$291 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2023, the estimated future amortization expense related to definite-lived intangible assets is as follows:
(In thousands)
Fiscal Year
2024$866 
2025818 
2026
740 
2027
730 
2028
80 
Thereafter118 
Total future amortization expense$3,352 
Property, Plant and Equipment
Useful Lives in
Years
Buildings
20
Leasehold improvements
1 to 20
Manufacturing equipment
7 to 10
Computer equipment
3 to 7
Solar power systems
30
Furniture and fixtures
3 to 5
Property, Plant and Equipment, Net
As of
(In thousands)December 31, 2023January 1, 2023
Manufacturing equipment$185,536 $300,089 
Land and buildings148,808 151,763 
Leasehold improvements85,536 89,215 
Solar power systems1,318 1,300 
Computer equipment49,220 39,011 
Furniture and fixtures1,321 1,378 
Construction-in-process22,000 15,786 
Property, plant and equipment, gross493,739 598,542 
Less: accumulated depreciation(213,714)(218,074)
Property, plant and equipment, net$280,025 $380,468 
Schedule of Other Assets
Other Long-term Assets
As of
(In thousands)December 31, 2023January 1, 2023
Equity investments without readily determinable fair value (Note 10)
$4,000 $4,000 
Equity method investments (Note 10)
— 3,061 
Prepaid Forward (Note 11)
16,298 34,661 
Prepayment for capital expenditure35,150 7,890 
Restricted cash
100 2,545 
Land rights
4,728 4,930 
Receivables from SunPower, less current portion (Note 3)
6,220 1,458 
Other2,414 1,873 
Other long-term assets$68,910 $60,418 
Schedule of Accrued Liabilities
Accrued Liabilities
As of
(In thousands)December 31, 2023January 1, 2023
Employee compensation and employee benefits$23,165 $25,885 
Short-term warranty reserves
3,333 7,082 
Restructuring reserve (Note 8)
25,429 563 
Accrued interest payable12,151 13,577 
Other payables to SunPower (Note 3)
2,198 7,769 
VAT payables3,108 8,418 
Derivative financial instruments (Note 12)
2,456 5,318 
Legal accruals
8,489 7,903 
Taxes payable4,572 13,575 
Payable to factor agencies504 1,172 
Refund liabilities to TotalEnergies, current portion (Note 3)
10,127 7,382 
Repurchase obligation(1)
— 30,508 
Short-term security deposit payable1,990 — 
Liquidated damage provision(2)
8,361 — 
Provision for loss on firm purchase commitment2,644 1,041 
Other4,929 4,964 
Accrued liabilities$113,456 $135,157 
(1)Amount as of January 1, 2023 relates to obligation to the suppliers who perform toll manufacturing of wafers for the Company. The Company has sold polysilicon to these suppliers and will have to repurchase back in the form of wafers. Such amount was fully repurchased during fiscal year 2023.
(2)Amount relates to estimated exposure arising from delays of delivery of modules under the terms and conditions for some of our supply contracts.
Other Noncurrent Liabilities
Other Long-term Liabilities
As of
(In thousands)December 31, 2023January 1, 2023
Long-term warranty reserves$22,178 $26,130 
Unrecognized tax benefits5,451 16,823 
Long-term security deposit payable91 2,012 
Long-term pension liability1,960 1,632 
Refund liabilities to TotalEnergies, net of current portion (Note 3)8,102 14,764 
Other712 2,302 
Other long-term liabilities$38,494 $63,663 
(1)Included in the warranty reserve is the long-term system warranty reserve of $4.5 million and $4.7 million as of December 31, 2023 and January 1, 2023, respectively, relating to SunPower’s business which is indemnified by SunPower under the Separation and Distribution Agreement and accordingly, the Company has recorded the corresponding receivables under “Other long-term assets” on the Consolidated Balance Sheets.
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
As of
(In thousands)December 31, 2023January 1, 2023
Cumulative translation adjustment$(19,450)$(21,695)
Unrecognized gain on long-term pension liability adjustment4,513 5,105 
Net unrealized loss on derivative instruments
(1,441)(5,518)
Accumulated other comprehensive loss$(16,378)$(22,108)