Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2014 | Feb. 17, 2015 | Jun. 29, 2014 |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Dec-14 | ||
Entity Registrant Name | SUNPOWER CORP | ||
Entity Central Index Key | 867773 | ||
Current Fiscal Year End Date | -16 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $2,123 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Common Stock, Shares, Outstanding | 131,480,382 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $956,175 | $762,511 | ||
Restricted cash and cash equivalents, current portion | 18,541 | 13,926 | ||
Accounts receivable, net | 504,316 | [1] | 360,594 | [1] |
Costs and estimated earnings in excess of billings | 187,087 | [1] | 31,787 | [1] |
Inventories | 208,573 | 245,575 | ||
Advances to suppliers, current portion | 98,129 | 58,619 | ||
Project assets - plants and land, current portion | 101,181 | 69,196 | ||
Prepaid expenses and other current assets | 328,845 | [1] | 646,270 | [1] |
Total current assets | 2,402,847 | 2,188,478 | ||
Restricted cash and cash equivalents, net of current portion | 24,520 | 17,573 | ||
Restricted long-term marketable securities | 7,158 | 8,892 | ||
Property, plant and equipment, net | 585,344 | [2] | 533,387 | [2] |
Solar power systems leased and to be leased, net | 390,913 | [3],[4] | 345,504 | [3],[4] |
Project assets - plants and land, net of current portion | 15,475 | 6,411 | ||
Advances to suppliers, net of current portion | 311,528 | 324,695 | ||
Long-term financing receivables, net | 269,587 | 175,273 | ||
Goodwill and other intangible assets, net | 37,981 | 0 | ||
Other long-term assets | 311,829 | [1] | 298,477 | [1] |
Total assets | 4,357,182 | 3,898,690 | ||
Current liabilities: | ||||
Accounts payable | 419,919 | [1] | 443,969 | [1] |
Accrued liabilities | 331,034 | 358,157 | ||
Billings in excess of costs and estimated earnings | 83,440 | 308,650 | ||
Short-term debt | 18,105 | 56,912 | ||
Convertible debt, current portion | 245,325 | 455,889 | ||
Customer advances, current portion | 31,788 | [1] | 36,883 | [1] |
Total current liabilities | 1,129,611 | 1,660,460 | ||
Long-term debt | 218,657 | 93,095 | ||
Convertible debt, net of current portion | 700,079 | [1] | 300,079 | [1] |
Customer advances, net of current portion | 148,896 | [1] | 167,282 | [1] |
Other long-term liabilities | 555,344 | 523,991 | ||
Total liabilities | 2,752,587 | 2,744,907 | ||
Commitments and contingencies (Note 9) | ||||
Redeemable noncontrolling interests in subsidiaries | 28,566 | 0 | ||
Equity: | ||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of both December 28, 2014 and December 29, 2013 | 0 | 0 | ||
Common stock, $0.001 par value, 367,500,000 shares authorized; 138,616,252 shares issued, and 131,466,777 outstanding as of December 28, 2014; 126,946,763 shares issued, and 121,535,913 outstanding as of December 29, 2013 | 131 | 122 | ||
Additional paid-in capital | 2,219,581 | 1,980,778 | ||
Accumulated deficit | -560,598 | -806,492 | ||
Accumulated other comprehensive loss | -13,455 | -4,318 | ||
Treasury stock, at cost; 7,149,475 shares of common stock as of December 28, 2014; 5,410,850 shares of common stock as of December 29, 2013 | -111,485 | -53,937 | ||
Total stockholders' equity | 1,534,174 | 1,116,153 | ||
Noncontrolling interests in subsidiaries | 41,855 | 37,630 | ||
Total equity | 1,576,029 | 1,153,783 | ||
Total liabilities and equity | $4,357,182 | $3,898,690 | ||
[1] | The Company has related-party balances for transactions made with Total and its affiliates as well as unconsolidated entities in which the Company has a direct equity investment. These related-party balances are recorded within the "Accounts Receivable, net," "Costs and estimated earnings in excess of billings," "Prepaid expenses and other current assets," "Other long-term assets," "Accounts payable," "Customer advances, current portion," "Convertible debt, net of current portion," and "Customer advances, net of current portion" financial statement line items in the Consolidated Balance Sheets (see Note 2, Note 7, Note 10, Note 11, and Note 12). | |||
[2] | Property, plant and equipment, net by geography is based on the physical location of the assets. | |||
[3] | As of December 28, 2014 and December 29, 2013, the Company has pledged solar assets with an aggregate book value of $140.1 million and $147.7 million, respectively, to third-party investors as security for the Company's contractual obligations. | |||
[4] | Solar power systems leased and to be leased, net are physically located in the United States. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 367,500,000 | 367,500,000 |
Common stock, shares issued | 138,616,252 | 126,946,763 |
Common Stock, Shares, Outstanding | 131,466,777 | 121,535,913 |
Common stock held in treasury | 7,149,475 | 5,410,850 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Revenue | $3,027,265 | $2,507,203 | $2,417,501 |
Cost of revenue | 2,402,138 | 2,016,131 | 2,171,103 |
Gross margin | 625,127 | 491,072 | 246,398 |
Operating expenses: | |||
Research and development | 73,343 | 58,080 | 63,456 |
Sales, general and administrative | 288,321 | 271,481 | 310,246 |
Restructuring charges | 12,223 | 2,602 | 100,823 |
Goodwill and other intangible asset impairment | 0 | 0 | 59,581 |
Total operating expenses | 373,887 | 332,163 | 534,106 |
Operating income (loss) | 251,240 | 158,909 | -287,708 |
Other income (expense), net: | |||
Interest income | 2,583 | 6,017 | 1,091 |
Interest expense | -69,658 | -108,739 | -84,120 |
Gain on share lending arrangement | 0 | 0 | 50,645 |
Other, net | 449 | -14,604 | -9,571 |
Other expense, net | -66,626 | -117,326 | -41,955 |
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | 184,614 | 41,583 | -329,663 |
Provision for income taxes | -8,760 | -11,905 | -21,842 |
Equity in earnings (loss) of unconsolidated investees | 7,241 | 3,872 | -515 |
Net income (loss) | 183,095 | 33,550 | -352,020 |
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | 62,799 | 62,043 | 0 |
Net income (loss) attributable to stockholders | $245,894 | $95,593 | ($352,020) |
Net income (loss) per share attributable to stockholders: | |||
Basic (in dollars per share) | $1.91 | $0.79 | ($3.01) |
Diluted (in dollars per share) | $1.55 | $0.70 | ($3.01) |
Weighted-average shares: | |||
Basic (in shares) | 128,635 | 120,819 | 117,093 |
Diluted (in shares) | 162,751 | 138,980 | 117,093 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $183,095 | $33,550 | ($352,020) |
Components of comprehensive income (loss): | |||
Translation adjustment | -4,946 | -1,447 | -959 |
Net unrealized loss on derivatives (Note 12) | -638 | -562 | -10,716 |
Net loss on long-term pension liability adjustment | -2,878 | 0 | 0 |
Income taxes | -675 | 212 | 2,012 |
Net change in accumulated other comprehensive loss | -9,137 | -1,797 | -9,663 |
Total comprehensive income (loss) | 173,958 | 31,753 | -361,683 |
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | 62,799 | 62,043 | 0 |
Comprehensive income (loss) attributable to stockholders | $236,757 | $93,796 | ($361,683) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Redeemable Noncontrolling Interest [Member] | Parent [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | |||||||||
Stockholders' equity, beginning of period at Jan. 01, 2012 | $1,274,725 | $1,274,725 | $100 | $1,845,965 | ($28,417) | $7,142 | ($550,065) | $0 | |
Shares issued, beginning of period at Jan. 01, 2012 | 100,476 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | -352,020 | -352,020 | -352,020 | ||||||
Other comprehensive income (loss) | -9,663 | -9,663 | -9,663 | ||||||
Issuance of common stock upon exercise of options (in shares) | 20 | ||||||||
Issuance of common stock upon exercise of options | 52 | 52 | 52 | ||||||
Issuance of restricted stock to employees, net of cancellations (in shares) | 2,844 | ||||||||
Issuance of restricted stock to employees, net of cancellations | 0 | 2 | -2 | ||||||
Private offering of common stock, net of issuance costs | 163,615 | 163,615 | 19 | 163,596 | |||||
Private offering of common stock, net of issuance costs (in shares) | 18,600 | ||||||||
Cash distributions to Parent in connection with the transfer of entities under common control | -169,637 | -169,637 | -169,637 | ||||||
Settlement of the 4.75% Warrants | 50,327 | 50,327 | 50,327 | ||||||
Returned shares from share lending agreement (in shares) | -1,800 | ||||||||
Returned shares from share lending agreement | 0 | -2 | 2 | ||||||
Stock-based compensation expense | 41,646 | 41,646 | 41,646 | ||||||
Contributions from noncontrolling interests | 0 | ||||||||
Purchases of treasury stock (in shares) | -906 | ||||||||
Purchases of treasury stock | -5,693 | -5,693 | -5,693 | ||||||
Stockholders' equity, end of period at Dec. 30, 2012 | 993,352 | 993,352 | 119 | 1,931,947 | -34,108 | -2,521 | -902,085 | 0 | |
Shares issued, end of period at Dec. 30, 2012 | 119,234 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 33,550 | 95,593 | 95,593 | -62,043 | |||||
Other comprehensive income (loss) | -1,797 | -1,797 | -1,797 | ||||||
Issuance of common stock upon exercise of options (in shares) | 48 | ||||||||
Issuance of common stock upon exercise of options | 155 | 155 | 155 | ||||||
Issuance of restricted stock to employees, net of cancellations (in shares) | 3,583 | ||||||||
Issuance of restricted stock to employees, net of cancellations | 0 | 3 | -3 | ||||||
Stock-based compensation expense | 46,215 | 46,215 | 46,215 | ||||||
Tax benefit from convertible debt interest deduction | 1,408 | 1,408 | 1,408 | ||||||
Tax benefit from stock-based compensation | 1,056 | 1,056 | 1,056 | ||||||
Contributions from noncontrolling interests | 100,008 | 100,008 | |||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | -335 | -335 | |||||||
Purchases of treasury stock (in shares) | -1,329 | ||||||||
Purchases of treasury stock | -19,829 | -19,829 | -19,829 | ||||||
Stockholders' equity, end of period at Dec. 29, 2013 | 1,153,783 | 0 | 1,116,153 | 122 | 1,980,778 | -53,937 | -4,318 | -806,492 | 37,630 |
Shares issued, end of period at Dec. 29, 2013 | 121,536 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 183,095 | ||||||||
Net income (loss) | 210,184 | -27,089 | 245,894 | 245,894 | -35,710 | ||||
Other comprehensive income (loss) | -9,137 | -9,137 | -9,137 | ||||||
Issuance of common stock upon exercise of options (in shares) | 106 | ||||||||
Issuance of common stock upon exercise of options | 1,052 | 1,052 | 1,052 | ||||||
Issuance of restricted stock to employees, net of cancellations (in shares) | 4,431 | ||||||||
Issuance of restricted stock to employees, net of cancellations | 0 | 2 | -2 | ||||||
Issuance of common stock upon conversion of convertible debt (in shares) | 7,131 | ||||||||
Issuance of common stock upon conversion of convertible debt | 188,263 | 188,263 | 7 | 188,256 | |||||
Settlement of the 4.75% Bond hedge | 68,842 | 68,842 | 68,842 | ||||||
Settlement of the 4.75% Warrants | -81,077 | -81,077 | -81,077 | ||||||
Stock-based compensation expense | 55,592 | 55,592 | 55,592 | ||||||
Tax benefit from convertible debt interest deduction | 3,761 | 3,761 | 3,761 | ||||||
Tax benefit from stock-based compensation | 2,379 | 2,379 | 2,379 | ||||||
Contributions from noncontrolling interests and redeemable noncontrolling interests | 66,581 | 34,102 | 66,581 | ||||||
Contributions from noncontrolling interests | 100,683 | ||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | -2,655 | -2,438 | -2,655 | ||||||
Purchases of treasury stock (in shares) | -1,738 | ||||||||
Purchases of treasury stock | -57,548 | -57,548 | -57,548 | ||||||
Transfer of redeemable noncontrolling interests | -23,991 | 23,991 | -23,991 | ||||||
Stockholders' equity, end of period at Dec. 28, 2014 | $1,576,029 | $28,566 | $1,534,174 | $131 | $2,219,581 | ($111,485) | ($13,455) | ($560,598) | $41,855 |
Shares issued, end of period at Dec. 28, 2014 | 131,466 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) | Dec. 28, 2014 |
Bond Hedge [Member] | |
Interest rate | 4.75% |
Warrant (Under the CSO2014) [Member] | |
Interest rate | 4.75% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $183,095 | $33,550 | ($352,020) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 108,795 | 98,191 | 117,770 |
Stock-based compensation | 55,592 | 45,678 | 42,439 |
Non-cash interest expense | 21,585 | 49,016 | 38,177 |
Goodwill and other intangible asset impairment | 0 | 0 | 59,581 |
Loss on retirement of property, plant and equipment | 0 | 0 | 77,807 |
Gain from contract termination | 0 | -51,988 | 0 |
Gain on share lending arrangement | 0 | 0 | -50,645 |
Third-party inventories write-down | 0 | 0 | 8,869 |
Equity in earnings of unconsolidated investees | -7,241 | -3,872 | 515 |
Excess tax benefit from stock-based compensation | -2,379 | 0 | 0 |
Deferred income taxes and other tax liabilities | 21,656 | 1,138 | -4,332 |
Other, net | 1,591 | 4,396 | 3,841 |
Changes in operating assets and liabilities, net of effect of acquisition: | |||
Accounts receivable | -31,505 | -53,756 | 11,522 |
Costs and estimated earnings in excess of billings | -155,300 | 4,608 | 18,458 |
Inventories | -1,247 | -6,243 | 28,324 |
Project assets | -68,247 | -22,094 | -23,397 |
Prepaid expenses and other assets | 205,545 | 39,123 | -73,706 |
Long-term financing receivables, net | -94,314 | -107,531 | -62,415 |
Advances to suppliers | -26,343 | -31,909 | -23,883 |
Accounts payable and other accrued liabilities | 45,768 | 120,599 | 91,564 |
Billings in excess of costs and estimated earnings | -225,210 | 83,100 | 54,723 |
Customer advances | -23,481 | -39,577 | 65,711 |
Net cash provided by operating activities | 8,360 | 162,429 | 28,903 |
Cash flows from investing activities: | |||
Decrease (increase) in restricted cash and cash equivalents | -11,562 | 15,465 | 32,591 |
Purchases of property, plant and equipment | -102,505 | -34,054 | -104,786 |
Cash paid for solar power systems, leased and to be leased | -50,974 | -97,235 | -150,446 |
Cash paid for solar power systems | -13,457 | -21,257 | 0 |
Proceeds from sales or maturities of marketable securities | 1,380 | 100,947 | 0 |
Proceeds from sale of equipment to third parties | 0 | 645 | 424 |
Purchases of marketable securities | -30 | -99,928 | -1,436 |
Cash paid for acquisitions, net of cash acquired | -35,078 | 0 | 0 |
Cash received for sale of investment in unconsolidated investees | 0 | 0 | 17,403 |
Cash paid for investments in unconsolidated investees | -97,013 | -17,761 | -13,817 |
Net cash used in investing activities | -309,239 | -153,178 | -220,067 |
Cash flows from financing activities: | |||
Proceeds from issuance of convertible debt, net of issuance costs | 395,275 | 296,283 | 0 |
Cash paid for repurchase of convertible debt | -42,250 | 0 | -198,608 |
Proceeds from settlement of 4.75% Bond Hedge | 68,842 | 0 | 0 |
Payments to settle 4.75% Warrants | -81,077 | 0 | 0 |
Proceeds from settlement of 4.50% Bond Hedge | 131 | 0 | 0 |
Proceeds from issuance of non-recourse debt financing, net of issuance costs | 81,926 | 0 | 0 |
Repayment of non-recourse debt financing | -244 | 0 | 0 |
Proceeds from issuance of project loans, net of issuance costs | 61,537 | 82,394 | 27,617 |
Assumption of project loan by customer | -40,672 | -34,850 | 0 |
Repayment of bank loans, project loans and other debt | -17,073 | -290,486 | -154,078 |
Proceeds from residential lease financing | 0 | 96,392 | 60,377 |
Repayment of residential lease financing | -15,686 | 0 | 0 |
Proceeds from sale-leaseback financing | 50,600 | 73,139 | 0 |
Repayment of sale-leaseback financing | -4,216 | -8,804 | 0 |
Contributions from noncontrolling interests and redeemable noncontrolling interests | 100,683 | 100,008 | 0 |
Distributions to noncontrolling interests and redeemable noncontrolling interests | -5,093 | -335 | 0 |
Proceeds from exercise of stock options | 1,052 | 156 | 51 |
Excess tax benefit from stock-based compensation | 2,379 | 0 | 0 |
Purchases of stock for tax withholding obligations on vested restricted stock | -57,548 | -19,829 | -5,691 |
Proceeds from issuance of bank loans, net of issuance costs | 0 | 0 | 150,000 |
Proceeds from private offering of common stock, net of issuance costs | 0 | 0 | 163,616 |
Cash distributions to Parent in connection with the transfer of entities under common control | 0 | 0 | -169,637 |
Proceeds from recovery of claim in connection with share lending arrangement | 0 | 0 | 50,645 |
Net cash provided by (used in) financing activities | 498,566 | 294,068 | -75,708 |
Effect of exchange rate changes on cash and cash equivalents | -4,023 | 1,705 | -1,259 |
Net increase (decrease) in cash and cash equivalents | 193,664 | 305,024 | -268,131 |
Cash and cash equivalents, beginning of period | 762,511 | 457,487 | 725,618 |
Cash and cash equivalents, end of period | 956,175 | 762,511 | 457,487 |
Non-cash transactions: | |||
Assignment of residential lease receivables to a third-party financial institution | 8,023 | 93,013 | 23,813 |
Costs of solar power systems, leased and to be leased, sourced from existing inventory | 41,204 | 53,721 | 117,692 |
Costs of solar power systems, leased and to be leased, funded by liabilities | 3,786 | 5,884 | 6,544 |
Costs of solar power systems under sale-leaseback financing arrangements, sourced from project assets | 28,259 | 30,442 | 0 |
Property, plant and equipment acquisitions funded by liabilities | 11,461 | 5,288 | 6,408 |
Issuance of warrants in connection with the Liquidity Support Agreement | 0 | 0 | 50,327 |
Issuance of common stock upon conversion of convertible debt | 188,263 | 0 | 0 |
Cash paid for interest, net of amount capitalized | 39,857 | 46,026 | 40,621 |
Cash paid for income taxes | $8,765 | $1,338 | $8,073 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) | Dec. 28, 2014 |
Bond Hedge [Member] | |
Interest rate | 4.75% |
4.75% debentures due 2014 [Member] | |
Interest rate | 4.75% |
4.75% debentures due 2014 [Member] | Bond Hedge [Member] | |
Interest rate | 4.75% |
4.50% debentures due 2015 [Member] | |
Interest rate | 4.50% |
4.50% debentures due 2015 [Member] | Bond Hedge [Member] | |
Interest rate | 4.50% |
Warrant (Under the CSO2014) [Member] | |
Interest rate | 4.75% |
The_Company_and_Summary_of_Sig
The Company and Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 28, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
The Company and Summary of Significant Accounting Policies | THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Company | ||
SunPower Corporation (together with its subsidiaries, the "Company" or "SunPower") is a vertically integrated solar products and solutions company that designs, manufactures and delivers high-performance solar systems worldwide, serving as a one-stop shop for residential, commercial, and utility-scale power plant customers. SunPower Corporation is a majority owned subsidiary of Total Energies Nouvelles Activités USA ("Total"), a subsidiary of Total S.A. ("Total S.A.") (see Note 2). | ||
The Company's President and Chief Executive Officer, as the chief operating decision maker ("CODM"), has organized the Company, manages resource allocations, and measures performance of the Company's activities among three regional segments: (i) the Americas Segment, (ii) the EMEA Segment, and (iii) the APAC Segment. The Americas Segment includes both North and South America. The EMEA Segment includes European countries, as well as the Middle East and Africa. The APAC Segment includes all Asia-Pacific countries. | ||
Basis of Presentation and Preparation | ||
Principles of Consolidation | ||
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("United States" or "U.S.") and include the accounts of the Company, all of its subsidiaries and special purpose entities, as appropriate under consolidation accounting guidelines. Intercompany transactions and balances have been eliminated in consolidation. The assets of the special purpose entities that the Company sets up related to project financing for customers are not designed to be available to service the general liabilities and obligations of the Company in certain circumstances. | ||
Reclassifications | ||
Certain prior period balances have been reclassified to conform to the current period presentation in the Company's consolidated financial statements and the accompanying notes. Such reclassifications had no effect on previously reported results of operations or accumulated deficit. | ||
Fiscal Years | ||
The Company has a 52-to-53-week fiscal year that ends on the Sunday closest to December 31. Accordingly, every fifth or sixth year will be a 53-week fiscal year. Fiscal 2014, 2013 and 2012 were 52-week fiscal years. Fiscal 2014 ended on December 28, 2014, fiscal 2013 ended on December 29, 2013, and fiscal 2012 ended on December 30, 2012. | ||
Management Estimates | ||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include percentage-of-completion for construction projects; allowances for doubtful accounts receivable and sales returns; inventory and project asset write-downs; stock-based compensation; estimates for future cash flows and economic useful lives of property, plant and equipment, goodwill, valuations for business combinations, other intangible assets and other long-term assets; the fair value and residual value of leased solar power systems; fair value of financial instruments; valuation of contingencies and certain accrued liabilities such as accrued warranty; and income taxes and tax valuation allowances. Actual results could materially differ from those estimates. | ||
Summary of Significant Accounting Policies | ||
Fair Value of Financial Instruments | ||
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to their short-term maturities. Investments in available-for-sale securities are carried at fair value based on quoted market prices or estimated based on market conditions and risks existing at each balance sheet date. Derivative financial instruments are carried at fair value based on quoted market prices for financial instruments with similar characteristics. Unrealized gains and losses of the Company’s available-for-sale securities and the effective portion of derivative financial instruments are excluded from earnings and reported as a component of "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. Additionally, the Company assesses whether an other-than-temporary impairment loss on its available-for-sale securities has occurred due to declines in fair value or other market conditions. Declines in fair value that are considered other-than-temporary and the ineffective portion of derivatives financial instruments are included in "Other, net" in the Consolidated Statements of Operations. | ||
Comprehensive Income (Loss) | ||
Comprehensive income (loss) is defined as the change in equity during a period from non-owner sources. The Company’s comprehensive income (loss) for each period presented is comprised of (i) the Company’s net income (loss); (ii) foreign currency translation adjustment of the Company’s foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates prevailing during the applicable period; and (iii) changes in unrealized gains or losses, net of tax, for the effective portion of derivatives designated as cash flow hedges (see Note 12) and available-for-sale securities carried at their fair value. | ||
Cash Equivalents | ||
Highly liquid investments with original or remaining maturities of ninety days or less at the date of purchase are considered cash equivalents. | ||
Cash in Restricted Accounts | ||
The Company maintains cash and cash equivalents in restricted accounts pursuant to various letters of credit, surety bonds, loan agreements, and other agreements in the normal course of business. The Company also holds debt securities, consisting of Philippine government bonds, which are classified as "Restricted long-term marketable securities" on the Company's Consolidated Balance Sheets as they are maintained as collateral for present and future business transactions within the country (see Note 5). | ||
Short-Term and Long-Term Investments | ||
The Company invests in money market funds and debt securities. In general, investments with original maturities of greater than ninety days and remaining maturities of one year or less are classified as short-term investments, and investments with maturities of more than one year are classified as long-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such investments represent the investment of cash that is available for current operations. Despite the long-term maturities, the Company has the ability and intent, if necessary, to liquidate any of these investments in order to meet the Company’s working capital needs within its normal operating cycles. The Company has classified these investments as available-for-sale securities. | ||
Inventories | ||
Inventories are valued at the lower of cost or market value. The Company evaluates the recoverability of its inventories, including purchase commitments under fixed-price long-term supply agreements, based on assumptions about expected demand and market conditions. The Company’s assumption of expected demand is developed based on its analysis of bookings, sales backlog, sales pipeline, market forecast, and competitive intelligence. The Company’s assumption of expected demand is compared to available inventory, production capacity, future polysilicon purchase commitments, available third-party inventory, and growth plans. The Company’s factory production plans, which drive materials requirement planning, are established based on its assumptions of expected demand. The Company responds to reductions in expected demand by temporarily reducing manufacturing output and adjusting expected valuation assumptions as necessary. In addition, expected demand by geography has changed historically due to changes in the availability and size of government mandates and economic incentives. | ||
The Company evaluates the terms of its long-term inventory purchase agreements with suppliers, including joint ventures, for the procurement of polysilicon, ingots, wafers, and solar cells and establishes accruals for estimated losses on adverse purchase commitments as necessary, such as lower of cost of market value adjustments, forfeiture of advanced deposits and liquidated damages. Obligations related to non-cancellable purchase orders for inventories match current and forecasted sales orders that will consume these ordered materials and actual consumption of these ordered materials are compared to expected demand regularly. The Company anticipates total obligations related to long-term supply agreements for inventories will be recovered because quantities are less than management's expected demand for its solar power products. Other market conditions that could affect the realizable value of the Company's inventories and are periodically evaluated by management include historical inventory turnover ratio, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, the current market price of polysilicon as compared to the price in our fixed-price arrangements, and product merchantability, among other factors. If, based on assumptions about expected demand and market conditions, we determine that the cost of inventories exceeds its estimated market value or inventory is excess or obsolete, we record a write-down or accrual, which may be material, equal to the difference between the cost of inventories and the estimated market value. If actual market conditions are more favorable, the Company may have higher gross margin when products that have been previously written down are sold in the normal course of business (see Note 5). | ||
Solar Power Systems Leased and to be Leased | ||
Solar power systems leased to residential customers under operating leases are stated at cost, less accumulated depreciation and are amortized to their estimated residual value over the life of the lease term of up to 20 years. | ||
Solar power systems to be leased represents systems that are under installation or which have not been interconnected, which will be depreciated as solar power systems leased to customers when the respective systems are completed, interconnected and subsequently leased to residential customers under operating leases. | ||
Initial direct costs for operating leases are capitalized and amortized over the term of the related customer lease agreements. | ||
Financing Receivables | ||
Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. Financing receivables are generated by solar power systems leased to residential customers under sales-type leases. Financing receivables represents gross minimum lease payments to be received from customers over a period commensurate with the remaining lease term of up to 20 years and the systems estimated residual value, net of unearned income and allowance for estimated losses. Initial direct costs for sales-type leases are recognized as cost of sales when the solar power systems are placed in service. | ||
Due to the homogeneous nature of its leasing transactions, SunPower manages its financing receivables on an aggregate basis when assessing credit risk. SunPower also considers the credit risk profile for its lease customers to be homogeneous due to the criteria the Company uses to approve customers for its residential leasing program, which among other things, requires a minimum "fair" FICO credit quality. Accordingly, the Company does not regularly categorize its financing receivables by credit risk. | ||
The Company recognizes an allowance for losses on financing receivables in an amount equal to the probable losses net of recoveries. SunPower maintains reserve percentages on past-due receivable aging buckets and bases such percentages on several factors, including consideration of historical credit losses and information derived from industry benchmarking. To date, the allowance for losses has not comprised a material portion of the Company’s financing receivables. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation, excluding solar power systems leased to residential customers and those associated with sale-leaseback transactions under the financing method, as described above, is computed using the straight-line method over the estimated useful lives of the assets as presented below. Solar power systems leased to residential customers and those associated with sale-leaseback transactions under the financing method are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining term of the lease. Repairs and maintenance costs are expensed as incurred. | ||
Useful Lives | ||
in Years | ||
Buildings | 20 | |
Leasehold improvements | 1 to 20 | |
Manufacturing equipment | 8 to 15 | |
Computer equipment | 2 to 7 | |
Solar power systems | 30 | |
Furniture and fixtures | 3 to 5 | |
Interest Capitalization | ||
The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project at the Company’s weighted average cost of borrowed money. | ||
Long-Lived Assets | ||
The Company evaluates its long-lived assets, including property, plant and equipment and other intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Factors considered important that could result in an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets, and significant negative industry or economic trends. The Company's impairment evaluation of long-lived assets includes an analysis of estimated future undiscounted net cash flows expected to be generated by the assets over their remaining estimated useful lives. If the Company's estimate of future undiscounted net cash flows is insufficient to recover the carrying value of the assets over the remaining estimated useful lives, it records an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analysis. | ||
Project Assets - Plant and Land | ||
Project assets consist primarily of capitalized costs relating to solar power system projects in various stages of development that the Company incurs prior to the sale of the solar power system to a third-party. These costs include costs for land and costs for developing and constructing a solar power system. Development costs can include legal, consulting, permitting, and other similar costs. Once the Company enters into a definitive sales agreement, it reclassifies these project asset costs to deferred project costs within "Prepaid expenses and other current assets" in its Consolidated Balance Sheet until the Company has met the criteria to recognize the sale of the project asset or solar power project as revenue. The Company releases these project costs to cost of revenue as each respective project asset or solar power system is sold to a customer, since the project is constructed for a customer (matching the underlying revenue recognition method). | ||
The Company reviews project assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers the project commercially viable if it is anticipated to be sellable for a profit once it is either fully developed or fully constructed. The Company examines a number of factors to determine if the project will be profitable, including whether there are any environmental, ecological, permitting, or regulatory conditions that have changed for the project since the start of development. Such changes could cause the cost of the project to increase or the selling price of the project to decrease. Due to the development, construction, and sale timeframe of the Company's larger solar projects, it classifies project assets which are not expected to be sold within the next 12 months as "Project assets - plants and land, net of current portion" on the Consolidated Balance Sheets. Once specific milestones have been achieved, the Company determines if the sale of the project assets will occur within the next 12 months from a given balance sheet date and, if so, it then reclassifies the project assets as current. | ||
Product Warranties | ||
The Company generally warrants the performance of the solar panels that it manufactures at certain levels of power output for 25 years. In addition, the Company passes through to customers long-term warranties from the original equipment manufacturers ("OEMs") of certain system components, such as inverters. Warranties of 25 years from solar panel suppliers are standard in the solar industry, while certain system components carry warranty periods ranging from 5 to 20 years. In addition, the Company generally warrants its workmanship on installed systems for periods ranging up to 25 years and also provides system output performance warranties. The Company maintains reserves to cover the expected costs that could result from these warranties. The Company’s expected costs are generally in the form of product replacement or repair. Warranty reserves are based on the Company’s best estimate of such costs and are recognized as a cost of revenue. The Company continuously monitors product returns for warranty failures and maintains a reserve for the related warranty expenses based on various factors including historical warranty claims, results of accelerated lab testing, field monitoring, vendor reliability estimates, and data on industry averages for similar products. Historically, warranty costs have been within management’s expectations (see Note 9). | ||
Revenue Recognition | ||
Solar Power Components | ||
The Company sells its solar panels and balance of system components primarily to dealers, system integrators and distributors, and recognizes revenue, net of accruals for estimated sales returns, when persuasive evidence of an arrangement exists, delivery of the product has occurred, title and risk of loss has passed to the customer, the sales price is fixed or determinable, collectability of the resulting receivable is reasonably assured, and the risks and rewards of ownership have passed to the customer. Other than standard warranty obligations, there are no rights of return and there are no significant post-shipment obligations, including installation, training or customer acceptance clauses with any of the Company's customers that could have an impact on revenue recognition. The Company's revenue recognition policy is consistent across all geographic areas. | ||
The provision for estimated sales returns on product sales is recorded in the same period the related revenues are recorded. These estimates are based on historical sales returns, analysis of credit memo data, and other known factors. Actual returns could differ from these estimates. | ||
Construction Contracts | ||
Revenue is also composed of Engineering, Procurement and Construction ("EPC") projects which are governed by customer contracts that require the Company to deliver functioning solar power systems and are generally completed within three to twelve months from commencement of construction. Construction on large projects may be completed within eighteen to thirty-six months, depending on the size and location. The Company recognizes revenue from fixed price construction contracts, that do not include land or land rights, using the percentage-of-completion method of accounting. Under this method, revenue arising from fixed-price construction contracts is recognized as work is performed based on the percentage of incurred costs to estimated total forecasted costs. | ||
Incurred costs used in the Company’s percentage-of-completion calculation include all direct material, labor and subcontract costs, and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. Project material costs are included in incurred costs when the project materials have been installed by being permanently attached or fitted to the solar power system as required by the project’s engineering design. | ||
In addition to an EPC deliverable, many arrangements also include multiple deliverables such as post-installation systems monitoring and maintenance. For contracts with separately priced monitoring and maintenance, the Company recognizes revenue related to such separately priced elements over the contract period. For contracts including monitoring and maintenance not separately priced, the Company determined that post-installation systems monitoring and maintenance qualify as separate units of accounting. Such post-installation monitoring and maintenance are deferred at the time the contract is executed based on the best estimate of selling price on a standalone basis and are recognized to revenue over the contractual term. The remaining EPC revenue is recognized on a percentage-of-completion basis. | ||
In addition, when arrangements include contingent revenue clauses, such as customer termination or put rights for non-performance, the Company defers the contingent revenue if there is a reasonable possibility that such rights or contingencies may be triggered. In certain limited cases, the Company could be required to buy back a customer’s system at fair value on specified future dates if certain minimum performance thresholds are not met for periods of up to two years. To date, no such repurchase obligations have been required. | ||
Provisions for estimated losses on uncompleted contracts, if any, are recognized in the period in which the loss first becomes probable and reasonably estimable. Contracts may include profit incentives such as milestone bonuses. These profit incentives are included in the contract value when their realization is reasonably assured. | ||
Development Projects | ||
The Company develops and sells solar power plants which generally include the sale or lease of related real estate. Revenue recognition for these solar power plants require adherence to specific guidance for real estate sales, which provides that if the Company executes a sale of land in connection with an EPC contract requiring the future development of the property, it recognizes revenue and the corresponding costs under the full accrual method when all of the following requirements are met: the sale is consummated, the buyer's initial and any continuing investments are adequate, the resulting receivables are not subject to subordination, the future costs to develop the property can be reasonably estimated and the Company has transferred the customary risk and rewards of ownership to the buyer. In general, a sale is consummated upon the execution of an agreement documenting the terms of the sale and receipt of a minimum initial payment by the buyer to substantiate the transfer of risk to the buyer. Depending on the value of the initial and continuing investment of the buyer, and provided the recovery of the costs of the solar power plant are reasonably assured if the buyer defaults, the Company may defer revenue and profit during construction by aligning its revenue recognition and release of deferred project costs to cost of sales with the receipt of payment from the buyer. At the time it has unconditionally received payment from the buyer, revenue is recognized and deferred project costs are released to cost of sales at the same rate of profit estimated throughout the construction of the project. The Company's revenue recognition methods for solar power plants not involving real estate are accounted for using the percentage-of-completion method. | ||
Residential Leases | ||
The Company offers a solar lease program, in partnership with third-party financial institutions, which allows its residential customers to obtain SunPower systems under lease agreements for terms of up to 20 years. Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. | ||
For those systems classified as sales-type leases, the net present value of the minimum lease payments, net of executory costs, is recognized as revenue when the lease is placed in service. This net present value as well as the net present value of the residual value of the lease at termination are recorded as financing receivables in the Consolidated Balance Sheets. The difference between the initial net amounts and the gross amounts are amortized to revenue over the lease term using the interest method. The residual values of our solar systems are determined at the inception of the lease applying an estimated system fair value at the end of the lease term. | ||
For those systems classified as operating leases, rental revenue is recognized, net of executory costs, on a straight-line basis over the term of the lease. | ||
Shipping and Handling Costs | ||
The Company records costs related to shipping and handling in cost of revenue. | ||
Stock-Based Compensation | ||
The Company measures and records compensation expense for all stock-based payment awards based on estimated fair values. The Company provides stock-based awards to its employees, executive officers, and directors through various equity compensation plans including its employee stock option and restricted stock plans. The fair value of stock option awards is measured at the date of grant using a Black-Scholes option pricing model, and the fair value of restricted stock awards and units is based on the market price of the Company's common stock on the date of grant. The Company has not granted stock options since fiscal 2008. | ||
The Company estimates forfeitures at the date of grant. The Company's estimate of forfeitures is based on its historical activity, which it believes is indicative of expected forfeitures. In subsequent periods if the actual rate of forfeitures differs from the Company's estimate, the forfeiture rates are required to be revised, as necessary. Changes in the estimated forfeiture rates can have a significant effect on stock-based compensation expense since the effect of adjusting the rate is recognized in the period the forfeiture estimate is changed. | ||
The Company also grants performance share units to executive officers and certain employees that require it to estimate expected achievement of performance targets over the performance period. This estimate involves judgment regarding future expectations of various financial performance measures. If there are changes in the Company's estimate of the level of financial performance measures expected to be achieved, the related stock-based compensation expense may be significantly increased or reduced in the period that its estimate changes. | ||
Advertising Costs | ||
Advertising costs are expensed as incurred. Advertising expense totaled approximately $11.9 million, $11.8 million and $9.2 million, in fiscal 2014, 2013, and 2012, respectively. | ||
Research and Development Expense | ||
Research and development expense consists primarily of salaries and related personnel costs, depreciation and the cost of solar cell and solar panel materials and services used for the development of products, including experiments and testing. All research and development costs are expensed as incurred. Research and development expense is reported net of contributions under the R&D Agreement with Total and contracts with governmental agencies because such contracts are considered collaborative arrangements. | ||
Translation of Foreign Currency | ||
The Company and certain of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. Non-monetary assets and liabilities are carried at their historical values. | ||
The Company includes gains or losses from foreign currency transactions in "Other, net" in the Consolidated Statements of Operations with the other hedging activities described in Note 12. | ||
Concentration of Credit Risk | ||
The Company is exposed to credit losses in the event of nonperformance by the counterparties to its financial and derivative instruments. Financial and derivative instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and cash equivalents, investments, accounts receivable, notes receivable, advances to suppliers, foreign currency option contracts, foreign currency forward contracts, bond hedge and warrant transactions, and purchased options. The Company’s investment policy requires cash and cash equivalents, restricted cash and cash equivalents, and investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. Similarly, the Company enters into foreign currency derivative contracts and convertible debenture hedge transactions with high-quality financial institutions and limits the amount of credit exposure to any one counterparty. The foreign currency derivative contracts are limited to a time period of less than 15 months, while the bond hedge and warrant transactions expire in fiscal 2015. The Company regularly evaluates the credit standing of its counterparty financial institutions. | ||
The Company performs ongoing credit evaluations of its customers’ financial condition whenever deemed necessary and generally does not require collateral. The Company maintains an allowance for doubtful accounts based on the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. Qualified customers under our residential lease program are generally required to have a minimum credit score. We believe that our concentration of credit risk is limited because of our large number of customers, credit quality of the customer base, small account balances for most of these customers, and customer geographic diversification. One customer accounted for 57.8% as of December 28, 2014 and one customer accounted for 31% of accounts receivable as of December 29, 2013. In addition, one customer accounted for approximately 85% of the Company's "Costs and estimated earnings in excess of billings" balance as of December 28, 2014 on the Consolidated Balance Sheets as compared to one customer that accounted for approximately 34% of the balance as of December 29, 2013. | ||
The Company has entered into agreements with vendors that specify future quantities and pricing of polysilicon to be supplied for periods up to 10 years. Under certain agreements, the Company is required to make prepayments to the vendors over the terms of the arrangements. | ||
Income Taxes | ||
Deferred tax assets and liabilities are recognized for temporary differences between financial statement and income tax bases of assets and liabilities. Valuation allowances are provided against deferred tax assets when management cannot conclude that it is more likely than not that some portion or all deferred tax assets will be realized. | ||
As applicable, interest and penalties on tax contingencies are included in "Provision for income taxes" in the Consolidated Statements of Operations and such amounts were not material for any periods presented. In addition, foreign exchange gains (losses) may result from estimated tax liabilities, which are expected to be settled in currencies other than the U.S. dollar. | ||
Investments in Equity Interests | ||
Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for under the equity method. The Company records its share of the results of these entities as "Equity in earnings (loss) of unconsolidated investees" on the Consolidated Statements of Operations. The Company monitors its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the entities and records reductions in carrying values when necessary. The fair value of privately held investments is estimated using the best available information as of the valuation date, including current earnings trends, undiscounted cash flows, and other company specific information, including recent financing rounds (see Notes 5 and 8). | ||
Noncontrolling Interests | ||
Noncontrolling interests represents the portion of net assets in consolidated subsidiaries that are not attributable, directly or indirectly, to the Company. Beginning in the first quarter of fiscal 2013, the Company has entered into facilities with third-party investors under which the investors are determined to hold noncontrolling interests in entities fully consolidated by the Company. The net assets of the shared entities are attributed to the controlling and noncontrolling interests based on the terms of the governing contractual arrangements. The Company further determined the hypothetical liquidation at book value method ("HLBV Method") to be the appropriate method for attributing net assets to the controlling and noncontrolling interests as this method most closely mirrors the economics of the governing contractual arrangements. Under the HLBV Method, the Company allocates recorded income (loss) to each investor based on the change, during the reporting period, of the amount of net assets each investor is entitled to under the governing contractual arrangements in a liquidation scenario. | ||
Business Combinations | ||
The Company records all acquired assets and liabilities, including goodwill, other intangible assets, and in-process research and development, at fair value. The initial recording of goodwill, other intangible assets, and in-process research and development requires certain estimates and assumptions concerning the determination of the fair values and useful lives. The judgments made in the context of the purchase price allocation can materially impact the Company's future results of operations. Accordingly, for significant acquisitions, the Company obtains assistance from third-party valuation specialists. The valuations calculated from estimates are based on information available at the acquisition date (see Notes 3 and 4). The Company charges acquisition related costs that are not part of the consideration to general and administrative expense as they are incurred. These costs typically include transaction and integration costs, such as legal, accounting, and other professional fees. | ||
The Company initially records receipts of net assets or equity interests between entities under common control at their carrying amounts in the accounts of the transferring entity. Financial statements and financial information presented for prior years are retrospectively adjusted to effect the transfer as of the first date for which the entities were under common control. If the carrying amounts of the assets and liabilities transferred differ from the historical cost of the parent of the entities under common control then amounts recognized in the Company's financial statements reflect the transferred assets and liabilities at the historical cost of the parent of the entities under common control. Financial statements and financial information presented for prior years are also retrospectively adjusted to furnish comparative information as though the assets and liabilities had been transferred at that date. | ||
Recent Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board ("FASB") issued a new revenue recognition standard based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new revenue recognition standard becomes effective for the Company in the first quarter of fiscal 2017 and is to be applied retrospectively using one of two prescribed methods. The Company is evaluating the application method and impact on its consolidated financial statements and disclosures. | ||
In February 2015, the FASB issued a new standard which modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The new consolidation guidance is effective for the Company in the first quarter of fiscal 2016 and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The Company is evaluating the available methods and the potential impact of this standard on its consolidated financial statements and disclosures. | ||
Other than as described above, there has been no issued accounting guidance not yet adopted by the Company that it believes is material or potentially material to its consolidated financial statements. |
Transactions_with_Total_and_To
Transactions with Total and Total S.A. | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Transactions with Total and Total S.A. | TRANSACTIONS WITH TOTAL AND TOTAL S.A. | ||||||||||||
In June 2011, Total completed a cash tender offer to acquire 60% of the Company's then outstanding shares of common stock at a price of $23.25 per share, for a total cost of approximately $1.4 billion. In December 2011, the Company entered into a Private Placement Agreement with Total, under which Total purchased, and the Company issued and sold, 18.6 million shares of the Company's common stock for a purchase price of $8.80 per share, thereby increasing Total's ownership to approximately 66% of the Company's outstanding common stock as of that date. | |||||||||||||
Credit Support Agreement | |||||||||||||
In fiscal 2011, the Company and Total S.A. entered into a Credit Support Agreement (the "Credit Support Agreement") under which Total S.A. agreed to enter into one or more guarantee agreements (each a "Guaranty") with banks providing letter of credit facilities to the Company. Total S.A. will guarantee the Company's obligation to reimburse the applicable issuing bank a draw on a letter of credit and pay interest thereon in accordance with the letter of credit facility between such bank and the Company. Under the Credit Support Agreement, the Company may also request that Total S.A. provide a Guaranty in support of the Company's payment obligations with respect to a letter of credit facility. The Company is required to pay Total S.A. a guarantee fee for each letter of credit that is the subject of a Guaranty under the Credit Support Agreement and was outstanding for all or part of the preceding calendar quarter. | |||||||||||||
The Credit Support Agreement will terminate following the fifth anniversary of the CSA Effective Date, after the later of the payment in full of all obligations thereunder and the termination or expiration of each Guaranty provided thereunder. | |||||||||||||
Affiliation Agreement | |||||||||||||
The Company and Total have entered into an Affiliation Agreement that governs the relationship between Total and the Company (the "Affiliation Agreement"). Until the expiration of a standstill period (the "Standstill Period"), and subject to certain exceptions, Total, Total S.A., any of their respective affiliates and certain other related parties (the "Total Group") may not effect, seek, or enter into discussions with any third-party regarding any transaction that would result in the Total Group beneficially owning shares of the Company in excess of certain thresholds, or request the Company or the Company's independent directors, officers or employees, to amend or waive any of the standstill restrictions applicable to the Total Group. | |||||||||||||
The Affiliation Agreement imposes certain limitations on the Total Group's ability to seek to effect a tender offer or merger to acquire 100% of the outstanding voting power of the Company and imposes certain limitations on the Total Group's ability to transfer 40% or more of outstanding shares or voting power of the Company to a single person or group that is not a direct or indirect subsidiary of Total S.A. During the Standstill Period, no member of the Total Group may, among other things, solicit proxies or become a participant in an election contest relating to the election of directors to the Company's Board of Directors. | |||||||||||||
The Affiliation Agreement provides Total with the right to maintain its percentage ownership in connection with any new securities issued by the Company, and Total may also purchase shares on the open market or in private transactions with disinterested stockholders, subject in each case to certain restrictions. | |||||||||||||
The Affiliation Agreement also imposes certain restrictions with respect to the Company's and its Board of Directors' ability to take certain actions, including specifying certain actions that require approval by the directors other than the directors appointed by Total and other actions that require stockholder approval by Total. | |||||||||||||
Research & Collaboration Agreement | |||||||||||||
Total and the Company have entered into a Research & Collaboration Agreement (the "R&D Agreement") that establishes a framework under which the parties engage in long-term research and development collaboration ("R&D Collaboration"). The R&D Collaboration encompasses a number of different projects, with a focus on advancing the Company's technology position in the crystalline silicon domain, as well as ensuring the Company's industrial competitiveness. The R&D Agreement enables a joint committee to identify, plan and manage the R&D Collaboration. | |||||||||||||
Liquidity Support Agreement with Total S.A. | |||||||||||||
The Company was party to an agreement with a customer to construct the California Valley Solar Ranch, a solar park. Part of the debt financing necessary for the customer to pay for the construction of this solar park was provided by the Federal Financing Bank in reliance on a guarantee of repayment provided by the Department of Energy (the "DOE") under a loan guarantee program. In February 2012, the Company entered into a Liquidity Support Agreement with Total S.A. and the DOE, and a series of related agreements with Total S.A. and Total, under which Total S.A. agreed to provide the Company, or cause to be provided, additional liquidity under certain circumstances to a maximum amount of $600.0 million ("Liquidity Support Facility"). The Liquidity Support Facility was available until the completion of the solar park, which was completed in accordance with the terms of the relevant agreement in March 2014. Upon completion, the Liquidity Support Agreement was terminated. There were no outstanding guarantees or debt under the facility upon termination. | |||||||||||||
Compensation and Funding Agreement | |||||||||||||
In February 2012, the Company entered into a Compensation and Funding Agreement (the "Compensation and Funding Agreement") with Total S.A. which established the parameters for the terms of liquidity injections that may be required to be provided by Total S.A. to the Company from time to time. During the term of the Compensation and Funding Agreement, the Company is required to pay Total S.A. a guarantee fee in an amount equal to 2.75% per annum of the average amount of the Company's indebtedness that is guaranteed by Total S.A. pursuant to any guaranty issued in accordance with the terms of the Compensation and Funding Agreement during such quarter. Any payment obligations of the Company to Total S.A. under the Compensation and Funding Agreement that are not paid when due accrue interest until paid in full at a rate equal to 6-month U.S. LIBOR as in effect from time to time plus 5.00% per annum. | |||||||||||||
Upfront Warrant | |||||||||||||
In February 2012, the Company issued a warrant (the "Upfront Warrant") to Total S.A. to purchase 9,531,677 shares of the Company's common stock with an exercise price of $7.8685, subject to adjustment for customary anti-dilution and other events. The Upfront Warrant, governed by the Private Placement Agreement and the Compensation and Funding Agreement, is exercisable at any time for seven years after its issuance, provided that, so long as at least $25.0 million in aggregate of the Company's convertible debt remains outstanding, such exercise will not cause "any person," including Total S.A., to, directly or indirectly, including through one or more wholly-owned subsidiaries, become the "beneficial owner" (as such terms are defined in Rule 13d-3 and Rule 13d-5 under the Securities and Exchange Act of 1934, as amended), of more than 74.99% of the voting power of the Company's common stock at such time, a circumstance which would trigger the repurchase or conversion of the Company's existing convertible debt. | |||||||||||||
0.75% Debentures Due 2018 | |||||||||||||
In May 2013, the Company issued $300.0 million in principal amount of its 0.75% senior convertible debentures due 2018 (the "0.75% debentures due 2018"). $200.0 million in aggregate principal amount of the 0.75% debentures due 2018 were acquired by Total. The 0.75% debentures due 2018 are convertible into shares of the Company's common stock at any time based on an initial conversion price equal to $24.95 per share, which provides Total the right to acquire up to 8,017,420 shares of the Company's common stock. The applicable conversion rate may adjust in certain circumstances, including a fundamental change, as described in the indenture governing the 0.75% debentures due 2018 (see Note 11). | |||||||||||||
0.875% Debentures Due 2021 | |||||||||||||
In June 2014, the Company issued $400.0 million in principal amount of its 0.875% senior convertible debentures due 2021 (the "0.875% debentures due 2021"). An aggregate principal amount of $250.0 million of the 0.875% debentures due 2021 were acquired by Total. The 0.875% debentures due 2021 are convertible into shares of the Company's common stock at any time based on an initial conversion price equal to $48.76 per share, which provides Total the right to acquire up to 5,126,775 shares of the Company's common stock. The applicable conversion rate may adjust in certain circumstances, including a fundamental change, as described in the indenture governing the 0.875% debentures due 2021 (see Note 11). | |||||||||||||
Joint Projects with Total and its Affiliates: | |||||||||||||
The Company enters into various engineering, procurement and construction ("EPC") and operations and maintenance ("O&M") agreements relating to solar projects, including EPC and O&M services agreements relating to projects owned or partially owned by Total and its affiliates. As of December 28, 2014, the Company had $14.0 million of "Costs and estimated earnings in excess of billings" and $1.3 million of "Accounts receivable, net" on its Consolidated Balance Sheets related to projects in which Total and its affiliates have a direct or indirect material interest. | |||||||||||||
Related-Party Transactions with Total and its Affiliates: | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenue: | |||||||||||||
EPC, O&M, and components revenue under joint projects | $ | 151,566 | $ | — | $ | — | |||||||
Research and development expense: | |||||||||||||
Offsetting contributions received under R&D Agreement | $ | (1,612 | ) | $ | (1,661 | ) | $ | — | |||||
Interest expense: | |||||||||||||
Guarantee fees incurred under Credit Support Agreement | $ | 12,035 | $ | 8,890 | $ | 6,916 | |||||||
Fees incurred under the Compensation and Funding Agreement | $ | 1,200 | $ | 5,533 | $ | 4,952 | |||||||
Interest expense incurred on the 0.75% debentures due 2018 | $ | 1,604 | $ | 883 | $ | — | |||||||
Interest expense incurred on the 0.875% debentures due 2021 | $ | 1,209 | $ | — | $ | — | |||||||
Business_Combinations
Business Combinations | 12 Months Ended |
Dec. 28, 2014 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS |
In fiscal 2014, the Company completed three acquisitions qualifying as business combinations for a total cash consideration of approximately $35.7 million, of which $21.2 million was attributed to goodwill, $17.4 million to intangible assets, and $2.9 million to net liabilities assumed. The composition of the intangible assets acquired is presented in Note 4. These acquisitions generally enhance the breadth and depth of our expertise in our technologies and our product offerings. The total goodwill of $21.2 million is primarily attributable to the synergies expected to arise after the acquisition. Goodwill is not expected to be deductible for tax purposes. | |
Pro forma results of operations for these acquisitions have not been presented as they are not material to the consolidated statements of operations, either individually or in aggregate. The actual results of operations of these acquisitions have been included in the Company's consolidated results of operations from the respective acquisition dates. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Goodwill | |||||||||||||||||
The following table presents the changes in the carrying amount of goodwill under the Company's reportable business segments: | |||||||||||||||||
(In thousands) | Americas | EMEA | APAC | Total | |||||||||||||
As of December 29, 2013 | $ | — | $ | — | $ | — | $ | — | |||||||||
Goodwill acquired | 21,221 | — | — | 21,221 | |||||||||||||
As of December 28, 2014 | $ | 21,221 | $ | — | $ | — | $ | 21,221 | |||||||||
Based on the impairment test as of September 30, 2012, the Company determined that the carrying value of the Americas and EMEA reporting units exceeded their fair value. As a result, the Company performed the second step of the impairment analysis for the two reporting units discussed above. The Company's calculation of the implied fair value of goodwill included significant assumptions for, among others, the fair values of recognized assets and liabilities and of unrecognized intangible assets, all of which require significant judgment by management. The Company calculated that the implied fair value of goodwill for the two reporting units was zero and therefore recorded a goodwill impairment loss of $46.7 million for the year ended December 30, 2012. No goodwill impairment was recorded during the years ended December 28, 2014 and December 29, 2013. | |||||||||||||||||
Other Intangible Assets | |||||||||||||||||
The following tables present details of the Company's acquired other intangible assets: | |||||||||||||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||||||
Amortization | |||||||||||||||||
As of December 28, 2014 | |||||||||||||||||
Patents and purchased technology | $ | 13,675 | $ | (615 | ) | $ | 13,060 | ||||||||||
Purchased in-process research and development | 3,700 | — | 3,700 | ||||||||||||||
$ | 17,375 | $ | (615 | ) | $ | 16,760 | |||||||||||
During the third quarter of fiscal 2012, the Company determined that the carrying value of certain intangible assets in Europe were no longer recoverable based on a discrete evaluation of the nature of the intangible assets, incorporating the effect of declines in regional operating results. As a result, the Company recognized an impairment loss of $12.8 million on its Consolidated Statement of Operations for the year ended December 30, 2012. Aggregate amortization expense for intangible assets totaled $0.6 million, $0.7 million and $9.1 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||
As of December 28, 2014, the estimated future amortization expense related to intangible assets with finite useful lives is as follows: | |||||||||||||||||
(In thousands) | Amount | ||||||||||||||||
Fiscal Year | |||||||||||||||||
2015 | $ | 1,989 | |||||||||||||||
2016 | 1,989 | ||||||||||||||||
2017 | 1,989 | ||||||||||||||||
2018 | 1,989 | ||||||||||||||||
2019 | 1,989 | ||||||||||||||||
Thereafter | 3,115 | ||||||||||||||||
$ | 13,060 | ||||||||||||||||
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||
Balance Sheet Components | BALANCE SHEET COMPONENTS | ||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Accounts receivable, net: | |||||||||||||||||
Accounts receivable, gross1,2 | $ | 523,613 | $ | 389,152 | |||||||||||||
Less: allowance for doubtful accounts | (18,152 | ) | (26,463 | ) | |||||||||||||
Less: allowance for sales returns | (1,145 | ) | (2,095 | ) | |||||||||||||
$ | 504,316 | $ | 360,594 | ||||||||||||||
1 | Includes short-term financing receivables associated with solar power systems leased of $9.1 million and $4.4 million as of December 28, 2014 and December 29, 2013, respectively (see Note 6). | ||||||||||||||||
2 | Includes short-term retainage of $213.0 million and $8.3 million as of December 28, 2014 and December 29, 2013, respectively. Retainage refers to the earned, but unbilled, portion of a construction and development project for which payment is deferred by the customer until certain contractual milestones are met. | ||||||||||||||||
(In thousands) | Balance at Beginning of Period | Charges (Releases) to Expenses / Revenues | Deductions | Balance at End of Period | |||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year ended December 28, 2014 | $ | 26,463 | $ | (1,023 | ) | $ | (7,288 | ) | $ | 18,152 | |||||||
Year ended December 29, 2013 | 26,773 | 8,258 | (8,568 | ) | 26,463 | ||||||||||||
Year ended December 30, 2012 | 21,039 | 8,898 | (3,164 | ) | 26,773 | ||||||||||||
Allowance for sales returns: | |||||||||||||||||
Year ended December 28, 2014 | 2,095 | (950 | ) | — | 1,145 | ||||||||||||
Year ended December 29, 2013 | 5,054 | (2,959 | ) | — | 2,095 | ||||||||||||
Year ended December 30, 2012 | 8,648 | (3,594 | ) | — | 5,054 | ||||||||||||
Valuation allowance for deferred tax assets: | |||||||||||||||||
Year ended December 28, 2014 | 90,571 | 28,177 | — | 118,748 | |||||||||||||
Year ended December 29, 2013 | 182,322 | (91,751 | ) | — | 90,571 | ||||||||||||
Year ended December 30, 2012 | 129,946 | 52,376 | — | 182,322 | |||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Inventories: | |||||||||||||||||
Raw materials | $ | 46,848 | $ | 51,905 | |||||||||||||
Work-in-process | 67,903 | 52,756 | |||||||||||||||
Finished goods | 93,822 | 140,914 | |||||||||||||||
$ | 208,573 | $ | 245,575 | ||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||
Deferred project costs | $ | 64,784 | $ | 275,389 | |||||||||||||
Bond hedge derivative | 51,951 | 110,477 | |||||||||||||||
VAT receivables, current portion | 7,554 | 21,481 | |||||||||||||||
Deferred costs for solar power systems to be leased | 22,537 | 23,429 | |||||||||||||||
Derivative financial instruments | 7,018 | 4,642 | |||||||||||||||
Other receivables | 79,927 | 112,062 | |||||||||||||||
Other prepaid expenses | 47,448 | 28,629 | |||||||||||||||
Other current assets | 47,626 | 70,161 | |||||||||||||||
$ | 328,845 | $ | 646,270 | ||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Project assets - plants and land: | |||||||||||||||||
Project assets — plants | $ | 104,328 | $ | 64,564 | |||||||||||||
Project assets — land | 12,328 | 11,043 | |||||||||||||||
$ | 116,656 | $ | 75,607 | ||||||||||||||
Project assets - plants and land, current portion | $ | 101,181 | $ | 69,196 | |||||||||||||
Project assets - plants and land, net of current portion | $ | 15,475 | $ | 6,411 | |||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||
Manufacturing equipment3 | $ | 554,124 | $ | 538,616 | |||||||||||||
Land and buildings | 26,138 | 26,138 | |||||||||||||||
Leasehold improvements | 236,867 | 229,846 | |||||||||||||||
Solar power systems4 | 124,848 | 82,036 | |||||||||||||||
Computer equipment | 88,257 | 79,519 | |||||||||||||||
Furniture and fixtures | 9,436 | 8,392 | |||||||||||||||
Construction-in-process | 75,570 | 11,724 | |||||||||||||||
1,115,240 | 976,271 | ||||||||||||||||
Less: accumulated depreciation | (529,896 | ) | (442,884 | ) | |||||||||||||
$ | 585,344 | $ | 533,387 | ||||||||||||||
3 | The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $111.9 million and $145.9 million as of December 28, 2014 and December 29, 2013, respectively. | ||||||||||||||||
4 | Includes $94.4 million and $52.6 million of solar power systems associated with sale-leaseback transactions under the financing method as of December 28, 2014 and December 29, 2013, respectively, which are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years (see Note 6). | ||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Property, plant and equipment, net by geography5: | |||||||||||||||||
Philippines | $ | 335,643 | $ | 321,410 | |||||||||||||
United States | 183,631 | 153,074 | |||||||||||||||
Mexico | 40,251 | 32,705 | |||||||||||||||
Europe | 24,748 | 25,293 | |||||||||||||||
Other | 1,071 | 905 | |||||||||||||||
$ | 585,344 | $ | 533,387 | ||||||||||||||
5 | Property, plant and equipment, net by geography is based on the physical location of the assets. | ||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Other long-term assets: | |||||||||||||||||
Equity method investments | $ | 210,898 | $ | 131,739 | |||||||||||||
Retainage6 | — | 88,934 | |||||||||||||||
Cost method investments | 32,308 | 12,374 | |||||||||||||||
Long-term debt issuance costs | 11,600 | 10,274 | |||||||||||||||
Other | 57,023 | 55,156 | |||||||||||||||
$ | 311,829 | $ | 298,477 | ||||||||||||||
6 | Retainage refers to the earned, but unbilled, portion of a construction and development project for which payment is deferred by the customer until certain contractual milestones are met. | ||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Accrued liabilities: | |||||||||||||||||
Bond hedge derivatives | $ | 51,951 | $ | 110,477 | |||||||||||||
Employee compensation and employee benefits | 47,667 | 50,449 | |||||||||||||||
Deferred revenue | 33,412 | 29,287 | |||||||||||||||
Short-term residential lease financing | 1,489 | 14,436 | |||||||||||||||
Interest payable | 10,575 | 10,971 | |||||||||||||||
Short-term warranty reserves | 13,278 | 10,426 | |||||||||||||||
Restructuring reserve | 13,477 | 7,134 | |||||||||||||||
VAT payables | 6,073 | 7,089 | |||||||||||||||
Derivative financial instruments | 1,345 | 6,170 | |||||||||||||||
Other | 151,767 | 111,718 | |||||||||||||||
$ | 331,034 | $ | 358,157 | ||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Other long-term liabilities: | |||||||||||||||||
Deferred revenue | $ | 176,804 | $ | 176,925 | |||||||||||||
Long-term warranty reserves | 141,370 | 138,946 | |||||||||||||||
Long-term sale-leaseback financing | 111,904 | 65,944 | |||||||||||||||
Long-term residential lease financing | 27,122 | 31,933 | |||||||||||||||
Unrecognized tax benefits | 31,764 | 28,927 | |||||||||||||||
Long-term pension liability | 9,980 | 5,430 | |||||||||||||||
Derivative financial instruments | 3,712 | 775 | |||||||||||||||
Other | 52,688 | 75,111 | |||||||||||||||
$ | 555,344 | $ | 523,991 | ||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||
Cumulative translation adjustment | $ | (8,712 | ) | $ | (3,766 | ) | |||||||||||
Net unrealized loss on derivatives | (1,443 | ) | (805 | ) | |||||||||||||
Net loss on long-term pension liability adjustment | (2,878 | ) | — | ||||||||||||||
Deferred taxes | (422 | ) | 253 | ||||||||||||||
$ | (13,455 | ) | $ | (4,318 | ) |
Leasing
Leasing | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||
Leasing | LEASING | |||||||||||||||||||||||
Residential Lease Program | ||||||||||||||||||||||||
The Company offers a solar lease program, in partnership with third-party investors, which provides U.S. residential customers SunPower systems under 20-year lease agreements that include system maintenance and warranty coverage. Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. | ||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||
The following table summarizes "Solar power systems leased and to be leased, net" under operating leases on the Company's Consolidated Balance Sheets as of December 28, 2014 and December 29, 2013, respectively: | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Solar power systems leased and to be leased, net1,2: | ||||||||||||||||||||||||
Solar power systems leased | $ | 396,704 | $ | 324,202 | ||||||||||||||||||||
Solar power systems to be leased | 21,202 | 36,645 | ||||||||||||||||||||||
417,906 | 360,847 | |||||||||||||||||||||||
Less: accumulated depreciation | (26,993 | ) | (15,343 | ) | ||||||||||||||||||||
$ | 390,913 | $ | 345,504 | |||||||||||||||||||||
1 | Solar power systems leased and to be leased, net are physically located in the United States. | |||||||||||||||||||||||
2 | As of December 28, 2014 and December 29, 2013, the Company has pledged solar assets with an aggregate book value of $140.1 million and $147.7 million, respectively, to third-party investors as security for the Company's contractual obligations. | |||||||||||||||||||||||
The following table presents the Company's minimum future rental receipts on operating leases placed in service as of December 28, 2014: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Minimum future rentals on operating leases placed in service1 | $ | 14,318 | 13,176 | 13,213 | 13,258 | 13,303 | 187,459 | $ | 254,727 | |||||||||||||||
1 | Minimum future rentals on operating leases placed in service does not include contingent rentals that may be received from customers under agreements that include performance-based incentives. | |||||||||||||||||||||||
Sales-Type Leases | ||||||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, respectively, the Company's net investment in sales-type leases presented in "Accounts receivable, net" and "Long-term financing receivables, net" on the Company's Consolidated Balance Sheets was as follows: | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Minimum lease payments receivable1 | $ | 319,244 | $ | 217,666 | ||||||||||||||||||||
Unguaranteed residual value | 34,343 | 23,366 | ||||||||||||||||||||||
Unearned income | (74,859 | ) | (61,326 | ) | ||||||||||||||||||||
Net financing receivables | $ | 278,728 | $ | 179,706 | ||||||||||||||||||||
Current | $ | 9,141 | $ | 4,433 | ||||||||||||||||||||
Long-term | $ | 269,587 | $ | 175,273 | ||||||||||||||||||||
1 | Net of allowance for doubtful accounts. | |||||||||||||||||||||||
As of December 28, 2014, future maturities of net financing receivables for sales-type leases are as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Scheduled maturities of minimum lease payments receivable1 | $ | 15,513 | 15,470 | 15,660 | 15,857 | 16,058 | 240,686 | $ | 319,244 | |||||||||||||||
1 | Minimum future rentals on sales-type leases placed in service does not include contingent rentals that may be received from customers under agreements that include performance-based incentives. | |||||||||||||||||||||||
Third-Party Financing Arrangements | ||||||||||||||||||||||||
The Company has entered into multiple facilities under which solar power systems are financed by third-party investors. Under the terms of certain programs the investors make an upfront payment to the Company, which the Company recognizes as a non-recourse liability that will be reduced over the specified term of the program as customer receivables and government incentives are received by the third-party investors. As the non-recourse liability is reduced over time, the Company makes a corresponding reduction in customer and government incentive receivables on its balance sheet. Under this approach, for both operating and sales-type leases the Company continues to account for these arrangements with its residential lease customers in the consolidated financial statements. As of December 28, 2014, and December 29, 2013, the remaining liability to the third-party investors, presented in "Accrued liabilities" and "Other long-term liabilities" on the Company's Consolidated Balance Sheets, was $28.6 million and $46.4 million, respectively (see Note 5). | ||||||||||||||||||||||||
The Company has entered into a total of seven facilities with third-party investors under which the parties invest in entities that hold SunPower solar power systems and leases with residential customers. The Company holds controlling interests in these less-than-wholly-owned entities and has therefore fully consolidated these entities. The Company accounts for the portion of net assets in the consolidated entities attributable to the investors as "Redeemable noncontrolling interests" and "Noncontrolling interests" in its consolidated financial statements. Noncontrolling interests in subsidiaries that are redeemable at the option of the noncontrolling interest holder are classified as "Redeemable noncontrolling interests in subsidiaries," between liabilities and equity on the Company's Consolidated Balance Sheets. During the year ended December 28, 2014 and December 29, 2013 the Company received $100.7 million and $100.0 million, in contributions from investors under the related facilities and attributed $64.3 million and $62.0 million, respectively, in losses to the third-party investors primarily as a result of allocating certain assets, including tax credits, to the investors. | ||||||||||||||||||||||||
Sale-Leaseback Arrangements | ||||||||||||||||||||||||
The Company enters into sale-leaseback arrangements under which solar power systems are sold to third parties and subsequently leased back by the Company over minimum lease terms of up to 20 years. Separately, the Company enters into power purchase agreements ("PPAs") with end customers, who host the leased solar power systems and buy the electricity directly from the Company under PPAs with durations of up to 25 years. At the end of the lease term, the Company has the option to purchase the systems at fair value or may be required to remove the systems and return them to the third parties. | ||||||||||||||||||||||||
The Company has classified its sale-leaseback arrangements of solar power systems not involving integral equipment as operating leases. The deferred profit on the sale of these systems is recognized over the term of the lease. As of December 28, 2014, future minimum lease obligations associated with these systems was $96.2 million, which will be recognized over the minimum lease terms. Future minimum payments to be received from customers under PPAs associated with the solar power systems under sale-leaseback arrangements classified as operating leases will be recognized over the lease terms of up to 20 years and are contingent upon the amounts of energy produced by the solar power systems. | ||||||||||||||||||||||||
The Company enters into sale-leaseback arrangements under which the systems under the sale-leaseback arrangements have been determined to be integral equipment as defined under the accounting guidance for such transactions. The Company was further determined to have continuing involvement with the solar power systems throughout the lease due to purchase option rights. As a result of such continuing involvement, the Company accounts for each transaction as a financing. Under the financing method, the proceeds received from the sale of the solar power systems are recorded by the Company as financing liabilities and presented within "Other long-term liabilities" in the Company's Consolidated Balance Sheets (see Note 3). The financing liabilities are subsequently reduced by the Company's payments to lease back the solar power systems, less interest expense calculated based on the Company's incremental borrowing rate adjusted to the rate required to prevent negative amortization. The solar power systems under the sale-leaseback arrangements remain on the Company's balance sheet and are classified within "Property, plant and equipment, net" (see Note 5). As of December 28, 2014, future minimum lease obligations for the sale-leaseback arrangements accounted for under the financing method were $100.9 million, which will be recognized over the lease terms of up to 20 years. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement (observable inputs are the preferred basis of valuation): | |||||||||||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
• | Level 2 — Measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. | ||||||||||||||||||||||||
• | Level 3 — Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The Company measures certain assets and liabilities at fair value on a recurring basis. There were no transfers between fair value measurement levels during any presented period. The Company did not have any assets or liabilities measured at fair value on a recurring basis requiring Level 3 inputs as of December 28, 2014 or December 29, 2013. | |||||||||||||||||||||||||
The following table summarizes the Company's assets and liabilities measured and recorded at fair value on a recurring basis as of December 28, 2014 and December 29, 2013, respectively: | |||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents1: | |||||||||||||||||||||||||
Money market funds | $ | 375,000 | $ | 375,000 | $ | — | $ | 358,001 | $ | 358,001 | $ | — | |||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||||
Debt derivatives (Note 11) | 51,951 | — | 51,951 | 110,477 | — | 110,477 | |||||||||||||||||||
Derivative financial instruments (Note 12) | 7,018 | — | 7,018 | 4,642 | — | 4,642 | |||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||||
Derivative financial instruments (Note 12) | — | — | — | 588 | — | 588 | |||||||||||||||||||
Total assets | $ | 433,969 | $ | 375,000 | $ | 58,969 | $ | 473,708 | $ | 358,001 | $ | 115,707 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||||
Debt derivatives (Note 11) | $ | 51,951 | $ | — | $ | 51,951 | $ | 110,477 | $ | — | $ | 110,477 | |||||||||||||
Derivative financial instruments (Note 12) | 1,345 | — | 1,345 | 6,170 | — | 6,170 | |||||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||||
Derivative financial instruments (Note 12) | 3,712 | — | 3,712 | 775 | — | 775 | |||||||||||||||||||
Total liabilities | $ | 57,008 | $ | — | $ | 57,008 | $ | 117,422 | $ | — | $ | 117,422 | |||||||||||||
1 | The Company's cash equivalents consist of money market fund instruments and commercial paper that are classified as available-for-sale and are highly liquid investments with original maturities of 90 days or less. The Company's money market fund instruments are categorized within Level 1 of the fair value hierarchy because they are valued using quoted market prices for identical instruments in active markets. | ||||||||||||||||||||||||
Other financial instruments, including the Company's accounts receivable, accounts payable and accrued liabilities, are carried at cost, which generally approximates fair value due to the short-term nature of these instruments. | |||||||||||||||||||||||||
Debt Derivatives | |||||||||||||||||||||||||
The 4.50% Bond Hedge (as defined in Note 11) and the embedded cash conversion option within the 4.50% debentures due 2015 (as defined in Note 11) are classified as derivative instruments that require mark-to-market treatment with changes in fair value reported in the Company's Consolidated Statements of Operations. The fair values of these derivative instruments were determined utilizing the following Level 1 and Level 2 inputs: | |||||||||||||||||||||||||
As of 1 | |||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||
Stock price | $ | 26.32 | $ | 28.91 | |||||||||||||||||||||
Exercise price | $ | 22.53 | $ | 22.53 | |||||||||||||||||||||
Interest rate | 0.19 | % | 0.33 | % | |||||||||||||||||||||
Stock volatility | 61.7 | % | 57.7 | % | |||||||||||||||||||||
Credit risk adjustment | 0.65 | % | 0.71 | % | |||||||||||||||||||||
Maturity date | 18-Feb-15 | 18-Feb-15 | |||||||||||||||||||||||
1 | The valuation model utilizes these inputs to value the right but not the obligation to purchase one share of the Company's common stock at $22.53. The Company utilized a Black-Scholes valuation model to value the 4.50% Bond Hedge and embedded cash conversion option. The underlying input assumptions were determined as follows: | ||||||||||||||||||||||||
(i) | Stock price. The closing price of the Company's common stock on the last trading day of the quarter. | ||||||||||||||||||||||||
(ii) | Exercise price. The exercise price of the 4.50% Bond Hedge and the embedded cash conversion option. | ||||||||||||||||||||||||
(iii) | Interest rate. The Treasury Strip rate associated with the life of the 4.50% Bond Hedge and the embedded cash conversion option. | ||||||||||||||||||||||||
(iv) | Stock volatility. The volatility of the Company's common stock over the life of the 4.50% Bond Hedge and the embedded cash conversion option. | ||||||||||||||||||||||||
(v) | Credit risk adjustment. Represents the weighted average of the credit default swap rate of the counterparties. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||
The Company measures certain investments and non-financial assets (including project assets, property, plant and equipment, and other intangible assets) at fair value on a non-recurring basis in periods after initial measurement in circumstances when the fair value of such asset is impaired below its recorded cost. | |||||||||||||||||||||||||
Held-to-Maturity Debt Securities | |||||||||||||||||||||||||
The Company's debt securities, classified as held-to-maturity, consist of Philippine government bonds that are maintained as collateral for present and future business transactions within the country. These bonds have maturity dates of up to five years and are classified as "Restricted long-term marketable securities" on the Company's Consolidated Balance Sheets. As of December 28, 2014 and December 29, 2013, these bonds had a carrying value of $7.2 million and $8.9 million respectively. The Company records such held-to-maturity investments at amortized cost based on its ability and intent to hold the securities until maturity. The Company monitors for changes in circumstances and events that would affect its ability and intent to hold such securities until the recorded amortized costs are recovered. No other-than-temporary impairment loss was incurred during any presented period. The held-to-maturity debt securities were categorized in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
Equity and Cost Method Investments | |||||||||||||||||||||||||
The Company holds equity investments in non-consolidated entities that are accounted for under both the equity and cost method. The Company monitors these investments, which are included in "Other long-term assets" in its Consolidated Balance Sheets, for impairment and records reductions in the carrying values when necessary. Circumstances that indicate an other-than-temporary decline include Level 2 and Level 3 measurements such as the valuation ascribed to the issuing company in subsequent financing rounds, decreases in quoted market prices, and declines in operations of the issuer. | |||||||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, the Company had $210.9 million and $131.7 million, respectively, in investments accounted for under the equity method (see Note 10). As of December 28, 2014 and December 29, 2013, the Company had $32.3 million and $12.4 million, respectively, in investments accounted for under the cost method. | |||||||||||||||||||||||||
Related-Party Transactions with Equity and Cost Method Investees: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||||||||||
Accounts receivable | $ | 35,072 | $ | 11,780 | |||||||||||||||||||||
Accounts payable | $ | 57,167 | $ | 51,499 | |||||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||||
Long-term note receivable | $ | 3,102 | $ | 3,688 | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Payments made to investees for products/services | $ | 462,596 | $ | 480,802 | $ | 606,301 | |||||||||||||||||||
Cost Method Investment in Tendril Networks, Inc. ("Tendril") | |||||||||||||||||||||||||
In November 2014, the Company purchased $20.0 million of preferred stock for an approximately 21% stake in Tendril accounted for under the cost method. In connection with the investment, the Company entered into an agreement to purchase up to 14 million shares of Tendril common stock through November 23, 2024, subject to the Company meeting certain revenue milestones and other conditions. If SunPower exercises its right to purchase the maximum allowable number of shares under the warrant purchase agreements, the Company's stake in Tendril would increase to approximately 25%. | |||||||||||||||||||||||||
In connection with the initial investment in Tendril, the Company also entered into commercial agreements under a Master Services Agreement ("MSA") and Statements of Work ("SOWs"). Under these commercial agreements, Tendril will use up to $13.0 million of SunPower's initial investment to develop, jointly with SunPower, solar software solution products for the Company. |
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring | RESTRUCTURING | ||||||||||||||||
November 2014 Restructuring Plan | |||||||||||||||||
On November 14, 2014, the Company announced a reorganization plan aimed towards realigning resources consistently with SunPower's global strategy and improving its overall operating efficiency and cost structure. In connection with this plan, which is expected to be completed by the end of fiscal 2015, SunPower expects approximately 85 to 115 employees to be affected, primarily in Europe, representing approximately 1% to 2% of SunPower's global workforce. SunPower expects to incur restructuring charges totaling approximately $15 million to $25 million, principally composed of severance benefits, lease and related termination costs, and other associated costs. SunPower expects more than 90% of total charges to be cash. The actual timing and costs of the plan may differ from SunPower’s current expectations and estimates due to a number of factors, including uncertainties related to required consultations with employee representatives as well as other local labor law requirements and mandatory processes in the relevant jurisdictions. | |||||||||||||||||
Legacy Restructuring Plans | |||||||||||||||||
During fiscal 2012 and 2011, the Company implemented approved restructuring plans, related to all segments, to align with changes in the global solar market which included the consolidation of the Company's Philippine manufacturing operations as well as actions to accelerate operating cost reduction and improve overall operating efficiency. These restructuring activities were substantially complete as of December 28, 2014, however, the Company expects to continue to incur costs as it finalizes previous estimates and actions in connection with these plans, primarily due to other costs, such as legal services. | |||||||||||||||||
The following table summarizes the restructuring charges recognized in the Company's Consolidated Statements of Operations: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | Cumulative To Date | |||||||||||||
November 2014 Plan: | |||||||||||||||||
Non-cash impairment charges | $ | 719 | $ | — | $ | — | $ | 719 | |||||||||
Severance and benefits | 12,180 | — | — | 12,180 | |||||||||||||
Other costs1 | 213 | — | — | 213 | |||||||||||||
13,112 | — | — | 13,112 | ||||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Non-cash impairment charges | — | 443 | 60,153 | 60,596 | |||||||||||||
Severance and benefits | (1,645 | ) | (535 | ) | 30,398 | 46,709 | |||||||||||
Lease and related termination costs | 244 | 610 | 4,232 | 5,774 | |||||||||||||
Other costs1 | 512 | 2,084 | 6,040 | 10,860 | |||||||||||||
(889 | ) | 2,602 | 100,823 | 123,939 | |||||||||||||
Total restructuring charges | $ | 12,223 | $ | 2,602 | $ | 100,823 | $ | 137,051 | |||||||||
The following table summarizes the restructuring reserve activity during the fiscal year ended December 28, 2014: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
(In thousands) | 2013 | Charges (Benefits) | Payments | 2014 | |||||||||||||
November 2014 Plan: | |||||||||||||||||
Severance and benefits | $ | — | $ | 12,180 | $ | (105 | ) | $ | 12,075 | ||||||||
Other costs1 | — | 213 | (68 | ) | 145 | ||||||||||||
— | 12,393 | (173 | ) | 12,220 | |||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Severance and benefits | 3,961 | (1,645 | ) | (1,895 | ) | 421 | |||||||||||
Lease and related termination costs | 1,609 | 244 | (1,463 | ) | 390 | ||||||||||||
Other costs1 | 1,564 | 512 | (1,630 | ) | 446 | ||||||||||||
7,134 | (889 | ) | (4,988 | ) | 1,257 | ||||||||||||
Total restructuring liability | $ | 7,134 | $ | 11,504 | $ | (5,161 | ) | $ | 13,477 | ||||||||
1 | Other costs primarily represent associated legal services. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||
Facility and Equipment Lease Commitments | ||||||||||||||||||||||||
The Company leases certain facilities under non-cancellable operating leases from unaffiliated third parties. As of December 28, 2014, future minimum lease payments for facilities under operating leases were $55.5 million, to be paid over the remaining contractual terms of up to 10 years. The Company also leases certain buildings, machinery and equipment under non-cancellable capital leases. As of December 28, 2014, future minimum lease payments for assets under capital leases were $6.4 million, to be paid over the remaining contractual terms of up to 10 years. | ||||||||||||||||||||||||
Purchase Commitments | ||||||||||||||||||||||||
The Company purchases raw materials for inventory and manufacturing equipment from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based on specifications defined by the Company, or that establish parameters defining the Company's requirements. In certain instances, these agreements allow the Company the option to cancel, reschedule or adjust the Company's requirements based on its business needs prior to firm orders being placed. Consequently, only a portion of the Company's disclosed purchase commitments arising from these agreements are firm, non-cancellable, and unconditional commitments. | ||||||||||||||||||||||||
The Company also has agreements with several suppliers, including some of its non-consolidated investees, for the procurement of polysilicon, ingots, wafers, and Solar Renewable Energy Credits, among others, which specify future quantities and pricing of products to be supplied by the vendors for periods up to 10 years and provide for certain consequences, such as forfeiture of advanced deposits and liquidated damages relating to previous purchases, in the event that the Company terminates the arrangements. | ||||||||||||||||||||||||
Future purchase obligations under non-cancellable purchase orders and long-term supply agreements as of December 28, 2014 are as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total1,2,3 | |||||||||||||||||
Future purchase obligations | $ | 598,461 | 334,897 | 405,949 | 182,181 | 175,695 | 164,847 | $ | 1,862,030 | |||||||||||||||
1 | Total future purchase obligations as of December 28, 2014 include $2.5 million to related parties. | |||||||||||||||||||||||
2 | Total future purchase obligations was composed of $216.5 million related to non-cancellable purchase orders and $1.6 billion related to long-term supply agreements. | |||||||||||||||||||||||
3During fiscal 2014, the Company did not fulfill all of the purchase commitments it was otherwise obligated to take by December 31, 2014, as specified in several related contracts with a supplier. On February 6, 2015, the Company received a notice from the supplier requesting payment for $56.1 million related to this shortfall. This amount has been included in the '2015' column in the above table and the Company has not recorded an accrual for this amount as of December 28, 2014, as it expects to satisfy the obligation via purchases of inventory in fiscal 2015, within the cure period specified in the contracts, and the amounts did not become due until after the end of fiscal 2014. | ||||||||||||||||||||||||
The Company expects that all obligations related to non-cancellable purchase orders for manufacturing equipment will be recovered through future cash flows of the solar cell manufacturing lines and solar panel assembly lines when such long-lived assets are placed in service. Factors considered important that could result in an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets, and significant negative industry or economic trends. Obligations related to non-cancellable purchase orders for inventories match current and forecasted sales orders that will consume these ordered materials and actual consumption of these ordered materials are compared to expected demand regularly. The Company anticipates total obligations related to long-term supply agreements for inventories will be recovered because quantities are less than management's expected demand for its solar power products. The terms of the long-term supply agreements are reviewed by management and the Company assesses the need for any accruals for estimated losses on adverse purchase commitments, such as lower of cost or market value adjustments that will not be recovered by future sales prices, forfeiture of advanced deposits and liquidated damages, as necessary. | ||||||||||||||||||||||||
Advances to Suppliers | ||||||||||||||||||||||||
As noted above, the Company has entered into agreements with various vendors, some of which are structured as "take or pay" contracts, that specify future quantities and pricing of products to be supplied. Certain agreements also provide for penalties or forfeiture of advanced deposits in the event the Company terminates the arrangements. Under certain agreements, the Company is required to make prepayments to the vendors over the terms of the arrangements. During fiscal 2014, the Company made additional advance payments totaling $65.7 million, in accordance with the terms of existing long-term supply agreements. As of December 28, 2014 and December 29, 2013, advances to suppliers totaled $409.7 million and $383.3 million, respectively, of which $98.1 million and $58.6 million, respectively, is classified as short-term in the Company's Consolidated Balance Sheets. Two suppliers accounted for 82% and 17% of total advances to suppliers as of December 28, 2014, and 77% and 22% as of December 29, 2013. | ||||||||||||||||||||||||
Advances from Customers | ||||||||||||||||||||||||
The Company has entered into other agreements with customers who have made advance payments for solar power products and systems. These advances will be applied as shipments of product occur or upon completion of certain project milestones. The estimated utilization of advances from customers as of December 28, 2014 is as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Estimated utilization of advances from customers | $ | 31,788 | 22,713 | 27,039 | 27,039 | 28,842 | 43,263 | $ | 180,684 | |||||||||||||||
In fiscal 2010, the Company and its joint venture, AUO SunPower Sdn. Bhd. ("AUOSP"), entered into an agreement under which the Company resells to AUOSP polysilicon purchased from a third-party supplier. Advance payments provided by AUOSP related to such polysilicon are then made by the Company to the third-party supplier. These advance payments are applied as a credit against AUOSP’s polysilicon purchases from the Company. Such polysilicon is used by AUOSP to manufacture solar cells which are sold to the Company on a "cost-plus" basis. As of December 28, 2014 and December 29, 2013, outstanding advance payments received from AUOSP totaled $167.2 million and $181.3 million, respectively, of which $18.3 million and $14.0 million, respectively, is classified as short-term in the Company's Consolidated Balance Sheets, based on projected product shipment dates. | ||||||||||||||||||||||||
Product Warranties | ||||||||||||||||||||||||
The following table summarizes accrued warranty activity for fiscal 2014, 2013, and 2012, respectively: | ||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Balance at the beginning of the period | $ | 149,372 | $ | 117,172 | $ | 94,323 | ||||||||||||||||||
Accruals for warranties issued during the period | 24,942 | 40,259 | 29,833 | |||||||||||||||||||||
Settlements and adjustments during the period | (19,666 | ) | (8,059 | ) | (6,984 | ) | ||||||||||||||||||
Balance at the end of the period | $ | 154,648 | $ | 149,372 | $ | 117,172 | ||||||||||||||||||
Contingent Obligations | ||||||||||||||||||||||||
Project agreements often require the Company to undertake obligations including: (i) system output performance warranties; (ii) system maintenance; (iii) penalty payments or customer termination rights if the system the Company is constructing is not commissioned within specified timeframes or other milestones are not achieved; and (iv) system put-rights whereby the Company could be required to buy back a customer's system at fair value on specified future dates if certain minimum performance thresholds are not met for periods of up to two years. Historically, the Company's systems have performed significantly above the performance warranty thresholds, and there have been no cases in which the Company has had to buy back a system. | ||||||||||||||||||||||||
Future Financing Commitments | ||||||||||||||||||||||||
The Company is required to provide certain funding under the joint venture agreement with AU Optronics Singapore Pte. Ltd. ("AUO") and another unconsolidated investee, subject to certain conditions (see Note 10). As of December 28, 2014, the Company has future financing obligations through fiscal 2015 totaling $171.9 million. | ||||||||||||||||||||||||
Liabilities Associated with Uncertain Tax Positions | ||||||||||||||||||||||||
Total liabilities associated with uncertain tax positions were $31.8 million and $28.9 million as of December 28, 2014 and December 29, 2013, respectively, and are included in "Other long-term liabilities" in the Company's Consolidated Balance Sheets as they are not expected to be paid within the next 12 months. Due to the complexity and uncertainty associated with its tax positions, the Company cannot make a reasonably reliable estimate of the period in which cash settlement, if any, would be made for its liabilities associated with uncertain tax positions in other long-term liabilities. | ||||||||||||||||||||||||
Indemnifications | ||||||||||||||||||||||||
The Company is a party to a variety of agreements under which it may be obligated to indemnify the counterparty with respect to certain matters. Typically, these obligations arise in connection with contracts and license agreements or the sale of assets, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of warranties, representations and covenants related to such matters as title to assets sold, negligent acts, damage to property, validity of certain intellectual property rights, non-infringement of third-party rights, and certain tax related matters including indemnification to customers under §48(c) solar commercial investment tax credit ("ITC") and Treasury Grant payments under Section 1603 of the American Recovery and Reinvestment Act ("Cash Grant"). In each of these circumstances, payment by the Company is typically subject to the other party making a claim to the Company that is contemplated by and valid under the indemnification provisions of the particular contract, which provisions are typically contract-specific, as well as bringing the claim under the procedures specified in the particular contract. These procedures usually allow the Company to challenge the other party's claims or, in case of breach of intellectual property representations or covenants, to control the defense or settlement of any third party claims brought against the other party. Further, the Company's obligations under these agreements may be limited in terms of activity (typically to replace or correct the products or terminate the agreement with a refund to the other party), duration and/or amounts. In some instances, the Company may have recourse against third parties and/or insurance covering certain payments made by the Company. | ||||||||||||||||||||||||
In certain limited circumstances the Company has provided indemnification to customers and investors under which the Company is contractually obligated to compensate these parties for losses they may suffer as a result of reductions in benefits received under ITC and Treasury Cash Grant programs. The Company applies for ITC and Cash Grant incentives based on guidance provided by IRS and the Treasury Department, which include assumptions regarding the fair value of the qualified solar power systems, among others. Certain of the Company’s development agreements, sales-leaseback arrangements, and financing arrangements with investors of its residential lease program, incorporate assumptions regarding the future level of incentives to be received, which in some instances may be claimed directly by its customers and investors. Since the Company cannot determine future revisions to the U.S. Treasury guidelines governing system values or how the IRS will evaluate system values used in claiming ITCs, the Company is unable to reliably estimate the maximum potential future payments that it could have to make under the Company’s contractual investor obligation as of each reporting date. | ||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||
The Company maintains defined benefit pension plans for its non-U.S. employees. Benefits under these plans are generally based on an employee’s years of service and compensation. Funding requirements are determined on an individual country and plan basis and are subject to local country practices and market circumstances. The funded status of the benefit plans, which represents the difference between the benefit obligation and fair value of plan assets, is calculated on a plan-by-plan basis. The benefit obligation and related funded status are determined using assumptions as of the end of each fiscal year. The Company recognizes the overfunded or underfunded status of its benefit plans as an asset or liability on its Consolidated Balance Sheets. As of December 28, 2014 and December 29, 2013, the underfunded status of the Company’s benefit plans, presented in "Other long-term liabilities" on the Company’s Consolidated Balance Sheets, was $10.0 million and $5.4 million, respectively. The impact of transition assets and obligations and actuarial gains and losses are recorded in "Accumulated other comprehensive loss", and are generally amortized as a component of net periodic cost over the average remaining service period of participating employees. Total other comprehensive loss related to the Company’s benefit plans was $2.9 million for the year ended December 28, 2014. | ||||||||||||||||||||||||
Legal Matters | ||||||||||||||||||||||||
Derivative Litigation | ||||||||||||||||||||||||
Derivative actions purporting to be brought on the Company's behalf have been filed in state and federal courts against several of the Company's current and former officers and directors. The actions arise from the Audit Committee's investigation announcement on November 16, 2009 regarding certain unsubstantiated accounting entries. The California state derivative cases were consolidated as In re SunPower Corp. S'holder Derivative Litig., Lead Case No. 1-09-CV-158522 (Santa Clara Sup. Ct.), and co-lead counsel for plaintiffs have been appointed. The complaints assert state-law claims for breach of fiduciary duty, abuse of control, unjust enrichment, gross mismanagement, and waste of corporate assets. Plaintiffs filed a consolidated amended complaint on March 5, 2012. The federal derivative complaints were consolidated as In re SunPower Corp. S'holder Derivative Litig., Master File No. CV-09-05731-RS (N.D. Cal.), and lead plaintiffs and co-lead counsel were appointed on January 4, 2010. The federal complaints assert state-law claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment, and seek an unspecified amount of damages. Plaintiffs filed a consolidated complaint on May 13, 2011. A Delaware state derivative case, Brenner v. Albrecht, et al., C.A. No. 6514-VCP (Del Ch.), was filed on May 23, 2011 in the Delaware Court of Chancery. The complaint asserted state-law claims for breach of fiduciary duty and contribution and indemnification, and sought an unspecified amount of damages. On December 19, 2013, the parties executed a stipulated settlement agreement, providing that all claims against all defendants would be released and dismissed with prejudice, and that the Company would not oppose a request by the plaintiffs' counsel for an award of attorneys' fees up to $1 million, one half of which would be paid from the proceeds of directors and officers liability insurance. At a hearing on August 22, 2014, the Superior Court of California for Santa Clara County entered an order providing for final approval of the stipulated settlement and dismissing that action with prejudice. On September 9, 2014, the court in the consolidated federal derivative action dismissed that action with prejudice. Those dismissals are now final. On October 22, 2014, the Delaware Chancery Court entered an order dismissing the Delaware derivative action with prejudice. | ||||||||||||||||||||||||
Tax Benefit Indemnification Litigation | ||||||||||||||||||||||||
On March 19, 2014, the Company received notice that a lawsuit had been filed by NRG Solar LLC (“NRG”) against SunPower Corporation, Systems, a wholly-owned subsidiary of the Company (“SunPower Systems”), in the Superior Court of Contra Costa County, California. The complaint asserts that, according to the indemnification provisions in the contract pertaining to SunPower Systems’ sale of a large California solar project to NRG, SunPower Systems owes NRG $75 million in connection with certain tax benefits associated with the project that were approved by the Treasury Department for an amount that was less than expected. The Company does not believe that the facts support NRG’s claim under the operative indemnification provisions and intends to vigorously contest the claim. On May 5, 2014, SunPower Systems filed a demurrer to NRG’s complaint. The Court sustained the demurrer with leave to amend. NRG filed its amended complaint on September 3, 2014. SunPower Systems filed a demurrer to NRG's amended complaint, which the Court sustained, again, with leave to amend. NRG filed its Second Amended Complaint on January 13, 2015. SunPower Systems filed a demurrer to NRG’s Second Amended Complaint, which is scheduled to be heard on March 12, 2015. The case currently is pending and no trial date or case schedule has been set yet. | ||||||||||||||||||||||||
First Philec Arbitration | ||||||||||||||||||||||||
On January 28, 2015, an arbitral tribunal of the International Court of Arbitration of the International Chamber of Commerce declared a binding partial award in the matter of an arbitration between First Philippine Electric Corporation ("FPEC") and First Philippine Solar Corporation ("FPSC") against SunPower Philippines Manufacturing, Ltd. ("SPML"), our wholly-owned subsidiary. FPSC is a joint venture of FPEC and SPML for the purpose of slicing silicon wafers from ingots. SPML has not purchased any wafers from FPSC since the third quarter of 2012. | ||||||||||||||||||||||||
The tribunal found SPML in breach of its obligations under its supply agreement with FPSC, and in breach of its joint venture agreement with FPEC. The tribunal ordered that (i) SPML must purchase FPEC’s interests in FPSC for an aggregate of $30.3 million, subject to adjustment to account for minority interests, and (ii) after completing the purchase of FPEC’s controlling interest in FPSC, to pay FPSC damages in the amount of $25.2 million. SPML’s purchase of FPEC’s interests in FPSC and the subsequent damages payment to FPSC have been suspended pending the parties’ agreement as to legal arrangements required to complete these transactions, but the transactions are presently scheduled to be completed in the second quarter of 2015. | ||||||||||||||||||||||||
As a result, as of the fourth quarter of fiscal 2014, the Company recorded an accrual of $63.0 million related to this case based on its best estimate of probable loss. | ||||||||||||||||||||||||
Other Litigation | ||||||||||||||||||||||||
The Company is also a party to various other litigation matters and claims that arise from time to time in the ordinary course of its business. While the Company believes that the ultimate outcome of such matters will not have a material adverse effect on the Company, their outcomes are not determinable and negative outcomes may adversely affect the Company's financial position, liquidity or results of operations. |
Equity_Method_Investments
Equity Method Investments | 12 Months Ended |
Dec. 28, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS |
As of December 28, 2014 and December 29, 2013, the Company's carrying value of its equity method investments totaled $210.9 million and $131.7 million, respectively, and is classified as "Other long-term assets" in its Consolidated Balance Sheets. The Company's share of its earnings (loss) from equity method investments is reflected as "Equity in earnings of unconsolidated investees" in its Consolidated Statement of Operations. | |
Equity Investment and Joint Venture with AUOSP | |
In fiscal 2010, the Company, AUO and AU Optronics Corporation, the ultimate parent company of AUO ("AUO Taiwan"), formed the joint venture AUOSP. The Company and AUO each own 50% of the joint venture AUOSP. AUOSP owns a solar cell manufacturing facility in Malaysia and manufactures solar cells and sells them on a "cost-plus" basis to the Company and AUO. | |
In connection with the joint venture agreement, the Company and AUO also entered into licensing and joint development, supply, and other ancillary transaction agreements. Through the licensing agreement, the Company and AUO licensed to AUOSP, on a non-exclusive, royalty-free basis, certain background intellectual property related to solar cell manufacturing (in the case of the Company), and manufacturing processes (in the case of AUO). Under the seven-year supply agreement with AUOSP, renewable by the Company for one-year periods thereafter, the Company is committed to purchase 80% of AUOSP's total annual output allocated on a monthly basis to the Company. The Company and AUO have the right to reallocate supplies from time to time under a written agreement. In fiscal 2010, the Company and AUOSP entered into an agreement under which the Company will resell to AUOSP polysilicon purchased from a third-party supplier and AUOSP will provide prepayments to the Company related to such polysilicon, which prepayment will then be made by the Company to the third-party supplier. | |
The Company and AUO are not permitted to transfer any of AUOSP's shares held by them, except to each other. The Company and AUO agreed to each contribute additional amounts through fiscal 2015 amounting to $169.0 million, or such lesser amount as the parties may mutually agree. In addition, if AUOSP, the Company or AUO requests additional equity financing to AUOSP, then the Company and AUO will each be required to make additional cash contributions of up to $50.0 million in the aggregate. During fiscal 2014, the Company and AUO each contributed $72.0 million to AUOSP. | |
The Company has concluded that it is not the primary beneficiary of AUOSP since, although the Company and AUO are both obligated to absorb losses or have the right to receive benefits, the Company alone does not have the power to direct the activities of AUOSP that most significantly impact its economic performance. In making this determination the Company considered the shared power arrangement, including equal board governance for significant decisions, elective appointment, and the fact that both parties contribute to the activities that most significantly impact the joint venture's economic performance. The Company accounts for its investment in AUOSP using the equity method as a result of the shared power arrangement. As of December 28, 2014, the Company's maximum exposure to loss as a result of its equity investment in AUOSP is limited to the carrying value of the investment. As of December 28, 2014 and December 29, 2013, the Company's investment in AUOSP had a carrying value of $191.7 million and $112.6 million, respectively. | |
Equity Investment in Huaxia CPV (Inner Mongolia) Power Co., Ltd. ("CCPV") | |
In December 2012, the Company entered into an agreement with Tianjin Zhonghuan Semiconductor Co. Ltd., Inner Mongolia Power Group Co. Ltd. and Hohhot Jinqiao City Development Company Co., Ltd. to form CCPV, a jointly owned entity to manufacture and deploy the Company's C7 Tracker concentrator technology in Inner Mongolia and other regions in China. CCPV is based in Hohhot, Inner Mongolia. The establishment of the entity was subject to approval of the Chinese government, which was received in the fourth quarter of fiscal 2013. In December 2013, the Company made a $16.4 million equity investment in CCPV, for a 25% equity ownership. | |
The Company has concluded that it is not the primary beneficiary of CCPV since, although the Company is obligated to absorb losses and has the right to receive benefits, the Company alone does not have the power to direct the activities of CCPV that most significantly impact its economic performance. The Company accounts for its investment in CCPV using the equity method since the Company is able to exercise significant influence over CCPV due to its board position. | |
Equity Investment in Diamond Energy Pty Ltd. ("Diamond Energy") | |
In October 2012, the Company made a $3.0 million equity investment in Diamond Energy, an alternative energy project developer and clean electricity retailer headquartered in Melbourne, Australia, in exchange for a 25% equity ownership. | |
The Company has concluded that it is not the primary beneficiary of Diamond Energy since, although the Company is obligated to absorb losses and has the right to receive benefits, the Company alone does not have the power to direct the activities of Diamond that most significantly impact its economic performance. The Company accounts for its investment in Diamond using the equity method since the Company is able to exercise significant influence over Diamond due to its board position. |
Debt_and_Credit_Sources
Debt and Credit Sources | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Debt and Credit Sources | DEBT AND CREDIT SOURCES | ||||||||||||||||||||||||||||||||
The following table summarizes the Company's outstanding debt on its Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||||||||||
(In thousands) | Face Value | Short-term | Long-term | Total | Face Value | Short-term | Long-term | Total | |||||||||||||||||||||||||
Convertible debt: | |||||||||||||||||||||||||||||||||
0.875% debentures due 2021 | $ | 400,000 | $ | — | $ | 400,000 | $ | 400,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
0.75% debentures due 2018 | 300,000 | — | 300,000 | 300,000 | 300,000 | — | 300,000 | 300,000 | |||||||||||||||||||||||||
4.50% debentures due 2015 | 249,645 | 245,325 | — | 245,325 | 250,000 | 225,889 | — | 225,889 | |||||||||||||||||||||||||
4.75% debentures due 2014 | — | — | — | — | 230,000 | 230,000 | — | 230,000 | |||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | — | 79 | 79 | 79 | — | 79 | 79 | |||||||||||||||||||||||||
IFC mortgage loan | 47,500 | 15,000 | 32,500 | 47,500 | 62,500 | 15,000 | 47,500 | 62,500 | |||||||||||||||||||||||||
CEDA loan | 30,000 | — | 30,000 | 30,000 | 30,000 | — | 30,000 | 30,000 | |||||||||||||||||||||||||
Quinto Credit Facility | 61,481 | — | 61,481 | 61,481 | — | — | — | — | |||||||||||||||||||||||||
Other debt1 | 91,398 | 1,963 | 89,435 | 91,398 | 50,926 | 41,227 | 9,699 | 50,926 | |||||||||||||||||||||||||
$ | 1,180,103 | $ | 262,288 | $ | 913,495 | $ | 1,175,783 | $ | 923,505 | $ | 512,116 | $ | 387,278 | $ | 899,394 | ||||||||||||||||||
1 | Other debt excludes payments related to capital leases, which are disclosed in Note 9. | ||||||||||||||||||||||||||||||||
As of December 28, 2014, the aggregate future contractual maturities of the Company's outstanding debt, at face value, was as follows: | |||||||||||||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | ||||||||||||||||||||||||||
Aggregate future maturities of outstanding debt | $ | 266,659 | 19,970 | 20,294 | 306,077 | 5,789 | 561,314 | $ | 1,180,103 | ||||||||||||||||||||||||
Convertible Debt | |||||||||||||||||||||||||||||||||
The following table summarizes the Company's outstanding convertible debt: | |||||||||||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Face Value | Fair Value1 | Carrying Value | Face Value | Fair Value1 | |||||||||||||||||||||||||||
Convertible debt: | |||||||||||||||||||||||||||||||||
0.875% debentures due 2021 | $ | 400,000 | $ | 400,000 | $ | 358,000 | $ | — | $ | — | $ | — | |||||||||||||||||||||
0.75% debentures due 2018 | 300,000 | 300,000 | 366,750 | 300,000 | 300,000 | 367,578 | |||||||||||||||||||||||||||
4.50% debentures due 2015 | 245,325 | 249,645 | 294,581 | 225,889 | 250,000 | 343,895 | |||||||||||||||||||||||||||
4.75% debentures due 2014 | — | — | 230,000 | 230,000 | 269,252 | ||||||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | 79 | 80 | 79 | 79 | 102 | |||||||||||||||||||||||||||
$ | 945,404 | $ | 949,724 | $ | 1,019,411 | $ | 755,968 | $ | 780,079 | $ | 980,827 | ||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
The Company's outstanding convertible debentures are senior, unsecured obligations of the Company, ranking equally with all existing and future senior unsecured indebtedness of the Company. | |||||||||||||||||||||||||||||||||
0.875% Debentures Due 2021 | |||||||||||||||||||||||||||||||||
In June 2014, the Company issued $400.0 million in principal amount of its 0.875% debentures due 2021. Interest is payable semi-annually, beginning on December 1, 2014. Holders may exercise their right to convert the debentures at any time into shares of the Company's common stock at an initial conversion price approximately equal to $48.76 per share, subject to adjustment in certain circumstances. If not earlier repurchased or converted, the 0.875% debentures due 2021 mature on June 1, 2021. | |||||||||||||||||||||||||||||||||
0.75% Debentures Due 2018 | |||||||||||||||||||||||||||||||||
In May 2013, the Company issued $300.0 million in principal amount of its 0.75% debentures due 2018. Interest is payable semi-annually, beginning on December 1, 2013. Holders may exercise their right to convert the debentures at any time into shares of the Company's common stock at an initial conversion price approximately equal to $24.95 per share, subject to adjustment in certain circumstances. If not earlier repurchased or converted, the 0.75% debentures due 2018 mature on June 1, 2018. | |||||||||||||||||||||||||||||||||
4.50% Debentures Due 2015 | |||||||||||||||||||||||||||||||||
In 2010, the Company issued $250.0 million in principal amount of its 4.50% senior cash convertible debentures ("4.50% debentures due 2015"). Interest is payable semi-annually, beginning on September 15, 2010. If not earlier repurchased or converted, the 4.50% debentures due 2015 mature on March 15, 2015. The 4.50% debentures due 2015 are convertible, upon certain events and restrictions, only into cash, and not into shares of the Company's common stock (or any other securities) at an initial conversion price of $22.53 per share. The conversion price is subject to adjustment in certain events, such as distributions of dividends or stock splits. Upon conversion, the Company will deliver cash in an amount calculated by reference to the price of its common stock over the applicable observation period. | |||||||||||||||||||||||||||||||||
The embedded cash conversion option is a derivative instrument (derivative liability) that is required to be separated from the 4.50% debentures due 2015. The fair value of the derivative liability is classified within "Other long-term liabilities" on the Company's Consolidated Balance Sheets. Changes in the fair value of the derivative liability are reported in the Company's Consolidated Statements of Operations until such transaction settles or expires. | |||||||||||||||||||||||||||||||||
During fiscal 2014, the Company recognized a non-cash loss of $58.5 million, recorded in "Other, net" in the Company's Consolidated Statement of Operations related to the change in fair value of the embedded cash conversion option. In fiscal 2013 and 2012, the Company recognized a non-cash loss of $108.2 million and a non-cash gain of $1.6 million, respectively, recorded in "Other, net" in the Company's Consolidated Statement of Operations related to the change in fair value of the embedded cash conversion option. | |||||||||||||||||||||||||||||||||
In fiscal 2014, 2013 and 2012, the Company recognized $19.8 million, $17.3 million and $15.2 million of non-cash interest expense, respectively, related to the amortization of the debt discount on the 4.50% debentures. As of December 28, 2014, the remaining unamortized debt discount of $4.3 million will be recognized through March 15, 2015. | |||||||||||||||||||||||||||||||||
Call Spread Overlay with Respect to 4.50% Debentures | |||||||||||||||||||||||||||||||||
Concurrently with the issuance of the 4.50% debentures due 2015, the Company entered into privately-negotiated convertible debenture hedge transactions (collectively, the "4.50% Bond Hedge") and warrant transactions (collectively, the "4.50% Warrants" and together with the 4.50% Bond Hedge, the “CSO2015”), with certain of the initial purchasers of the 4.50% debentures due 2015 or their affiliates. The CSO2015 transactions represent a call spread overlay with respect to the 4.50% debentures due 2015, whereby the cost of the 4.50% Bond Hedge purchased by the Company to cover the cash outlay upon conversion of the debentures is reduced by the sales prices of the 4.50% Warrants. Assuming full performance by the counterparties (and 4.50% Warrants strike prices above the conversion price of the 4.50% debentures due 2015), the transactions effectively reduce the Company's potential payout over the principal amount on the 4.50% debentures due 2015 upon conversion of the 4.50% debentures due 2015. | |||||||||||||||||||||||||||||||||
Under the terms of the 4.50% Bond Hedge, the Company bought options to acquire, at an exercise price of $22.53 per share, subject to customary adjustments for anti-dilution and other events, cash in an amount equal to the market value of up to 11.1 million shares of the Company's common stock. Under the terms of the 4.50% Warrants, the Company sold warrants to acquire, at an exercise price of $24.00 per share, up to 11.1 million shares of the Company's common stock. Each 4.50% Bond Hedge and 4.50% Warrant transaction is a separate transaction, entered into by the Company with each counterparty, and is not part of the terms of the 4.50% debentures due 2015. | |||||||||||||||||||||||||||||||||
The 4.50% Bond Hedge, which is indexed to the Company's common stock, is a derivative instrument that requires mark-to-market accounting treatment due to the cash settlement features until such transactions settle or expire. The fair value of the 4.50% Bond Hedge is classified as "Other long-term assets" in the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||
During fiscal 2014, the Company recognized a non-cash gain of $58.5 million, in "Other, net" in the Company's Consolidated Statement of Operations related to the change in fair value of the 4.50% Bond Hedge. During fiscal 2013 and 2012, the Company recognized a non-cash gain of $108.1 million and a non-cash loss of $1.6 million, respectively, in "Other, net" in the Company's Consolidated Statement of Operations related to the change in fair value of the 4.50% Bond Hedge. | |||||||||||||||||||||||||||||||||
4.75% Debentures Due 2014 | |||||||||||||||||||||||||||||||||
In May 2009, the Company issued $230.0 million in principal amount of its 4.75% senior convertible debentures ("4.75% debentures due 2014"). Interest on the 4.75% debentures due 2014 was payable semi-annually, beginning October 15, 2009. Holders of the 4.75% debentures due 2014 were able to exercise their right to convert the debentures at any time into shares of the Company's common stock at a conversion price equal to $26.40 per share, subject to adjustment upon certain events. In April 2014, the 4.75% debentures due 2014 matured. During April 2014, the Company issued approximately 7.1 million shares of its common stock to holders that exercised conversion rights prior to their maturity and paid holders an aggregate of $41.7 million in cash in connection with the settlement of the remaining 4.75% debentures. Subsequent to the maturity date, no 4.75% debentures remained outstanding. | |||||||||||||||||||||||||||||||||
Call Spread Overlay with Respect to the 4.75% Debentures | |||||||||||||||||||||||||||||||||
Concurrently with the issuance of the 4.75% debentures due 2014, the Company entered into certain convertible debenture hedge transactions (the "4.75% Bond Hedge") and warrant transactions (the "4.75% Warrants") with affiliates of certain of the underwriters of the 4.75% debentures due 2014 (together, the "CSO2014"), whereby the cost of the 4.75% Bond Hedges purchased by the Company to cover the potential share outlays upon conversion of the debentures was reduced by the sales prices of the 4.75% Warrants. The CSO2014 were not subject to mark-to-market accounting treatment since they could only be settled by issuance of the Company's common stock. | |||||||||||||||||||||||||||||||||
The 4.75% Bond Hedge allowed the Company to purchase up to 8.7 million shares of the Company's common stock, on a net share basis. Each 4.75% Bond Hedge and 4.75%Warrant was a separate transaction, entered into by the Company with each counterparty, and was not part of the terms of the 4.75% debentures due 2014. The exercise prices of the 4.75% Bond Hedge were $26.40 per share of the Company's common stock, subject to customary adjustment for anti-dilution and other events. In February 2014, the parties agreed to unwind the 4.75% Bond Hedge in full for a total cash settlement of $68.8 million, calculated by reference to the weighted price of the Company's common stock on the settlement day, received by the Company. | |||||||||||||||||||||||||||||||||
Under the 4.75% Warrants, the Company sold warrants to acquire up to 8.7 million shares of the Company's common stock at an exercise price of $26.40 per share of the Company's common stock, subject to adjustment for certain anti-dilution and other events. In February 2014, the parties agreed to unwind the 4.75% Warrants in full for a total cash settlement of $81.1 million, calculated by reference to the weighted price of the Company's common stock on the settlement date, paid by the Company. | |||||||||||||||||||||||||||||||||
Other Debt and Credit Sources | |||||||||||||||||||||||||||||||||
Mortgage Loan Agreement with IFC | |||||||||||||||||||||||||||||||||
In May 2010, the Company entered into a mortgage loan agreement with IFC. Under the loan agreement, we borrowed $75.0 million and are required to repay the amount borrowed starting two years after the date of borrowing, in 10 equal semi-annual installments. The Company is required to pay interest of LIBOR plus 3% per annum on outstanding borrowings; a front-end fee of 1% on the principal amount of borrowings at the time of borrowing; and a commitment fee of 0.5% per annum on funds available for borrowing and not borrowed. The Company may prepay all or a part of the outstanding principal, subject to a 1% prepayment premium. The Company has pledged certain assets as collateral supporting its repayment obligations (see Note 3). As of both December 28, 2014 and December 29, 2013, the Company had restricted cash and cash equivalents of $9.2 million related to the IFC debt service reserve, which is the amount, as determined by IFC, equal to the aggregate principal and interest due on the next succeeding interest payment date. | |||||||||||||||||||||||||||||||||
Loan Agreement with California Enterprise Development Authority ("CEDA") | |||||||||||||||||||||||||||||||||
In 2010, the Company 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") maturing April 1, 2031 under a loan agreement with CEDA. The Bonds mature on April 1, 2031, bear interest at a fixed rate of 8.50% through maturity, and include customary covenants and other restrictions on the Company. | |||||||||||||||||||||||||||||||||
July 2013 Revolving Credit Facility with Credit Agricole | |||||||||||||||||||||||||||||||||
In July 2013, the Company entered into a revolving credit facility with Credit Agricole, as administrative agent, and certain financial institutions, under which the Company may borrow up to $250.0 million. On August 26, 2014, the Company entered into an amendment to the revolving credit facility that, among other things, extends the maturity date of the facility from July 3, 2016 to August 26, 2019 (the "Maturity Date"). Amounts borrowed may be repaid and reborrowed until the Maturity Date. The Company may request increases to the available capacity of the revolving credit facility to an aggregate of $300.0 million, subject to the satisfaction of certain conditions. The revolving credit facility includes representations, covenants, and events of default customary for financing transactions of this type. | |||||||||||||||||||||||||||||||||
The revolving credit facility was entered into in conjunction with the delivery by Total S.A. of a guarantee of the Company's obligations under the related facility. On January 31, 2014, as contemplated by the facility, (i) the Company's obligations under the facility became secured by a pledge of certain accounts receivable and inventory; (ii) certain of the Company's subsidiaries entered into guarantees of the facility; and (iii) Total S.A.'s guarantee of the Company's obligations under the facility expired. Until the expiration of the guarantee on January 31, 2014, the Company was required to pay Total S.A. an annual guarantee fee of 2.75% of the outstanding amount under the revolving credit facility. | |||||||||||||||||||||||||||||||||
Before January 31, 2014, the Company was required to pay interest on outstanding borrowings and fees of (a) with respect to any LIBOR rate loan, 0.60% plus the LIBOR rate divided by a percentage equal to one minus the stated maximum rate of all reserves required to be maintained against "Eurocurrency liabilities" as specified in Regulation D; (b) with respect to any alternative base rate loan, 0.25% plus the greater of (1) the prime rate, (2) the Federal funds rate plus 0.50%, and (3) the one month LIBOR rate plus 1%; and (c) a commitment fee of 0.06% per annum on funds available for borrowing and not borrowed. | |||||||||||||||||||||||||||||||||
After January 31, 2014, the Company is required to pay interest on outstanding borrowings and fees of (a) with respect to any LIBOR rate loan, an amount ranging from 1.50% to 2.00% (depending on the Company's leverage ratio from time to time) plus the LIBOR rate divided by a percentage equal to one minus the stated maximum rate of all reserves required to be maintained against "Eurocurrency liabilities" as specified in Regulation D; (b) with respect to any alternate base rate loan, an amount ranging from 0.50% to 1.00% (depending on the Company's leverage ratio from time to time) plus the greater of (1) the prime rate, (2) the Federal Funds rate plus 0.50%, and (3) the one-month LIBOR rate plus 1%; and (c) a commitment fee ranging from 0.25% to 0.35% (depending on the Company's leverage ratio from time to time) per annum on funds available for borrowing and not borrowed. | |||||||||||||||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, the Company had no outstanding borrowings under the revolving credit facility. | |||||||||||||||||||||||||||||||||
Liquidity Support Agreement with Total S.A. | |||||||||||||||||||||||||||||||||
In February 2012, the Company entered into a Liquidity Support Agreement with Total S.A. and the DOE, and a series of related agreements with Total S.A. and Total, under which Total S.A. agreed to provide the Company, or cause to be provided, additional liquidity under certain circumstances. The Liquidity Support Agreement was terminated in the first quarter of fiscal 2014. There were no outstanding guarantees or debt under the agreement upon termination (see Note 2). | |||||||||||||||||||||||||||||||||
Project Financing | |||||||||||||||||||||||||||||||||
In order to facilitate the construction and sale of certain solar projects, the Company obtains non-recourse project loans from third-party financial institutions that are contemplated as part of the structure of the sales transaction. The customer, which is not a related party to either the financial institution or the Company, in certain circumstances is permitted to assume the loans at the time that the project entity is sold to the customer. During fiscal 2013, the Company entered into a project loan with a consortium of lenders to facilitate the development of a 10 MW utility and power plant project under construction in Israel. During the first quarter of fiscal 2014, the Company sold the Israeli project. The related loan, amounting to ILS 141.8 million (approximately $40.7 million based on the exchange rate at the time of sale), and accrued and unpaid interest was assumed by the customer. In instances where the debt is issued as a form of pre-established customer financing, subsequent debt assumption is reflected as a financing outflow and operating inflow for purposes of the statement of cash flows to reflect the substance of the assumption as a facilitation of customer financing from a third-party. | |||||||||||||||||||||||||||||||||
On October 17, 2014, the Company, through a wholly-owned subsidiary (the "Project Company"), entered into an approximately $377.0 million credit facility with Santander Bank, N.A., Mizuho Bank, Ltd. and Credit Agricole (the "Quinto Credit Facility") in connection with the planned construction of the approximately 135 MW Quinto Solar Energy Project, located in Merced County, California (the "Quinto Project"). | |||||||||||||||||||||||||||||||||
The Quinto Credit Facility includes approximately $318.0 million in construction loan commitments and approximately $59.0 million in letter of credit commitments. Principal and accrued interest on the construction loans are convertible into term loans following the end of the construction period. The Quinto Credit Facility matures at the end of the seventh year following the term loan conversion, with semi-annual principal payments computed on a 19-year amortization schedule and a balloon payment at maturity. Generally, borrowings under the Quinto Credit Facility will bear interest of (a) with respect to any LIBOR rate loan, either 1.625% or 1.875% (until December 31, 2019 and on December 31, 2019 and thereafter, respectively) plus the LIBOR rate divided by a percentage equal to one minus the stated maximum rate of all reserves required to be maintained against "Eurocurrency Liabilities" as specified in Regulation D and (b) with respect to any alternate base rate loan, either 0.625% or 0.875% (until December 31, 2019 and on December 31, 2019 and thereafter, respectively) plus the greater of (1) the prime rate, (2) the Federal Funds rate plus 0.50%, and (3) the one-month LIBOR rate plus 1%. In addition, a commitment fee of 0.50% per annum is charged on funds available for borrowing and not borrowed. All outstanding indebtedness under the Quinto Credit Facility may be voluntarily prepaid in whole or in part without premium or penalty, other than customary breakage costs. We have committed to invest approximately $139 million of equity in the Quinto Project Company, with such investments to be made over time in connection with the completion of project development milestones. The Quinto Credit Facility is secured by the assets of, and equity in, the Project Company, but is otherwise non-recourse to us and our affiliates. The Quinto Credit Facility contains certain affirmative and negative covenants that limit or restrict, subject to certain exceptions, the ability of the Project Company to do certain things including the incurrence of indebtedness or liens, payment of dividends, merging or consolidating, transactions with affiliates or changing the nature of its business. | |||||||||||||||||||||||||||||||||
Proceeds from the Quinto Credit Facility will be used primarily to fund the construction of the Quinto Project under a turnkey EPC agreement between the Project Company and SunPower Corporation, Systems, our wholly-owned subsidiary. | |||||||||||||||||||||||||||||||||
As of December 28, 2014 we had outstanding borrowings of $61.5 million under the Quinto Credit Facility. | |||||||||||||||||||||||||||||||||
Other Debt | |||||||||||||||||||||||||||||||||
During fiscal 2014, the Company entered into two long-term non-recourse loans to finance solar power systems and leases under its residential lease program. In fiscal 2014 the Company drew down $81.9 million of proceeds, net of issuance costs, under the loan agreements. The loans have a 17-year term and as of December 28, 2014, the short-term and long-term balances of the loans were $1.5 million and $80.4 million, respectively. | |||||||||||||||||||||||||||||||||
During fiscal 2013, the Company entered into a long-term non-recourse loan agreement with a third-party financial institution to finance a 5.4 MW utility and power plant operating in Arizona. The outstanding balance of the loan as of December 28, 2014 was $8.6 million. | |||||||||||||||||||||||||||||||||
Other debt is further composed of non-recourse project loans in EMEA which are scheduled to mature through 2028. | |||||||||||||||||||||||||||||||||
August 2011 Letter of Credit Facility with Deutsche Bank | |||||||||||||||||||||||||||||||||
In August 2011, the Company entered into a letter of credit facility agreement with Deutsche Bank, as administrative agent, and certain financial institutions. Payment of obligations under the letter of credit facility is guaranteed by Total S.A. pursuant to the Credit Support Agreement (see Note 2). The letter of credit facility provides for the issuance, upon request by the Company, of letters of credit by the issuing banks thereunder in order to support certain obligations of the Company, in an aggregate amount not to exceed $878.0 million for the period from January 1, 2014 through December 31, 2014. Aggregate letter of credit amounts may be increased upon the agreement of the parties but, otherwise, may not exceed (i) $936.0 million for the period from January 1, 2015 through December 31, 2015, and (ii) $1.0 billion for the period from January 1, 2016 through June 28, 2016. | |||||||||||||||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, letters of credit issued and outstanding under the August 2011 letter of credit facility with Deutsche Bank totaled $654.7 million and $736.0 million, respectively. | |||||||||||||||||||||||||||||||||
September 2011 Letter of Credit Facility with Deutsche Bank Trust | |||||||||||||||||||||||||||||||||
In September 2011, the Company entered into a letter of credit facility with Deutsche Bank Trust which provides for the issuance, upon request by the Company, of letters of credit to support obligations of the Company in an aggregate amount not to exceed $200.0 million. Each letter of credit issued under the facility is fully cash-collateralized and the Company has entered into a security agreement with Deutsche Bank Trust, granting them a security interest in a cash collateral account established for this purpose. | |||||||||||||||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, letters of credit issued and outstanding under the Deutsche Bank Trust facility amounted to $1.6 million and $2.4 million, respectively, which were fully collateralized with restricted cash on the Consolidated Balance Sheets. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Foreign Currency Derivatives [Abstract] | |||||||||||||||||||||||||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
The following tables present information about the Company's hedge instruments measured at fair value on a recurring basis as of December 28, 2014 and December 29, 2013, all of which utilize Level 2 inputs under the fair value hierarchy: | |||||||||||||||||||||||||
(In thousands) | Balance Sheet Classification | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Prepaid expenses and other current assets | $ | 2,240 | $ | 615 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 4 | 35 | ||||||||||||||||||||||
Foreign currency option contracts | Other long-term assets | — | 588 | ||||||||||||||||||||||
$ | 2,244 | $ | 1,238 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Prepaid expenses and other current assets | $ | — | $ | 381 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 4,774 | 3,611 | ||||||||||||||||||||||
$ | 4,774 | $ | 3,992 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Accrued liabilities | $ | — | $ | 1,595 | ||||||||||||||||||||
Foreign currency option contracts | Other long-term liabilities | — | 555 | ||||||||||||||||||||||
Interest rate contracts | Other long-term liabilities | 3,712 | 220 | ||||||||||||||||||||||
$ | 3,712 | $ | 2,370 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Accrued liabilities | $ | — | $ | 386 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Accrued liabilities | 1,345 | 4,189 | ||||||||||||||||||||||
$ | 1,345 | $ | 4,575 | ||||||||||||||||||||||
28-Dec-14 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Rights to Offset | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral | Net Amounts | |||||||||||||||||||
Derivative assets | $ | 7,018 | $ | — | $ | 7,018 | $ | 1,345 | $ | — | $ | 5,673 | |||||||||||||
Derivative liabilities | $ | 5,057 | $ | — | $ | 5,057 | $ | 1,345 | $ | — | $ | 3,712 | |||||||||||||
29-Dec-13 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Rights to Offset | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral | Net Amounts | |||||||||||||||||||
Derivative assets | $ | 5,230 | $ | — | $ | 5,230 | $ | 4,512 | $ | — | $ | 718 | |||||||||||||
Derivative liabilities | $ | 6,945 | $ | — | $ | 6,945 | $ | 4,512 | $ | — | $ | 2,433 | |||||||||||||
The following table summarizes the pre-tax amount of unrealized gain or loss recognized in "Accumulated other comprehensive income" ("OCI") in "Stockholders' equity" in the Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Gain (loss) in OCI at the beginning of the period | $ | (805 | ) | $ | (243 | ) | $ | 10,473 | |||||||||||||||||
Unrealized gain (loss) recognized in OCI (effective portion) | (255 | ) | (168 | ) | (1,720 | ) | |||||||||||||||||||
Less: Loss (gain) reclassified from OCI to revenue (effective portion) | (383 | ) | (394 | ) | (8,996 | ) | |||||||||||||||||||
Net gain (loss) on derivatives | $ | (638 | ) | $ | (562 | ) | $ | (10,716 | ) | ||||||||||||||||
Gain (loss) in OCI at the end of the period | $ | (1,443 | ) | $ | (805 | ) | $ | (243 | ) | ||||||||||||||||
The following table summarizes the amount of gain or loss recognized in "Other, net" in the Consolidated Statements of Operations in the years ended December 28, 2014, December 29, 2013 and December 30, 2012: | |||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Gain (loss) recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ | 704 | $ | (3,029 | ) | $ | (1,853 | ) | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Gain (loss) recognized in "Other, net" | $ | 6,463 | $ | (4,615 | ) | $ | 3,126 | ||||||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||||||||||||
Designated Derivatives Hedging Cash Flow Exposure | |||||||||||||||||||||||||
The Company's cash flow exposure primarily relates to anticipated third-party foreign currency revenues and expenses and interest rate fluctuations. To protect financial performance, the Company enters into foreign currency forward and option contracts designated as cash flow hedges to hedge certain forecasted revenue transactions denominated in currencies other than their functional currencies. | |||||||||||||||||||||||||
As of December 28, 2014, the Company had designated outstanding cash flow hedge option contracts and forward contracts with an aggregate notional value of $26.6 million and $12.2 million, respectively. As of December 29, 2013, the Company had designated outstanding cash flow hedge option contracts and forward contracts with an aggregate notional value of $105.9 million and $42.8 million, respectively. The Company designates either gross external or intercompany revenue up to its net economic exposure. These derivatives have a maturity of 12 months or less and consist of foreign currency option and forward contracts. The effective portion of these cash flow hedges is reclassified into revenue when third-party revenue is recognized in the Consolidated Statements of Operations. | |||||||||||||||||||||||||
Non-Designated Derivatives Hedging Transaction Exposure | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments consist of forward and option contracts used to hedge re-measurement of foreign currency denominated monetary assets and liabilities primarily for intercompany transactions, receivables from customers, and payables to third parties. Changes in exchange rates between the Company's subsidiaries' functional currencies and the currencies in which these assets and liabilities are denominated can create fluctuations in the Company's reported consolidated financial position, results of operations and cash flows. As of December 28, 2014, the Company held option contracts and forward contracts with an aggregate notional value of zero and $122.5 million, respectively, to hedge balance sheet exposure. The maturity dates of these contracts range from December 2014 to March 2015. The Company held option contracts and forward contracts with an aggregate notional value of $9.4 million and $32.1 million, respectively, as of December 29, 2013, to hedge balance sheet exposure. | |||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||
The Company also enters into interest rate swap agreements to reduce the impact of changes in interest rates on its project specific non-recourse floating rate debt. As of December 28, 2014 and December 29, 2013, the Company had interest rate swap agreements designated as cash flow hedges with an aggregate notional value of $247.0 million and $9.0 million, respectively. These swap agreements allow the Company to effectively convert floating-rate payments into fixed rate payments periodically over the life of the agreements. These derivatives have a maturity of more than 12 months. The effective portion of these cash flow hedges is reclassified into interest expense when the hedged transactions are recognized in the Consolidated Statements of Operations. | |||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||
The Company's option and forward contracts do not contain any credit-risk-related contingent features. The Company is exposed to credit losses in the event of nonperformance by the counterparties to these option and forward contracts. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any single counterparty. In addition, the Company continuously evaluates the credit standing of its counterparties. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||
The geographic distribution of income (loss) from continuing operations before income taxes and equity earnings of unconsolidated investees and the components of provision for income taxes are summarized below: | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Geographic distribution of income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees: | |||||||||||||
U.S. income (loss) | $ | 183,412 | $ | (32,022 | ) | $ | (140,432 | ) | |||||
Non-U.S. income (loss) | 1,202 | 73,605 | (189,231 | ) | |||||||||
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | $ | 184,614 | $ | 41,583 | $ | (329,663 | ) | ||||||
Provision for income taxes: | |||||||||||||
Current tax benefit (expense) | |||||||||||||
Federal | $ | 141 | $ | 5,068 | $ | — | |||||||
State | 3,554 | (2,414 | ) | (805 | ) | ||||||||
Foreign | (16,571 | ) | (14,043 | ) | (28,183 | ) | |||||||
Total current tax expense | $ | (12,876 | ) | $ | (11,389 | ) | $ | (28,988 | ) | ||||
Deferred tax benefit (expense) | |||||||||||||
Federal | $ | 2,797 | $ | — | $ | — | |||||||
State | 10 | — | — | ||||||||||
Foreign | 1,309 | (516 | ) | 7,146 | |||||||||
Total deferred tax benefit (expense) | 4,116 | (516 | ) | 7,146 | |||||||||
Provision for income taxes | $ | (8,760 | ) | $ | (11,905 | ) | $ | (21,842 | ) | ||||
The provision for income taxes differs from the amounts obtained by applying the statutory U.S. federal tax rate to income before taxes as shown below: | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax benefit (expense) at U.S. statutory rate | $ | (64,614 | ) | $ | (14,554 | ) | $ | 115,382 | |||||
Foreign rate differential | (15,387 | ) | 9,324 | (82,017 | ) | ||||||||
State income taxes, net of benefit | 2,180 | (2,414 | ) | (805 | ) | ||||||||
Goodwill impairment | — | — | (12,596 | ) | |||||||||
Deemed foreign dividend | (4,625 | ) | (2,511 | ) | — | ||||||||
Tax credits (research and development/investment tax credit) | 9,262 | 15,599 | 939 | ||||||||||
Change in valuation allowance | 52,489 | (32,512 | ) | (53,075 | ) | ||||||||
Reserve release | 1,948 | 10,550 | — | ||||||||||
Non-controlling interest income | 11,052 | 9,570 | — | ||||||||||
Lehman settlement | — | — | 17,726 | ||||||||||
Other, net | (1,065 | ) | (4,957 | ) | (7,396 | ) | |||||||
Total | $ | (8,760 | ) | $ | (11,905 | ) | $ | (21,842 | ) | ||||
As of | |||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 60,092 | $ | 84,815 | |||||||||
Research and development credit and California manufacturing credit carryforwards | 14,846 | 26,865 | |||||||||||
Reserves and accruals | 164,585 | 145,382 | |||||||||||
Synthetic debt | 1,635 | 13,595 | |||||||||||
Stock-based compensation stock deductions | 14,694 | 14,752 | |||||||||||
Other | 216 | — | |||||||||||
Total deferred tax asset | 256,068 | 285,409 | |||||||||||
Valuation allowance | (118,748 | ) | (90,571 | ) | |||||||||
Total deferred tax asset, net of valuation allowance | 137,320 | 194,838 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Foreign currency derivatives unrealized gains | (422 | ) | 184 | ||||||||||
Other intangible assets and accruals | (35,279 | ) | (44,959 | ) | |||||||||
Fixed asset basis difference | (95,247 | ) | (143,491 | ) | |||||||||
Total deferred tax liabilities | (130,948 | ) | (188,266 | ) | |||||||||
Net deferred tax asset | $ | 6,372 | $ | 6,572 | |||||||||
As of December 28, 2014, the Company had federal net operating loss carryforwards of $288.3 million for tax purposes, of which $94.8 million relate to stock deductions and $129.3 million relate to debt issuance, both of which will benefit equity when realized. These federal net operating loss carryforwards will expire at various dates from 2031 to 2033. As of December 28, 2014, the Company had California state net operating loss carryforwards of approximately $180.5 million for tax purposes, of which $40.3 million relate to stock deductions and $50.7 million relate to debt issuance, both of which will benefit equity when realized. These California net operating loss carryforwards will expire at various dates from 2031 to 2033. The Company also had credit carryforwards of approximately $49.7 million for federal tax purposes and $9.4 million for state tax purposes. These federal credit carryforwards will expire at various dates from 2018 to 2035, and the California credit carryforwards do not expire. The Company’s ability to utilize a portion of the net operating loss and credit carryforwards is dependent upon the Company being able to generate taxable income in future periods and may be limited due to restrictions imposed on utilization of net operating loss and credit carryforwards under federal and state laws upon a change in ownership, such as the transaction with Cypress. | |||||||||||||
The Company is subject to tax holidays in the Philippines where it manufactures its solar power products. The Company's current income tax holidays were granted as manufacturing lines were placed in service and thereafter expire within this fiscal year, and we are in the process of or have applied for extensions and renewals upon expiration. Tax holidays in the Philippines reduce the Company's tax rate to 0% from 30%. Tax savings associated with the Philippines tax holidays were approximately $8.3 million, $11.7 million, and $9.5 million in fiscal 2014, 2013, and 2012, respectively, which provided a diluted net income (loss) per share benefit of $0.05, $0.08, and $0.07, respectively. | |||||||||||||
The Company has a tax ruling in Switzerland where it sells its solar power products. The ruling in Switzerland reduces the Company's tax rate to 11.5% from approximately 24.2%. Tax savings associated with this ruling were approximately $3.5 million, $1.5 million, and $1.8 million in fiscal 2014, 2013, and 2012, respectively, which provided a diluted net income (loss) per share benefit of $0.02, $0.02, and $0.02 in fiscal 2014, 2013, and 2012, respectively. This current tax ruling expires at the end of 2019. | |||||||||||||
As of December 28, 2014, the Company’s foreign subsidiaries have accumulated undistributed earnings of approximately $231.1 million that are intended to be indefinitely reinvested outside the United States and, accordingly, no provision for U.S. federal and state tax has been made for the distribution of these earnings. At December 28, 2014, the amount of the unrecognized deferred tax liability on the indefinitely reinvested earnings was $61.5 million. | |||||||||||||
Valuation Allowance | |||||||||||||
The Company’s valuation allowance is related to deferred tax assets in the United States and France, and was determined by assessing both positive and negative evidence. When determining whether it is more likely than not that deferred assets are recoverable, with such assessment being required on a jurisdiction by jurisdiction basis, management believes that sufficient uncertainty exists with regard to the realizability of these assets such that a valuation allowance is necessary. Factors considered in providing a valuation allowance include the lack of a significant history of consistent profits, the lack of consistent profitability in the solar industry, and the lack of carryback capacity to realize these assets, and other factors. Based on the absence of sufficient positive objective evidence, management is unable to assert that it is more likely than not that the Company will generate sufficient taxable income to realize these remaining net deferred tax assets. Should the Company achieve a certain level of profitability in the future, it may be in a position to reverse the valuation allowance which would result in a non-cash income statement benefit. The change in valuation allowance for fiscal 2014, 2013, and 2012 was $28.2 million, $91.8 million, and $52.4 million, respectively. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
Current accounting guidance contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal 2014, 2013, and 2012 is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 29,618 | $ | 62,932 | $ | 33,565 | |||||||
Additions for tax positions related to the current year | 5,579 | 2,053 | 708 | ||||||||||
Additions (reductions) for tax positions from prior years | 14,408 | (24,535 | ) | 32,493 | |||||||||
Reductions for tax positions from prior years/statute of limitations expirations | (3,391 | ) | (12,431 | ) | (2,684 | ) | |||||||
Foreign exchange (gain) loss | (1,927 | ) | 1,599 | (1,150 | ) | ||||||||
Balance at the end of the period | $ | 44,287 | $ | 29,618 | $ | 62,932 | |||||||
Included in the unrecognized tax benefits at December 2014 and 2013 is $28.2 million and $25.9 million, respectively that, if recognized, would result in a reduction of the Company's effective tax rate. The amounts differ from the long term liability recorded of $31.8 million and $28.9 million as of December 2014 and 2013 due to accrued interest and penalties. Certain components of the unrecognized tax benefits are recorded against deferred tax asset balances. | |||||||||||||
Management believes that events that could occur in the next 12 months and cause a change in unrecognized tax benefits include, but are not limited to, the following: | |||||||||||||
• | commencement, continuation or completion of examinations of the Company’s tax returns by the U.S. or foreign taxing authorities; and | ||||||||||||
• | expiration of statutes of limitation on the Company’s tax returns. | ||||||||||||
The calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Uncertainties include, but are not limited to, the impact of legislative, regulatory and judicial developments, transfer pricing and the application of withholding taxes. Management regularly assesses the Company’s tax positions in light of legislative, bilateral tax treaty, regulatory and judicial developments in the countries in which the Company does business. Management determined that an estimate of the range of reasonably possible change in the amounts of unrecognized tax benefits within the next 12 months cannot be made. | |||||||||||||
Classification of Interests and Penalties | |||||||||||||
The Company accrues interest and penalties on tax contingencies which are classified as "Provision for income taxes" in the Consolidated Statements of Operations. Accrued interest as of December 28, 2014 and December 29, 2013 was approximately $3.3 million and $2.6 million, respectively. Accrued penalties were not material for any of the periods presented. | |||||||||||||
Tax Years and Examination | |||||||||||||
The Company files tax returns in each jurisdiction in which it is registered to do business. In the United States and many of the state jurisdictions, and in many foreign countries in which the Company files tax returns, a statute of limitations period exists. After a statute of limitations period expires, the respective tax authorities may no longer assess additional income tax for the expired period. Similarly, the Company is no longer eligible to file claims for refund for any tax that it may have overpaid. The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by these jurisdictions as of December 28, 2014: | |||||||||||||
Tax Jurisdictions | Tax Years | ||||||||||||
United States | 2011 and onward | ||||||||||||
California | 2010 and onward | ||||||||||||
Switzerland | 2005 and onward | ||||||||||||
Philippines | 2011 and onward | ||||||||||||
France | 2010 and onward | ||||||||||||
Italy | 2009 and onward | ||||||||||||
Additionally, certain pre-2011 U.S. corporate tax return and pre-2010 California tax returns are not open for assessment but the tax authorities can adjust net operating loss and credit carryovers that were generated. | |||||||||||||
The Company is under tax examinations in various jurisdictions. The Company does not expect the examinations to result in a material assessment outside of existing reserves. If a material assessment in excess of current reserves results, the amount that the assessment exceeds current reserves will be a current period charge to earnings. |
Common_Stock
Common Stock | 12 Months Ended | ||||||
Dec. 28, 2014 | |||||||
Equity [Abstract] | |||||||
Common Stock | COMMON STOCK | ||||||
Common Stock | |||||||
Voting Rights - Common Stock | |||||||
All common stock holders are entitled to one vote per share on all matters submitted to be voted on by the Company's stockholders, subject to the preferences applicable to any preferred stock outstanding. | |||||||
Dividends - Common Stock | |||||||
All common stock holders are entitled to receive equal per share dividends when and if declared by the Board of Directors, subject to the preferences applicable to any preferred stock outstanding. Certain of the Company's debt agreements place restrictions on the Company and its subsidiaries’ ability to pay cash dividends. | |||||||
Shares Reserved for Future Issuance | |||||||
The Company had shares of common stock reserved for future issuance as follows: | |||||||
(In thousands) | December 28, 2014 | December 29, 2013 | |||||
Equity compensation plans | 7,953 | 3,963 | |||||
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE | ||||||||||||
The Company calculates net income (loss) per share by dividing earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. | |||||||||||||
Diluted weighted average shares is computed using basic weighted average shares plus any potentially dilutive securities outstanding during the period using the treasury-stock-type method and the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities include stock options, restricted stock units, the Upfront Warrants held by Total, warrants associated with the CSO2015 and CSO2014, and senior convertible debentures. | |||||||||||||
The following table presents the calculation of basic and diluted net income (loss) per share: | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Basic net income (loss) per share: | |||||||||||||
Numerator | |||||||||||||
Net income (loss) attributable to stockholders | $ | 245,894 | $ | 95,593 | $ | (352,020 | ) | ||||||
Denominator | |||||||||||||
Basic weighted-average common shares | 128,635 | 120,819 | 117,093 | ||||||||||
Basic net income (loss) per share | $ | 1.91 | $ | 0.79 | $ | (3.01 | ) | ||||||
Diluted net income (loss) per share: | |||||||||||||
Numerator | |||||||||||||
Net income (loss) attributable to stockholders | $ | 245,894 | $ | 95,593 | $ | (352,020 | ) | ||||||
Add: Interest expense incurred on the 0.75% debentures due 2018, net of tax | 2,103 | 1,295 | — | ||||||||||
Add: Interest expense incurred on the 0.875% debentures due 2021, net of tax | 1,897 | — | — | ||||||||||
Add: Interest expense incurred on the 4.75% debentures due 2014, net of tax | 2,630 | — | — | ||||||||||
Net income (loss) available to common stockholders | $ | 252,524 | $ | 96,888 | $ | (352,020 | ) | ||||||
Denominator | |||||||||||||
Basic weighted-average common shares | 128,635 | 120,819 | 117,093 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 84 | 109 | — | ||||||||||
Restricted stock units | 4,522 | 5,010 | — | ||||||||||
Upfront Warrants (held by Total) | 7,236 | 5,090 | — | ||||||||||
Warrants (under the CSO2015) | 2,945 | 590 | — | ||||||||||
Warrants (under the CSO2014) | 262 | 292 | — | ||||||||||
0.75% debentures due 2018 | 12,026 | 7,070 | — | ||||||||||
0.875% debentures due 2021 | 4,530 | — | — | ||||||||||
4.75% debentures due 2014 | 2,511 | — | — | ||||||||||
Dilutive weighted-average common shares | 162,751 | 138,980 | 117,093 | ||||||||||
Dilutive net income (loss) per share | $ | 1.55 | $ | 0.7 | $ | (3.01 | ) | ||||||
The Upfront Warrants allow Total to acquire up to 9,531,677 shares of the Company's common stock at an exercise price of $7.8685. Holders of the Warrants under the CSO2015 and CSO2014, may acquire up to 11.1 million and 8.7 million shares, respectively, of the Company's common stock at an exercise price of $24.00 and $26.40, respectively. If the market price per share of the Company's common stock for the period exceeds the established strike price of the respective warrants, they will have a dilutive effect on its diluted net income per share using the treasury-stock method. In February 2014, the CSO2014 was settled, leaving none of the related Warrants outstanding (see Note 11). | |||||||||||||
Holders of the Company's 0.875% debentures due 2021, 0.75% debentures due 2018, and the 4.75% debentures due 2014 may convert the debentures into shares of the Company's common stock, at the applicable conversion rate, at any time on or prior to maturity. These debentures are included in the calculation of diluted net income per share if they were outstanding during the period presented and if their inclusion is dilutive under the if-converted method. In April 2014, the 4.75% debentures matured and were fully settled in both cash and shares of the Company's common stock during the quarter (see Note 11). | |||||||||||||
Holders of the Company's 4.50% debentures due 2015 may, under certain circumstances at their option, convert the debentures into cash, and not into shares of the Company's common stock (or any other securities). Therefore, the 4.50% debentures due 2015 are excluded from the net income per share calculation. | |||||||||||||
The following is a summary of outstanding anti-dilutive potential common stock that was excluded from income (loss) per diluted share in the following periods: | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 20121 | ||||||||||
Stock options | 142 | 194 | 363 | ||||||||||
Restricted stock units | 374 | 1,600 | 6,287 | ||||||||||
Upfront Warrants (held by Total) | — | — | * | ||||||||||
Warrants (under the CSO2015) | — | — | * | ||||||||||
Warrants (under the CSO2014) | — | — | * | ||||||||||
0.875% debentures due 2021 | — | n/a | n/a | ||||||||||
4.75% debentures due 2014 | — | 8,712 | 8,712 | ||||||||||
1 | As a result of the net loss per share for fiscal 2012, the inclusion of all potentially dilutive stock options, restricted stock units, and common shares under noted warrants and convertible debt would be anti-dilutive. Therefore, those stock options, restricted stock units and shares were excluded from the computation of the weighted-average shares for diluted net loss per share for such period. | ||||||||||||
* The Company's average stock price during the period did not exceed the exercise price of the related warrants during the period. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 28, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | |||||||||||||
The following table summarizes the consolidated stock-based compensation expense by line item in the Consolidated Statements of Operations: | ||||||||||||||
Fiscal Year | ||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||
Cost of Americas revenue | $ | 8,115 | $ | 5,150 | $ | 6,181 | ||||||||
Cost of EMEA revenue | 1,961 | 2,660 | 3,851 | |||||||||||
Cost of APAC revenue | 4,245 | 3,006 | 1,578 | |||||||||||
Research and development | 7,714 | 5,414 | 5,005 | |||||||||||
Sales, general and administrative | 33,557 | 29,448 | 25,824 | |||||||||||
Total stock-based compensation expense | $ | 55,592 | $ | 45,678 | $ | 42,439 | ||||||||
The following table summarizes the consolidated stock-based compensation expense by type of awards: | ||||||||||||||
Fiscal Year | ||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||
Employee stock options | $ | — | $ | — | $ | 649 | ||||||||
Restricted stock units | 55,591 | 46,215 | 40,996 | |||||||||||
Change in stock-based compensation capitalized in inventory | 1 | (537 | ) | 794 | ||||||||||
Total stock-based compensation expense | $ | 55,592 | $ | 45,678 | $ | 42,439 | ||||||||
As of December 28, 2014, the total unrecognized stock-based compensation related to outstanding restricted stock units was $78.3 million, which the Company expects to recognize over a weighted-average period of 1.4 years. | ||||||||||||||
Equity Incentive Programs | ||||||||||||||
Stock-based Incentive Plans | ||||||||||||||
The Company has three stock incentive plans: the 1996 Stock Plan ("1996 Plan"), the Third Amended and Restated 2005 SunPower Corporation Stock Incentive Plan ("2005 Plan") and the PowerLight Corporation Common Stock Option and Common Stock Purchase Plan ("PowerLight Plan"). The PowerLight Plan was assumed by the Company by way of the acquisition of PowerLight in fiscal 2007. Under the terms of all three plans, the Company may issue incentive or non-statutory stock options or stock purchase rights to directors, employees and consultants to purchase common stock. The 2005 Plan was adopted by the Company’s Board of Directors in August 2005, and was approved by shareholders in November 2005. The 2005 Plan replaced the 1996 Plan and allows not only for the grant of options, but also for the grant of stock appreciation rights, restricted stock grants, restricted stock units and other equity rights. The 2005 Plan also allows for tax withholding obligations related to stock option exercises or restricted stock awards to be satisfied through the retention of shares otherwise released upon vesting. The PowerLight Plan was adopted by PowerLight’s Board of Directors in October 2000. | ||||||||||||||
In May 2008, the Company’s stockholders approved an automatic annual increase available for grant under the 2005 Plan, beginning in fiscal 2009. The automatic annual increase is equal to the lower of three percent of the outstanding shares of all classes of the Company’s common stock measured on the last day of the immediately preceding fiscal quarter, 6.0 million shares, or such other number of shares as determined by the Company’s Board of Directors. As of December 28, 2014, approximately 8.0 million shares were available for grant under the 2005 Plan. In fiscal 2014, the Company's Board of Directors voted not to add the three percent annual increase at the beginning of fiscal 2015. No new awards were approved by the Company's Board of Directors in fiscal 2014. No new awards are being granted under the 1996 Plan or the PowerLight Plan. | ||||||||||||||
Incentive stock options may be granted at no less than the fair value of the common stock on the date of grant. Non-statutory stock options and stock purchase rights may be granted at no less than 85% of the fair value of the common stock at the date of grant. The options and rights become exercisable when and as determined by the Company’s Board of Directors, although these terms generally do not exceed ten years for stock options. Under the 1996 and 2005 Plans, the options typically vest over five years with a one-year cliff and monthly vesting thereafter. Under the PowerLight Plan, the options typically vest over five years with yearly cliff vesting. Under the 2005 Plan, the restricted stock grants and restricted stock units typically vest in three equal installments annually over three years. | ||||||||||||||
The majority of shares issued are net of the minimum statutory withholding requirements that the Company pays on behalf of its employees. During fiscal 2014, 2013, and 2012, the Company withheld 1,738,625 shares, 1,329,140 shares, and 905,953 shares, respectively, to satisfy the employees' tax obligations. The Company pays such withholding requirements in cash to the appropriate taxing authorities. Shares withheld are treated as common stock repurchases for accounting and disclosure purposes and reduce the number of shares outstanding upon vesting. | ||||||||||||||
Restricted Stock and Stock Options | ||||||||||||||
The following table summarizes the Company’s non-vested restricted stock activities: | ||||||||||||||
Restricted Stock Units | ||||||||||||||
Shares | Weighted-Average | |||||||||||||
(in thousands) | Grant Date Fair | |||||||||||||
Value Per Share1 | ||||||||||||||
Outstanding as of January 1, 2012 | 7,370 | 13.25 | ||||||||||||
Granted | 5,638 | 5.93 | ||||||||||||
Vested2 | (2,844 | ) | 13.94 | |||||||||||
Forfeited | (1,588 | ) | 11.52 | |||||||||||
Outstanding as of December 30, 2012 | 8,576 | 8.53 | ||||||||||||
Granted | 5,607 | 15.88 | ||||||||||||
Vested2 | (3,583 | ) | 9.48 | |||||||||||
Forfeited | (1,008 | ) | 10.1 | |||||||||||
Outstanding as of December 29, 2013 | 9,592 | 12.26 | ||||||||||||
Granted | 2,187 | 31.8 | ||||||||||||
Vested2 | (4,432 | ) | 11.61 | |||||||||||
Forfeited | (792 | ) | 15 | |||||||||||
Outstanding as of December 28, 2014 | 6,555 | 18.88 | ||||||||||||
1 | The Company estimates the fair value of its restricted stock awards and units at its stock price on the grant date. | |||||||||||||
2 | Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. | |||||||||||||
The following table summarizes the Company’s outstanding options as of December 28, 2014: | ||||||||||||||
Outstanding Stock Options | ||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||
(in thousands)1 | Exercise Price | Remaining Contractual | Intrinsic Value | |||||||||||
Per Share | Term (in years) | (in thousands) | ||||||||||||
Outstanding and exercisable as of December 28, 2014 | 210 | $ | 41.44 | 2.51 | $ | 1,036 | ||||||||
The intrinsic value of options exercised in fiscal 2014, 2013, and 2012 were $2.4 million, $0.8 million, and $0.1 million, respectively. There were no stock options granted in fiscal 2014, 2013, and 2012. | ||||||||||||||
The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $26.32 at December 28, 2014 which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-the-money options exercisable was 0.1 million shares as of December 28, 2014. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | SEGMENT INFORMATION | ||||||||||||
The Company's President and Chief Executive Officer, as the chief operating decision maker ("CODM"), has organized the Company, manages resource allocations and measures performance of the Company's activities among three regional segments: (i) the Americas Segment, (ii) the EMEA Segment, and (iii) the APAC Segment. The Americas Segment includes both North and South America. The EMEA Segment includes European countries, as well as the Middle East and Africa. The APAC segment includes all Asia-Pacific countries. | |||||||||||||
The CODM assesses the performance of the three regional segments using information about their revenue and gross margin after certain adjustments to reflect the substance of the revenue transactions for certain utility and power plant projects, and adding back certain non-cash expenses such as stock-based compensation expense and interest expense, as well as other items including gain on contract termination, loss on change in European government incentives, accelerated depreciation associated with the Company's manufacturing step reduction program, and amortization of other intangible assets. The CODM does not review asset information by segment. | |||||||||||||
The following tables present information by region; including revenue, gross margin, and depreciation and amortization. | |||||||||||||
Fiscal Year | |||||||||||||
(In thousands): | 2014 | 2013 | 2012 | ||||||||||
Revenue | |||||||||||||
Americas | $ | 2,323,441 | $ | 1,676,472 | $ | 1,696,348 | |||||||
EMEA | 288,533 | 450,659 | 489,484 | ||||||||||
APAC | 415,291 | 380,072 | 231,669 | ||||||||||
Total revenue | 3,027,265 | 2,507,203 | 2,417,501 | ||||||||||
Cost of revenue | |||||||||||||
Americas | 1,759,639 | 1,299,701 | 1,415,417 | ||||||||||
EMEA | 250,735 | 419,416 | 559,993 | ||||||||||
APAC | 391,764 | 297,014 | 195,693 | ||||||||||
Total cost of revenue | 2,402,138 | 2,016,131 | 2,171,103 | ||||||||||
Gross margin | |||||||||||||
Americas | 563,802 | 376,771 | 280,931 | ||||||||||
EMEA | 37,798 | 31,243 | (70,509 | ) | |||||||||
APAC | 23,527 | 83,058 | 35,976 | ||||||||||
Total gross margin | $ | 625,127 | $ | 491,072 | $ | 246,398 | |||||||
Fiscal Year | |||||||||||||
Depreciation and amortization by region (in thousands): | 2014 | 2013 | 2012 | ||||||||||
Americas | $ | 62,193 | $ | 46,843 | $ | 59,120 | |||||||
EMEA | $ | 14,073 | $ | 22,380 | $ | 33,047 | |||||||
APAC | $ | 32,529 | $ | 28,223 | $ | 16,489 | |||||||
The following tables present information by significant customers and categories: | |||||||||||||
Fiscal Year | |||||||||||||
(As a percentage of total revenue): | 2014 | 2013 | 2012 | ||||||||||
Significant Customers: | Business Segment | ||||||||||||
MidAmerican Energy Holdings Company | Americas | 49 | % | 25 | % | * | |||||||
NRG Solar, Inc. | Americas | * | 17 | % | 35 | % | |||||||
* denotes less than 10% during the period | |||||||||||||
Fiscal Year | |||||||||||||
Revenue by Significant Category (in thousands): | 2014 | 2013 | 2012 | ||||||||||
Solar power components1 | $ | 943,652 | $ | 917,960 | $ | 985,436 | |||||||
Solar power systems2 | 1,896,696 | 1,399,972 | 1,318,269 | ||||||||||
Residential leases3 | 129,962 | 137,054 | 68,914 | ||||||||||
Other revenue4 | 56,955 | 52,217 | 44,882 | ||||||||||
$ | 3,027,265 | $ | 2,507,203 | $ | 2,417,501 | ||||||||
1 | Solar power components represents direct sales of panels, balance of system components, and inverters to dealers, systems integrators, and residential, commercial, and utility customers in all regions. | ||||||||||||
2 | Solar power systems represents revenue recognized in connection with our construction and development contracts. | ||||||||||||
3 | Residential leases represents revenue recognized on solar power systems leased to customers under our solar lease program. | ||||||||||||
4 | Other revenue includes revenue related to our solar power services and solutions, such as post-installation systems monitoring and maintenance and commercial power purchase agreements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 28, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On January 28, 2015, an arbitral tribunal of the International Court of Arbitration of the International Chamber of | |
Commerce declared a binding partial award in the matter of an arbitration between FPEC and FPSC against SPML, our wholly-owned subsidiary. FPSC is a joint venture of FPEC and SPML for the purpose of slicing silicon wafers from ingots. SPML has not purchased any wafers from FPSC since the third quarter of 2012. | |
The tribunal found SPML in breach of its obligations under its supply agreement with FPSC, and in breach of its joint venture agreement with FPEC. The tribunal ordered that (i) SPML must purchase FPEC’s interests in FPSC for an aggregate of $30.3 million, subject to adjustment to account for minority interests, and (ii) after completing the purchase of FPEC’s controlling interest in FPSC, to pay FPSC damages in the amount of $25.2 million. SPML’s purchase of FPEC’s interests in FPSC and the subsequent damages payment to FPSC have been suspended pending the parties’ agreement as to legal arrangements required to complete these transactions, but the transactions are presently scheduled to be completed in the second quarter of 2015. | |
As a result, as of the fourth quarter of fiscal 2014, the Company recorded an accrual of $63.0 million related to this case based on its best estimate of probable loss. |
The_Company_and_Summary_of_Sig1
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("United States" or "U.S.") and include the accounts of the Company, all of its subsidiaries and special purpose entities, as appropriate under consolidation accounting guidelines. Intercompany transactions and balances have been eliminated in consolidation. The assets of the special purpose entities that the Company sets up related to project financing for customers are not designed to be available to service the general liabilities and obligations of the Company in certain circumstances. | |
Reclassifications | Reclassifications |
Certain prior period balances have been reclassified to conform to the current period presentation in the Company's consolidated financial statements and the accompanying notes. Such reclassifications had no effect on previously reported results of operations or accumulated deficit. | |
Fiscal Years | Fiscal Years |
The Company has a 52-to-53-week fiscal year that ends on the Sunday closest to December 31. Accordingly, every fifth or sixth year will be a 53-week fiscal year. Fiscal 2014, 2013 and 2012 were 52-week fiscal years. Fiscal 2014 ended on December 28, 2014, fiscal 2013 ended on December 29, 2013, and fiscal 2012 ended on December 30, 2012. | |
Management Estimates | Management Estimates |
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include percentage-of-completion for construction projects; allowances for doubtful accounts receivable and sales returns; inventory and project asset write-downs; stock-based compensation; estimates for future cash flows and economic useful lives of property, plant and equipment, goodwill, valuations for business combinations, other intangible assets and other long-term assets; the fair value and residual value of leased solar power systems; fair value of financial instruments; valuation of contingencies and certain accrued liabilities such as accrued warranty; and income taxes and tax valuation allowances. Actual results could materially differ from those estimates. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to their short-term maturities. Investments in available-for-sale securities are carried at fair value based on quoted market prices or estimated based on market conditions and risks existing at each balance sheet date. Derivative financial instruments are carried at fair value based on quoted market prices for financial instruments with similar characteristics. Unrealized gains and losses of the Company’s available-for-sale securities and the effective portion of derivative financial instruments are excluded from earnings and reported as a component of "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. Additionally, the Company assesses whether an other-than-temporary impairment loss on its available-for-sale securities has occurred due to declines in fair value or other market conditions. Declines in fair value that are considered other-than-temporary and the ineffective portion of derivatives financial instruments are included in "Other, net" in the Consolidated Statements of Operations. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Comprehensive income (loss) is defined as the change in equity during a period from non-owner sources. The Company’s comprehensive income (loss) for each period presented is comprised of (i) the Company’s net income (loss); (ii) foreign currency translation adjustment of the Company’s foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates prevailing during the applicable period; and (iii) changes in unrealized gains or losses, net of tax, for the effective portion of derivatives designated as cash flow hedges (see Note 12) and available-for-sale securities carried at their fair value. | |
Cash Equivalents | Cash Equivalents |
Highly liquid investments with original or remaining maturities of ninety days or less at the date of purchase are considered cash equivalents. | |
Cash in Restricted Accounts | Cash in Restricted Accounts |
The Company maintains cash and cash equivalents in restricted accounts pursuant to various letters of credit, surety bonds, loan agreements, and other agreements in the normal course of business. The Company also holds debt securities, consisting of Philippine government bonds, which are classified as "Restricted long-term marketable securities" on the Company's Consolidated Balance Sheets as they are maintained as collateral for present and future business transactions within the country (see Note 5). | |
Short-Term and Long-Term Investments | Short-Term and Long-Term Investments |
The Company invests in money market funds and debt securities. In general, investments with original maturities of greater than ninety days and remaining maturities of one year or less are classified as short-term investments, and investments with maturities of more than one year are classified as long-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such investments represent the investment of cash that is available for current operations. Despite the long-term maturities, the Company has the ability and intent, if necessary, to liquidate any of these investments in order to meet the Company’s working capital needs within its normal operating cycles. The Company has classified these investments as available-for-sale securities. | |
Inventories | Inventories |
Inventories are valued at the lower of cost or market value. The Company evaluates the recoverability of its inventories, including purchase commitments under fixed-price long-term supply agreements, based on assumptions about expected demand and market conditions. The Company’s assumption of expected demand is developed based on its analysis of bookings, sales backlog, sales pipeline, market forecast, and competitive intelligence. The Company’s assumption of expected demand is compared to available inventory, production capacity, future polysilicon purchase commitments, available third-party inventory, and growth plans. The Company’s factory production plans, which drive materials requirement planning, are established based on its assumptions of expected demand. The Company responds to reductions in expected demand by temporarily reducing manufacturing output and adjusting expected valuation assumptions as necessary. In addition, expected demand by geography has changed historically due to changes in the availability and size of government mandates and economic incentives. | |
The Company evaluates the terms of its long-term inventory purchase agreements with suppliers, including joint ventures, for the procurement of polysilicon, ingots, wafers, and solar cells and establishes accruals for estimated losses on adverse purchase commitments as necessary, such as lower of cost of market value adjustments, forfeiture of advanced deposits and liquidated damages. Obligations related to non-cancellable purchase orders for inventories match current and forecasted sales orders that will consume these ordered materials and actual consumption of these ordered materials are compared to expected demand regularly. The Company anticipates total obligations related to long-term supply agreements for inventories will be recovered because quantities are less than management's expected demand for its solar power products. Other market conditions that could affect the realizable value of the Company's inventories and are periodically evaluated by management include historical inventory turnover ratio, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, the current market price of polysilicon as compared to the price in our fixed-price arrangements, and product merchantability, among other factors. If, based on assumptions about expected demand and market conditions, we determine that the cost of inventories exceeds its estimated market value or inventory is excess or obsolete, we record a write-down or accrual, which may be material, equal to the difference between the cost of inventories and the estimated market value. If actual market conditions are more favorable, the Company may have higher gross margin when products that have been previously written down are sold in the normal course of business (see Note 5). | |
Solar Power Systems Leased and to be Leased | Solar Power Systems Leased and to be Leased |
Solar power systems leased to residential customers under operating leases are stated at cost, less accumulated depreciation and are amortized to their estimated residual value over the life of the lease term of up to 20 years. | |
Solar power systems to be leased represents systems that are under installation or which have not been interconnected, which will be depreciated as solar power systems leased to customers when the respective systems are completed, interconnected and subsequently leased to residential customers under operating leases. | |
Initial direct costs for operating leases are capitalized and amortized over the term of the related customer lease agreements. | |
Financing Receivables | Financing Receivables |
Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. Financing receivables are generated by solar power systems leased to residential customers under sales-type leases. Financing receivables represents gross minimum lease payments to be received from customers over a period commensurate with the remaining lease term of up to 20 years and the systems estimated residual value, net of unearned income and allowance for estimated losses. Initial direct costs for sales-type leases are recognized as cost of sales when the solar power systems are placed in service. | |
Due to the homogeneous nature of its leasing transactions, SunPower manages its financing receivables on an aggregate basis when assessing credit risk. SunPower also considers the credit risk profile for its lease customers to be homogeneous due to the criteria the Company uses to approve customers for its residential leasing program, which among other things, requires a minimum "fair" FICO credit quality. Accordingly, the Company does not regularly categorize its financing receivables by credit risk. | |
The Company recognizes an allowance for losses on financing receivables in an amount equal to the probable losses net of recoveries. SunPower maintains reserve percentages on past-due receivable aging buckets and bases such percentages on several factors, including consideration of historical credit losses and information derived from industry benchmarking. To date, the allowance for losses has not comprised a material portion of the Company’s financing receivables. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation, excluding solar power systems leased to residential customers and those associated with sale-leaseback transactions under the financing method, as described above, is computed using the straight-line method over the estimated useful lives of the assets as presented below. Solar power systems leased to residential customers and those associated with sale-leaseback transactions under the financing method are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining term of the lease. | |
Interest Capitalization | Interest Capitalization |
The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project at the Company’s weighted average cost of borrowed money. | |
Long-Lived Assets | Long-Lived Assets |
The Company evaluates its long-lived assets, including property, plant and equipment and other intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Factors considered important that could result in an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets, and significant negative industry or economic trends. The Company's impairment evaluation of long-lived assets includes an analysis of estimated future undiscounted net cash flows expected to be generated by the assets over their remaining estimated useful lives. If the Company's estimate of future undiscounted net cash flows is insufficient to recover the carrying value of the assets over the remaining estimated useful lives, it records an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analysis. | |
Project Assets - Plant and Land | Project Assets - Plant and Land |
Project assets consist primarily of capitalized costs relating to solar power system projects in various stages of development that the Company incurs prior to the sale of the solar power system to a third-party. These costs include costs for land and costs for developing and constructing a solar power system. Development costs can include legal, consulting, permitting, and other similar costs. Once the Company enters into a definitive sales agreement, it reclassifies these project asset costs to deferred project costs within "Prepaid expenses and other current assets" in its Consolidated Balance Sheet until the Company has met the criteria to recognize the sale of the project asset or solar power project as revenue. The Company releases these project costs to cost of revenue as each respective project asset or solar power system is sold to a customer, since the project is constructed for a customer (matching the underlying revenue recognition method). | |
The Company reviews project assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers the project commercially viable if it is anticipated to be sellable for a profit once it is either fully developed or fully constructed. The Company examines a number of factors to determine if the project will be profitable, including whether there are any environmental, ecological, permitting, or regulatory conditions that have changed for the project since the start of development. Such changes could cause the cost of the project to increase or the selling price of the project to decrease. Due to the development, construction, and sale timeframe of the Company's larger solar projects, it classifies project assets which are not expected to be sold within the next 12 months as "Project assets - plants and land, net of current portion" on the Consolidated Balance Sheets. Once specific milestones have been achieved, the Company determines if the sale of the project assets will occur within the next 12 months from a given balance sheet date and, if so, it then reclassifies the project assets as current. | |
Product Warranties | Product Warranties |
The Company generally warrants the performance of the solar panels that it manufactures at certain levels of power output for 25 years. In addition, the Company passes through to customers long-term warranties from the original equipment manufacturers ("OEMs") of certain system components, such as inverters. Warranties of 25 years from solar panel suppliers are standard in the solar industry, while certain system components carry warranty periods ranging from 5 to 20 years. In addition, the Company generally warrants its workmanship on installed systems for periods ranging up to 25 years and also provides system output performance warranties. The Company maintains reserves to cover the expected costs that could result from these warranties. The Company’s expected costs are generally in the form of product replacement or repair. Warranty reserves are based on the Company’s best estimate of such costs and are recognized as a cost of revenue. The Company continuously monitors product returns for warranty failures and maintains a reserve for the related warranty expenses based on various factors including historical warranty claims, results of accelerated lab testing, field monitoring, vendor reliability estimates, and data on industry averages for similar products. Historically, warranty costs have been within management’s expectations (see Note 9). | |
Revenue Recognition | Revenue Recognition |
Solar Power Components | |
The Company sells its solar panels and balance of system components primarily to dealers, system integrators and distributors, and recognizes revenue, net of accruals for estimated sales returns, when persuasive evidence of an arrangement exists, delivery of the product has occurred, title and risk of loss has passed to the customer, the sales price is fixed or determinable, collectability of the resulting receivable is reasonably assured, and the risks and rewards of ownership have passed to the customer. Other than standard warranty obligations, there are no rights of return and there are no significant post-shipment obligations, including installation, training or customer acceptance clauses with any of the Company's customers that could have an impact on revenue recognition. The Company's revenue recognition policy is consistent across all geographic areas. | |
The provision for estimated sales returns on product sales is recorded in the same period the related revenues are recorded. These estimates are based on historical sales returns, analysis of credit memo data, and other known factors. Actual returns could differ from these estimates. | |
Construction Contracts | |
Revenue is also composed of Engineering, Procurement and Construction ("EPC") projects which are governed by customer contracts that require the Company to deliver functioning solar power systems and are generally completed within three to twelve months from commencement of construction. Construction on large projects may be completed within eighteen to thirty-six months, depending on the size and location. The Company recognizes revenue from fixed price construction contracts, that do not include land or land rights, using the percentage-of-completion method of accounting. Under this method, revenue arising from fixed-price construction contracts is recognized as work is performed based on the percentage of incurred costs to estimated total forecasted costs. | |
Incurred costs used in the Company’s percentage-of-completion calculation include all direct material, labor and subcontract costs, and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. Project material costs are included in incurred costs when the project materials have been installed by being permanently attached or fitted to the solar power system as required by the project’s engineering design. | |
In addition to an EPC deliverable, many arrangements also include multiple deliverables such as post-installation systems monitoring and maintenance. For contracts with separately priced monitoring and maintenance, the Company recognizes revenue related to such separately priced elements over the contract period. For contracts including monitoring and maintenance not separately priced, the Company determined that post-installation systems monitoring and maintenance qualify as separate units of accounting. Such post-installation monitoring and maintenance are deferred at the time the contract is executed based on the best estimate of selling price on a standalone basis and are recognized to revenue over the contractual term. The remaining EPC revenue is recognized on a percentage-of-completion basis. | |
In addition, when arrangements include contingent revenue clauses, such as customer termination or put rights for non-performance, the Company defers the contingent revenue if there is a reasonable possibility that such rights or contingencies may be triggered. In certain limited cases, the Company could be required to buy back a customer’s system at fair value on specified future dates if certain minimum performance thresholds are not met for periods of up to two years. To date, no such repurchase obligations have been required. | |
Provisions for estimated losses on uncompleted contracts, if any, are recognized in the period in which the loss first becomes probable and reasonably estimable. Contracts may include profit incentives such as milestone bonuses. These profit incentives are included in the contract value when their realization is reasonably assured. | |
Development Projects | |
The Company develops and sells solar power plants which generally include the sale or lease of related real estate. Revenue recognition for these solar power plants require adherence to specific guidance for real estate sales, which provides that if the Company executes a sale of land in connection with an EPC contract requiring the future development of the property, it recognizes revenue and the corresponding costs under the full accrual method when all of the following requirements are met: the sale is consummated, the buyer's initial and any continuing investments are adequate, the resulting receivables are not subject to subordination, the future costs to develop the property can be reasonably estimated and the Company has transferred the customary risk and rewards of ownership to the buyer. In general, a sale is consummated upon the execution of an agreement documenting the terms of the sale and receipt of a minimum initial payment by the buyer to substantiate the transfer of risk to the buyer. Depending on the value of the initial and continuing investment of the buyer, and provided the recovery of the costs of the solar power plant are reasonably assured if the buyer defaults, the Company may defer revenue and profit during construction by aligning its revenue recognition and release of deferred project costs to cost of sales with the receipt of payment from the buyer. At the time it has unconditionally received payment from the buyer, revenue is recognized and deferred project costs are released to cost of sales at the same rate of profit estimated throughout the construction of the project. The Company's revenue recognition methods for solar power plants not involving real estate are accounted for using the percentage-of-completion method. | |
Residential Leases | |
The Company offers a solar lease program, in partnership with third-party financial institutions, which allows its residential customers to obtain SunPower systems under lease agreements for terms of up to 20 years. Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. | |
For those systems classified as sales-type leases, the net present value of the minimum lease payments, net of executory costs, is recognized as revenue when the lease is placed in service. This net present value as well as the net present value of the residual value of the lease at termination are recorded as financing receivables in the Consolidated Balance Sheets. The difference between the initial net amounts and the gross amounts are amortized to revenue over the lease term using the interest method. The residual values of our solar systems are determined at the inception of the lease applying an estimated system fair value at the end of the lease term. | |
For those systems classified as operating leases, rental revenue is recognized, net of executory costs, on a straight-line basis over the term of the lease. | |
Shipping and Handling Costs | Shipping and Handling Costs |
The Company records costs related to shipping and handling in cost of revenue. | |
Share-Based Compensation | Stock-Based Compensation |
The Company measures and records compensation expense for all stock-based payment awards based on estimated fair values. The Company provides stock-based awards to its employees, executive officers, and directors through various equity compensation plans including its employee stock option and restricted stock plans. The fair value of stock option awards is measured at the date of grant using a Black-Scholes option pricing model, and the fair value of restricted stock awards and units is based on the market price of the Company's common stock on the date of grant. The Company has not granted stock options since fiscal 2008. | |
The Company estimates forfeitures at the date of grant. The Company's estimate of forfeitures is based on its historical activity, which it believes is indicative of expected forfeitures. In subsequent periods if the actual rate of forfeitures differs from the Company's estimate, the forfeiture rates are required to be revised, as necessary. Changes in the estimated forfeiture rates can have a significant effect on stock-based compensation expense since the effect of adjusting the rate is recognized in the period the forfeiture estimate is changed. | |
The Company also grants performance share units to executive officers and certain employees that require it to estimate expected achievement of performance targets over the performance period. This estimate involves judgment regarding future expectations of various financial performance measures. If there are changes in the Company's estimate of the level of financial performance measures expected to be achieved, the related stock-based compensation expense may be significantly increased or reduced in the period that its estimate changes. | |
Advertising Costs | Advertising Costs |
Advertising costs are expensed as incurred. Advertising expense totaled approximately $11.9 million, $11.8 million and $9.2 million, in fiscal 2014, 2013, and 2012, respectively. | |
Research and Development Expense | Research and Development Expense |
Research and development expense consists primarily of salaries and related personnel costs, depreciation and the cost of solar cell and solar panel materials and services used for the development of products, including experiments and testing. All research and development costs are expensed as incurred. Research and development expense is reported net of contributions under the R&D Agreement with Total and contracts with governmental agencies because such contracts are considered collaborative arrangements. | |
Translation of Foreign Currency | Translation of Foreign Currency |
The Company and certain of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. Non-monetary assets and liabilities are carried at their historical values. | |
The Company includes gains or losses from foreign currency transactions in "Other, net" in the Consolidated Statements of Operations with the other hedging activities described in Note 12. | |
Concentration of Credit Risk | Concentration of Credit Risk |
The Company is exposed to credit losses in the event of nonperformance by the counterparties to its financial and derivative instruments. Financial and derivative instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and cash equivalents, investments, accounts receivable, notes receivable, advances to suppliers, foreign currency option contracts, foreign currency forward contracts, bond hedge and warrant transactions, and purchased options. The Company’s investment policy requires cash and cash equivalents, restricted cash and cash equivalents, and investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. Similarly, the Company enters into foreign currency derivative contracts and convertible debenture hedge transactions with high-quality financial institutions and limits the amount of credit exposure to any one counterparty. The foreign currency derivative contracts are limited to a time period of less than 15 months, while the bond hedge and warrant transactions expire in fiscal 2015. The Company regularly evaluates the credit standing of its counterparty financial institutions. | |
The Company performs ongoing credit evaluations of its customers’ financial condition whenever deemed necessary and generally does not require collateral. The Company maintains an allowance for doubtful accounts based on the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. Qualified customers under our residential lease program are generally required to have a minimum credit score. We believe that our concentration of credit risk is limited because of our large number of customers, credit quality of the customer base, small account balances for most of these customers, and customer geographic diversification. One customer accounted for 57.8% as of December 28, 2014 and one customer accounted for 31% of accounts receivable as of December 29, 2013. In addition, one customer accounted for approximately 85% of the Company's "Costs and estimated earnings in excess of billings" balance as of December 28, 2014 on the Consolidated Balance Sheets as compared to one customer that accounted for approximately 34% of the balance as of December 29, 2013. | |
The Company has entered into agreements with vendors that specify future quantities and pricing of polysilicon to be supplied for periods up to 10 years. Under certain agreements, the Company is required to make prepayments to the vendors over the terms of the arrangements. | |
Income Taxes | Income Taxes |
Deferred tax assets and liabilities are recognized for temporary differences between financial statement and income tax bases of assets and liabilities. Valuation allowances are provided against deferred tax assets when management cannot conclude that it is more likely than not that some portion or all deferred tax assets will be realized. | |
As applicable, interest and penalties on tax contingencies are included in "Provision for income taxes" in the Consolidated Statements of Operations and such amounts were not material for any periods presented. In addition, foreign exchange gains (losses) may result from estimated tax liabilities, which are expected to be settled in currencies other than the U.S. dollar. | |
Investments in Equity Interests | Investments in Equity Interests |
Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for under the equity method. The Company records its share of the results of these entities as "Equity in earnings (loss) of unconsolidated investees" on the Consolidated Statements of Operations. The Company monitors its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the entities and records reductions in carrying values when necessary. The fair value of privately held investments is estimated using the best available information as of the valuation date, including current earnings trends, undiscounted cash flows, and other company specific information, including recent financing rounds (see Notes 5 and 8). | |
Noncontrolling Interests | Noncontrolling Interests |
Noncontrolling interests represents the portion of net assets in consolidated subsidiaries that are not attributable, directly or indirectly, to the Company. Beginning in the first quarter of fiscal 2013, the Company has entered into facilities with third-party investors under which the investors are determined to hold noncontrolling interests in entities fully consolidated by the Company. The net assets of the shared entities are attributed to the controlling and noncontrolling interests based on the terms of the governing contractual arrangements. The Company further determined the hypothetical liquidation at book value method ("HLBV Method") to be the appropriate method for attributing net assets to the controlling and noncontrolling interests as this method most closely mirrors the economics of the governing contractual arrangements. Under the HLBV Method, the Company allocates recorded income (loss) to each investor based on the change, during the reporting period, of the amount of net assets each investor is entitled to under the governing contractual arrangements in a liquidation scenario. | |
Business Combinations | Business Combinations |
The Company records all acquired assets and liabilities, including goodwill, other intangible assets, and in-process research and development, at fair value. The initial recording of goodwill, other intangible assets, and in-process research and development requires certain estimates and assumptions concerning the determination of the fair values and useful lives. The judgments made in the context of the purchase price allocation can materially impact the Company's future results of operations. Accordingly, for significant acquisitions, the Company obtains assistance from third-party valuation specialists. The valuations calculated from estimates are based on information available at the acquisition date (see Notes 3 and 4). The Company charges acquisition related costs that are not part of the consideration to general and administrative expense as they are incurred. These costs typically include transaction and integration costs, such as legal, accounting, and other professional fees. | |
The Company initially records receipts of net assets or equity interests between entities under common control at their carrying amounts in the accounts of the transferring entity. Financial statements and financial information presented for prior years are retrospectively adjusted to effect the transfer as of the first date for which the entities were under common control. If the carrying amounts of the assets and liabilities transferred differ from the historical cost of the parent of the entities under common control then amounts recognized in the Company's financial statements reflect the transferred assets and liabilities at the historical cost of the parent of the entities under common control. Financial statements and financial information presented for prior years are also retrospectively adjusted to furnish comparative information as though the assets and liabilities had been transferred at that date. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board ("FASB") issued a new revenue recognition standard based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new revenue recognition standard becomes effective for the Company in the first quarter of fiscal 2017 and is to be applied retrospectively using one of two prescribed methods. The Company is evaluating the application method and impact on its consolidated financial statements and disclosures. |
The_Company_and_Summary_of_Sig2
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | Repairs and maintenance costs are expensed as incurred. | ||||||||
Useful Lives | |||||||||
in Years | |||||||||
Buildings | 20 | ||||||||
Leasehold improvements | 1 to 20 | ||||||||
Manufacturing equipment | 8 to 15 | ||||||||
Computer equipment | 2 to 7 | ||||||||
Solar power systems | 30 | ||||||||
Furniture and fixtures | 3 to 5 | ||||||||
As of | |||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||
Property, plant and equipment, net: | |||||||||
Manufacturing equipment3 | $ | 554,124 | $ | 538,616 | |||||
Land and buildings | 26,138 | 26,138 | |||||||
Leasehold improvements | 236,867 | 229,846 | |||||||
Solar power systems4 | 124,848 | 82,036 | |||||||
Computer equipment | 88,257 | 79,519 | |||||||
Furniture and fixtures | 9,436 | 8,392 | |||||||
Construction-in-process | 75,570 | 11,724 | |||||||
1,115,240 | 976,271 | ||||||||
Less: accumulated depreciation | (529,896 | ) | (442,884 | ) | |||||
$ | 585,344 | $ | 533,387 | ||||||
3 | The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $111.9 million and $145.9 million as of December 28, 2014 and December 29, 2013, respectively. | ||||||||
4 | Includes $94.4 million and $52.6 million of solar power systems associated with sale-leaseback transactions under the financing method as of December 28, 2014 and December 29, 2013, respectively, which are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years (see Note 6). |
Transactions_with_Total_and_To1
Transactions with Total and Total S.A. (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Schedule of related party transactions | Related-Party Transactions with Total and its Affiliates: | ||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenue: | |||||||||||||
EPC, O&M, and components revenue under joint projects | $ | 151,566 | $ | — | $ | — | |||||||
Research and development expense: | |||||||||||||
Offsetting contributions received under R&D Agreement | $ | (1,612 | ) | $ | (1,661 | ) | $ | — | |||||
Interest expense: | |||||||||||||
Guarantee fees incurred under Credit Support Agreement | $ | 12,035 | $ | 8,890 | $ | 6,916 | |||||||
Fees incurred under the Compensation and Funding Agreement | $ | 1,200 | $ | 5,533 | $ | 4,952 | |||||||
Interest expense incurred on the 0.75% debentures due 2018 | $ | 1,604 | $ | 883 | $ | — | |||||||
Interest expense incurred on the 0.875% debentures due 2021 | $ | 1,209 | $ | — | $ | — | |||||||
Related-Party Transactions with Equity and Cost Method Investees: | |||||||||||||
As of | |||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||
Accounts receivable | $ | 35,072 | $ | 11,780 | |||||||||
Accounts payable | $ | 57,167 | $ | 51,499 | |||||||||
Other long-term assets: | |||||||||||||
Long-term note receivable | $ | 3,102 | $ | 3,688 | |||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Payments made to investees for products/services | $ | 462,596 | $ | 480,802 | $ | 606,301 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill | The following table presents the changes in the carrying amount of goodwill under the Company's reportable business segments: | ||||||||||||||||
(In thousands) | Americas | EMEA | APAC | Total | |||||||||||||
As of December 29, 2013 | $ | — | $ | — | $ | — | $ | — | |||||||||
Goodwill acquired | 21,221 | — | — | 21,221 | |||||||||||||
As of December 28, 2014 | $ | 21,221 | $ | — | $ | — | $ | 21,221 | |||||||||
Schedule of Other Intangible Assets | The following tables present details of the Company's acquired other intangible assets: | ||||||||||||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||||||
Amortization | |||||||||||||||||
As of December 28, 2014 | |||||||||||||||||
Patents and purchased technology | $ | 13,675 | $ | (615 | ) | $ | 13,060 | ||||||||||
Purchased in-process research and development | 3,700 | — | 3,700 | ||||||||||||||
$ | 17,375 | $ | (615 | ) | $ | 16,760 | |||||||||||
Schedule of Other Intangible Assets Future Amortization Expense | As of December 28, 2014, the estimated future amortization expense related to intangible assets with finite useful lives is as follows: | ||||||||||||||||
(In thousands) | Amount | ||||||||||||||||
Fiscal Year | |||||||||||||||||
2015 | $ | 1,989 | |||||||||||||||
2016 | 1,989 | ||||||||||||||||
2017 | 1,989 | ||||||||||||||||
2018 | 1,989 | ||||||||||||||||
2019 | 1,989 | ||||||||||||||||
Thereafter | 3,115 | ||||||||||||||||
$ | 13,060 | ||||||||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||
Schedule of Accounts Receivable | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Accounts receivable, net: | |||||||||||||||||
Accounts receivable, gross1,2 | $ | 523,613 | $ | 389,152 | |||||||||||||
Less: allowance for doubtful accounts | (18,152 | ) | (26,463 | ) | |||||||||||||
Less: allowance for sales returns | (1,145 | ) | (2,095 | ) | |||||||||||||
$ | 504,316 | $ | 360,594 | ||||||||||||||
1 | Includes short-term financing receivables associated with solar power systems leased of $9.1 million and $4.4 million as of December 28, 2014 and December 29, 2013, respectively (see Note 6). | ||||||||||||||||
2 | Includes short-term retainage of $213.0 million and $8.3 million as of December 28, 2014 and December 29, 2013, respectively. Retainage refers to the earned, but unbilled, portion of a construction and development project for which payment is deferred by the customer until certain contractual milestones are met. | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts | |||||||||||||||||
(In thousands) | Balance at Beginning of Period | Charges (Releases) to Expenses / Revenues | Deductions | Balance at End of Period | |||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year ended December 28, 2014 | $ | 26,463 | $ | (1,023 | ) | $ | (7,288 | ) | $ | 18,152 | |||||||
Year ended December 29, 2013 | 26,773 | 8,258 | (8,568 | ) | 26,463 | ||||||||||||
Year ended December 30, 2012 | 21,039 | 8,898 | (3,164 | ) | 26,773 | ||||||||||||
Allowance for sales returns: | |||||||||||||||||
Year ended December 28, 2014 | 2,095 | (950 | ) | — | 1,145 | ||||||||||||
Year ended December 29, 2013 | 5,054 | (2,959 | ) | — | 2,095 | ||||||||||||
Year ended December 30, 2012 | 8,648 | (3,594 | ) | — | 5,054 | ||||||||||||
Valuation allowance for deferred tax assets: | |||||||||||||||||
Year ended December 28, 2014 | 90,571 | 28,177 | — | 118,748 | |||||||||||||
Year ended December 29, 2013 | 182,322 | (91,751 | ) | — | 90,571 | ||||||||||||
Year ended December 30, 2012 | 129,946 | 52,376 | — | 182,322 | |||||||||||||
Schedule of Inventory | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Inventories: | |||||||||||||||||
Raw materials | $ | 46,848 | $ | 51,905 | |||||||||||||
Work-in-process | 67,903 | 52,756 | |||||||||||||||
Finished goods | 93,822 | 140,914 | |||||||||||||||
$ | 208,573 | $ | 245,575 | ||||||||||||||
Schedule of Prepaid Expenses and Other Current Assets | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||
Deferred project costs | $ | 64,784 | $ | 275,389 | |||||||||||||
Bond hedge derivative | 51,951 | 110,477 | |||||||||||||||
VAT receivables, current portion | 7,554 | 21,481 | |||||||||||||||
Deferred costs for solar power systems to be leased | 22,537 | 23,429 | |||||||||||||||
Derivative financial instruments | 7,018 | 4,642 | |||||||||||||||
Other receivables | 79,927 | 112,062 | |||||||||||||||
Other prepaid expenses | 47,448 | 28,629 | |||||||||||||||
Other current assets | 47,626 | 70,161 | |||||||||||||||
$ | 328,845 | $ | 646,270 | ||||||||||||||
Schedule Investments In Power And Distribution Projects | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Project assets - plants and land: | |||||||||||||||||
Project assets — plants | $ | 104,328 | $ | 64,564 | |||||||||||||
Project assets — land | 12,328 | 11,043 | |||||||||||||||
$ | 116,656 | $ | 75,607 | ||||||||||||||
Project assets - plants and land, current portion | $ | 101,181 | $ | 69,196 | |||||||||||||
Project assets - plants and land, net of current portion | $ | 15,475 | $ | 6,411 | |||||||||||||
Schedule of Property, Plant and Equipment | Repairs and maintenance costs are expensed as incurred. | ||||||||||||||||
Useful Lives | |||||||||||||||||
in Years | |||||||||||||||||
Buildings | 20 | ||||||||||||||||
Leasehold improvements | 1 to 20 | ||||||||||||||||
Manufacturing equipment | 8 to 15 | ||||||||||||||||
Computer equipment | 2 to 7 | ||||||||||||||||
Solar power systems | 30 | ||||||||||||||||
Furniture and fixtures | 3 to 5 | ||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||
Manufacturing equipment3 | $ | 554,124 | $ | 538,616 | |||||||||||||
Land and buildings | 26,138 | 26,138 | |||||||||||||||
Leasehold improvements | 236,867 | 229,846 | |||||||||||||||
Solar power systems4 | 124,848 | 82,036 | |||||||||||||||
Computer equipment | 88,257 | 79,519 | |||||||||||||||
Furniture and fixtures | 9,436 | 8,392 | |||||||||||||||
Construction-in-process | 75,570 | 11,724 | |||||||||||||||
1,115,240 | 976,271 | ||||||||||||||||
Less: accumulated depreciation | (529,896 | ) | (442,884 | ) | |||||||||||||
$ | 585,344 | $ | 533,387 | ||||||||||||||
3 | The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $111.9 million and $145.9 million as of December 28, 2014 and December 29, 2013, respectively. | ||||||||||||||||
4 | Includes $94.4 million and $52.6 million of solar power systems associated with sale-leaseback transactions under the financing method as of December 28, 2014 and December 29, 2013, respectively, which are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years (see Note 6). | ||||||||||||||||
Schedule of Property, Plant and Equipment by Geographic Region | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Property, plant and equipment, net by geography5: | |||||||||||||||||
Philippines | $ | 335,643 | $ | 321,410 | |||||||||||||
United States | 183,631 | 153,074 | |||||||||||||||
Mexico | 40,251 | 32,705 | |||||||||||||||
Europe | 24,748 | 25,293 | |||||||||||||||
Other | 1,071 | 905 | |||||||||||||||
$ | 585,344 | $ | 533,387 | ||||||||||||||
5 | Property, plant and equipment, net by geography is based on the physical location of the assets. | ||||||||||||||||
Schedule of Other Long-Term Assets | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Other long-term assets: | |||||||||||||||||
Equity method investments | $ | 210,898 | $ | 131,739 | |||||||||||||
Retainage6 | — | 88,934 | |||||||||||||||
Cost method investments | 32,308 | 12,374 | |||||||||||||||
Long-term debt issuance costs | 11,600 | 10,274 | |||||||||||||||
Other | 57,023 | 55,156 | |||||||||||||||
$ | 311,829 | $ | 298,477 | ||||||||||||||
6 | Retainage refers to the earned, but unbilled, portion of a construction and development project for which payment is deferred by the customer until certain contractual milestones are met | ||||||||||||||||
Schedule of Accrued Liabilities | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Accrued liabilities: | |||||||||||||||||
Bond hedge derivatives | $ | 51,951 | $ | 110,477 | |||||||||||||
Employee compensation and employee benefits | 47,667 | 50,449 | |||||||||||||||
Deferred revenue | 33,412 | 29,287 | |||||||||||||||
Short-term residential lease financing | 1,489 | 14,436 | |||||||||||||||
Interest payable | 10,575 | 10,971 | |||||||||||||||
Short-term warranty reserves | 13,278 | 10,426 | |||||||||||||||
Restructuring reserve | 13,477 | 7,134 | |||||||||||||||
VAT payables | 6,073 | 7,089 | |||||||||||||||
Derivative financial instruments | 1,345 | 6,170 | |||||||||||||||
Other | 151,767 | 111,718 | |||||||||||||||
$ | 331,034 | $ | 358,157 | ||||||||||||||
Schedule of Other Long-Term Liabilities | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Other long-term liabilities: | |||||||||||||||||
Deferred revenue | $ | 176,804 | $ | 176,925 | |||||||||||||
Long-term warranty reserves | 141,370 | 138,946 | |||||||||||||||
Long-term sale-leaseback financing | 111,904 | 65,944 | |||||||||||||||
Long-term residential lease financing | 27,122 | 31,933 | |||||||||||||||
Unrecognized tax benefits | 31,764 | 28,927 | |||||||||||||||
Long-term pension liability | 9,980 | 5,430 | |||||||||||||||
Derivative financial instruments | 3,712 | 775 | |||||||||||||||
Other | 52,688 | 75,111 | |||||||||||||||
$ | 555,344 | $ | 523,991 | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
As of | |||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||
Cumulative translation adjustment | $ | (8,712 | ) | $ | (3,766 | ) | |||||||||||
Net unrealized loss on derivatives | (1,443 | ) | (805 | ) | |||||||||||||
Net loss on long-term pension liability adjustment | (2,878 | ) | — | ||||||||||||||
Deferred taxes | (422 | ) | 253 | ||||||||||||||
$ | (13,455 | ) | $ | (4,318 | ) |
Leasing_Tables
Leasing (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||
Schedule of property subject to or available for operating lease | The following table summarizes "Solar power systems leased and to be leased, net" under operating leases on the Company's Consolidated Balance Sheets as of December 28, 2014 and December 29, 2013, respectively: | |||||||||||||||||||||||
As of | ||||||||||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Solar power systems leased and to be leased, net1,2: | ||||||||||||||||||||||||
Solar power systems leased | $ | 396,704 | $ | 324,202 | ||||||||||||||||||||
Solar power systems to be leased | 21,202 | 36,645 | ||||||||||||||||||||||
417,906 | 360,847 | |||||||||||||||||||||||
Less: accumulated depreciation | (26,993 | ) | (15,343 | ) | ||||||||||||||||||||
$ | 390,913 | $ | 345,504 | |||||||||||||||||||||
1 | Solar power systems leased and to be leased, net are physically located in the United States. | |||||||||||||||||||||||
2 | As of December 28, 2014 and December 29, 2013, the Company has pledged solar assets with an aggregate book value of $140.1 million and $147.7 million, respectively, to third-party investors as security for the Company's contractual obligations. | |||||||||||||||||||||||
Schedule of minimum future rental receipts on operating leases placed in service | The following table presents the Company's minimum future rental receipts on operating leases placed in service as of December 28, 2014: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Minimum future rentals on operating leases placed in service1 | $ | 14,318 | 13,176 | 13,213 | 13,258 | 13,303 | 187,459 | $ | 254,727 | |||||||||||||||
1 | Minimum future rentals on operating leases placed in service does not include contingent rentals that may be received from customers under agreements that include performance-based incentives. | |||||||||||||||||||||||
Schedule of accounts, notes, loans and financing receivable | As of December 28, 2014 and December 29, 2013, respectively, the Company's net investment in sales-type leases presented in "Accounts receivable, net" and "Long-term financing receivables, net" on the Company's Consolidated Balance Sheets was as follows: | |||||||||||||||||||||||
As of | ||||||||||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Minimum lease payments receivable1 | $ | 319,244 | $ | 217,666 | ||||||||||||||||||||
Unguaranteed residual value | 34,343 | 23,366 | ||||||||||||||||||||||
Unearned income | (74,859 | ) | (61,326 | ) | ||||||||||||||||||||
Net financing receivables | $ | 278,728 | $ | 179,706 | ||||||||||||||||||||
Current | $ | 9,141 | $ | 4,433 | ||||||||||||||||||||
Long-term | $ | 269,587 | $ | 175,273 | ||||||||||||||||||||
1 | Net of allowance for doubtful accounts. | |||||||||||||||||||||||
Schedule of future maturities of net financing receivables | As of December 28, 2014, future maturities of net financing receivables for sales-type leases are as follows: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Scheduled maturities of minimum lease payments receivable1 | $ | 15,513 | 15,470 | 15,660 | 15,857 | 16,058 | 240,686 | $ | 319,244 | |||||||||||||||
1 | Minimum future rentals on sales-type leases placed in service does not include contingent rentals that may be received from customers under agreements that include performance-based incentives. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Summary of assets and liabilities measured and recorded at fair value on a recurring basis | The following table summarizes the Company's assets and liabilities measured and recorded at fair value on a recurring basis as of December 28, 2014 and December 29, 2013, respectively: | ||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents1: | |||||||||||||||||||||||||
Money market funds | $ | 375,000 | $ | 375,000 | $ | — | $ | 358,001 | $ | 358,001 | $ | — | |||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||||
Debt derivatives (Note 11) | 51,951 | — | 51,951 | 110,477 | — | 110,477 | |||||||||||||||||||
Derivative financial instruments (Note 12) | 7,018 | — | 7,018 | 4,642 | — | 4,642 | |||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||||
Derivative financial instruments (Note 12) | — | — | — | 588 | — | 588 | |||||||||||||||||||
Total assets | $ | 433,969 | $ | 375,000 | $ | 58,969 | $ | 473,708 | $ | 358,001 | $ | 115,707 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||||
Debt derivatives (Note 11) | $ | 51,951 | $ | — | $ | 51,951 | $ | 110,477 | $ | — | $ | 110,477 | |||||||||||||
Derivative financial instruments (Note 12) | 1,345 | — | 1,345 | 6,170 | — | 6,170 | |||||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||||
Derivative financial instruments (Note 12) | 3,712 | — | 3,712 | 775 | — | 775 | |||||||||||||||||||
Total liabilities | $ | 57,008 | $ | — | $ | 57,008 | $ | 117,422 | $ | — | $ | 117,422 | |||||||||||||
1 | The Company's cash equivalents consist of money market fund instruments and commercial paper that are classified as available-for-sale and are highly liquid investments with original maturities of 90 days or less. The Company's money market fund instruments are categorized within Level 1 of the fair value hierarchy because they are valued using quoted market prices for identical instruments in active markets. | ||||||||||||||||||||||||
Summary of fair value on derivative instruments | The fair values of these derivative instruments were determined utilizing the following Level 1 and Level 2 inputs: | ||||||||||||||||||||||||
As of 1 | |||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||
Stock price | $ | 26.32 | $ | 28.91 | |||||||||||||||||||||
Exercise price | $ | 22.53 | $ | 22.53 | |||||||||||||||||||||
Interest rate | 0.19 | % | 0.33 | % | |||||||||||||||||||||
Stock volatility | 61.7 | % | 57.7 | % | |||||||||||||||||||||
Credit risk adjustment | 0.65 | % | 0.71 | % | |||||||||||||||||||||
Maturity date | 18-Feb-15 | 18-Feb-15 | |||||||||||||||||||||||
1 | The valuation model utilizes these inputs to value the right but not the obligation to purchase one share of the Company's common stock at $22.53. The Company utilized a Black-Scholes valuation model to value the 4.50% Bond Hedge and embedded cash conversion option. The underlying input assumptions were determined as follows: | ||||||||||||||||||||||||
(i) | Stock price. The closing price of the Company's common stock on the last trading day of the quarter. | ||||||||||||||||||||||||
(ii) | Exercise price. The exercise price of the 4.50% Bond Hedge and the embedded cash conversion option. | ||||||||||||||||||||||||
(iii) | Interest rate. The Treasury Strip rate associated with the life of the 4.50% Bond Hedge and the embedded cash conversion option. | ||||||||||||||||||||||||
(iv) | Stock volatility. The volatility of the Company's common stock over the life of the 4.50% Bond Hedge and the embedded cash conversion option. | ||||||||||||||||||||||||
(v) | Credit risk adjustment. Represents the weighted average of the credit default swap rate of the counterparties. | ||||||||||||||||||||||||
Schedule of related party transactions | Related-Party Transactions with Total and its Affiliates: | ||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||
EPC, O&M, and components revenue under joint projects | $ | 151,566 | $ | — | $ | — | |||||||||||||||||||
Research and development expense: | |||||||||||||||||||||||||
Offsetting contributions received under R&D Agreement | $ | (1,612 | ) | $ | (1,661 | ) | $ | — | |||||||||||||||||
Interest expense: | |||||||||||||||||||||||||
Guarantee fees incurred under Credit Support Agreement | $ | 12,035 | $ | 8,890 | $ | 6,916 | |||||||||||||||||||
Fees incurred under the Compensation and Funding Agreement | $ | 1,200 | $ | 5,533 | $ | 4,952 | |||||||||||||||||||
Interest expense incurred on the 0.75% debentures due 2018 | $ | 1,604 | $ | 883 | $ | — | |||||||||||||||||||
Interest expense incurred on the 0.875% debentures due 2021 | $ | 1,209 | $ | — | $ | — | |||||||||||||||||||
Related-Party Transactions with Equity and Cost Method Investees: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||||||||||||||
Accounts receivable | $ | 35,072 | $ | 11,780 | |||||||||||||||||||||
Accounts payable | $ | 57,167 | $ | 51,499 | |||||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||||
Long-term note receivable | $ | 3,102 | $ | 3,688 | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Payments made to investees for products/services | $ | 462,596 | $ | 480,802 | $ | 606,301 | |||||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Summary of restructuring and related costs | The following table summarizes the restructuring charges recognized in the Company's Consolidated Statements of Operations: | ||||||||||||||||
Fiscal Year | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | Cumulative To Date | |||||||||||||
November 2014 Plan: | |||||||||||||||||
Non-cash impairment charges | $ | 719 | $ | — | $ | — | $ | 719 | |||||||||
Severance and benefits | 12,180 | — | — | 12,180 | |||||||||||||
Other costs1 | 213 | — | — | 213 | |||||||||||||
13,112 | — | — | 13,112 | ||||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Non-cash impairment charges | — | 443 | 60,153 | 60,596 | |||||||||||||
Severance and benefits | (1,645 | ) | (535 | ) | 30,398 | 46,709 | |||||||||||
Lease and related termination costs | 244 | 610 | 4,232 | 5,774 | |||||||||||||
Other costs1 | 512 | 2,084 | 6,040 | 10,860 | |||||||||||||
(889 | ) | 2,602 | 100,823 | 123,939 | |||||||||||||
Total restructuring charges | $ | 12,223 | $ | 2,602 | $ | 100,823 | $ | 137,051 | |||||||||
Schedule of restructuring reserve | The following table summarizes the restructuring reserve activity during the fiscal year ended December 28, 2014: | ||||||||||||||||
Fiscal Year | |||||||||||||||||
(In thousands) | 2013 | Charges (Benefits) | Payments | 2014 | |||||||||||||
November 2014 Plan: | |||||||||||||||||
Severance and benefits | $ | — | $ | 12,180 | $ | (105 | ) | $ | 12,075 | ||||||||
Other costs1 | — | 213 | (68 | ) | 145 | ||||||||||||
— | 12,393 | (173 | ) | 12,220 | |||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Severance and benefits | 3,961 | (1,645 | ) | (1,895 | ) | 421 | |||||||||||
Lease and related termination costs | 1,609 | 244 | (1,463 | ) | 390 | ||||||||||||
Other costs1 | 1,564 | 512 | (1,630 | ) | 446 | ||||||||||||
7,134 | (889 | ) | (4,988 | ) | 1,257 | ||||||||||||
Total restructuring liability | $ | 7,134 | $ | 11,504 | $ | (5,161 | ) | $ | 13,477 | ||||||||
1 | Other costs primarily represent associated legal services. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Summary of unrecorded unconditional purchase obligations | Future purchase obligations under non-cancellable purchase orders and long-term supply agreements as of December 28, 2014 are as follows: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total1,2,3 | |||||||||||||||||
Future purchase obligations | $ | 598,461 | 334,897 | 405,949 | 182,181 | 175,695 | 164,847 | $ | 1,862,030 | |||||||||||||||
1 | Total future purchase obligations as of December 28, 2014 include $2.5 million to related parties. | |||||||||||||||||||||||
2 | Total future purchase obligations was composed of $216.5 million related to non-cancellable purchase orders and $1.6 billion related to long-term supply agreements. | |||||||||||||||||||||||
3During fiscal 2014, the Company did not fulfill all of the purchase commitments it was otherwise obligated to take by December 31, 2014, as specified in several related contracts with a supplier. On February 6, 2015, the Company received a notice from the supplier requesting payment for $56.1 million related to this shortfall. This amount has been included in the '2015' column in the above table and the Company has not recorded an accrual for this amount as of December 28, 2014, as it expects to satisfy the obligation via purchases of inventory in fiscal 2015, within the cure period specified in the contracts, and the amounts did not become due until after the end of fiscal 2014. | ||||||||||||||||||||||||
Schedule of estimated utilization of advances from customers | The estimated utilization of advances from customers as of December 28, 2014 is as follows: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Estimated utilization of advances from customers | $ | 31,788 | 22,713 | 27,039 | 27,039 | 28,842 | 43,263 | $ | 180,684 | |||||||||||||||
Schedule of product warranty liability | The following table summarizes accrued warranty activity for fiscal 2014, 2013, and 2012, respectively: | |||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Balance at the beginning of the period | $ | 149,372 | $ | 117,172 | $ | 94,323 | ||||||||||||||||||
Accruals for warranties issued during the period | 24,942 | 40,259 | 29,833 | |||||||||||||||||||||
Settlements and adjustments during the period | (19,666 | ) | (8,059 | ) | (6,984 | ) | ||||||||||||||||||
Balance at the end of the period | $ | 154,648 | $ | 149,372 | $ | 117,172 | ||||||||||||||||||
Debt_and_Credit_Sources_Tables
Debt and Credit Sources (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of debt | The following table summarizes the Company's outstanding debt on its Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||||||||||
(In thousands) | Face Value | Short-term | Long-term | Total | Face Value | Short-term | Long-term | Total | |||||||||||||||||||||||||
Convertible debt: | |||||||||||||||||||||||||||||||||
0.875% debentures due 2021 | $ | 400,000 | $ | — | $ | 400,000 | $ | 400,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
0.75% debentures due 2018 | 300,000 | — | 300,000 | 300,000 | 300,000 | — | 300,000 | 300,000 | |||||||||||||||||||||||||
4.50% debentures due 2015 | 249,645 | 245,325 | — | 245,325 | 250,000 | 225,889 | — | 225,889 | |||||||||||||||||||||||||
4.75% debentures due 2014 | — | — | — | — | 230,000 | 230,000 | — | 230,000 | |||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | — | 79 | 79 | 79 | — | 79 | 79 | |||||||||||||||||||||||||
IFC mortgage loan | 47,500 | 15,000 | 32,500 | 47,500 | 62,500 | 15,000 | 47,500 | 62,500 | |||||||||||||||||||||||||
CEDA loan | 30,000 | — | 30,000 | 30,000 | 30,000 | — | 30,000 | 30,000 | |||||||||||||||||||||||||
Quinto Credit Facility | 61,481 | — | 61,481 | 61,481 | — | — | — | — | |||||||||||||||||||||||||
Other debt1 | 91,398 | 1,963 | 89,435 | 91,398 | 50,926 | 41,227 | 9,699 | 50,926 | |||||||||||||||||||||||||
$ | 1,180,103 | $ | 262,288 | $ | 913,495 | $ | 1,175,783 | $ | 923,505 | $ | 512,116 | $ | 387,278 | $ | 899,394 | ||||||||||||||||||
1 | Other debt excludes payments related to capital leases, which are disclosed in Note 9. | ||||||||||||||||||||||||||||||||
Schedule of maturities of debt | As of December 28, 2014, the aggregate future contractual maturities of the Company's outstanding debt, at face value, was as follows: | ||||||||||||||||||||||||||||||||
(In thousands) | Fiscal 2015 | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | ||||||||||||||||||||||||||
Aggregate future maturities of outstanding debt | $ | 266,659 | 19,970 | 20,294 | 306,077 | 5,789 | 561,314 | $ | 1,180,103 | ||||||||||||||||||||||||
Schedule of long-term convertible debt instruments | The following table summarizes the Company's outstanding convertible debt: | ||||||||||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Face Value | Fair Value1 | Carrying Value | Face Value | Fair Value1 | |||||||||||||||||||||||||||
Convertible debt: | |||||||||||||||||||||||||||||||||
0.875% debentures due 2021 | $ | 400,000 | $ | 400,000 | $ | 358,000 | $ | — | $ | — | $ | — | |||||||||||||||||||||
0.75% debentures due 2018 | 300,000 | 300,000 | 366,750 | 300,000 | 300,000 | 367,578 | |||||||||||||||||||||||||||
4.50% debentures due 2015 | 245,325 | 249,645 | 294,581 | 225,889 | 250,000 | 343,895 | |||||||||||||||||||||||||||
4.75% debentures due 2014 | — | — | 230,000 | 230,000 | 269,252 | ||||||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | 79 | 80 | 79 | 79 | 102 | |||||||||||||||||||||||||||
$ | 945,404 | $ | 949,724 | $ | 1,019,411 | $ | 755,968 | $ | 780,079 | $ | 980,827 | ||||||||||||||||||||||
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. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Foreign Currency Derivatives [Abstract] | |||||||||||||||||||||||||
Schedule of hedge instruments measured at fair value on a recurring basis | The following tables present information about the Company's hedge instruments measured at fair value on a recurring basis as of December 28, 2014 and December 29, 2013, all of which utilize Level 2 inputs under the fair value hierarchy: | ||||||||||||||||||||||||
(In thousands) | Balance Sheet Classification | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Prepaid expenses and other current assets | $ | 2,240 | $ | 615 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 4 | 35 | ||||||||||||||||||||||
Foreign currency option contracts | Other long-term assets | — | 588 | ||||||||||||||||||||||
$ | 2,244 | $ | 1,238 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Prepaid expenses and other current assets | $ | — | $ | 381 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 4,774 | 3,611 | ||||||||||||||||||||||
$ | 4,774 | $ | 3,992 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Accrued liabilities | $ | — | $ | 1,595 | ||||||||||||||||||||
Foreign currency option contracts | Other long-term liabilities | — | 555 | ||||||||||||||||||||||
Interest rate contracts | Other long-term liabilities | 3,712 | 220 | ||||||||||||||||||||||
$ | 3,712 | $ | 2,370 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Accrued liabilities | $ | — | $ | 386 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Accrued liabilities | 1,345 | 4,189 | ||||||||||||||||||||||
$ | 1,345 | $ | 4,575 | ||||||||||||||||||||||
Schedule of offsetting assets and liabilities | |||||||||||||||||||||||||
28-Dec-14 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Rights to Offset | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral | Net Amounts | |||||||||||||||||||
Derivative assets | $ | 7,018 | $ | — | $ | 7,018 | $ | 1,345 | $ | — | $ | 5,673 | |||||||||||||
Derivative liabilities | $ | 5,057 | $ | — | $ | 5,057 | $ | 1,345 | $ | — | $ | 3,712 | |||||||||||||
29-Dec-13 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Rights to Offset | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral | Net Amounts | |||||||||||||||||||
Derivative assets | $ | 5,230 | $ | — | $ | 5,230 | $ | 4,512 | $ | — | $ | 718 | |||||||||||||
Derivative liabilities | $ | 6,945 | $ | — | $ | 6,945 | $ | 4,512 | $ | — | $ | 2,433 | |||||||||||||
Schedule of derivative instruments, effect on other comprehensive income (loss) | The following table summarizes the pre-tax amount of unrealized gain or loss recognized in "Accumulated other comprehensive income" ("OCI") in "Stockholders' equity" in the Consolidated Balance Sheets: | ||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Gain (loss) in OCI at the beginning of the period | $ | (805 | ) | $ | (243 | ) | $ | 10,473 | |||||||||||||||||
Unrealized gain (loss) recognized in OCI (effective portion) | (255 | ) | (168 | ) | (1,720 | ) | |||||||||||||||||||
Less: Loss (gain) reclassified from OCI to revenue (effective portion) | (383 | ) | (394 | ) | (8,996 | ) | |||||||||||||||||||
Net gain (loss) on derivatives | $ | (638 | ) | $ | (562 | ) | $ | (10,716 | ) | ||||||||||||||||
Gain (loss) in OCI at the end of the period | $ | (1,443 | ) | $ | (805 | ) | $ | (243 | ) | ||||||||||||||||
Schedule of gain or loss recognized in Statement of Operations | The following table summarizes the amount of gain or loss recognized in "Other, net" in the Consolidated Statements of Operations in the years ended December 28, 2014, December 29, 2013 and December 30, 2012: | ||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Gain (loss) recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ | 704 | $ | (3,029 | ) | $ | (1,853 | ) | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Gain (loss) recognized in "Other, net" | $ | 6,463 | $ | (4,615 | ) | $ | 3,126 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of income before income tax and components of income tax expense (benefit) | The geographic distribution of income (loss) from continuing operations before income taxes and equity earnings of unconsolidated investees and the components of provision for income taxes are summarized below: | ||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Geographic distribution of income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees: | |||||||||||||
U.S. income (loss) | $ | 183,412 | $ | (32,022 | ) | $ | (140,432 | ) | |||||
Non-U.S. income (loss) | 1,202 | 73,605 | (189,231 | ) | |||||||||
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | $ | 184,614 | $ | 41,583 | $ | (329,663 | ) | ||||||
Provision for income taxes: | |||||||||||||
Current tax benefit (expense) | |||||||||||||
Federal | $ | 141 | $ | 5,068 | $ | — | |||||||
State | 3,554 | (2,414 | ) | (805 | ) | ||||||||
Foreign | (16,571 | ) | (14,043 | ) | (28,183 | ) | |||||||
Total current tax expense | $ | (12,876 | ) | $ | (11,389 | ) | $ | (28,988 | ) | ||||
Deferred tax benefit (expense) | |||||||||||||
Federal | $ | 2,797 | $ | — | $ | — | |||||||
State | 10 | — | — | ||||||||||
Foreign | 1,309 | (516 | ) | 7,146 | |||||||||
Total deferred tax benefit (expense) | 4,116 | (516 | ) | 7,146 | |||||||||
Provision for income taxes | $ | (8,760 | ) | $ | (11,905 | ) | $ | (21,842 | ) | ||||
Schedule of effective income tax rate reconciliation | The provision for income taxes differs from the amounts obtained by applying the statutory U.S. federal tax rate to income before taxes as shown below: | ||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax benefit (expense) at U.S. statutory rate | $ | (64,614 | ) | $ | (14,554 | ) | $ | 115,382 | |||||
Foreign rate differential | (15,387 | ) | 9,324 | (82,017 | ) | ||||||||
State income taxes, net of benefit | 2,180 | (2,414 | ) | (805 | ) | ||||||||
Goodwill impairment | — | — | (12,596 | ) | |||||||||
Deemed foreign dividend | (4,625 | ) | (2,511 | ) | — | ||||||||
Tax credits (research and development/investment tax credit) | 9,262 | 15,599 | 939 | ||||||||||
Change in valuation allowance | 52,489 | (32,512 | ) | (53,075 | ) | ||||||||
Reserve release | 1,948 | 10,550 | — | ||||||||||
Non-controlling interest income | 11,052 | 9,570 | — | ||||||||||
Lehman settlement | — | — | 17,726 | ||||||||||
Other, net | (1,065 | ) | (4,957 | ) | (7,396 | ) | |||||||
Total | $ | (8,760 | ) | $ | (11,905 | ) | $ | (21,842 | ) | ||||
Schedule of deferred tax assets and liabilities | |||||||||||||
As of | |||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 60,092 | $ | 84,815 | |||||||||
Research and development credit and California manufacturing credit carryforwards | 14,846 | 26,865 | |||||||||||
Reserves and accruals | 164,585 | 145,382 | |||||||||||
Synthetic debt | 1,635 | 13,595 | |||||||||||
Stock-based compensation stock deductions | 14,694 | 14,752 | |||||||||||
Other | 216 | — | |||||||||||
Total deferred tax asset | 256,068 | 285,409 | |||||||||||
Valuation allowance | (118,748 | ) | (90,571 | ) | |||||||||
Total deferred tax asset, net of valuation allowance | 137,320 | 194,838 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Foreign currency derivatives unrealized gains | (422 | ) | 184 | ||||||||||
Other intangible assets and accruals | (35,279 | ) | (44,959 | ) | |||||||||
Fixed asset basis difference | (95,247 | ) | (143,491 | ) | |||||||||
Total deferred tax liabilities | (130,948 | ) | (188,266 | ) | |||||||||
Net deferred tax asset | $ | 6,372 | $ | 6,572 | |||||||||
Summary of income tax contingencies | A reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal 2014, 2013, and 2012 is as follows: | ||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 29,618 | $ | 62,932 | $ | 33,565 | |||||||
Additions for tax positions related to the current year | 5,579 | 2,053 | 708 | ||||||||||
Additions (reductions) for tax positions from prior years | 14,408 | (24,535 | ) | 32,493 | |||||||||
Reductions for tax positions from prior years/statute of limitations expirations | (3,391 | ) | (12,431 | ) | (2,684 | ) | |||||||
Foreign exchange (gain) loss | (1,927 | ) | 1,599 | (1,150 | ) | ||||||||
Balance at the end of the period | $ | 44,287 | $ | 29,618 | $ | 62,932 | |||||||
Summary of income tax examinations | The following table summarizes the Company’s major tax jurisdictions and the tax years that remain subject to examination by these jurisdictions as of December 28, 2014: | ||||||||||||
Tax Jurisdictions | Tax Years | ||||||||||||
United States | 2011 and onward | ||||||||||||
California | 2010 and onward | ||||||||||||
Switzerland | 2005 and onward | ||||||||||||
Philippines | 2011 and onward | ||||||||||||
France | 2010 and onward | ||||||||||||
Italy | 2009 and onward |
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||||||
Dec. 28, 2014 | |||||||
Equity [Abstract] | |||||||
Summary of share reserved for future issuance | The Company had shares of common stock reserved for future issuance as follows: | ||||||
(In thousands) | December 28, 2014 | December 29, 2013 | |||||
Equity compensation plans | 7,953 | 3,963 | |||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of income (loss) per share | The following table presents the calculation of basic and diluted net income (loss) per share: | ||||||||||||
Fiscal Year | |||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Basic net income (loss) per share: | |||||||||||||
Numerator | |||||||||||||
Net income (loss) attributable to stockholders | $ | 245,894 | $ | 95,593 | $ | (352,020 | ) | ||||||
Denominator | |||||||||||||
Basic weighted-average common shares | 128,635 | 120,819 | 117,093 | ||||||||||
Basic net income (loss) per share | $ | 1.91 | $ | 0.79 | $ | (3.01 | ) | ||||||
Diluted net income (loss) per share: | |||||||||||||
Numerator | |||||||||||||
Net income (loss) attributable to stockholders | $ | 245,894 | $ | 95,593 | $ | (352,020 | ) | ||||||
Add: Interest expense incurred on the 0.75% debentures due 2018, net of tax | 2,103 | 1,295 | — | ||||||||||
Add: Interest expense incurred on the 0.875% debentures due 2021, net of tax | 1,897 | — | — | ||||||||||
Add: Interest expense incurred on the 4.75% debentures due 2014, net of tax | 2,630 | — | — | ||||||||||
Net income (loss) available to common stockholders | $ | 252,524 | $ | 96,888 | $ | (352,020 | ) | ||||||
Denominator | |||||||||||||
Basic weighted-average common shares | 128,635 | 120,819 | 117,093 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 84 | 109 | — | ||||||||||
Restricted stock units | 4,522 | 5,010 | — | ||||||||||
Upfront Warrants (held by Total) | 7,236 | 5,090 | — | ||||||||||
Warrants (under the CSO2015) | 2,945 | 590 | — | ||||||||||
Warrants (under the CSO2014) | 262 | 292 | — | ||||||||||
0.75% debentures due 2018 | 12,026 | 7,070 | — | ||||||||||
0.875% debentures due 2021 | 4,530 | — | — | ||||||||||
4.75% debentures due 2014 | 2,511 | — | — | ||||||||||
Dilutive weighted-average common shares | 162,751 | 138,980 | 117,093 | ||||||||||
Dilutive net income (loss) per share | $ | 1.55 | $ | 0.7 | $ | (3.01 | ) | ||||||
Schedule of outstanding anti-dilutive potential common stock excluded from income per share | The following is a summary of outstanding anti-dilutive potential common stock that was excluded from income (loss) per diluted share in the following periods: | ||||||||||||
Fiscal Year | |||||||||||||
(In thousands) | 2014 | 2013 | 20121 | ||||||||||
Stock options | 142 | 194 | 363 | ||||||||||
Restricted stock units | 374 | 1,600 | 6,287 | ||||||||||
Upfront Warrants (held by Total) | — | — | * | ||||||||||
Warrants (under the CSO2015) | — | — | * | ||||||||||
Warrants (under the CSO2014) | — | — | * | ||||||||||
0.875% debentures due 2021 | — | n/a | n/a | ||||||||||
4.75% debentures due 2014 | — | 8,712 | 8,712 | ||||||||||
1 | As a result of the net loss per share for fiscal 2012, the inclusion of all potentially dilutive stock options, restricted stock units, and common shares under noted warrants and convertible debt would be anti-dilutive. Therefore, those stock options, restricted stock units and shares were excluded from the computation of the weighted-average shares for diluted net loss per share for such period. | ||||||||||||
* The Company's average stock price during the period did not exceed the exercise price of the related warrants during the period. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Summary of stock-based compensation expense by line item on the Statement of Operations | The following table summarizes the consolidated stock-based compensation expense by line item in the Consolidated Statements of Operations: | |||||||||||||
Fiscal Year | ||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||
Cost of Americas revenue | $ | 8,115 | $ | 5,150 | $ | 6,181 | ||||||||
Cost of EMEA revenue | 1,961 | 2,660 | 3,851 | |||||||||||
Cost of APAC revenue | 4,245 | 3,006 | 1,578 | |||||||||||
Research and development | 7,714 | 5,414 | 5,005 | |||||||||||
Sales, general and administrative | 33,557 | 29,448 | 25,824 | |||||||||||
Total stock-based compensation expense | $ | 55,592 | $ | 45,678 | $ | 42,439 | ||||||||
The following table summarizes the Company’s outstanding options as of December 28, 2014: | ||||||||||||||
Outstanding Stock Options | ||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||
(in thousands)1 | Exercise Price | Remaining Contractual | Intrinsic Value | |||||||||||
Per Share | Term (in years) | (in thousands) | ||||||||||||
Outstanding and exercisable as of December 28, 2014 | 210 | $ | 41.44 | 2.51 | $ | 1,036 | ||||||||
Summary of stock-based compensation expense by type of award | The following table summarizes the consolidated stock-based compensation expense by type of awards: | |||||||||||||
Fiscal Year | ||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||
Employee stock options | $ | — | $ | — | $ | 649 | ||||||||
Restricted stock units | 55,591 | 46,215 | 40,996 | |||||||||||
Change in stock-based compensation capitalized in inventory | 1 | (537 | ) | 794 | ||||||||||
Total stock-based compensation expense | $ | 55,592 | $ | 45,678 | $ | 42,439 | ||||||||
Summary of non-vested stock activity | The following table summarizes the Company’s non-vested restricted stock activities: | |||||||||||||
Restricted Stock Units | ||||||||||||||
Shares | Weighted-Average | |||||||||||||
(in thousands) | Grant Date Fair | |||||||||||||
Value Per Share1 | ||||||||||||||
Outstanding as of January 1, 2012 | 7,370 | 13.25 | ||||||||||||
Granted | 5,638 | 5.93 | ||||||||||||
Vested2 | (2,844 | ) | 13.94 | |||||||||||
Forfeited | (1,588 | ) | 11.52 | |||||||||||
Outstanding as of December 30, 2012 | 8,576 | 8.53 | ||||||||||||
Granted | 5,607 | 15.88 | ||||||||||||
Vested2 | (3,583 | ) | 9.48 | |||||||||||
Forfeited | (1,008 | ) | 10.1 | |||||||||||
Outstanding as of December 29, 2013 | 9,592 | 12.26 | ||||||||||||
Granted | 2,187 | 31.8 | ||||||||||||
Vested2 | (4,432 | ) | 11.61 | |||||||||||
Forfeited | (792 | ) | 15 | |||||||||||
Outstanding as of December 28, 2014 | 6,555 | 18.88 | ||||||||||||
1 | The Company estimates the fair value of its restricted stock awards and units at its stock price on the grant date. | |||||||||||||
2 | Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of segment reporting information | The following tables present information by region; including revenue, gross margin, and depreciation and amortization. | |||||||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||||||||
(In thousands): | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||
Americas | $ | 2,323,441 | $ | 1,676,472 | $ | 1,696,348 | ||||||||||||||||||||||||||||
EMEA | 288,533 | 450,659 | 489,484 | |||||||||||||||||||||||||||||||
APAC | 415,291 | 380,072 | 231,669 | |||||||||||||||||||||||||||||||
Total revenue | 3,027,265 | 2,507,203 | 2,417,501 | |||||||||||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||||||||||
Americas | 1,759,639 | 1,299,701 | 1,415,417 | |||||||||||||||||||||||||||||||
EMEA | 250,735 | 419,416 | 559,993 | |||||||||||||||||||||||||||||||
APAC | 391,764 | 297,014 | 195,693 | |||||||||||||||||||||||||||||||
Total cost of revenue | 2,402,138 | 2,016,131 | 2,171,103 | |||||||||||||||||||||||||||||||
Gross margin | ||||||||||||||||||||||||||||||||||
Americas | 563,802 | 376,771 | 280,931 | |||||||||||||||||||||||||||||||
EMEA | 37,798 | 31,243 | (70,509 | ) | ||||||||||||||||||||||||||||||
APAC | 23,527 | 83,058 | 35,976 | |||||||||||||||||||||||||||||||
Total gross margin | $ | 625,127 | $ | 491,072 | $ | 246,398 | ||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||||||||
Depreciation and amortization by region (in thousands): | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Americas | $ | 62,193 | $ | 46,843 | $ | 59,120 | ||||||||||||||||||||||||||||
EMEA | $ | 14,073 | $ | 22,380 | $ | 33,047 | ||||||||||||||||||||||||||||
APAC | $ | 32,529 | $ | 28,223 | $ | 16,489 | ||||||||||||||||||||||||||||
Schedule of revenue by major customers | The following tables present information by significant customers and categories: | |||||||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||||||||
(As a percentage of total revenue): | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Significant Customers: | Business Segment | |||||||||||||||||||||||||||||||||
MidAmerican Energy Holdings Company | Americas | 49 | % | 25 | % | * | ||||||||||||||||||||||||||||
NRG Solar, Inc. | Americas | * | 17 | % | 35 | % | ||||||||||||||||||||||||||||
* denotes less than 10% during the period | ||||||||||||||||||||||||||||||||||
Revenue from significant category | ||||||||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||||||||
Revenue by Significant Category (in thousands): | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Solar power components1 | $ | 943,652 | $ | 917,960 | $ | 985,436 | ||||||||||||||||||||||||||||
Solar power systems2 | 1,896,696 | 1,399,972 | 1,318,269 | |||||||||||||||||||||||||||||||
Residential leases3 | 129,962 | 137,054 | 68,914 | |||||||||||||||||||||||||||||||
Other revenue4 | 56,955 | 52,217 | 44,882 | |||||||||||||||||||||||||||||||
$ | 3,027,265 | $ | 2,507,203 | $ | 2,417,501 | |||||||||||||||||||||||||||||
1 | Solar power components represents direct sales of panels, balance of system components, and inverters to dealers, systems integrators, and residential, commercial, and utility customers in all regions. | |||||||||||||||||||||||||||||||||
2 | Solar power systems represents revenue recognized in connection with our construction and development contracts. | |||||||||||||||||||||||||||||||||
3 | Residential leases represents revenue recognized on solar power systems leased to customers under our solar lease program. | |||||||||||||||||||||||||||||||||
4 | Other revenue includes revenue related to our solar power services and solutions, such as post-installation systems monitoring and maintenance and commercial power purchase agreements. | |||||||||||||||||||||||||||||||||
Reconciliation of segment revenue and gross margin | A reconciliation of the Company's segment revenue and gross margin to its consolidated financial statements for the fiscal years ended December 28, 2014, December 29, 2013, and December 30, 2012 is as follows: | |||||||||||||||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||||||||||||||||
Revenue | Gross margin | |||||||||||||||||||||||||||||||||
Revenue and Gross margin by region (in thousands, except percentages): | AMERICAS | EMEA | APAC | AMERICAS | EMEA | APAC | ||||||||||||||||||||||||||||
As reviewed by CODM | $ | 1,914,825 | $ | 288,533 | $ | 415,291 | $ | 415,453 | 21.7 | % | $ | 51,468 | 17.8 | % | $ | 46,624 | 11.2 | % | ||||||||||||||||
Utility and power plant projects | 408,616 | — | — | 190,712 | — | — | ||||||||||||||||||||||||||||
Loss on First Philec arbitration ruling | — | — | — | (32,624 | ) | (6,112 | ) | (18,070 | ) | |||||||||||||||||||||||||
Stock-based compensation | — | — | — | (8,115 | ) | (1,962 | ) | (4,244 | ) | |||||||||||||||||||||||||
Non-cash interest expense | — | — | — | (1,624 | ) | (352 | ) | (783 | ) | |||||||||||||||||||||||||
Other | — | — | — | — | (5,244 | ) | — | |||||||||||||||||||||||||||
GAAP | $ | 2,323,441 | $ | 288,533 | $ | 415,291 | $ | 563,802 | 24.3 | % | $ | 37,798 | 13.1 | % | $ | 23,527 | 5.7 | % | ||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||||||||||||||||
Revenue | Gross margin | |||||||||||||||||||||||||||||||||
Revenue and Gross margin by region (in thousands, except percentages): | AMERICAS | EMEA | APAC | AMERICAS | EMEA | APAC | ||||||||||||||||||||||||||||
As reviewed by CODM | $ | 1,772,260 | $ | 450,659 | $ | 379,400 | $ | 435,815 | 24.6 | % | $ | 25,189 | 5.6 | % | $ | 69,375 | 18.3 | % | ||||||||||||||||
Utility and power plant projects | (95,788 | ) | — | — | (77,338 | ) | — | — | ||||||||||||||||||||||||||
Gain on contract termination | — | — | — | 25,604 | 9,395 | 16,988 | ||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | (5,150 | ) | (2,660 | ) | (3,006 | ) | |||||||||||||||||||||||||
Non-cash interest expense | — | — | — | (1,203 | ) | (495 | ) | (713 | ) | |||||||||||||||||||||||||
Other | — | — | 672 | (957 | ) | (186 | ) | 414 | ||||||||||||||||||||||||||
GAAP | $ | 1,676,472 | $ | 450,659 | $ | 380,072 | $ | 376,771 | 22.5 | % | $ | 31,243 | 6.9 | % | $ | 83,058 | 21.9 | % | ||||||||||||||||
Fiscal 2012 | ||||||||||||||||||||||||||||||||||
Revenue | Gross margin | |||||||||||||||||||||||||||||||||
Revenue and Gross margin by region (in thousands, except percentages): | AMERICAS | EMEA | APAC | AMERICAS | EMEA | APAC | ||||||||||||||||||||||||||||
As reviewed by CODM | $ | 1,901,159 | $ | 489,291 | $ | 231,669 | $ | 414,605 | 21.8 | % | $ | (54,532 | ) | (11.1 | )% | $ | 43,921 | 19 | % | |||||||||||||||
Utility and power plant projects | (204,811 | ) | — | — | (107,163 | ) | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | (6,181 | ) | (3,851 | ) | (1,578 | ) | |||||||||||||||||||||||||
Non-cash interest expense | — | — | — | (1,024 | ) | (526 | ) | (292 | ) | |||||||||||||||||||||||||
Other | — | 193 | — | (19,306 | ) | (11,600 | ) | (6,075 | ) | |||||||||||||||||||||||||
GAAP | $ | 1,696,348 | $ | 489,484 | $ | 231,669 | $ | 280,931 | 16.6 | % | $ | (70,509 | ) | (14.4 | )% | $ | 35,976 | 15.5 | % | |||||||||||||||
The_Company_and_Summary_of_Sig3
The Company and Summary of Significant Accounting Policies Property, Plant & Equipment, Estimated Useful Life (Details) | 12 Months Ended |
Dec. 28, 2014 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Solar power systems [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
The_Company_and_Summary_of_Sig4
The Company and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Concentration Risk [Line Items] | |||
Operating lease, term | 20 years | ||
Sale leaseback transactions, lease term | 20 years | ||
Product liability contingency, minimum performance threshold, buy-back obligation, term | 2 years | ||
Capital leases, maximum term | 20 years | ||
Advertising expense | $11.90 | $11.80 | $9.20 |
Solar power systems [Member] | |||
Concentration Risk [Line Items] | |||
Operating lease, term | 20 years | ||
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Vendor agreement, term | 10 years | ||
Solar Panel [Member] | |||
Concentration Risk [Line Items] | |||
Product warranty, term | 25 years | ||
Inventer [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Product warranty, term | 5 years | ||
Inventer [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Product warranty, term | 20 years | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 57.80% | 31.00% | |
Costs and Estimated Earnings in Excess of Billings [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 85.00% | 34.00% |
Transactions_with_Total_and_To2
Transactions with Total and Total S.A. (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
31-May-13 | Jun. 29, 2014 | Jun. 30, 2011 | Dec. 31, 2011 | Dec. 28, 2014 | Feb. 28, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face value | 1,180,103,000 | $923,505,000 | ||||||
Accounts receivable | 35,072,000 | 11,780,000 | ||||||
Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Liquidity support facility, warrant, maximum ownership percentage allowed | 74.99% | |||||||
Liquidity Support Facility [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Liquidity support facility, maximum capacity | 600,000,000 | |||||||
Compensation and Funding Agreement [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest rate at period end | 2.75% | |||||||
0.75% debentures due 2018 [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest rate | 0.75% | 0.75% | ||||||
Debt instrument, face value | 300,000,000 | 300,000,000 | 300,000,000 | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $24.95 | 24.95 | ||||||
0.75% debentures due 2018 [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face value | 200,000,000 | |||||||
Debt Instrument, convertible, number of shares converted | 8,017,420 | |||||||
0.875% debentures due 2021 [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest rate | 0.88% | 0.88% | ||||||
Debt instrument, face value | 400,000,000 | 400,000,000 | 0 | |||||
Debt instrument, convertible, conversion price (in dollars per share) | 48.76 | |||||||
0.875% debentures due 2021 [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Instrument, convertible, number of shares converted | 5,126,775 | |||||||
Tender Offer Agreement [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership after sale of stock, percentage | 60.00% | |||||||
Consideration received in cash tender offer (in dollars per share) | $23.25 | |||||||
Cash tender offer | 1,400,000,000 | |||||||
Private Placement [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership after sale of stock, percentage | 66.00% | |||||||
Consideration received in cash tender offer (in dollars per share) | $8.80 | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 18,600,000 | |||||||
Total [Member] | Compensation and Funding Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of credit, fee rate | 5.00% | |||||||
Total [Member] | 0.875% debentures due 2021 [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face value | 250,000,000 | |||||||
Upfront Warrants (held by Total) [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Warrant or right, number of securities called by each warrant or right (in shares) | 9,531,677 | |||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $7.87 | |||||||
Class of warrant or right, term | 7 years | |||||||
Liquidity support facility, warrant, minimum amount of outstanding convertible debt required to be outstanding | 25,000,000 | |||||||
Interest Expense [Member] | Credit Support Agreement [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 12,035,000 | 8,890,000 | 6,916,000 | |||||
Interest Expense [Member] | Compensation and Funding Agreement [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 1,200,000 | 5,533,000 | 4,952,000 | |||||
Interest Expense [Member] | 0.75% debentures due 2018 [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 1,604,000 | 883,000 | 0 | |||||
Interest Expense [Member] | 0.875% debentures due 2021 [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 1,209,000 | 0 | 0 | |||||
Research and Development Expense [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Offsetting contributions received under R&D Agreement | -1,612,000 | -1,661,000 | 0 | |||||
Sales [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
EPC, O&M, and components revenue under joint projects | 151,566,000 | 0 | 0 | |||||
Costs and Estimated Earnings in Excess of Billings [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Costs and estimated earnings in excess of billings | 14,000,000 | |||||||
Accounts Receivable [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable | 1,300,000 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
business | ||
Business Acquisition [Line Items] | ||
Goodwill | $21,221,000 | $0 |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | 3 | |
Total cash consideration | 35,700,000 | |
Goodwill | 21,200,000 | |
Intangible assets (excluding goodwill) | 17,400,000 | |
Net liabilities assumed | $2,900,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill RollForward (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2014 |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $0 |
Goodwill acquired | 21,221 |
Goodwill, end of period | 21,221 |
Americas [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 0 |
Goodwill acquired | 21,221 |
Goodwill, end of period | 21,221 |
EMEA [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 0 |
Goodwill acquired | 0 |
Goodwill, end of period | 0 |
APAC [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 0 |
Goodwill acquired | 0 |
Goodwill, end of period | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Other intangible assets, gross | $17,375 |
Other intangible assets, accumulated amortization | -615 |
Other intangible assets, net | 16,760 |
Patents and Purchased Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Other intangible assets, gross | 13,675 |
Other intangible assets, accumulated amortization | -615 |
Other intangible assets, net | 13,060 |
Purchased In-Process Research and Development [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Other intangible assets, gross | 3,700 |
Other intangible assets, accumulated amortization | 0 |
Other intangible assets, net | $3,700 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Future Amortization (Details) (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Other intangible assets, net | $16,760 |
Patents and Purchased Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2015 | 1,989 |
2016 | 1,989 |
2017 | 1,989 |
2018 | 1,989 |
2019 | 1,989 |
Thereafter | 3,115 |
Other intangible assets, net | $13,060 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, impairment loss | $0 | $0 | $46,700,000 |
Recognized impairment loss on intangible asset | 12,800,000 | ||
Amortization of intangible assets | $600,000 | $700,000 | $9,100,000 |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | 12 Months Ended | |||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||
Accounts receivable, net: | ||||||
Accounts receivable, gross | $523,613,000 | [1],[2] | $389,152,000 | [1],[2] | ||
Less: allowance for doubtful accounts | -18,152,000 | -26,463,000 | ||||
Less: allowance for sales returns | -1,145,000 | -2,095,000 | ||||
Accounts receivable, net | 504,316,000 | [3] | 360,594,000 | [3] | ||
Short-term financing receivable | -9,141,000 | -4,433,000 | ||||
Short-term retainage | 213,000,000 | 8,300,000 | ||||
Inventory Disclosure [Abstract] | ||||||
Raw materials | 46,848,000 | 51,905,000 | ||||
Work-in-process | 67,903,000 | 52,756,000 | ||||
Finished goods | 93,822,000 | 140,914,000 | ||||
Inventories | 208,573,000 | 245,575,000 | ||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||
Deferred project costs | 64,784,000 | 275,389,000 | ||||
Bond hedge derivative | 51,951,000 | 110,477,000 | ||||
VAT receivables, current portion | 7,554,000 | 21,481,000 | ||||
Deferred costs for solar power systems to be leased | 22,537,000 | 23,429,000 | ||||
Derivative financial instruments | 7,018,000 | 4,642,000 | ||||
Other receivables | 79,927,000 | 112,062,000 | ||||
Other prepaid expenses | 47,448,000 | 28,629,000 | ||||
Other current assets | 47,626,000 | 70,161,000 | ||||
Prepaid expenses and other current assets | 328,845,000 | [3] | 646,270,000 | [3] | ||
Project Assets [Abstract] | ||||||
Project assets — plants | 104,328,000 | 64,564,000 | ||||
Project assets — land | 12,328,000 | 11,043,000 | ||||
Project assets - plants and land | 116,656,000 | 75,607,000 | ||||
Project assets - plants and land, current portion | 101,181,000 | 69,196,000 | ||||
Project assets - plants and land, net of current portion | 15,475,000 | 6,411,000 | ||||
Property, plant and equipment, net: | ||||||
Manufacturing equipment | 554,124,000 | [4] | 538,616,000 | [4] | ||
Land and buildings | 26,138,000 | 26,138,000 | ||||
Leasehold improvements | 236,867,000 | 229,846,000 | ||||
Solar power systems | 124,848,000 | [5] | 82,036,000 | [5] | ||
Computer equipment | 88,257,000 | 79,519,000 | ||||
Furniture and fixtures | 9,436,000 | 8,392,000 | ||||
Construction-in-process | 75,570,000 | 11,724,000 | ||||
Property, plant and equipment, gross | 1,115,240,000 | 976,271,000 | ||||
Less: accumulated depreciation | -529,896,000 | -442,884,000 | ||||
Property, plant and equipment, net | 585,344,000 | [6] | 533,387,000 | [6] | ||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position [Abstract] | ||||||
Solar power systems, sale leaseback | 94,400,000 | 52,600,000 | ||||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 585,344,000 | [6] | 533,387,000 | [6] | ||
Other Assets, Noncurrent [Abstract] | ||||||
Equity method investments | 210,898,000 | 131,739,000 | ||||
Retainage | 0 | [7] | 88,934,000 | [7] | ||
Cost method investments | 32,308,000 | 12,374,000 | ||||
Long-term debt issuance costs | 11,600,000 | 10,274,000 | ||||
Other | 57,023,000 | 55,156,000 | ||||
Other long-term assets | 311,829,000 | [3] | 298,477,000 | [3] | ||
Accrued Liabilities, Current [Abstract] | ||||||
Bond hedge derivatives | 51,951,000 | 110,477,000 | ||||
Employee compensation and employee benefits | 47,667,000 | 50,449,000 | ||||
Deferred revenue | 33,412,000 | 29,287,000 | ||||
Short-term residential lease financing | 1,489,000 | 14,436,000 | ||||
Interest payable | 10,575,000 | 10,971,000 | ||||
Short-term warranty reserves | 13,278,000 | 10,426,000 | ||||
Restructuring reserve | 13,477,000 | 7,134,000 | ||||
VAT payables | 6,073,000 | 7,089,000 | ||||
Derivative financial instruments | 1,345,000 | 6,170,000 | ||||
Other | 151,767,000 | 111,718,000 | ||||
Accrued liabilities | 331,034,000 | 358,157,000 | ||||
Other Liabilities, Noncurrent [Abstract] | ||||||
Deferred revenue | 176,804,000 | 176,925,000 | ||||
Long-term warranty reserves | 141,370,000 | 138,946,000 | ||||
Long-term sale-leaseback financing | 111,904,000 | 65,944,000 | ||||
Long-term residential lease financing | 27,122,000 | 31,933,000 | ||||
Unrecognized tax benefits | 31,764,000 | 28,927,000 | ||||
Long-term pension liability | 9,980,000 | 5,430,000 | ||||
Derivative financial instruments | 3,712,000 | 775,000 | ||||
Other | 52,688,000 | 75,111,000 | ||||
Other long-term liabilities | 555,344,000 | 523,991,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Cumulative translation adjustment | -8,712,000 | -3,766,000 | ||||
Net unrealized loss on derivatives | -1,443,000 | -805,000 | -243,000 | 10,473,000 | ||
Net loss on long-term pension liability adjustment | -2,878,000 | 0 | ||||
Deferred taxes | -422,000 | 253,000 | ||||
Accumulated other comprehensive loss | -13,455,000 | -4,318,000 | ||||
IFC Mortgage Loan [Member] | ||||||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position [Abstract] | ||||||
Collateralized Equipment | 111,900,000 | 145,900,000 | ||||
UNITED STATES | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 183,631,000 | [6] | 153,074,000 | [6] | ||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 183,631,000 | [6] | 153,074,000 | [6] | ||
PHILIPPINES | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 335,643,000 | [6] | 321,410,000 | [6] | ||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 335,643,000 | [6] | 321,410,000 | [6] | ||
MEXICO | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 40,251,000 | [6] | 32,705,000 | [6] | ||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 40,251,000 | [6] | 32,705,000 | [6] | ||
Europe [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 24,748,000 | [6] | 25,293,000 | [6] | ||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 24,748,000 | [6] | 25,293,000 | [6] | ||
UNKNOWN COUNTRY | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 1,071,000 | [6] | 905,000 | [6] | ||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 1,071,000 | [6] | 905,000 | [6] | ||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 26,463,000 | 26,773,000 | 21,039,000 | |||
Charges (Releases) to Expenses / Revenues | -1,023,000 | 8,258,000 | 8,898,000 | |||
Deductions | -7,288,000 | -8,568,000 | -3,164,000 | |||
Balance at End of Period | 18,152,000 | 26,463,000 | 26,773,000 | |||
Allowance for Sales Returns [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 2,095,000 | 5,054,000 | 8,648,000 | |||
Charges (Releases) to Expenses / Revenues | -950,000 | -2,959,000 | -3,594,000 | |||
Deductions | 0 | 0 | 0 | |||
Balance at End of Period | 1,145,000 | 2,095,000 | 5,054,000 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 90,571,000 | 182,322,000 | 129,946,000 | |||
Charges (Releases) to Expenses / Revenues | 28,177,000 | -91,751,000 | 52,376,000 | |||
Deductions | 0 | 0 | 0 | |||
Balance at End of Period | $118,748,000 | $90,571,000 | $182,322,000 | |||
[1] | Includes short-term retainage of $213.0 million and $8.3 million as of December 28, 2014 and December 29, 2013, respectively. Retainage refers to the earned, but unbilled, portion of a construction and development project for which payment is deferred by the customer until certain contractual milestones are met. | |||||
[2] | Includes short-term financing receivables associated with solar power systems leased of $9.1 million and $4.4 million as of December 28, 2014 and December 29, 2013, respectively (see Note 6). | |||||
[3] | The Company has related-party balances for transactions made with Total and its affiliates as well as unconsolidated entities in which the Company has a direct equity investment. These related-party balances are recorded within the "Accounts Receivable, net," "Costs and estimated earnings in excess of billings," "Prepaid expenses and other current assets," "Other long-term assets," "Accounts payable," "Customer advances, current portion," "Convertible debt, net of current portion," and "Customer advances, net of current portion" financial statement line items in the Consolidated Balance Sheets (see Note 2, Note 7, Note 10, Note 11, and Note 12). | |||||
[4] | 3 The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $111.9 million and $145.9 million as of December 28, 2014 and December 29, 2013, respectively. | |||||
[5] | Includes $94.4 million and $52.6 million of solar power systems associated with sale-leaseback transactions under the financing method as of December 28, 2014 and December 29, 2013, respectively, which are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years (see Note 6). | |||||
[6] | Property, plant and equipment, net by geography is based on the physical location of the assets. | |||||
[7] | Retainage refers to the earned, but unbilled, portion of a construction and development project for which payment is deferred by the customer until certain contractual milestones are met |
Leasing_Details
Leasing (Details) (USD $) | 12 Months Ended | ||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||
Leasing [Line Items] | |||||
Capital leases, maximum term | 20 years | ||||
Solar power systems leased and to be leased [Abstract] | |||||
Solar power systems leased, gross | $396,704,000 | [1],[2] | $324,202,000 | [1],[2] | |
Solar power systems to be leased, gross | 21,202,000 | [1],[2] | 36,645,000 | [1],[2] | |
Solar Power Systems Leased And To Be Leased, Gross | 417,906,000 | [1],[2] | 360,847,000 | [1],[2] | |
Accumulated depreciation - residential lease | -26,993,000 | [1],[2] | -15,343,000 | [1],[2] | |
Solar Power Systems Leased And To Be Leased, Net | 390,913,000 | [1],[2] | 345,504,000 | [1],[2] | |
Pledged Solar Assets, book value | 140,100,000 | 147,700,000 | |||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||
2015 | 14,318,000 | [3] | |||
2016 | 13,176,000 | [3] | |||
2017 | 13,213,000 | [3] | |||
2018 | 13,258,000 | [3] | |||
2019 | 13,303,000 | [3] | |||
Thereafter | 187,459,000 | [3] | |||
Minimum future rental receipts | 254,727,000 | [3] | |||
Financing receivables: | |||||
Financing receivable, gross | 319,244,000 | [4],[5] | 217,666,000 | [4] | |
Unguaranteed residual value | 34,343,000 | 23,366,000 | |||
Unearned income | -74,859,000 | -61,326,000 | |||
Net financing receivables | 278,728,000 | 179,706,000 | |||
Current | 9,141,000 | 4,433,000 | |||
Long-term | 269,587,000 | 175,273,000 | |||
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | |||||
2015 | 15,513,000 | [5] | |||
2016 | 15,470,000 | [5] | |||
2017 | 15,660,000 | [5] | |||
2018 | 15,857,000 | [5] | |||
2019 | 16,058,000 | [5] | |||
Thereafter | 240,686,000 | [5] | |||
Financing receivable, gross | 319,244,000 | [4],[5] | 217,666,000 | [4] | |
Third-Party Financing Arrangements [Abstract] | |||||
Non-recourse debt | 28,600,000 | 46,400,000 | |||
Contributions from noncontrolling interests | 100,683,000 | 100,008,000 | 0 | ||
Net income (loss) attributable to noncontrolling interest - leasing operations | 64,300,000 | ||||
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | 62,799,000 | 62,043,000 | 0 | ||
Sale-Leaseback [Abstract] | |||||
Sale leaseback transactions, lease term | 20 years | ||||
Future minimum lease obligations | 96,200,000 | ||||
Operating lease, term | 20 years | ||||
Sale leaseback, minimum lease obligation | $100,900,000 | ||||
[1] | As of December 28, 2014 and December 29, 2013, the Company has pledged solar assets with an aggregate book value of $140.1 million and $147.7 million, respectively, to third-party investors as security for the Company's contractual obligations. | ||||
[2] | Solar power systems leased and to be leased, net are physically located in the United States. | ||||
[3] | Minimum future rentals on operating leases placed in service does not include contingent rentals that may be received from customers under agreements that include performance-based incentives. | ||||
[4] | 1Â Net of allowance for doubtful accounts. | ||||
[5] | Minimum future rentals on sales-type leases placed in service does not include contingent rentals that may be received from customers under agreements that include performance-based incentives. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Nov. 30, 2014 | |||
Accrued liabilities: | ||||||
Derivative financial instruments (Note 12) | $1,345,000 | $6,170,000 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 12) | 3,712,000 | 775,000 | ||||
Fair Value Inputs, Quantitative Information [Abstract] | ||||||
Stock price (in dollars per share) | $26.32 | |||||
Related Party Transactions [Abstract] | ||||||
Accounts receivable | 35,072,000 | 11,780,000 | ||||
Accounts payable | 57,167,000 | 51,499,000 | ||||
Long-term note receivable | 3,102,000 | 3,688,000 | ||||
Payments made to investees for products/services | 462,596,000 | 480,802,000 | 606,301,000 | |||
Restricted long-term marketable securities | 7,158,000 | 8,892,000 | ||||
Restricted long-term marketable securities | 7,158,000 | 8,892,000 | ||||
Equity method investments | 210,898,000 | 131,739,000 | ||||
Cost method investments | 32,308,000 | 12,374,000 | ||||
4.5% Bond Hedge [Member] | ||||||
Other long-term liabilities: | ||||||
Interest rate | 4.50% | |||||
Fair Value Inputs, Quantitative Information [Abstract] | ||||||
Stock price (in dollars per share) | $26.32 | [1] | $28.91 | [1] | ||
Exercise price (in dollars per share) | $22.53 | [1] | $22.53 | [1] | ||
Interest rate | 0.19% | [1] | 0.33% | [1] | ||
Stock Volatility | 61.70% | [1] | 57.70% | [1] | ||
Credit Risk Adjustment | 0.65% | [1] | 0.71% | [1] | ||
Maturity date | 18-Feb-15 | [1] | 18-Feb-15 | [1] | ||
Fair Value, Measurements, Recurring [Member] | ||||||
Cash and cash equivalents: | ||||||
Money market funds | 375,000,000 | [2] | 358,001,000 | [2] | ||
Prepaid expenses and other current assets: | ||||||
Debt derivatives (Note 11) | 51,951,000 | 110,477,000 | ||||
Derivative financial instruments (Note 12) | 7,018,000 | 4,642,000 | ||||
Other long-term assets: | ||||||
Derivative financial instruments (Note 12) | 0 | 588,000 | ||||
Total assets | 433,969,000 | 473,708,000 | ||||
Accrued liabilities: | ||||||
Debt derivatives (Note 11) | 51,951,000 | 110,477,000 | ||||
Derivative financial instruments (Note 12) | 1,345,000 | 6,170,000 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 12) | 3,712,000 | 775,000 | ||||
Total liabilities | 57,008,000 | 117,422,000 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Cash and cash equivalents: | ||||||
Money market funds | 375,000,000 | [2] | 358,001,000 | [2] | ||
Prepaid expenses and other current assets: | ||||||
Debt derivatives (Note 11) | 0 | 0 | ||||
Derivative financial instruments (Note 12) | 0 | 0 | ||||
Other long-term assets: | ||||||
Derivative financial instruments (Note 12) | 0 | 0 | ||||
Total assets | 375,000,000 | 358,001,000 | ||||
Accrued liabilities: | ||||||
Debt derivatives (Note 11) | 0 | 0 | ||||
Derivative financial instruments (Note 12) | 0 | 0 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 12) | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Cash and cash equivalents: | ||||||
Money market funds | 0 | [2] | 0 | [2] | ||
Prepaid expenses and other current assets: | ||||||
Debt derivatives (Note 11) | 51,951,000 | 110,477,000 | ||||
Derivative financial instruments (Note 12) | 7,018,000 | 4,642,000 | ||||
Other long-term assets: | ||||||
Derivative financial instruments (Note 12) | 0 | 588,000 | ||||
Total assets | 58,969,000 | 115,707,000 | ||||
Accrued liabilities: | ||||||
Debt derivatives (Note 11) | 51,951,000 | 110,477,000 | ||||
Derivative financial instruments (Note 12) | 1,345,000 | 6,170,000 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 12) | 3,712,000 | 775,000 | ||||
Total liabilities | 57,008,000 | 117,422,000 | ||||
4.50% debentures due 2015 [Member] | ||||||
Other long-term liabilities: | ||||||
Interest rate | 4.50% | |||||
Tendril Networks Inc [Member] | ||||||
Fair Value Inputs, Quantitative Information [Abstract] | ||||||
Cost method investment, ownership percentage | 21.00% | |||||
Cost method investment, agreement to purchase additional interest, ownership percentage after potential increase | 25.00% | |||||
Tendril Networks Inc [Member] | Preferred Stock [Member] | ||||||
Fair Value Inputs, Quantitative Information [Abstract] | ||||||
Cost method investment, original cost | 20,000,000 | |||||
Tendril Networks Inc [Member] | Common Stock [Member] | ||||||
Fair Value Inputs, Quantitative Information [Abstract] | ||||||
Cost method investment, agreement to purchase additional interest (in shares) | 14,000,000 | |||||
SunPower Inc [Member] | Tendril Networks Inc [Member] | Master Services Agreement and Statement of Works [Member] | ||||||
Fair Value Inputs, Quantitative Information [Abstract] | ||||||
Cost method investments, joint investment in development project | 13,000,000 | |||||
[1] | The valuation model utilizes these inputs to value the right but not the obligation to purchase one share of the Company's common stock at $22.53. The Company utilized a Black-Scholes valuation model to value the 4.50% Bond Hedge and embedded cash conversion option. The underlying input assumptions were determined as follows:(i)Stock price. The closing price of the Company's common stock on the last trading day of the quarter.(ii)Exercise price. The exercise price of the 4.50% Bond Hedge and the embedded cash conversion option.(iii)Interest rate. The Treasury Strip rate associated with the life of the 4.50% Bond Hedge and the embedded cash conversion option.(iv)Stock volatility. The volatility of the Company's common stock over the life of the 4.50% Bond Hedge and the embedded cash conversion option.(v)Credit risk adjustment. Represents the weighted average of the credit default swap rate of the counterparties. | |||||
[2] | 1Â The Company's cash equivalents consist of money market fund instruments and commercial paper that are classified as available-for-sale and are highly liquid investments with original maturities of 90 days or less. The Company's money market fund instruments are categorized within Level 1 of the fair value hierarchy because they are valued using quoted market prices for identical instruments in active markets. |
Restructuring_Details
Restructuring (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Nov. 14, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | $12,223,000 | $2,602,000 | $100,823,000 | |||
Restructuring cost incurred to date | 137,051,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 7,134,000 | |||||
Restructuring reserve, charges (benefits) | 12,223,000 | 2,602,000 | 100,823,000 | |||
Restructuring reserve, payments | -5,161,000 | |||||
Restructuring Reserve, end | 13,477,000 | 7,134,000 | ||||
November 2014 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Percent of restructuring charges in cash | 90.00% | |||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 13,112,000 | 0 | 0 | |||
Restructuring cost incurred to date | 13,112,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 0 | |||||
Restructuring reserve, charges (benefits) | 12,393,000 | |||||
Restructuring reserve, payments | -173,000 | |||||
Restructuring Reserve, end | 12,220,000 | 0 | ||||
Legacy Restructuring Plans [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | -889,000 | 2,602,000 | 100,823,000 | |||
Restructuring cost incurred to date | 123,939,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 7,134,000 | |||||
Restructuring reserve, charges (benefits) | -889,000 | |||||
Restructuring reserve, payments | -4,988,000 | |||||
Restructuring Reserve, end | 1,257,000 | 7,134,000 | ||||
Employee Severance [Member] | November 2014 Plan [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 12,180,000 | 0 | 0 | |||
Restructuring cost incurred to date | 12,180,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 0 | |||||
Restructuring reserve, charges (benefits) | 12,180,000 | |||||
Restructuring reserve, payments | -105,000 | |||||
Restructuring Reserve, end | 12,075,000 | 0 | ||||
Employee Severance [Member] | Legacy Restructuring Plans [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | -1,645,000 | -535,000 | 30,398,000 | |||
Restructuring cost incurred to date | 46,709,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 3,961,000 | |||||
Restructuring reserve, charges (benefits) | -1,645,000 | |||||
Restructuring reserve, payments | -1,895,000 | |||||
Restructuring Reserve, end | 421,000 | 3,961,000 | ||||
Facility Closing [Member] | Legacy Restructuring Plans [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 244,000 | 610,000 | 4,232,000 | |||
Restructuring cost incurred to date | 5,774,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 1,609,000 | |||||
Restructuring reserve, charges (benefits) | 244,000 | |||||
Restructuring reserve, payments | -1,463,000 | |||||
Restructuring Reserve, end | 390,000 | 1,609,000 | ||||
Other Restructuring [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, charges (benefits) | 11,504,000 | |||||
Other Restructuring [Member] | November 2014 Plan [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 213,000 | 0 | 0 | |||
Restructuring cost incurred to date | 213,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 0 | |||||
Restructuring reserve, charges (benefits) | 213,000 | |||||
Restructuring reserve, payments | -68,000 | |||||
Restructuring Reserve, end | 145,000 | 0 | ||||
Other Restructuring [Member] | Legacy Restructuring Plans [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 512,000 | 2,084,000 | 6,040,000 | |||
Restructuring cost incurred to date | 10,860,000 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, beginning | 1,564,000 | [1] | ||||
Restructuring reserve, charges (benefits) | 512,000 | [1] | ||||
Restructuring reserve, payments | -1,630,000 | [1] | ||||
Restructuring Reserve, end | 446,000 | [1] | 1,564,000 | [1] | ||
Non-cash impairment charges [Member] | November 2014 Plan [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 719,000 | 0 | 0 | |||
Restructuring cost incurred to date | 719,000 | |||||
Non-cash impairment charges [Member] | Legacy Restructuring Plans [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Restructuring charges | 0 | 443,000 | 60,153,000 | |||
Restructuring cost incurred to date | 60,596,000 | |||||
Minimum [Member] | November 2014 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Reorganization, number of jobs affected | 85,000 | |||||
Reorganization, percentage of workforce affected | 1.00% | |||||
Restructuring charges | 15,000,000 | |||||
Maximum [Member] | November 2014 Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Reorganization, number of jobs affected | 115,000 | |||||
Reorganization, percentage of workforce affected | 2.00% | |||||
Restructuring charges | 25,000,000 | |||||
[1] | 1Â Other costs primarily represent associated legal services. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Sep. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 19, 2014 | Jan. 28, 2015 | Sep. 28, 2014 | Dec. 29, 2013 | Feb. 06, 2015 | ||||
Leases, Operating [Abstract] | ||||||||||||
Operating leases, future minimum payments due | $55,500,000 | |||||||||||
Operating lease, term | 10 years | |||||||||||
Capital Lease Obligations [Abstract] | ||||||||||||
Capital lease obligations | 6,400,000 | |||||||||||
Capital leases, maximum term | 10 years | |||||||||||
Purchase commitments supply and price, term | 10 years | |||||||||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||||||||
2015 | 598,461,000 | |||||||||||
2016 | 334,897,000 | |||||||||||
2017 | 405,949,000 | |||||||||||
2018 | 182,181,000 | |||||||||||
2019 | 175,695,000 | |||||||||||
Thereafter | 164,847,000 | |||||||||||
Total | 1,862,030,000 | [1],[2],[3] | ||||||||||
Future purchase obligations to related parties | 2,500,000 | |||||||||||
Future purchase obligations related to non-cancellable purchase orders | 216,500,000 | |||||||||||
Future purchase obligations related to long-term supply agreements | 1,600,000,000 | |||||||||||
Advances to Suppliers [Abstract] | ||||||||||||
Advance payments made to supplier | 65,700,000 | |||||||||||
Advances to suppliers | 409,700,000 | 383,300,000 | 383,300,000 | |||||||||
Advances to suppliers, current portion | 98,129,000 | 58,619,000 | 58,619,000 | |||||||||
Advances From Customer, Maturity Profile [Abstract] | ||||||||||||
2015 | 31,788,000 | |||||||||||
2016 | 22,713,000 | |||||||||||
2017 | 27,039,000 | |||||||||||
2018 | 27,039,000 | |||||||||||
2019 | 28,842,000 | |||||||||||
Thereafter | 43,263,000 | |||||||||||
Total | 180,684,000 | |||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Customer advances, current portion | 31,788,000 | [4] | 36,883,000 | [4] | 36,883,000 | [4] | ||||||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||||||||||
Product Warranties, beginning | 149,372,000 | 149,372,000 | 117,172,000 | 94,323,000 | ||||||||
Accruals for warranties issued during the period | 24,942,000 | 40,259,000 | 29,833,000 | |||||||||
Settlements and adjustments during the period | -19,666,000 | -8,059,000 | -6,984,000 | |||||||||
Product Warranties, end | 154,648,000 | 149,372,000 | 117,172,000 | 149,372,000 | ||||||||
Future Financing Commitments [Line Items] | ||||||||||||
Product liability contingency, minimum performance threshold, buy-back obligation, term | 2 years | |||||||||||
Liabilities Associated with Uncertain Tax Positions [Abstract] | ||||||||||||
Unrecognized tax benefits | 31,764,000 | 28,927,000 | 28,927,000 | |||||||||
Net loss on long-term pension liability adjustment | -2,878,000 | 0 | 0 | |||||||||
Subsequent Event [Member] | ||||||||||||
Future Financing Commitments [Line Items] | ||||||||||||
Requested payment by supplier, amount | 56,100,000 | |||||||||||
First Philec Arbitration [Member] | ||||||||||||
Loss Contingency [Abstract] | ||||||||||||
Loss contingency accrual recorded | 63,000,000 | |||||||||||
Solar power systems [Member] | NRG Solar Inc. [Member] | Pending Litigation [Member] | ||||||||||||
Loss Contingency [Abstract] | ||||||||||||
Damages sought | 75,000,000 | |||||||||||
First Philippine Solar Corporation [Member] | SunPower Philippines Manufacturing LTD [Member] | First Philec Arbitration [Member] | Judicial Ruling [Member] | Subsequent Event [Member] | ||||||||||||
Loss Contingency [Abstract] | ||||||||||||
Court required payments to third party to buyout minority interests, amount | 30,300,000 | |||||||||||
Damages awarded | 25,200,000 | |||||||||||
Other Noncurrent Liabilities [Member] | ||||||||||||
Liabilities Associated with Uncertain Tax Positions [Abstract] | ||||||||||||
Defined benefit plan, amounts recognized in Balance Sheet | 10,000,000 | 5,400,000 | 5,400,000 | |||||||||
AUOSP [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Customer advances and deposits | 167,200,000 | 181,300,000 | 181,300,000 | |||||||||
Customer advances, current portion | 18,300,000 | 14,000,000 | 14,000,000 | |||||||||
Future Financing Commitments [Line Items] | ||||||||||||
Future financing obligation, year one | $171,900,000 | |||||||||||
Supplier Concentration Risk [Member] | Supplier One [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Concentration risk, percentage | 82.00% | 77.00% | ||||||||||
Supplier Concentration Risk [Member] | Supplier Two [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Concentration risk, percentage | 17.00% | 22.00% | ||||||||||
[1] | otal future purchase obligations as of December 28, 2014 include $2.5 million to related parties. | |||||||||||
[2] | Total future purchase obligations was composed of $216.5 million related to non-cancellable purchase orders and $1.6 billion related to long-term supply agreements. | |||||||||||
[3] | During fiscal 2014, the Company did not fulfill all of the purchase commitments it was otherwise obligated to take by December 31, 2014, as specified in several related contracts with a supplier. On February 6, 2015, the Company received a notice from the supplier requesting payment for $56.1 million related to this shortfall. This amount has been included in the '2015' column in the above table and the Company has not recorded an accrual for this amount as of December 28, 2014, as it expects to satisfy the obligation via purchases of inventory in fiscal 2015, within the cure period specified in the contracts, and the amounts did not become due until after the end of fiscal 2014. | |||||||||||
[4] | The Company has related-party balances for transactions made with Total and its affiliates as well as unconsolidated entities in which the Company has a direct equity investment. These related-party balances are recorded within the "Accounts Receivable, net," "Costs and estimated earnings in excess of billings," "Prepaid expenses and other current assets," "Other long-term assets," "Accounts payable," "Customer advances, current portion," "Convertible debt, net of current portion," and "Customer advances, net of current portion" financial statement line items in the Consolidated Balance Sheets (see Note 2, Note 7, Note 10, Note 11, and Note 12). |
Equity_Method_Investments_Deta
Equity Method Investments (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Oct. 31, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $210,898,000 | $131,739,000 | ||
CCPV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 25.00% | |||
Payments to acquire equity method investments | 16,400,000 | |||
Diamond Energy [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 25.00% | |||
Payments to acquire equity method investments | 3,000,000 | |||
AUOSP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | 191,700,000 | 112,600,000 | ||
Equity method investment, ownership percentage | 50.00% | |||
Joint venture, energy output committed to purchase, percentage | 80.00% | |||
Future financing obligation, year one | 169,000,000 | |||
Additional cash contributions | 50,000,000 | |||
Contributions paid to joint ventures | $72,000,000 |
Debt_and_Credit_Sources_Detail
Debt and Credit Sources (Details) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | 31-May-13 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 02, 2011 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 28, 2014 | Apr. 30, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Feb. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | 31-May-10 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Oct. 17, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | 31-May-13 | Feb. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | 31-May-09 | Dec. 28, 2014 | Feb. 28, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | Bond Hedge [Member] | Residential Lease Program [Member] | Unsecured Debt [Member] | 0.875% debentures due 2021 [Member] | 0.875% debentures due 2021 [Member] | 0.875% debentures due 2021 [Member] | 0.75% debentures due 2018 [Member] | 0.75% debentures due 2018 [Member] | 0.75% debentures due 2018 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 0.75% debentures due 2015 [Member] | 0.75% debentures due 2015 [Member] | IFC Mortgage Loan [Member] | IFC Mortgage Loan [Member] | IFC Mortgage Loan [Member] | CEDA Loan [Member] | CEDA Loan [Member] | Quinto Loan [Member] | Quinto Loan [Member] | Quinto Loan [Member] | Quinto Loan [Member] | Quinto Loan [Member] | Quinto Loan [Member] | Quinto Loan [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | July 2013 Credit Agricole Syndicated Revolver [Member] | July 2013 Credit Agricole Syndicated Revolver [Member] | July 2013 Credit Agricole Syndicated Revolver [Member] | August 2011 Letter of Credit [Member] | August 2011 Letter of Credit [Member] | September 2011 Letter of Credit [Member] | September 2011 Letter of Credit [Member] | Total [Member] | Warrant (Under the CSO2014) [Member] | Warrant (Under the CSO2014) [Member] | Warrant (Under the CSO2014) [Member] | Warrant (Under the CSO2014) [Member] | Warrant (Under the CSO2014) [Member] | Upfront Warrants (held by Total) [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Line of Credit [Member] | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cash Conversion Option [Member] | Cash Conversion Option [Member] | Cash Conversion Option [Member] | Bond Hedge [Member] | Bond Hedge [Member] | Bond Hedge [Member] | Warrants (Under the CSO2015) [Member] | USD ($) | USD ($) | USD ($) | Bond Hedge [Member] | Bond Hedge [Member] | Bond Hedge [Member] | Bond Hedge [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Letter of Credit [Member] | Line of Credit [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | ILS | USD ($) | Line of Credit [Member] | Minimum [Member] | Maximum [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | 0.75% debentures due 2018 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Total [Member] | USD ($) | USD ($) | 0.875% debentures due 2021 [Member] | 0.875% debentures due 2021 [Member] | 0.75% debentures due 2018 [Member] | 0.75% debentures due 2018 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.75% debentures due 2014 [Member] | 4.75% debentures due 2014 [Member] | 0.75% debentures due 2015 [Member] | 0.75% debentures due 2015 [Member] | Total [Member] | |||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Maximum [Member] | installment | USD ($) | USD ($) | Line of Credit [Member] | Line of Credit [Member] | Credit Agricole [Member] | Line of Credit [Member] | Line of Credit [Member] | Deutsche Bank [Member] | Deutsche Bank [Member] | Deutsche Bank [Member] | Deutsche Bank [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | Credit Agricole [Member] | Credit Agricole [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | $1,180,103,000 | $923,505,000 | $8,600,000 | $400,000,000 | $400,000,000 | $0 | $300,000,000 | $300,000,000 | $300,000,000 | $249,645,000 | [1] | $250,000,000 | $250,000,000 | $0 | $230,000,000 | $79,000 | $79,000 | $75,000,000 | $47,500,000 | $62,500,000 | $30,000,000 | $30,000,000 | $61,481,000 | $0 | $91,398,000 | [1] | $50,926,000 | [1] | $200,000,000 | $949,724,000 | $780,079,000 | $400,000,000 | $0 | $300,000,000 | $300,000,000 | $249,645,000 | $250,000,000 | $0 | $230,000,000 | $79,000 | $79,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term | 262,288,000 | 512,116,000 | 1,500,000 | 0 | 0 | 0 | 0 | 245,325,000 | [1] | 225,889,000 | 0 | 230,000,000 | 0 | 0 | 15,000,000 | 15,000,000 | 0 | 0 | 0 | 0 | 1,963,000 | [1] | 41,227,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term | 913,495,000 | 387,278,000 | 80,400,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 0 | [1] | 0 | 0 | 0 | 79,000 | 79,000 | 32,500,000 | 47,500,000 | 30,000,000 | 30,000,000 | 61,481,000 | 0 | 89,435,000 | [1] | 9,699,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments, carrying value | 1,175,783,000 | 899,394,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 245,325,000 | [1] | 225,889,000 | 0 | 230,000,000 | 79,000 | 79,000 | 47,500,000 | 62,500,000 | 30,000,000 | 30,000,000 | 61,481,000 | 0 | 91,398,000 | [1] | 40,700,000 | 141,800,000 | 50,926,000 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 266,659,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 19,970,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 20,294,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 306,077,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 5,789,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 561,314,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 1,180,103,000 | 923,505,000 | 8,600,000 | 400,000,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 300,000,000 | 249,645,000 | [1] | 250,000,000 | 250,000,000 | 0 | 230,000,000 | 79,000 | 79,000 | 75,000,000 | 47,500,000 | 62,500,000 | 30,000,000 | 30,000,000 | 61,481,000 | 0 | 91,398,000 | [1] | 50,926,000 | [1] | 200,000,000 | 949,724,000 | 780,079,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 249,645,000 | 250,000,000 | 0 | 230,000,000 | 79,000 | 79,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt, current portion | 245,325,000 | 455,889,000 | 245,325,000 | 225,889,000 | 0 | 230,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Noncurrent | 700,079,000 | [2] | 300,079,000 | [2] | 945,404,000 | 755,968,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 79,000 | 79,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 1,180,103,000 | 923,505,000 | 8,600,000 | 400,000,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 300,000,000 | 249,645,000 | [1] | 250,000,000 | 250,000,000 | 0 | 230,000,000 | 79,000 | 79,000 | 75,000,000 | 47,500,000 | 62,500,000 | 30,000,000 | 30,000,000 | 61,481,000 | 0 | 91,398,000 | [1] | 50,926,000 | [1] | 200,000,000 | 949,724,000 | 780,079,000 | 400,000,000 | 0 | 300,000,000 | 300,000,000 | 249,645,000 | 250,000,000 | 0 | 230,000,000 | 79,000 | 79,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | 1,019,411,000 | [3] | 980,827,000 | [3] | 358,000,000 | [3] | 0 | [3] | 366,750,000 | [3] | 367,578,000 | [3] | 294,581,000 | [3] | 343,895,000 | [3] | [3] | 269,252,000 | [3] | 80,000 | [3] | 102,000 | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 4.75% | 0.88% | 0.88% | 0.75% | 0.75% | 4.50% | 4.50% | 4.75% | 4.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion price (in dollars per share) | $48.76 | $24.95 | $24.95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in dollars per share) | $22.53 | [4] | $22.53 | $26.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized non-cash loss | 108,200,000 | 1,600,000 | -58,500,000 | 108,100,000 | 1,600,000 | -58,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 21,585,000 | 49,016,000 | 38,177,000 | 19,800,000 | 17,300,000 | 15,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount | 4,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant or right, number of securities called by each warrant or right (in shares) | 11,100,000 | 8,700,000 | 8,700,000 | 9,531,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $24 | $26.40 | $26.40 | $7.87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of convertible debt (in shares) | 7,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash paid for settlement of debt | 41,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Option Indexed to Issuer's Equity, Indexed Shares | 8,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 4.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants in full, paid cash settlement | 68,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, delayed repayment, deferment term | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, number of installment payments | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, borrowing fee, percent of principal | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, commitment fee | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, prepayment premium | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 9,200,000 | 9,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, term | 19 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other commitment | 139,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | 250,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidity support facility, maximum capacity | 377,000,000 | 59,000,000 | 318,000,000 | 300,000,000 | 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, outstanding balance commitment fee, percentage | 2.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on base loan, period two | 0.50% | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on federal funds rate, period two | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on libor rate, period two | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage, period two | 0.25% | 0.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread | 1.63% | 1.88% | 0.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on base loan rate | 0.63% | 0.88% | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on federal funds | 0.50% | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on libor rate | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | 0.06% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of non-recourse debt financing, net of issuance costs | 81,926,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread, period two | 1.50% | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit facility, maximum borrowing capacity, in 2014 | 878,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit facility, maximum borrowing capacity, in 2015 | 936,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit facility, maximum borrowing capacity, in 2016 | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of Credit outstanding, amount | 654,700,000 | 736,000,000 | 1,600,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments for Repurchase of Warrants | $81,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Other debt excludes payments related to capital leases, which are disclosed in Note 9. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company has related-party balances for transactions made with Total and its affiliates as well as unconsolidated entities in which the Company has a direct equity investment. These related-party balances are recorded within the "Accounts Receivable, net," "Costs and estimated earnings in excess of billings," "Prepaid expenses and other current assets," "Other long-term assets," "Accounts payable," "Customer advances, current portion," "Convertible debt, net of current portion," and "Customer advances, net of current portion" financial statement line items in the Consolidated Balance Sheets (see Note 2, Note 7, Note 10, Note 11, and Note 12). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The valuation model utilizes these inputs to value the right but not the obligation to purchase one share of the Company's common stock at $22.53. The Company utilized a Black-Scholes valuation model to value the 4.50% Bond Hedge and embedded cash conversion option. The underlying input assumptions were determined as follows:(i)Stock price. The closing price of the Company's common stock on the last trading day of the quarter.(ii)Exercise price. The exercise price of the 4.50% Bond Hedge and the embedded cash conversion option.(iii)Interest rate. The Treasury Strip rate associated with the life of the 4.50% Bond Hedge and the embedded cash conversion option.(iv)Stock volatility. The volatility of the Company's common stock over the life of the 4.50% Bond Hedge and the embedded cash conversion option.(v)Credit risk adjustment. Represents the weighted average of the credit default swap rate of the counterparties. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets, net amounts | $7,018,000 | $5,230,000 | |
Derivative financial instruments | 1,345,000 | 6,170,000 | |
Derivative liabilities, net amounts | 5,057,000 | 6,945,000 | |
Derivative assets, gross amounts recognized | 7,018,000 | 5,230,000 | |
Derivative assets, financial instruments | 1,345,000 | 4,512,000 | |
Derivative assets, net amounts | 5,673,000 | 718,000 | |
Derivative liabilities, gross amounts recognized | 5,057,000 | 6,945,000 | |
Derivative liabilities, financial instruments | 1,345,000 | 4,512,000 | |
Derivative liabilities, net amounts | 3,712,000 | 2,433,000 | |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Gain (loss) in OCI at the beginning of the period | -805,000 | -243,000 | 10,473,000 |
Unrealized gain (loss) recognized in OCI (effective portion) | -255,000 | -168,000 | -1,720,000 |
Less: Loss (gain) reclassified from OCI to revenue (effective portion) | -383,000 | -394,000 | -8,996,000 |
Net gain (loss) on derivatives | -638,000 | -562,000 | -10,716,000 |
Gain (loss) in OCI at the end of the period | -1,443,000 | -805,000 | -243,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net [Abstract] | |||
Gain (loss) recognized in Other, net on derivatives (ineffective portion and amount excluded from effectiveness testing) | 704,000 | -3,029,000 | -1,853,000 |
Gain (loss) recognized in Other, net | 6,463,000 | -4,615,000 | 3,126,000 |
Derivatives designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, net amounts | 2,244,000 | 1,238,000 | |
Derivative liabilities, net amounts | 3,712,000 | 2,370,000 | |
Derivatives designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 12,200,000 | 42,800,000 | |
Derivatives designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 26,600,000 | 105,900,000 | |
Derivatives designated as hedging instruments [Member] | Interest Rate Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 247,000,000 | 9,000,000 | |
Derivatives not designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, net amounts | 4,774,000 | 3,992,000 | |
Derivative liabilities, net amounts | 1,345,000 | 4,575,000 | |
Derivatives not designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 122,500,000 | 32,100,000 | |
Derivatives not designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 0 | 9,400,000 | |
Prepaid expenses and other current assets [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 4,000 | 35,000 | |
Prepaid expenses and other current assets [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 2,240,000 | 615,000 | |
Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 4,774,000 | 3,611,000 | |
Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 0 | 381,000 | |
Other long-term assets [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Noncurrent derivative assets | 0 | 588,000 | |
Accrued liabilities [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | 0 | 1,595,000 | |
Accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | 1,345,000 | 4,189,000 | |
Accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | 0 | 386,000 | |
Other long-term liabilities [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | 0 | 555,000 | |
Other long-term liabilities [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | $3,712,000 | $220,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Geographic distribution of income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees: | |||
U.S. income (loss) | $183,412,000 | ($32,022,000) | ($140,432,000) |
Non-U.S. income (loss) | 1,202,000 | 73,605,000 | -189,231,000 |
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | 184,614,000 | 41,583,000 | -329,663,000 |
Current tax benefit (expense) | |||
Federal | 141,000 | 5,068,000 | 0 |
State | 3,554,000 | -2,414,000 | -805,000 |
Foreign | -16,571,000 | -14,043,000 | -28,183,000 |
Total current tax expense | -12,876,000 | -11,389,000 | -28,988,000 |
Deferred tax benefit (expense) | |||
Federal | 2,797,000 | 0 | 0 |
State | 10,000 | 0 | 0 |
Foreign | 1,309,000 | -516,000 | 7,146,000 |
Total deferred tax benefit (expense) | 4,116,000 | -516,000 | 7,146,000 |
Provision for income taxes | -8,760,000 | -11,905,000 | -21,842,000 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Tax benefit (expense) at U.S. statutory rate | -64,614,000 | -14,554,000 | 115,382,000 |
Foreign rate differential | -15,387,000 | 9,324,000 | -82,017,000 |
State income taxes, net of benefit | 2,180,000 | -2,414,000 | -805,000 |
Goodwill impairment | 0 | 0 | -12,596,000 |
Deemed foreign dividend | -4,625,000 | -2,511,000 | 0 |
Tax credits (research and development/investment tax credit) | 9,262,000 | 15,599,000 | 939,000 |
Change in valuation allowance | 52,489,000 | -32,512,000 | -53,075,000 |
Reserve release | 1,948,000 | 10,550,000 | 0 |
Non-controlling interest income | 11,052,000 | 9,570,000 | 0 |
Lehman settlement | 0 | 0 | 17,726,000 |
Other, net | -1,065,000 | -4,957,000 | -7,396,000 |
Deferred tax assets: | |||
Net operating loss carryforwards | 60,092,000 | 84,815,000 | |
Research and development credit and California manufacturing credit carryforwards | 14,846,000 | 26,865,000 | |
Reserves and accruals | 164,585,000 | 145,382,000 | |
Synthetic debt | 1,635,000 | 13,595,000 | |
Stock-based compensation stock deductions | 14,694,000 | 14,752,000 | |
Other | 216,000 | 0 | |
Total deferred tax asset | 256,068,000 | 285,409,000 | |
Valuation allowance | -118,748,000 | -90,571,000 | |
Total deferred tax asset, net of valuation allowance | 137,320,000 | 194,838,000 | |
Deferred tax liabilities: | |||
Foreign currency derivatives unrealized gains | -422,000 | 184,000 | |
Other intangible assets and accruals | -35,279,000 | -44,959,000 | |
Fixed asset basis difference | -95,247,000 | -143,491,000 | |
Total deferred tax liabilities | -130,948,000 | -188,266,000 | |
Net deferred tax asset | 6,372,000 | 6,572,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | 29,618,000 | 62,932,000 | 33,565,000 |
Additions for tax positions related to the current year | 5,579,000 | 2,053,000 | 708,000 |
Additions (reductions) for tax positions from prior years | 14,408,000 | -24,535,000 | 32,493,000 |
Reductions for tax positions from prior years/statute of limitations expirations | -3,391,000 | -12,431,000 | -2,684,000 |
Foreign exchange (gain) loss | -1,927,000 | 1,599,000 | -1,150,000 |
Balance at the end of the period | 44,287,000 | 29,618,000 | 62,932,000 |
Undistributed earnings | 231,100,000 | ||
Undistributed foreign earnings | 61,500,000 | ||
Change in valuation allowance | 28,200,000 | 91,800,000 | -52,400,000 |
Unrecognized tax benefits | 28,200,000 | 25,900,000 | |
Unrecognized tax benefits | 31,764,000 | 28,927,000 | |
Interest accrued | 3,300,000 | 2,600,000 | |
Internal Revenue Service (IRS) [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating loss carryforwards | 288,300,000 | ||
Tax credit carryforward, amount | 49,700,000 | ||
State and Local Jurisdiction [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating loss carryforwards | 180,500,000 | ||
Tax credit carryforward, amount | 9,400,000 | ||
Philippines [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Minimum tax holiday rate | 0.00% | ||
Maximum tax holiday rate | 30.00% | ||
Tax holiday, amount | 8,300,000 | 11,700,000 | 9,500,000 |
Tax holiday benefit (in dollars per share) | $0.05 | $0.08 | $0.07 |
Switzerland [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Minimum tax holiday rate | 11.50% | ||
Maximum tax holiday rate | 24.20% | ||
Tax holiday, amount | 3,500,000 | 1,500,000 | 1,800,000 |
Tax holiday benefit (in dollars per share) | $0.02 | $0.02 | $0.02 |
Stock Deductions [Member] | Internal Revenue Service (IRS) [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating loss carryforwards | 94,800,000 | ||
Stock Deductions [Member] | State and Local Jurisdiction [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating loss carryforwards | 40,300,000 | ||
Debt Issuances [Member] | Internal Revenue Service (IRS) [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating loss carryforwards | 129,300,000 | ||
Debt Issuances [Member] | State and Local Jurisdiction [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Operating loss carryforwards | $50,700,000 |
Common_Stock_Details
Common Stock (Details) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ||
Equity compensation plans | 7,953 | 3,963 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Feb. 28, 2012 | 31-May-09 | |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||||
Net income (loss) attributable to stockholders | $245,894 | $95,593 | ($352,020) | |||
Basic weighted-average common shares (in shares) | 128,635,000 | 120,819,000 | 117,093,000 | |||
Basic (in dollars per share) | $1.91 | $0.79 | ($3.01) | |||
Net income (loss) available to common stockholders | 252,524 | 96,888 | -352,020 | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Diluted weighted-average common shares | -162,751,000 | -138,980,000 | -117,093,000 | |||
Dilutive net income (loss) per share | $1.55 | $0.70 | ($3.01) | |||
Stock options [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 142,000 | 194,000 | 363,000 | [1] | ||
Restricted stock units [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 374,000 | 1,600,000 | 6,287,000 | [1] | ||
Upfront Warrants (held by Total) [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 0 | 0 | ||||
Warrants (Under the CSO2015) [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 0 | 0 | ||||
Warrant (Under the CSO2014) [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 0 | 0 | ||||
0.875% debentures due 2021 [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 0 | |||||
4.75% debentures due 2014 [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 0 | 8,712,000 | 8,712,000 | [1] | ||
0.75% debentures due 2018 [Member] | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||||
Interest expense incurred on debentures | 2,103 | 1,295 | 0 | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Debentures due | 12,026,000 | 7,070,000 | 0 | |||
0.875% debentures due 2021 [Member] | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||||
Interest expense incurred on debentures | 1,897 | 0 | 0 | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Debentures due | 4,530,000 | 0 | 0 | |||
4.75% debentures due 2014 [Member] | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||||
Interest expense incurred on debentures | $2,630 | $0 | $0 | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Debentures due | 2,511,000 | 0 | 0 | |||
4.75% debentures due 2014 [Member] | Maximum [Member] | Bond Hedge [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Warrant or right, number of securities called by each warrant or right (in shares) | 11,100,000 | 8,700,000 | ||||
Upfront Warrants (held by Total) [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Warrants | 7,236,000 | 5,090,000 | 0 | |||
Upfront Warrants (held by Total) [Member] | Total [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Warrant or right, number of securities called by each warrant or right (in shares) | 9,531,677 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $7.87 | |||||
Warrants (Under the CSO2015) [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Warrants | 2,945,000 | 590,000 | 0 | |||
Warrant (Under the CSO2014) [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Warrants | 262,000 | 292,000 | 0 | |||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $24 | $26.40 | $26.40 | |||
Warrant (Under the CSO2014) [Member] | Maximum [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Warrant or right, number of securities called by each warrant or right (in shares) | 8,700,000 | |||||
Stock options [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Restricted stock units | 84,000 | 109,000 | 0 | |||
Restricted stock units [Member] | ||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||
Restricted stock units | 4,522,000 | 5,010,000 | 0 | |||
[1] | As a result of the net loss per share for fiscal 2012, the inclusion of all potentially dilutive stock options, restricted stock units, and common shares under noted warrants and convertible debt would be anti-dilutive. Therefore, those stock options, restricted stock units and shares were excluded from the computation of the weighted-average shares for diluted net loss per share for such period. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $55,592,000 | $45,678,000 | $42,439,000 | |||||
Unrecognized stock-based compensation on outstanding options | 78,300,000 | |||||||
Outstanding options, recognition weighted average period | 1 year 146 days | |||||||
Additional shares authorized (in shares) | 6,000,000 | |||||||
Shares available for grant (in shares) | 8,000,000 | |||||||
Shares paid for tax withholding (in shares) | 1,738,625 | 1,329,140 | 905,953 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||
Restricted stock units, outstanding, beginning of period (in shares) | 9,592,000 | 8,576,000 | 7,370,000 | |||||
Restricted stock units, granted (in shares) | 2,187,000 | 5,607,000 | 5,638,000 | |||||
Restricted stock units, vested (in shares) | -4,432,000 | [1] | -3,583,000 | [1] | -2,844,000 | [1] | ||
Restricted stock units, forfeited (in shares) | -792,000 | -1,008,000 | -1,588,000 | |||||
Restricted stock units, outstanding, end of period (in shares) | 6,555,000 | 9,592,000 | 8,576,000 | |||||
Restricted stock units, outstanding, weighted average grant date fair value (in dollars per share) | $18.88 | [2] | $12.26 | [2] | $8.53 | [2] | $13.25 | [2] |
Restricted stock units, granted, weighted average grant date fair value (in dollars per share) | $31.80 | [2] | $15.88 | [2] | $5.93 | [2] | ||
Restricted stock units, vested, weighted average grant date fair value (in dollars per share) | $11.61 | [1],[2] | $9.48 | [1],[2] | $13.94 | [1],[2] | ||
Restricted stock units, forfeited, weighted average grant date fair value (in dollars per share) | $15 | [2] | $10.10 | [2] | $11.52 | [2] | ||
Outstanding stock options, outstanding and exercisable (in shares) | 210,000 | |||||||
Outstanding stock options, weighted average exercise price (in dollars per share) | $41.44 | |||||||
Outstanding stock options, weighted average remaining contractual term (in years) | 2 years 186 days | |||||||
Outstanding stock options, aggregate intrinsic value | 1,036,000 | |||||||
Exercised stock options, intrinsic value | 2,400,000 | 800,000 | 100,000 | |||||
Stock price (in dollars per share) | $26.32 | |||||||
In-the-money options exercisable (in shares) | 100,000 | |||||||
Employee Stock Options and Stock Purchase Rights [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee purchase price of common stock, percent | 85.00% | |||||||
Employee stock option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 0 | 0 | 649,000 | |||||
Vesting period | 10 years | |||||||
Employee stock option [Member] | 1996 and 2005 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Employee stock option [Member] | PowerLight Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Employee stock option [Member] | Share-based Compensation Award, Tranche One [Member] | 1996 and 2005 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
Restricted stock units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 55,591,000 | 46,215,000 | 40,996,000 | |||||
Change in stock-based compensation capitalized in inventory [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 1,000 | -537,000 | 794,000 | |||||
Restricted Stock [Member] | 2005 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Cost of revenue [Member] | Americas [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 8,115,000 | 5,150,000 | 6,181,000 | |||||
Cost of revenue [Member] | EMEA [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 1,961,000 | 2,660,000 | 3,851,000 | |||||
Cost of revenue [Member] | APAC [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 4,245,000 | 3,006,000 | 1,578,000 | |||||
Research and development [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | 7,714,000 | 5,414,000 | 5,005,000 | |||||
Selling, general and administrative [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $33,557,000 | $29,448,000 | $25,824,000 | |||||
[1] | Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. | |||||||
[2] | The Company estimates the fair value of its restricted stock awards and units at its stock price on the grant date. |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Segment Reporting Information [Line Items] | |||
Cost of revenue | $2,402,138 | $2,016,131 | $2,171,103 |
Gross margin | 625,127 | 491,072 | 246,398 |
Revenue | 3,027,265 | 2,507,203 | 2,417,501 |
Gain from contract termination | 0 | 51,988 | 0 |
Stock-based compensation expense | -55,592 | -45,678 | -42,439 |
Non-cash interest expense | -21,585 | -49,016 | -38,177 |
Solar power components [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 943,652 | 917,960 | 985,436 |
Solar power systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,896,696 | 1,399,972 | 1,318,269 |
Residential leases [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 129,962 | 137,054 | 68,914 |
Other revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 56,955 | 52,217 | 44,882 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of revenue | 1,759,639 | 1,299,701 | 1,415,417 |
Gross margin | 563,802 | 376,771 | 280,931 |
Depreciation and amortization | 62,193 | 46,843 | 59,120 |
Revenue | 2,323,441 | 1,676,472 | 1,696,348 |
Americas [Member] | Mid American Energy Holdings Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Significant Customers as a Percentage Of Total Revenue | 49.00% | 25.00% | |
Americas [Member] | NRG Solar Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Significant Customers as a Percentage Of Total Revenue | 17.00% | 35.00% | |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of revenue | 250,735 | 419,416 | 559,993 |
Gross margin | 37,798 | 31,243 | -70,509 |
Depreciation and amortization | 14,073 | 22,380 | 33,047 |
Revenue | 288,533 | 450,659 | 489,484 |
APAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of revenue | 391,764 | 297,014 | 195,693 |
Gross margin | 23,527 | 83,058 | 35,976 |
Depreciation and amortization | 32,529 | 28,223 | 16,489 |
Revenue | 415,291 | 380,072 | 231,669 |
Revenue [Member] | Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,323,441 | 1,676,472 | 1,696,348 |
Revenue, As reviewed by CODM | 1,914,825 | 1,772,260 | 1,901,159 |
Gain from contract termination | 0 | ||
Revenue [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 288,533 | 450,659 | 489,484 |
Revenue, As reviewed by CODM | 288,533 | 450,659 | 489,291 |
Gain from contract termination | 0 | ||
Revenue [Member] | APAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 415,291 | 380,072 | 231,669 |
Revenue, As reviewed by CODM | 415,291 | 379,400 | 231,669 |
Gain from contract termination | 0 | ||
Revenue [Member] | Segment Reconciling Items [Member] | Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Utility and power plant project | 408,616 | -95,788 | -204,811 |
Loss on First Philec arbitration ruling | 0 | ||
Stock-based compensation expense | 0 | 0 | 0 |
Non-cash interest expense | 0 | 0 | 0 |
Revenue, Other | 0 | 0 | 0 |
Revenue [Member] | Segment Reconciling Items [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Utility and power plant project | 0 | 0 | 0 |
Loss on First Philec arbitration ruling | 0 | ||
Stock-based compensation expense | 0 | 0 | 0 |
Non-cash interest expense | 0 | 0 | 0 |
Revenue, Other | 0 | 0 | 193 |
Revenue [Member] | Segment Reconciling Items [Member] | APAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Utility and power plant project | 0 | 0 | 0 |
Loss on First Philec arbitration ruling | 0 | ||
Stock-based compensation expense | 0 | 0 | 0 |
Non-cash interest expense | 0 | 0 | 0 |
Revenue, Other | 0 | 672 | 0 |
Gross margin [Member] | Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin | 563,802 | 376,771 | 280,931 |
Gross margin, As a percentage of total revenues | 24.27% | 22.47% | 16.56% |
Gross margin, As reviewed by CODM | 415,453 | 435,815 | 414,605 |
Gross margin, As a percentage of total revenues (As reviewed by CODM) | 21.70% | 24.59% | 21.81% |
Gain from contract termination | 25,604 | ||
Gross margin [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin | 37,798 | 31,243 | -70,509 |
Gross margin, As a percentage of total revenues | 13.10% | 6.93% | -14.40% |
Gross margin, As reviewed by CODM | 51,468 | 25,189 | -54,532 |
Gross margin, As a percentage of total revenues (As reviewed by CODM) | 17.84% | 5.59% | -11.15% |
Gain from contract termination | 9,395 | ||
Gross margin [Member] | APAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin | 23,527 | 83,058 | 35,976 |
Gross margin, As a percentage of total revenues | 5.67% | 21.85% | 15.53% |
Gross margin, As reviewed by CODM | 46,624 | 69,375 | 43,921 |
Gross margin, As a percentage of total revenues (As reviewed by CODM) | 11.23% | 18.29% | 18.96% |
Gain from contract termination | 16,988 | ||
Gross margin [Member] | Segment Reconciling Items [Member] | Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin, Utility and power plant projects | 190,712 | -77,338 | -107,163 |
Loss on First Philec arbitration ruling | -32,624 | ||
Stock-based compensation expense | -8,115 | -5,150 | -6,181 |
Non-cash interest expense | -1,624 | -1,203 | -1,024 |
Gross margin, Other | 0 | -957 | -19,306 |
Gross margin [Member] | Segment Reconciling Items [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin, Utility and power plant projects | 0 | 0 | 0 |
Loss on First Philec arbitration ruling | -6,112 | ||
Stock-based compensation expense | -1,962 | -2,660 | -3,851 |
Non-cash interest expense | -352 | -495 | -526 |
Gross margin, Other | -5,244 | -186 | -11,600 |
Gross margin [Member] | Segment Reconciling Items [Member] | APAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin, Utility and power plant projects | 0 | 0 | 0 |
Loss on First Philec arbitration ruling | -18,070 | ||
Stock-based compensation expense | -4,244 | -3,006 | -1,578 |
Non-cash interest expense | -783 | -713 | -292 |
Gross margin, Other | $0 | $414 | ($6,075) |
Subsequent_Events_Details
Subsequent Events (Details) (First Philec Arbitration [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 28, 2015 | Dec. 28, 2014 |
Subsequent Event [Line Items] | ||
Loss contingency accrual recorded | $63 | |
SunPower Philippines Manufacturing LTD [Member] | First Philippine Solar Corporation [Member] | Judicial Ruling [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Court required payments to third party to buyout minority interests, amount | 30.3 | |
Damages awarded | $25.20 |