Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | Apr. 24, 2015 | Jun. 29, 2014 |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 29-Mar-15 | ||
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 | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Common Stock, Shares, Outstanding | 133,269,858 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Dec. 28, 2014 | |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $601,573 | $956,175 | |
Restricted cash and cash equivalents, current portion | 27,507 | 18,541 | |
Accounts receivable, net | 467,868 | [1] | 504,316 |
Costs and estimated earnings in excess of billings | 46,117 | [1] | 187,087 |
Inventories | 302,587 | 208,573 | |
Advances to suppliers, current portion | 90,270 | 98,129 | |
Project assets - plants and land, current portion | 179,650 | 101,181 | |
Prepaid expenses and other current assets | 345,825 | [1] | 328,845 |
Total current assets | 2,061,397 | 2,402,847 | |
Restricted cash and cash equivalents, net of current portion | 34,383 | 24,520 | |
Restricted long-term marketable securities | 7,027 | 7,158 | |
Property, plant and equipment, net | 594,466 | [2] | 585,344 |
Solar power systems leased and to be leased, net | 427,187 | [3],[4] | 390,913 |
Project assets - plants and land, net of current portion | 29,394 | 15,475 | |
Advances to suppliers, net of current portion | 305,484 | 311,528 | |
Long-term financing receivables, net | 298,785 | 269,587 | |
Goodwill and other intangible assets, net | 38,008 | 37,981 | |
Other long-term assets | 307,010 | [1] | 300,229 |
Total assets | 4,103,141 | 4,345,582 | |
Current liabilities: | |||
Accounts payable | 432,568 | [1] | 419,919 |
Accrued liabilities | 269,491 | 331,034 | |
Billings in excess of costs and estimated earnings | 89,061 | 83,440 | |
Short-term debt | 18,222 | 18,105 | |
Convertible debt, current portion | 0 | 245,325 | |
Customer advances, current portion | 27,367 | [1] | 31,788 |
Total current liabilities | 836,709 | 1,129,611 | |
Long-term debt | 296,276 | 214,181 | |
Convertible debt, net of current portion | 693,591 | [1] | 692,955 |
Customer advances, net of current portion | 143,218 | [1] | 148,896 |
Other long-term liabilities | 542,973 | 555,344 | |
Total liabilities | 2,512,767 | 2,740,987 | |
Commitments and contingencies (Note 8) | |||
Redeemable noncontrolling interests in subsidiaries | 29,306 | 28,566 | |
Equity: | |||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of both March 29, 2015 and December 28, 2014 | 0 | 0 | |
Common stock, $0.001 par value, 367,500,000 shares authorized; 141,592,715 shares issued, and 133,254,173 outstanding as of March 29, 2015; 367,500,000 shares authorized; 138,616,252 shares issued, and 131,466,777 outstanding as of December 28, 2014; | 133 | 131 | |
Additional paid-in capital | 2,235,562 | 2,219,581 | |
Accumulated deficit | -570,179 | -560,598 | |
Accumulated other comprehensive loss | -19,535 | -13,455 | |
Treasury stock, at cost; 8,338,542 shares of common stock as of March 29, 2015; 7,149,475 shares of common stock as of December 28, 2014 | -150,189 | 111,485 | |
Total stockholders' equity | 1,495,792 | 1,534,174 | |
Noncontrolling interests in subsidiaries | 65,276 | 41,855 | |
Total equity | 1,561,068 | 1,576,029 | |
Total liabilities and equity | $4,103,141 | $4,345,582 | |
[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 6, Note 9, Note 10, and Note 11). | ||
[2] | Property, plant and equipment, net by geography is based on the physical location of the assets. | ||
[3] | As of March 29, 2015 and December 28, 2014, the Company has pledged solar assets with an aggregate book value of $82.1 million and $140.1 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 $) | Mar. 29, 2015 | Dec. 28, 2014 |
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 | 141,592,715 | 138,616,252 |
Common Stock, Shares, Outstanding | 133,254,173 | 131,466,777 |
Common stock held in treasury | 8,338,542 | 7,149,475 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Revenue | $440,871 | $692,422 |
Cost of revenue | 350,053 | 529,433 |
Gross margin | 90,818 | 162,989 |
Operating expenses: | ||
Research and development | 21,168 | 16,746 |
Sales, general and administrative | 77,214 | 73,928 |
Restructuring charges | 3,581 | -461 |
Total operating expenses | 101,963 | 90,213 |
Operating income (loss) | -11,145 | 72,776 |
Other income (expense), net: | ||
Interest income | 556 | 318 |
Interest expense | -15,681 | 19,592 |
Other, net | -2,620 | 1,369 |
Other expense, net | -17,745 | -17,905 |
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | -28,890 | 54,871 |
Provision for income taxes | -2,351 | 13,620 |
Equity in earnings of unconsolidated investees | 2,191 | 1,783 |
Net income (loss) | -29,050 | 43,034 |
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | 19,469 | -22,010 |
Net income (loss) attributable to stockholders | ($9,581) | $65,044 |
Net income (loss) per share attributable to stockholders: | ||
Basic (in dollars per share) | ($0.07) | $0.53 |
Diluted (in dollars per share) | ($0.07) | $0.42 |
Weighted-average shares: | ||
Basic (in shares) | 132,033 | 122,196 |
Diluted (in shares) | 132,033 | 160,434 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | ($29,050) | $43,034 |
Components of comprehensive income (loss): | ||
Translation adjustment | -2,003 | 274 |
Net unrealized gain (loss) on derivatives (Note 11) | -4,188 | 385 |
Net loss on long-term pension liability adjustment | 0 | |
Income taxes | 111 | 110 |
Net change in accumulated other comprehensive gain (loss) | -6,080 | 549 |
Total comprehensive income (loss) | -35,130 | 43,583 |
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | 19,469 | -22,010 |
Comprehensive income (loss) attributable to stockholders | ($15,661) | $65,593 |
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 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, beginning of period at Dec. 28, 2014 | 131,466 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | -29,050 | ||||||||
Net income (loss) | -29,919 | 869 | -9,581 | -9,581 | -20,338 | ||||
Other comprehensive income (loss) | -6,080 | -6,080 | -6,080 | ||||||
Issuance of common stock upon exercise of options (in shares) | 1 | ||||||||
Issuance of common stock upon exercise of options | 3 | 3 | 3 | ||||||
Issuance of restricted stock to employees, net of cancellations (in shares) | 2,976 | ||||||||
Issuance of restricted stock to employees, net of cancellations | 2 | -2 | |||||||
Issuance of common stock upon conversion of convertible debt | 14,504 | ||||||||
Stock-based compensation expense | 14,504 | 14,504 | |||||||
Tax benefit from convertible debt interest deduction | 904 | 904 | 904 | ||||||
Tax benefit from stock-based compensation | 572 | 572 | 572 | ||||||
Contributions from noncontrolling interests and redeemable noncontrolling interests | 45,459 | 431 | 45,459 | ||||||
Contributions from noncontrolling interests | 45,890 | ||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | -1,700 | -560 | -1,700 | ||||||
Purchases of treasury stock (in shares) | -1,189 | ||||||||
Purchases of treasury stock | -38,704 | -38,704 | -38,704 | ||||||
Stockholders' equity, end of period at Mar. 29, 2015 | $1,561,068 | $29,306 | $1,495,792 | $133 | $2,235,562 | ($150,189) | ($19,535) | ($570,179) | $65,276 |
Shares issued, end of period at Mar. 29, 2015 | 133,254 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | ($29,050) | $43,034 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 28,563 | 25,371 |
Stock-based compensation | 13,546 | 14,867 |
Non-cash interest expense | 4,680 | 5,170 |
Equity in earnings of unconsolidated investees | -2,191 | -1,783 |
Excess tax benefit from stock-based compensation | -572 | 0 |
Deferred income taxes and other tax liabilities | -5,078 | 17,985 |
Other, net | 855 | -206 |
Changes in operating assets and liabilities, net of effect of acquisition: | ||
Accounts receivable | 32,735 | -93,574 |
Costs and estimated earnings in excess of billings | 140,970 | 14,009 |
Inventories | -108,072 | -4,043 |
Project assets | -93,150 | 22,491 |
Prepaid expenses and other assets | -25,090 | 12,191 |
Long-term financing receivables, net | -29,198 | -32,333 |
Advances to suppliers | 13,903 | 7,263 |
Accounts payable and other accrued liabilities | -51,781 | -16,972 |
Billings in excess of costs and estimated earnings | 5,621 | -117,009 |
Customer advances | -10,099 | -2,727 |
Net cash provided by (used in) operating activities | -113,408 | 50,472 |
Cash flows from investing activities: | ||
Increase in restricted cash and cash equivalents | -18,828 | 2,293 |
Purchases of property, plant and equipment | -24,564 | 8,800 |
Cash paid for solar power systems, leased and to be leased | -19,403 | 14,989 |
Cash paid for investments in unconsolidated investees | 0 | 5,013 |
Net cash used in investing activities | -63,321 | -31,095 |
Cash flows from financing activities: | ||
Cash paid for repurchase of convertible debt | -324,273 | 1 |
Proceeds from settlement of 4.75% Bond Hedge | 0 | 68,842 |
Payments to settle 4.75% Warrants | 0 | 81,077 |
Proceeds from settlement of 4.50% Bond Hedge | 74,628 | 0 |
Proceeds from issuance of non-recourse debt financing, net of issuance costs | 0 | 39,108 |
Repayment of non-recourse debt financing | -398 | 0 |
Proceeds from issuance of project loans, net of issuance costs | 89,991 | 0 |
Assumption of project loan by customer | 0 | 40,672 |
Repayment of bank loans, project loans and other debt | -7,946 | 7,850 |
Repayment of residential lease financing | -10,546 | 7,213 |
Proceeds from sale-leaseback financing | 727 | 16,685 |
Repayment of sale-leaseback financing | -90 | 779 |
Contributions from noncontrolling interests and redeemable noncontrolling interests | 45,890 | 30,552 |
Distributions to noncontrolling interests and redeemable noncontrolling interests | -2,260 | 1,117 |
Proceeds from exercise of stock options | 3 | 68 |
Excess tax benefit from stock-based compensation | 572 | 0 |
Purchases of stock for tax withholding obligations on vested restricted stock | -38,704 | 43,506 |
Net cash used in financing activities | -172,406 | -26,960 |
Effect of exchange rate changes on cash and cash equivalents | -5,467 | -187 |
Net increase (decrease) in cash and cash equivalents | -354,602 | -7,770 |
Cash and cash equivalents, beginning of period | 956,175 | 762,511 |
Cash and cash equivalents, end of period | 601,573 | 754,741 |
Non-cash transactions: | ||
Assignment of residential lease receivables to a third-party financial institution | 1,307 | 1,496 |
Costs of solar power systems, leased and to be leased, sourced from existing inventory | 14,664 | 7,120 |
Costs of solar power systems, leased and to be leased, funded by liabilities | 6,388 | 1,634 |
Costs of solar power systems under sale-leaseback financing arrangements, sourced from project assets | 1,050 | 15,269 |
Property, plant and equipment acquisitions funded by liabilities | $20,185 | $5,544 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) | Mar. 29, 2015 |
Bond Hedge [Member] | |
Interest rate | 4.75% |
4.75% debentures due 2014 [Member] | |
Interest rate | 4.75% |
4.50% debentures due 2015 [Member] | |
Interest rate | 4.50% |
The_Company_and_Summary_of_Sig
The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 29, 2015 | |
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 energy 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). | |
In the first quarter of fiscal 2015, in connection with a realignment of its internal organizational structure, the Company changed its segment reporting from its Americas, EMEA and APAC Segments to three end-customer segments: (i) Residential Segment, (ii) Commercial Segment and (iii) Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation. Historically, the Americas Segment included both North and South America, the EMEA Segment included European countries as well as the Middle East and Africa, and the APAC Segment included all Asia-Pacific countries. | |
Under the new segmentation, the Company’s Residential Segment refers to sales of solar energy solutions to residential end customers through a variety of means, including cash sales and long-term leases directly to end customers, sales to resellers, including the Company's third-party global dealer network, and sales of the Company's operations and maintenance (“O&M”) services. The Company’s Commercial Segment refers to sales of solar energy solutions to commercial and public entity end customers through a variety of means, including direct sales of turn-key engineering, procurement and construction ("EPC") services, sales to the Company's third-party global dealer network, sales of energy under power purchase agreements ("PPAs"), and sales of the Company's O&M services. The Power Plant Segment refers to the Company's large-scale solar products and systems business, which includes power plant project development and project sales, EPC services for power plant construction, power plant O&M services and component sales for power plants developed by third-parties, sometimes on a multi-year, firm commitment basis. | |
The Company’s President and Chief Executive Officer, as the chief operating decision maker (“CODM”), reviews the Company's business and manages resource allocations and measures performance of the Company’s activities among these three end-customer segments. | |
Reclassifications of prior period segment information have been made to conform to the current period presentation. This change does not affect the Company's previously reported Consolidated Financial Statements. | |
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, including prior period segment information, 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. The current fiscal year, fiscal 2015, consists of 53 weeks, including a 14-week fourth fiscal quarter, while fiscal year 2014 consists of 52 weeks. The first quarter of fiscal 2015 ended on March 29, 2015, while the first quarter of fiscal 2014 ended on March 30, 2014. The first quarter of fiscal 2015 and fiscal 2014 were both 13-week quarters. | |
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. | |
Recent Accounting Pronouncements | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued an update to the standards to provide a practical expedient for the measurement date of defined benefit obligation and plan assets for reporting entities with fiscal year-ends that do not coincide with a month-end. The updated standard allows such entities to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year and to all plans, if an entity has more than one plan. The new practical expedient guidance is effective for the Company no later than the first quarter of fiscal 2016 and requires a prospective approach to adoption. Early adoption is permitted. The Company is evaluating the potential impact of this standard on its consolidated financial statements and disclosures. | |
In April 2015, the FASB issued an update to the standards for the presentation of debt issuance costs to reduce complexity in accounting standards and to align with IFRS. The updated standard requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. U.S. generally accepted accounting principles previously required debt issuance costs to be reflected as an asset on the Company's balance sheet. The new debt issuance cost guidance is effective for the Company no later than the first quarter of fiscal 2016 and requires a retrospective approach to adoption. The Company has elected early adoption of the updated accounting standard, effective in the first quarter of fiscal 2015, resulting in the reclassification of $11.6M of debt issuance costs from "Other long-term assets" to "Long-term debt" and "Convertible debt, net of current portion" in the Consolidated Balance Sheets as of December 28, 2014. | |
In February 2015, the FASB issued a new standard that 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. | |
In May 2014, the 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. | |
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. | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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 | |||||||||
On April 28, 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 was amended on June 7, 2011, it became effective on June 28, 2011 in connection with the completion of the Tender Offer (the "CSA Effective Date"), and it was further amended on each of December 12, 2011, and December 14, 2012. | |||||||||
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 (collectively 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. | |||||||||
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. that 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 10). | |||||||||
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 10). | |||||||||
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 March 29, 2015, the Company had $0.7 million of "Costs and estimated earnings in excess of billings" and $1.6 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: | |||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Revenue: | |||||||||
EPC, O&M, and components revenue under joint projects | $ | 199 | $ | 2,889 | |||||
Research and development expense: | |||||||||
Offsetting contributions received under R&D Agreement | $ | (422 | ) | $ | (260 | ) | |||
Interest expense: | |||||||||
Guarantee fees incurred under Credit Support Agreement | $ | 2,726 | $ | 2,745 | |||||
Fees incurred under the Compensation and Funding Agreement | $ | — | $ | 1,200 | |||||
Interest expense incurred on the 0.75% debentures due 2018 | $ | 375 | $ | 375 | |||||
Interest expense incurred on the 0.875% debentures due 2021 | $ | 680 | $ | — | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||
Goodwill | |||||||||||||
As of both March 29, 2015 and December 28, 2014, the Company had goodwill with a carrying amount of $21.2 million, $20.8 million of which was allocated to the Residential Segment and $0.4 million of which was allocated to the Power Plant Segment. No goodwill impairment was recorded during the three months ended March 29, 2015 and March 30, 2014. | |||||||||||||
Other Intangible Assets | |||||||||||||
The following tables present details of the Company's acquired other intangible assets: | |||||||||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
As of March 29, 2015 | |||||||||||||
Patents and purchased technology | $ | 13,675 | $ | (1,088 | ) | $ | 12,587 | ||||||
Purchased in-process research and development | 3,700 | — | 3,700 | ||||||||||
Other | $ | 500 | $ | — | 500 | ||||||||
$ | 17,875 | $ | (1,088 | ) | $ | 16,787 | |||||||
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 | |||||||
Amortization expense for intangible assets totaled $0.5 million for the three months ended March 29, 2015. No amortization expense was incurred during the three months ended March 30, 2014. | |||||||||||||
As of March 29, 2015, the estimated future amortization expense related to intangible assets with finite useful lives is as follows: | |||||||||||||
(In thousands) | Amount | ||||||||||||
Fiscal Year | |||||||||||||
2015 (remaining nine months) | $ | 1,891 | |||||||||||
2016 | 2,114 | ||||||||||||
2017 | 1,989 | ||||||||||||
2018 | 1,989 | ||||||||||||
2019 | 1,989 | ||||||||||||
Thereafter | 3,115 | ||||||||||||
$ | 13,087 | ||||||||||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Balance Sheet Components | BALANCE SHEET COMPONENTS | ||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Accounts receivable, net: | |||||||||
Accounts receivable, gross1,2 | $ | 485,614 | $ | 523,613 | |||||
Less: allowance for doubtful accounts | (17,226 | ) | (18,152 | ) | |||||
Less: allowance for sales returns | (520 | ) | (1,145 | ) | |||||
$ | 467,868 | $ | 504,316 | ||||||
1 | Includes short-term financing receivables associated with solar power systems leased of $11.3 million and $9.1 million as of March 29, 2015 and December 28, 2014, respectively (see Note 5). | ||||||||
2 | Includes short-term retainage of $240.3 million and $213.0 million as of March 29, 2015 and December 28, 2014, 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. | ||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Inventories: | |||||||||
Raw materials | $ | 71,552 | $ | 46,848 | |||||
Work-in-process | 85,800 | 67,903 | |||||||
Finished goods | 145,235 | 93,822 | |||||||
$ | 302,587 | $ | 208,573 | ||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Prepaid expenses and other current assets: | |||||||||
Deferred project costs | $ | 57,989 | $ | 64,784 | |||||
Bond hedge derivative | — | 51,951 | |||||||
VAT receivables, current portion | 6,628 | 7,554 | |||||||
Deferred costs for solar power systems to be leased | 26,633 | 22,537 | |||||||
Derivative financial instruments | 12,196 | 7,018 | |||||||
Prepaid inventory | 50,395 | — | |||||||
Other receivables | 92,924 | 79,927 | |||||||
Other prepaid expenses | 54,923 | 47,448 | |||||||
Other current assets | 44,137 | 47,626 | |||||||
$ | 345,825 | $ | 328,845 | ||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Project assets - plants and land: | |||||||||
Project assets — plants | $ | 196,890 | $ | 104,328 | |||||
Project assets — land | 12,154 | 12,328 | |||||||
$ | 209,044 | $ | 116,656 | ||||||
Project assets — plants and land, current portion | $ | 179,650 | $ | 101,181 | |||||
Project assets — plants and land, net of current portion | $ | 29,394 | $ | 15,475 | |||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Property, plant and equipment, net: | |||||||||
Manufacturing equipment3 | $ | 556,730 | $ | 554,124 | |||||
Land and buildings | 26,138 | 26,138 | |||||||
Leasehold improvements | 237,713 | 236,867 | |||||||
Solar power systems4 | 126,350 | 124,848 | |||||||
Computer equipment | 92,636 | 88,257 | |||||||
Furniture and fixtures | 9,384 | 9,436 | |||||||
Construction-in-process | 97,493 | 75,570 | |||||||
1,146,444 | 1,115,240 | ||||||||
Less: accumulated depreciation | (551,978 | ) | (529,896 | ) | |||||
$ | 594,466 | $ | 585,344 | ||||||
3 | The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $107.7 million and $111.9 million as of March 29, 2015 and December 28, 2014, respectively. | ||||||||
4 | Includes $95.4 million and $94.4 million of solar power systems associated with sale-leaseback transactions under the financing method as of March 29, 2015 and December 28, 2014, 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 5). | ||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Property, plant and equipment, net by geography5: | |||||||||
Philippines | $ | 345,803 | $ | 335,643 | |||||
United States | 182,362 | 183,631 | |||||||
Mexico | 40,393 | 40,251 | |||||||
Europe | 24,620 | 24,748 | |||||||
Other | 1,288 | 1,071 | |||||||
$ | 594,466 | $ | 585,344 | ||||||
5 | Property, plant and equipment, net by geography is based on the physical location of the assets. | ||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Other long-term assets: | |||||||||
Equity method investments | $ | 213,089 | $ | 210,898 | |||||
Cost method investments | 32,277 | 32,308 | |||||||
Other | 61,644 | 57,023 | |||||||
$ | 307,010 | $ | 300,229 | ||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Accrued liabilities: | |||||||||
Bond hedge derivatives | $ | — | $ | 51,951 | |||||
Employee compensation and employee benefits | 36,355 | 47,667 | |||||||
Deferred revenue | 27,075 | 33,412 | |||||||
Short-term residential lease financing | 1,270 | 1,489 | |||||||
Interest payable | 11,703 | 10,575 | |||||||
Short-term warranty reserves | 14,467 | 13,278 | |||||||
Restructuring reserve | 9,130 | 13,477 | |||||||
VAT payables | 7,316 | 6,073 | |||||||
Derivative financial instruments | 2,715 | 1,345 | |||||||
Inventory payable | 50,395 | — | |||||||
Other | 109,065 | 151,767 | |||||||
$ | 269,491 | $ | 331,034 | ||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Other long-term liabilities: | |||||||||
Deferred revenue | $ | 178,602 | $ | 176,804 | |||||
Long-term warranty reserves | 139,630 | 141,370 | |||||||
Long-term sale-leaseback financing | 112,240 | 111,904 | |||||||
Long-term residential lease financing | 19,032 | 27,122 | |||||||
Unrecognized tax benefits | 23,069 | 31,764 | |||||||
Long-term pension liability | 10,780 | 9,980 | |||||||
Derivative financial instruments | 10,548 | 3,712 | |||||||
Other | 49,072 | 52,688 | |||||||
$ | 542,973 | $ | 555,344 | ||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Accumulated other comprehensive loss: | |||||||||
Cumulative translation adjustment | $ | (10,715 | ) | $ | (8,712 | ) | |||
Net unrealized loss on derivatives | (5,631 | ) | (1,443 | ) | |||||
Net loss on long-term pension liability adjustment | (2,878 | ) | (2,878 | ) | |||||
Deferred taxes | (311 | ) | (422 | ) | |||||
$ | (19,535 | ) | $ | (13,455 | ) |
Leasing
Leasing | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014: | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | ||||||||||||||||||||||
Solar power systems leased and to be leased, net1,2: | ||||||||||||||||||||||||
Solar power systems leased | $ | 429,687 | $ | 396,704 | ||||||||||||||||||||
Solar power systems to be leased | 28,683 | 21,202 | ||||||||||||||||||||||
458,370 | 417,906 | |||||||||||||||||||||||
Less: accumulated depreciation | (31,183 | ) | (26,993 | ) | ||||||||||||||||||||
$ | 427,187 | $ | 390,913 | |||||||||||||||||||||
1 | Solar power systems leased and to be leased, net are physically located in the United States. | |||||||||||||||||||||||
2 | As of March 29, 2015 and December 28, 2014, the Company has pledged solar assets with an aggregate book value of $82.1 million and $140.1 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 March 29, 2015: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Minimum future rentals on operating leases placed in service1 | $ | 12,888 | 15,165 | 15,206 | 15,255 | 15,303 | 218,379 | $ | 292,196 | |||||||||||||||
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 March 29, 2015 and December 28, 2014, 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) | March 29, 2015 | December 28, 2014 | ||||||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Minimum lease payments receivable1 | $ | 351,029 | $ | 319,244 | ||||||||||||||||||||
Unguaranteed residual value | 37,775 | 34,343 | ||||||||||||||||||||||
Unearned income | (78,769 | ) | (74,859 | ) | ||||||||||||||||||||
Net financing receivables | $ | 310,035 | $ | 278,728 | ||||||||||||||||||||
Current | $ | 11,250 | $ | 9,141 | ||||||||||||||||||||
Long-term | $ | 298,785 | $ | 269,587 | ||||||||||||||||||||
1 | Net of allowance for doubtful accounts. | |||||||||||||||||||||||
As of March 29, 2015, future maturities of net financing receivables for sales-type leases are as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Scheduled maturities of minimum lease payments receivable1 | $ | 12,938 | 17,172 | 17,369 | 17,574 | 17,784 | 268,192 | $ | 351,029 | |||||||||||||||
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. The Company accounts for both operating and sales-type leases with its residential lease customers under this approach in the consolidated financial statements. As of March 29, 2015, and December 28, 2014, 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 $20.3 million and $28.6 million, respectively (see Note 4). | ||||||||||||||||||||||||
The Company has entered into multiple 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 three months ended March 29, 2015 and March 30, 2014 the Company received $45.9 million and $30.6 million, respectively, in contributions from investors under the related facilities and attributed $19.6 million and $22.0 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 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 March 29, 2015, future minimum lease obligations associated with these systems was $93.1 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 4). 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 4). As of March 29, 2015, future minimum lease obligations for the sale-leaseback arrangements accounted for under the financing method were $99.4 million, which will be recognized over the lease terms of up to 20 years. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
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 March 29, 2015 or December 28, 2014. | |||||||||||||||||||||||||
The following table summarizes the Company's assets and liabilities measured and recorded at fair value on a recurring basis as of March 29, 2015 and December 28, 2014, respectively: | |||||||||||||||||||||||||
29-Mar-15 | 28-Dec-14 | ||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents1: | |||||||||||||||||||||||||
Money market funds | $ | 170,000 | $ | 170,000 | $ | — | $ | 375,000 | $ | 375,000 | $ | — | |||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||||
Debt derivatives (Note 10) | — | — | — | 51,951 | — | 51,951 | |||||||||||||||||||
Derivative financial instruments (Note 11) | 12,196 | — | 12,196 | 7,018 | — | 7,018 | |||||||||||||||||||
Total assets | $ | 182,196 | $ | 170,000 | $ | 12,196 | $ | 433,969 | $ | 375,000 | $ | 58,969 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||||
Debt derivatives (Note 10) | $ | — | $ | — | $ | — | $ | 51,951 | $ | — | $ | 51,951 | |||||||||||||
Derivative financial instruments (Note 11) | 2,715 | — | 2,715 | 1,345 | — | 1,345 | |||||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||||
Derivative financial instruments (Note 11) | 10,548 | — | 10,548 | 3,712 | — | 3,712 | |||||||||||||||||||
Total liabilities | $ | 13,263 | $ | — | $ | 13,263 | $ | 57,008 | $ | — | $ | 57,008 | |||||||||||||
1The 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 10) and the embedded cash conversion option within the 4.50% debentures due 2015 (as defined in Note 10), which both matured in the first quarter of 2015, were classified as derivative instruments that required 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 as of December 28, 2014 were determined utilizing the following Level 1 and Level 2 inputs: | |||||||||||||||||||||||||
As of1 | |||||||||||||||||||||||||
December 28, 2014 | |||||||||||||||||||||||||
Stock price | $ | 26.32 | |||||||||||||||||||||||
Exercise price | $ | 22.53 | |||||||||||||||||||||||
Interest rate | 0.19 | % | |||||||||||||||||||||||
Stock volatility | 61.7 | % | |||||||||||||||||||||||
Credit risk adjustment | 0.65 | % | |||||||||||||||||||||||
Maturity date | 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, are Philippine government bonds that the Company maintains as collateral for present and future business transactions within the Philippines. 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 March 29, 2015 and December 28, 2014, these bonds had a carrying value of $7.0 million and $7.2 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 March 29, 2015 and December 28, 2014, the Company had $213.1 million and $210.9 million, respectively, in investments accounted for under the equity method (see Note 9). As of March 29, 2015 and December 28, 2014, the Company had $32.3 million and $32.3 million, respectively, in investments accounted for under the cost method. | |||||||||||||||||||||||||
Related-Party Transactions with Investees: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | 28-Dec-14 | |||||||||||||||||||||||
Accounts receivable | $ | 20,235 | $ | 22,425 | |||||||||||||||||||||
Accounts payable | $ | 26,252 | $ | 50,039 | |||||||||||||||||||||
Customer advances | $ | 1,212 | $ | 4,210 | |||||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||||
Long-term note receivable | $ | 1,553 | $ | 1,623 | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Payments made to investees for products/services | $ | 119,177 | $ | 105,010 | |||||||||||||||||||||
Revenue from sales to investees of products/services | $ | 5,603 | $ | — | |||||||||||||||||||||
Cost Method Investment in Tendril Networks, Inc. ("Tendril") | |||||||||||||||||||||||||
In November 2014, the Company purchased $20.0 million of preferred stock for a minority stake in Tendril, accounted for under the cost method as the preferred stock was deemed not to be in-substance common stock. In connection with the investment, the Company entered into an agreement to purchase, at the Company's option, up to 14 million shares of Tendril common stock through November 23, 2024, subject to the parties' achievement of certain financial and operational milestones and other conditions. | |||||||||||||||||||||||||
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 | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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 95 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 $17 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 March 29, 2015, 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: | |||||||||||||||||
Three Months Ended | Cumulative To Date | ||||||||||||||||
(In thousands) | 29-Mar-15 | 30-Mar-14 | |||||||||||||||
November 2014 Plan: | |||||||||||||||||
Non-cash impairment charges | $ | — | $ | — | $ | 719 | |||||||||||
Severance and benefits | 2,063 | — | 14,243 | ||||||||||||||
Other costs1 | 1,724 | — | 1,937 | ||||||||||||||
3,787 | — | 16,899 | |||||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Non-cash impairment charges | — | — | 60,596 | ||||||||||||||
Severance and benefits | (132 | ) | (531 | ) | 46,577 | ||||||||||||
Lease and related termination costs | — | (402 | ) | 5,774 | |||||||||||||
Other costs1 | (74 | ) | 472 | 10,786 | |||||||||||||
(206 | ) | (461 | ) | 123,733 | |||||||||||||
Total restructuring charges | $ | 3,581 | $ | (461 | ) | $ | 140,632 | ||||||||||
The following table summarizes the restructuring reserve activity during the fiscal year ended March 29, 2015: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(In thousands) | 28-Dec-14 | Charges (Benefits) | Payments | 29-Mar-15 | |||||||||||||
November 2014 Plan: | |||||||||||||||||
Severance and benefits | $ | 12,075 | $ | 2,063 | $ | (6,745 | ) | $ | 7,393 | ||||||||
Other costs1 | 145 | 1,724 | (852 | ) | 1,017 | ||||||||||||
12,220 | 3,787 | (7,597 | ) | 8,410 | |||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Severance and benefits | 421 | (132 | ) | (144 | ) | 145 | |||||||||||
Lease and related termination costs | 390 | — | (80 | ) | 310 | ||||||||||||
Other costs1 | 446 | (74 | ) | (107 | ) | 265 | |||||||||||
1,257 | (206 | ) | (331 | ) | 720 | ||||||||||||
Total restructuring liability | $ | 13,477 | $ | 3,581 | $ | (7,928 | ) | $ | 9,130 | ||||||||
1 | Other costs primarily represent associated legal services. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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 March 29, 2015, future minimum lease payments for facilities under operating leases were $52.8 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 March 29, 2015, 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 before firm orders are 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 March 29, 2015 are as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total1,2,3 | |||||||||||||||||
Future purchase obligations | $ | 646,615 | 317,916 | 343,806 | 182,181 | 175,695 | 164,847 | $ | 1,831,060 | |||||||||||||||
1 | Total future purchase obligations as of March 29, 2015 include $81.8 million to related parties. | |||||||||||||||||||||||
2 | Total future purchase obligations was composed of $203.2 million related to non-cancellable purchase orders and $1.6 billion related to long-term supply agreements. | |||||||||||||||||||||||
3The 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. As of March 29, 2015, the Company has recorded an offsetting asset, recorded within "Prepaid expenses and other current assets," and liability, recorded within "Accrued liabilities," totaling $50.4 million. This amount represents the unfulfilled amount as of that date as the Company expects to satisfy the obligation via purchases of inventory in fiscal 2015, within the cure period specified in the contracts. | ||||||||||||||||||||||||
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. The Company did not make any additional advance payments under its long-term supply agreements during the first quarter of fiscal 2015. As of March 29, 2015 and December 28, 2014, advances to suppliers totaled $395.8 million and $409.7 million, respectively, of which $90.3 million and $98.1 million, respectively, is classified as short-term in the Company's Consolidated Balance Sheets. Two suppliers accounted for 83% and 17% of total advances to suppliers as of March 29, 2015, and 82% and 17% as of December 28, 2014. | ||||||||||||||||||||||||
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 March 29, 2015 is as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Estimated utilization of advances from customers | $ | 19,382 | 25,020 | 27,039 | 27,039 | 28,842 | 43,263 | $ | 170,585 | |||||||||||||||
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 that are sold to the Company on a "cost-plus" basis. As of March 29, 2015 and December 28, 2014, outstanding advance payments received from AUOSP totaled $162.7 million and $167.2 million, respectively, of which $19.4 million and $18.3 million, respectively, was 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 the three months ended March 29, 2015 and March 30, 2014, respectively: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 154,648 | $ | 149,372 | ||||||||||||||||||||
Accruals for warranties issued during the period | 8,161 | 5,190 | ||||||||||||||||||||||
Settlements and adjustments during the period | (8,711 | ) | (3,147 | ) | ||||||||||||||||||||
Balance at the end of the period | $ | 154,098 | $ | 151,415 | ||||||||||||||||||||
Contingent Obligations | ||||||||||||||||||||||||
Project agreements entered into with the Company's Commercial and Power Plant customers 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 9). As of March 29, 2015, 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 $31.1 million and $31.8 million as of March 29, 2015 and December 28, 2014, respectively. As of March 29, 2015, $8.0 million of uncertain tax positions are included in "Accrued liabilities" in the Company's Consolidated Balance Sheets as they are expected to be paid within the next twelve months, and $23.1 million of uncertain tax positions 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 twelve months. As of December 28, 2014, total liabilities of $31.8 million associated with uncertain tax positions were included in "Other long-term liabilities" as they were 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, sale-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 the majority of 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 pension 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 pension plans as an asset or liability on its Consolidated Balance Sheets. As of March 29, 2015 and December 28, 2014, the underfunded status of the Company’s pension plans, presented in "Other long-term liabilities" on the Company’s Consolidated Balance Sheets, was $10.8 million and $10.0 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 pension plans was zero for the three months ended March 29, 2015. | ||||||||||||||||||||||||
Legal Matters | ||||||||||||||||||||||||
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 was overruled, whereupon SunPower Systems filed its answer and also filed a cross-complaint against NRG. The case currently is pending and no trial date or case schedule has been set yet. The Company is currently unable to determine if the resolution of this matter will have a material effect on the Company's consolidated financial statements. | ||||||||||||||||||||||||
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. On March 18, 2015, the tribunal held a hearing on the issue of the transfer of FPSC shares. The tribunal has not yet issued a ruling on this issue, and has not yet set a date for SPML's purchase of FPEC's interests in FPSC or the subsequent damages payment to FPSC. | ||||||||||||||||||||||||
As of March 29, 2015, the Company recorded an accrual of $63.0 million related to this matter based on the Company's 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 | 3 Months Ended |
Mar. 29, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS |
As of March 29, 2015 and December 28, 2014, the Company's carrying value of its equity method investments totaled $213.1 million and $210.9 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 Statements 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. | |
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 March 29, 2015, 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 March 29, 2015 and December 28, 2014, the Company's investment in AUOSP had a carrying value of $194.2 million and $191.7 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 | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
29-Mar-15 | 28-Dec-14 | ||||||||||||||||||||||||||||||||
(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 | $ | — | $ | 395,922 | $ | 395,922 | $ | 400,000 | $ | — | $ | 395,475 | $ | 395,475 | |||||||||||||||||
0.75% debentures due 2018 | 300,000 | — | 297,590 | 297,590 | 300,000 | — | 297,401 | 297,401 | |||||||||||||||||||||||||
4.50% debentures due 2015 | — | — | — | 249,645 | 245,325 | — | 245,325 | ||||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | — | 79 | 79 | 79 | — | 79 | 79 | |||||||||||||||||||||||||
IFC mortgage loan | 40,000 | 15,000 | 24,081 | 39,081 | 47,500 | 14,983 | 31,492 | 46,475 | |||||||||||||||||||||||||
CEDA loan | 30,000 | — | 27,479 | 27,479 | 30,000 | — | 27,379 | 27,379 | |||||||||||||||||||||||||
Quinto Credit Facility | 128,841 | — | 128,841 | 128,841 | 61,481 | — | 61,481 | 61,481 | |||||||||||||||||||||||||
Other debt1 | 113,498 | 2,020 | 110,661 | 112,681 | 91,398 | 1,963 | 88,605 | 90,568 | |||||||||||||||||||||||||
$ | 1,012,418 | $ | 17,020 | $ | 984,653 | $ | 1,001,673 | $ | 1,180,103 | $ | 262,271 | $ | 901,912 | $ | 1,164,183 | ||||||||||||||||||
1 | Other debt excludes payments related to capital leases, which are disclosed in Note 8. | ||||||||||||||||||||||||||||||||
As of March 29, 2015, the aggregate future contractual maturities of the Company's outstanding debt, at face value, was as follows: | |||||||||||||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | ||||||||||||||||||||||||||
Aggregate future maturities of outstanding debt | $ | 9,074 | 23,056 | 23,983 | 308,531 | 9,929 | 637,845 | $ | 1,012,418 | ||||||||||||||||||||||||
Convertible Debt | |||||||||||||||||||||||||||||||||
The following table summarizes the Company's outstanding convertible debt: | |||||||||||||||||||||||||||||||||
29-Mar-15 | 28-Dec-14 | ||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Face Value | Fair Value1 | Carrying Value | Face Value | Fair Value1 | |||||||||||||||||||||||||||
Convertible debt: | |||||||||||||||||||||||||||||||||
0.875% debentures due 2021 | $ | 395,922 | $ | 400,000 | $ | 399,688 | $ | 395,475 | $ | 400,000 | $ | 358,000 | |||||||||||||||||||||
0.75% debentures due 2018 | 297,590 | 300,000 | 422,205 | 297,401 | 300,000 | 366,750 | |||||||||||||||||||||||||||
4.50% debentures due 2015 | — | — | — | 245,325 | 249,645 | 294,581 | |||||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | 79 | 76 | 79 | 79 | 80 | |||||||||||||||||||||||||||
$ | 693,591 | $ | 700,079 | $ | 821,969 | $ | 938,280 | $ | 949,724 | $ | 1,019,411 | ||||||||||||||||||||||
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 was payable semi-annually, beginning on September 15, 2010. The 4.50% debentures due 2015 were convertible only into cash, and not into shares of the Company's common stock (or any other securities) at a conversion price of $22.53 per share. The 4.50% debentures due 2015 matured on March 15, 2015. During March 2015, the Company paid holders an aggregate of $324.3 million in cash in connection with the settlement of the outstanding 4.50% debentures due 2015. No 4.50% debentures due 2015 remained outstanding after the maturity date. | |||||||||||||||||||||||||||||||||
The embedded cash conversion option was a derivative instrument (derivative liability) that was 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 were reported in the Company's Consolidated Statements of Operations until the 4.50% debentures due 2015 matured in March 2015. | |||||||||||||||||||||||||||||||||
During the three months ended March 29, 2015, the Company recognized a non-cash loss of $52.0 million, recorded in "Other, net" in the Company's Consolidated Statements of Operations to recognize the change in fair value prior to expiration of the embedded conversion option. During the three months ended March 30, 2014, the Company recognized a non-cash loss of $19.1 million, recorded in "Other, net" in the Company's Consolidated Statements of Operations related to the change in fair value of the embedded cash conversion option. | |||||||||||||||||||||||||||||||||
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 represented 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. The transactions effectively reduced 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 was, and 4.50% Warrant transaction is, a separate transaction, entered into by the Company with each counterparty, and was not part of the terms of the 4.50% debentures due 2015. | |||||||||||||||||||||||||||||||||
The 4.50% Bond Hedge, which was indexed to the Company's common stock, was a derivative instrument that required mark-to-market accounting treatment due to the cash settlement features until the 4.50% Bond Hedge settled in March 2015. During March 2015, the Company exercised its rights under the 4.50% Bond Hedge, resulting in a payment to the Company of $74.6 million. | |||||||||||||||||||||||||||||||||
During the three months ended March 29, 2015, the Company recognized a non-cash gain of $52.0 million, recorded in "Other, net" in the Company's Consolidated Statements of Operations to recognize the change in fair value prior to settlement of the 4.50% Bond Hedge. During the three months ended March 30, 2014, the Company recognized a non-cash gain of $19.1 million, recorded in "Other, net" in the Company's Consolidated Statements 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 components of 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, the Company borrowed $75.0 million and is 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 4). As of both March 29, 2015 and December 28, 2014, 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. | |||||||||||||||||||||||||||||||||
Revolving Credit Facility with Credit Agricole | |||||||||||||||||||||||||||||||||
In July 2013, the Company entered into a revolving credit facility (the "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. | |||||||||||||||||||||||||||||||||
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 both March 29, 2015 and December 28, 2014, the Company had no outstanding borrowings under the revolving credit facility. | |||||||||||||||||||||||||||||||||
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 "Quinto 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 Quinto 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 Quinto Project Company and SunPower Corporation, Systems, our wholly-owned subsidiary. | |||||||||||||||||||||||||||||||||
As of March 29, 2015 we had outstanding borrowings of $128.8 million under the Quinto Credit Facility. | |||||||||||||||||||||||||||||||||
Other Debt | |||||||||||||||||||||||||||||||||
During fiscal 2015, the Company entered into a long-term non-recourse credit facility to finance a 52 MW utility and power plant in Colorado. The outstanding borrowings under this facility amounted to $22.6 million as of March 29, 2015. | |||||||||||||||||||||||||||||||||
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. No amounts were drawn down under the loan agreements during the first quarter fiscal 2015. The loans have 17-year terms and as of March 29, 2015, the short-term and long-term balances of the loans were $1.5 million and $79.1 million, respectively. | |||||||||||||||||||||||||||||||||
During fiscal 2013, the Company entered into a long-term non-recourse loan agreement to finance a 5.4 MW utility and power plant operating in Arizona. The outstanding balance of the loan as of March 29, 2015 and December 28, 2014 was $8.5 million and $8.6 million, respectively. | |||||||||||||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014, letters of credit issued and outstanding under the August 2011 letter of credit facility with Deutsche Bank totaled $559.2 million and $654.7 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 March 29, 2015 and December 28, 2014, letters of credit issued and outstanding under the Deutsche Bank Trust facility amounted to $19.1 million and $1.6 million, respectively, which were fully collateralized with restricted cash on the Consolidated Balance Sheets. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014, all of which utilize Level 2 inputs under the fair value hierarchy: | |||||||||||||||||||||||||
(In thousands) | Balance Sheet Classification | March 29, 2015 | December 28, 2014 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Prepaid expenses and other current assets | $ | 2,416 | $ | 2,240 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 125 | 4 | ||||||||||||||||||||||
$ | 2,541 | $ | 2,244 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 9,655 | 4,774 | ||||||||||||||||||||||
$ | 9,655 | $ | 4,774 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency forward exchange contracts | Accrued liabilities | 908 | — | ||||||||||||||||||||||
Interest rate contracts | Other long-term liabilities | 1,148 | 3,712 | ||||||||||||||||||||||
$ | 2,056 | $ | 3,712 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency forward exchange contracts | Accrued liabilities | 1,807 | 1,345 | ||||||||||||||||||||||
Interest rate contracts | Other long-term liabilities | 9,400 | — | ||||||||||||||||||||||
$ | 11,207 | $ | 1,345 | ||||||||||||||||||||||
29-Mar-15 | |||||||||||||||||||||||||
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 | $ | 12,196 | $ | — | $ | 12,196 | $ | 2,715 | $ | — | $ | 9,481 | |||||||||||||
Derivative liabilities | $ | 13,263 | $ | — | $ | 13,263 | $ | 2,715 | $ | — | $ | 10,548 | |||||||||||||
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 | |||||||||||||
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: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Loss in OCI at the beginning of the period | $ | (1,443 | ) | $ | (805 | ) | |||||||||||||||||||
Unrealized loss recognized in OCI | (2,708 | ) | (3 | ) | |||||||||||||||||||||
Less: Loss (gain) reclassified from OCI to earnings | (1,480 | ) | 388 | ||||||||||||||||||||||
Net gain (loss) on derivatives | $ | (4,188 | ) | $ | 385 | ||||||||||||||||||||
Gain (loss) in OCI at the end of the period | $ | (5,631 | ) | $ | (420 | ) | |||||||||||||||||||
The following table summarizes the amount of gain or loss recognized in "Other, net" in the Consolidated Statements of Operations in the three months ended March 29, 2015, and March 30, 2014: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Gain (loss) recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ | (3,255 | ) | $ | 480 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Gain recognized in "Other, net" | $ | 7,515 | $ | 1,430 | |||||||||||||||||||||
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 March 29, 2015, the Company had designated outstanding cash flow hedge option contracts and forward contracts with an aggregate notional value of $13.3 million and $51.3 million, respectively. 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. 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 March 29, 2015, the Company held option contracts and forward contracts with an aggregate notional value of zero and $93.5 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 zero and $122.5 million, respectively, as of December 28, 2014, 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 March 29, 2015 and December 28, 2014, the Company had interest rate swap agreements designated as cash flow hedges with an aggregate notional value of $45.5 million and $247.0 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. The Company analyzes its interest rate swaps quarterly to determine if the hedge transaction remains effective or ineffective. The Company may discontinue hedge accounting for interest rate swaps prospectively if certain criteria are no longer met, the interest rate swap is terminated or exercised, or if the Company elects to remove the cash flow hedge designation. If hedge accounting is discontinued, and the forecasted hedged transaction is considered possible to occur, the previously recognized gain or loss on the interest rate swaps will remain in accumulated other comprehensive loss and will be reclassified into earnings during the same period the forecasted hedged transaction affects earnings or is otherwise deemed improbable to occur. | |||||||||||||||||||||||||
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 | 3 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
In the three months ended March 29, 2015 and March 30, 2014, the Company's income tax provision of $2.4 million and $13.6 million on a loss before income taxes and equity in earnings of unconsolidated investees of $28.9 million and an income before income taxes and equity in earnings of unconsolidated investees of $54.9 million, respectively, was primarily due to projected tax expense in profitable foreign jurisdictions as well as minimum taxes. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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 the outstanding senior convertible debentures. | |||||||||
The following table presents the calculation of basic and diluted net income (loss) per share: | |||||||||
Three Months Ended | |||||||||
(In thousands, except per share amounts) | March 29, 2015 | March 30, 2014 | |||||||
Basic net income per share: | |||||||||
Numerator | |||||||||
Net income (loss) attributable to stockholders | $ | (9,581 | ) | $ | 65,044 | ||||
Denominator | |||||||||
Basic weighted-average common shares | 132,033 | 122,196 | |||||||
Basic net income (loss) per share | $ | (0.07 | ) | $ | 0.53 | ||||
Diluted net income per share: | |||||||||
Numerator | |||||||||
Net income (loss) attributable to stockholders | (9,581 | ) | 65,044 | ||||||
Add: Interest expense incurred on the 0.75% debentures due 2018, net of tax | — | 450 | |||||||
Add: Interest expense incurred on the 4.75% debentures due 2014, net of tax | — | 2,185 | |||||||
Net income (loss) available to common stockholders | (9,581 | ) | 67,679 | ||||||
Denominator | |||||||||
Basic weighted-average common shares | 132,033 | 122,196 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | — | 108 | |||||||
Restricted stock units | — | 6,202 | |||||||
Upfront Warrants (held by Total) | — | 7,227 | |||||||
Warrants (under the CSO2015) | — | 2,915 | |||||||
Warrants (under the CSO2014) | — | 1,048 | |||||||
0.75% debentures due 2018 | — | 12,026 | |||||||
4.75% debentures due 2014 | — | 8,712 | |||||||
Dilutive weighted-average common shares | 132,033 | 160,434 | |||||||
Dilutive net income (loss) per share | $ | (0.07 | ) | $ | 0.42 | ||||
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 10). | |||||||||
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 10). | |||||||||
Holders of the Company's 4.50% debentures due 2015 could, under certain circumstances at their option and before maturity, 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. In March 2015, the 4.50% debentures due 2015 matured and were settled in cash (see Note 10). | |||||||||
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: | |||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 1 | March 30, 2014 | |||||||
Stock options | 190 | 159 | |||||||
Restricted stock units | 3,616 | 464 | |||||||
Upfront Warrants (held by Total) | 9,532 | — | |||||||
Warrants (under the CSO2015) | 11,096 | — | |||||||
0.75% debentures due 2018 | 12,026 | — | |||||||
0.875% debentures due 2021 | 8,203 | n/a | |||||||
1As a result of the net loss per share for the three months ended March 29, 2015, 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
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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: | |||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Cost of Residential revenue | $ | 922 | $ | 994 | |||||
Cost of Commercial revenue | 388 | 540 | |||||||
Cost of Power Plant revenue | 1,256 | 2,022 | |||||||
Research and development | 2,273 | 1,797 | |||||||
Sales, general and administrative | 8,707 | 9,514 | |||||||
Total stock-based compensation expense | $ | 13,546 | $ | 14,867 | |||||
The following table summarizes the consolidated stock-based compensation expense by type of awards: | |||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Restricted stock units | 14,504 | 14,876 | |||||||
Change in stock-based compensation capitalized in inventory | (958 | ) | (9 | ) | |||||
Total stock-based compensation expense | $ | 13,546 | $ | 14,867 | |||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | SEGMENT AND GEOGRAPHICAL INFORMATION | ||||||||
In the first quarter of fiscal 2015, in connection with a realignment of its internal organizational structure, the Company changed its segment reporting from its Americas, EMEA and APAC Segments to three end-customer segments: (i) Residential Segment, (ii) Commercial Segment and (iii) Power Plant Segment (see Note 1). The Residential and Commercial Segments combined are referred to as Distributed Generation. Reclassifications of prior period segment information have been made to conform to the current period presentation. This change does not affect the Company's previously reported Consolidated Financial Statements. | |||||||||
The following tables present information by end-customer segment including revenue, gross margin, and depreciation and amortization, as well as revenue by geography, based on the destination of the shipments: | |||||||||
Three Months Ended | |||||||||
(In thousands) | 29-Mar-15 | 30-Mar-14 | |||||||
Revenue | |||||||||
Distributed Generation | |||||||||
Residential | 155,324 | 164,718 | |||||||
Commercial | 49,063 | 76,504 | |||||||
Power Plant | 236,484 | 451,200 | |||||||
Total revenue | 440,871 | 692,422 | |||||||
Cost of revenue | |||||||||
Distributed Generation | |||||||||
Residential | 122,772 | 132,687 | |||||||
Commercial | 46,880 | 64,463 | |||||||
Power Plant | 180,401 | 332,283 | |||||||
Total cost of revenue | 350,053 | 529,433 | |||||||
Gross margin | |||||||||
Distributed Generation | |||||||||
Residential | 32,552 | 32,031 | |||||||
Commercial | 2,183 | 12,041 | |||||||
Power Plant | 56,083 | 118,917 | |||||||
Total gross margin | $ | 90,818 | $ | 162,989 | |||||
Three Months Ended | |||||||||
Depreciation and amortization by segment (in thousands): | March 29, 2015 | March 30, 2014 | |||||||
Distributed Generation | |||||||||
Residential | $ | 10,172 | $ | 6,035 | |||||
Commercial | $ | 3,407 | $ | 2,803 | |||||
Power Plant | $ | 14,984 | $ | 16,533 | |||||
The following tables present information by significant customers and categories: | |||||||||
Three Months Ended | |||||||||
(As a percentage of total revenue) | March 29, 2015 | March 30, 2014 | |||||||
Significant Customers: | Business Segment | ||||||||
MidAmerican Energy Holdings Company | Power Plant | 33 | % | 42 | % | ||||
Three Months Ended | |||||||||
(As a percentage of total revenue) | March 29, 2015 | March 30, 2014 | |||||||
Revenue by geography: | |||||||||
United States | 67 | % | 68 | % | |||||
Japan | 16 | % | 13 | % | |||||
Rest of World | 17 | % | 19 | % | |||||
100 | % | 100 | % |
The_Company_and_Summary_of_Sig1
The Company and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
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, including prior period segment information, 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. The current fiscal year, fiscal 2015, consists of 53 weeks, including a 14-week fourth fiscal quarter, while fiscal year 2014 consists of 52 weeks. The first quarter of fiscal 2015 ended on March 29, 2015, while the first quarter of fiscal 2014 ended on March 30, 2014. The first quarter of fiscal 2015 and fiscal 2014 were both 13-week quarters. | |
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. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board ("FASB") issued an update to the standards to provide a practical expedient for the measurement date of defined benefit obligation and plan assets for reporting entities with fiscal year-ends that do not coincide with a month-end. The updated standard allows such entities to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year and to all plans, if an entity has more than one plan. The new practical expedient guidance is effective for the Company no later than the first quarter of fiscal 2016 and requires a prospective approach to adoption. Early adoption is permitted. The Company is evaluating the potential impact of this standard on its consolidated financial statements and disclosures. | |
In April 2015, the FASB issued an update to the standards for the presentation of debt issuance costs to reduce complexity in accounting standards and to align with IFRS. The updated standard requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. U.S. generally accepted accounting principles previously required debt issuance costs to be reflected as an asset on the Company's balance sheet. The new debt issuance cost guidance is effective for the Company no later than the first quarter of fiscal 2016 and requires a retrospective approach to adoption. The Company has elected early adoption of the updated accounting standard, effective in the first quarter of fiscal 2015, resulting in the reclassification of $11.6M of debt issuance costs from "Other long-term assets" to "Long-term debt" and "Convertible debt, net of current portion" in the Consolidated Balance Sheets as of December 28, 2014. | |
In February 2015, the FASB issued a new standard that 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. | |
In May 2014, the 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. | |
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. |
The_Company_and_Summary_of_Sig2
The Company and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Property, plant and equipment, net: | |||||||||
Manufacturing equipment3 | $ | 556,730 | $ | 554,124 | |||||
Land and buildings | 26,138 | 26,138 | |||||||
Leasehold improvements | 237,713 | 236,867 | |||||||
Solar power systems4 | 126,350 | 124,848 | |||||||
Computer equipment | 92,636 | 88,257 | |||||||
Furniture and fixtures | 9,384 | 9,436 | |||||||
Construction-in-process | 97,493 | 75,570 | |||||||
1,146,444 | 1,115,240 | ||||||||
Less: accumulated depreciation | (551,978 | ) | (529,896 | ) | |||||
$ | 594,466 | $ | 585,344 | ||||||
3 | The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $107.7 million and $111.9 million as of March 29, 2015 and December 28, 2014, respectively. | ||||||||
4 | Includes $95.4 million and $94.4 million of solar power systems associated with sale-leaseback transactions under the financing method as of March 29, 2015 and December 28, 2014, 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 5). |
Transactions_with_Total_and_To1
Transactions with Total and Total S.A. (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of related party transactions | Related-Party Transactions with Total and its Affiliates: | ||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Revenue: | |||||||||
EPC, O&M, and components revenue under joint projects | $ | 199 | $ | 2,889 | |||||
Research and development expense: | |||||||||
Offsetting contributions received under R&D Agreement | $ | (422 | ) | $ | (260 | ) | |||
Interest expense: | |||||||||
Guarantee fees incurred under Credit Support Agreement | $ | 2,726 | $ | 2,745 | |||||
Fees incurred under the Compensation and Funding Agreement | $ | — | $ | 1,200 | |||||
Interest expense incurred on the 0.75% debentures due 2018 | $ | 375 | $ | 375 | |||||
Interest expense incurred on the 0.875% debentures due 2021 | $ | 680 | $ | — | |||||
Related-Party Transactions with Investees: | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | 28-Dec-14 | |||||||
Accounts receivable | $ | 20,235 | $ | 22,425 | |||||
Accounts payable | $ | 26,252 | $ | 50,039 | |||||
Customer advances | $ | 1,212 | $ | 4,210 | |||||
Other long-term assets: | |||||||||
Long-term note receivable | $ | 1,553 | $ | 1,623 | |||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Payments made to investees for products/services | $ | 119,177 | $ | 105,010 | |||||
Revenue from sales to investees of products/services | $ | 5,603 | $ | — | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
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 March 29, 2015 | |||||||||||||
Patents and purchased technology | $ | 13,675 | $ | (1,088 | ) | $ | 12,587 | ||||||
Purchased in-process research and development | 3,700 | — | 3,700 | ||||||||||
Other | $ | 500 | $ | — | 500 | ||||||||
$ | 17,875 | $ | (1,088 | ) | $ | 16,787 | |||||||
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 March 29, 2015, the estimated future amortization expense related to intangible assets with finite useful lives is as follows: | ||||||||||||
(In thousands) | Amount | ||||||||||||
Fiscal Year | |||||||||||||
2015 (remaining nine months) | $ | 1,891 | |||||||||||
2016 | 2,114 | ||||||||||||
2017 | 1,989 | ||||||||||||
2018 | 1,989 | ||||||||||||
2019 | 1,989 | ||||||||||||
Thereafter | 3,115 | ||||||||||||
$ | 13,087 | ||||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Schedule of Accounts Receivable | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Accounts receivable, net: | |||||||||
Accounts receivable, gross1,2 | $ | 485,614 | $ | 523,613 | |||||
Less: allowance for doubtful accounts | (17,226 | ) | (18,152 | ) | |||||
Less: allowance for sales returns | (520 | ) | (1,145 | ) | |||||
$ | 467,868 | $ | 504,316 | ||||||
1 | Includes short-term financing receivables associated with solar power systems leased of $11.3 million and $9.1 million as of March 29, 2015 and December 28, 2014, respectively (see Note 5). | ||||||||
2 | Includes short-term retainage of $240.3 million and $213.0 million as of March 29, 2015 and December 28, 2014, 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 Inventory | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Inventories: | |||||||||
Raw materials | $ | 71,552 | $ | 46,848 | |||||
Work-in-process | 85,800 | 67,903 | |||||||
Finished goods | 145,235 | 93,822 | |||||||
$ | 302,587 | $ | 208,573 | ||||||
Schedule of Prepaid Expenses and Other Current Assets | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Prepaid expenses and other current assets: | |||||||||
Deferred project costs | $ | 57,989 | $ | 64,784 | |||||
Bond hedge derivative | — | 51,951 | |||||||
VAT receivables, current portion | 6,628 | 7,554 | |||||||
Deferred costs for solar power systems to be leased | 26,633 | 22,537 | |||||||
Derivative financial instruments | 12,196 | 7,018 | |||||||
Prepaid inventory | 50,395 | — | |||||||
Other receivables | 92,924 | 79,927 | |||||||
Other prepaid expenses | 54,923 | 47,448 | |||||||
Other current assets | 44,137 | 47,626 | |||||||
$ | 345,825 | $ | 328,845 | ||||||
Schedule Investments In Power And Distribution Projects | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Project assets - plants and land: | |||||||||
Project assets — plants | $ | 196,890 | $ | 104,328 | |||||
Project assets — land | 12,154 | 12,328 | |||||||
$ | 209,044 | $ | 116,656 | ||||||
Project assets — plants and land, current portion | $ | 179,650 | $ | 101,181 | |||||
Project assets — plants and land, net of current portion | $ | 29,394 | $ | 15,475 | |||||
Schedule of Property, Plant and Equipment | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Property, plant and equipment, net: | |||||||||
Manufacturing equipment3 | $ | 556,730 | $ | 554,124 | |||||
Land and buildings | 26,138 | 26,138 | |||||||
Leasehold improvements | 237,713 | 236,867 | |||||||
Solar power systems4 | 126,350 | 124,848 | |||||||
Computer equipment | 92,636 | 88,257 | |||||||
Furniture and fixtures | 9,384 | 9,436 | |||||||
Construction-in-process | 97,493 | 75,570 | |||||||
1,146,444 | 1,115,240 | ||||||||
Less: accumulated depreciation | (551,978 | ) | (529,896 | ) | |||||
$ | 594,466 | $ | 585,344 | ||||||
3 | The Company's mortgage loan agreement with International Finance Corporation ("IFC") is collateralized by certain manufacturing equipment with a net book value of $107.7 million and $111.9 million as of March 29, 2015 and December 28, 2014, respectively. | ||||||||
4 | Includes $95.4 million and $94.4 million of solar power systems associated with sale-leaseback transactions under the financing method as of March 29, 2015 and December 28, 2014, 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 5). | ||||||||
Schedule of Property, Plant and Equipment by Geographic Region | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Property, plant and equipment, net by geography5: | |||||||||
Philippines | $ | 345,803 | $ | 335,643 | |||||
United States | 182,362 | 183,631 | |||||||
Mexico | 40,393 | 40,251 | |||||||
Europe | 24,620 | 24,748 | |||||||
Other | 1,288 | 1,071 | |||||||
$ | 594,466 | $ | 585,344 | ||||||
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) | March 29, 2015 | December 28, 2014 | |||||||
Other long-term assets: | |||||||||
Equity method investments | $ | 213,089 | $ | 210,898 | |||||
Cost method investments | 32,277 | 32,308 | |||||||
Other | 61,644 | 57,023 | |||||||
$ | 307,010 | $ | 300,229 | ||||||
Schedule of Accrued Liabilities | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Accrued liabilities: | |||||||||
Bond hedge derivatives | $ | — | $ | 51,951 | |||||
Employee compensation and employee benefits | 36,355 | 47,667 | |||||||
Deferred revenue | 27,075 | 33,412 | |||||||
Short-term residential lease financing | 1,270 | 1,489 | |||||||
Interest payable | 11,703 | 10,575 | |||||||
Short-term warranty reserves | 14,467 | 13,278 | |||||||
Restructuring reserve | 9,130 | 13,477 | |||||||
VAT payables | 7,316 | 6,073 | |||||||
Derivative financial instruments | 2,715 | 1,345 | |||||||
Inventory payable | 50,395 | — | |||||||
Other | 109,065 | 151,767 | |||||||
$ | 269,491 | $ | 331,034 | ||||||
Schedule of Other Long-Term Liabilities | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Other long-term liabilities: | |||||||||
Deferred revenue | $ | 178,602 | $ | 176,804 | |||||
Long-term warranty reserves | 139,630 | 141,370 | |||||||
Long-term sale-leaseback financing | 112,240 | 111,904 | |||||||
Long-term residential lease financing | 19,032 | 27,122 | |||||||
Unrecognized tax benefits | 23,069 | 31,764 | |||||||
Long-term pension liability | 10,780 | 9,980 | |||||||
Derivative financial instruments | 10,548 | 3,712 | |||||||
Other | 49,072 | 52,688 | |||||||
$ | 542,973 | $ | 555,344 | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||
As of | |||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | |||||||
Accumulated other comprehensive loss: | |||||||||
Cumulative translation adjustment | $ | (10,715 | ) | $ | (8,712 | ) | |||
Net unrealized loss on derivatives | (5,631 | ) | (1,443 | ) | |||||
Net loss on long-term pension liability adjustment | (2,878 | ) | (2,878 | ) | |||||
Deferred taxes | (311 | ) | (422 | ) | |||||
$ | (19,535 | ) | $ | (13,455 | ) |
Leasing_Tables
Leasing (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014: | |||||||||||||||||||||||
As of | ||||||||||||||||||||||||
(In thousands) | March 29, 2015 | December 28, 2014 | ||||||||||||||||||||||
Solar power systems leased and to be leased, net1,2: | ||||||||||||||||||||||||
Solar power systems leased | $ | 429,687 | $ | 396,704 | ||||||||||||||||||||
Solar power systems to be leased | 28,683 | 21,202 | ||||||||||||||||||||||
458,370 | 417,906 | |||||||||||||||||||||||
Less: accumulated depreciation | (31,183 | ) | (26,993 | ) | ||||||||||||||||||||
$ | 427,187 | $ | 390,913 | |||||||||||||||||||||
1 | Solar power systems leased and to be leased, net are physically located in the United States. | |||||||||||||||||||||||
2 | As of March 29, 2015 and December 28, 2014, the Company has pledged solar assets with an aggregate book value of $82.1 million and $140.1 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 March 29, 2015: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Minimum future rentals on operating leases placed in service1 | $ | 12,888 | 15,165 | 15,206 | 15,255 | 15,303 | 218,379 | $ | 292,196 | |||||||||||||||
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 March 29, 2015 and December 28, 2014, 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) | March 29, 2015 | December 28, 2014 | ||||||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Minimum lease payments receivable1 | $ | 351,029 | $ | 319,244 | ||||||||||||||||||||
Unguaranteed residual value | 37,775 | 34,343 | ||||||||||||||||||||||
Unearned income | (78,769 | ) | (74,859 | ) | ||||||||||||||||||||
Net financing receivables | $ | 310,035 | $ | 278,728 | ||||||||||||||||||||
Current | $ | 11,250 | $ | 9,141 | ||||||||||||||||||||
Long-term | $ | 298,785 | $ | 269,587 | ||||||||||||||||||||
1 | Net of allowance for doubtful accounts. | |||||||||||||||||||||||
Schedule of future maturities of net financing receivables | As of March 29, 2015, future maturities of net financing receivables for sales-type leases are as follows: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Scheduled maturities of minimum lease payments receivable1 | $ | 12,938 | 17,172 | 17,369 | 17,574 | 17,784 | 268,192 | $ | 351,029 | |||||||||||||||
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) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014, respectively: | ||||||||||||||||||||||||
29-Mar-15 | 28-Dec-14 | ||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents1: | |||||||||||||||||||||||||
Money market funds | $ | 170,000 | $ | 170,000 | $ | — | $ | 375,000 | $ | 375,000 | $ | — | |||||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||||||||||
Debt derivatives (Note 10) | — | — | — | 51,951 | — | 51,951 | |||||||||||||||||||
Derivative financial instruments (Note 11) | 12,196 | — | 12,196 | 7,018 | — | 7,018 | |||||||||||||||||||
Total assets | $ | 182,196 | $ | 170,000 | $ | 12,196 | $ | 433,969 | $ | 375,000 | $ | 58,969 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Accrued liabilities: | |||||||||||||||||||||||||
Debt derivatives (Note 10) | $ | — | $ | — | $ | — | $ | 51,951 | $ | — | $ | 51,951 | |||||||||||||
Derivative financial instruments (Note 11) | 2,715 | — | 2,715 | 1,345 | — | 1,345 | |||||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||||
Derivative financial instruments (Note 11) | 10,548 | — | 10,548 | 3,712 | — | 3,712 | |||||||||||||||||||
Total liabilities | $ | 13,263 | $ | — | $ | 13,263 | $ | 57,008 | $ | — | $ | 57,008 | |||||||||||||
1The 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 as of December 28, 2014 were determined utilizing the following Level 1 and Level 2 inputs: | ||||||||||||||||||||||||
As of1 | |||||||||||||||||||||||||
December 28, 2014 | |||||||||||||||||||||||||
Stock price | $ | 26.32 | |||||||||||||||||||||||
Exercise price | $ | 22.53 | |||||||||||||||||||||||
Interest rate | 0.19 | % | |||||||||||||||||||||||
Stock volatility | 61.7 | % | |||||||||||||||||||||||
Credit risk adjustment | 0.65 | % | |||||||||||||||||||||||
Maturity date | 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: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||
EPC, O&M, and components revenue under joint projects | $ | 199 | $ | 2,889 | |||||||||||||||||||||
Research and development expense: | |||||||||||||||||||||||||
Offsetting contributions received under R&D Agreement | $ | (422 | ) | $ | (260 | ) | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||
Guarantee fees incurred under Credit Support Agreement | $ | 2,726 | $ | 2,745 | |||||||||||||||||||||
Fees incurred under the Compensation and Funding Agreement | $ | — | $ | 1,200 | |||||||||||||||||||||
Interest expense incurred on the 0.75% debentures due 2018 | $ | 375 | $ | 375 | |||||||||||||||||||||
Interest expense incurred on the 0.875% debentures due 2021 | $ | 680 | $ | — | |||||||||||||||||||||
Related-Party Transactions with Investees: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | 28-Dec-14 | |||||||||||||||||||||||
Accounts receivable | $ | 20,235 | $ | 22,425 | |||||||||||||||||||||
Accounts payable | $ | 26,252 | $ | 50,039 | |||||||||||||||||||||
Customer advances | $ | 1,212 | $ | 4,210 | |||||||||||||||||||||
Other long-term assets: | |||||||||||||||||||||||||
Long-term note receivable | $ | 1,553 | $ | 1,623 | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Payments made to investees for products/services | $ | 119,177 | $ | 105,010 | |||||||||||||||||||||
Revenue from sales to investees of products/services | $ | 5,603 | $ | — | |||||||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
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: | ||||||||||||||||
Three Months Ended | Cumulative To Date | ||||||||||||||||
(In thousands) | 29-Mar-15 | 30-Mar-14 | |||||||||||||||
November 2014 Plan: | |||||||||||||||||
Non-cash impairment charges | $ | — | $ | — | $ | 719 | |||||||||||
Severance and benefits | 2,063 | — | 14,243 | ||||||||||||||
Other costs1 | 1,724 | — | 1,937 | ||||||||||||||
3,787 | — | 16,899 | |||||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Non-cash impairment charges | — | — | 60,596 | ||||||||||||||
Severance and benefits | (132 | ) | (531 | ) | 46,577 | ||||||||||||
Lease and related termination costs | — | (402 | ) | 5,774 | |||||||||||||
Other costs1 | (74 | ) | 472 | 10,786 | |||||||||||||
(206 | ) | (461 | ) | 123,733 | |||||||||||||
Total restructuring charges | $ | 3,581 | $ | (461 | ) | $ | 140,632 | ||||||||||
Schedule of restructuring reserve | The following table summarizes the restructuring reserve activity during the fiscal year ended March 29, 2015: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
(In thousands) | 28-Dec-14 | Charges (Benefits) | Payments | 29-Mar-15 | |||||||||||||
November 2014 Plan: | |||||||||||||||||
Severance and benefits | $ | 12,075 | $ | 2,063 | $ | (6,745 | ) | $ | 7,393 | ||||||||
Other costs1 | 145 | 1,724 | (852 | ) | 1,017 | ||||||||||||
12,220 | 3,787 | (7,597 | ) | 8,410 | |||||||||||||
Legacy Restructuring Plans: | |||||||||||||||||
Severance and benefits | 421 | (132 | ) | (144 | ) | 145 | |||||||||||
Lease and related termination costs | 390 | — | (80 | ) | 310 | ||||||||||||
Other costs1 | 446 | (74 | ) | (107 | ) | 265 | |||||||||||
1,257 | (206 | ) | (331 | ) | 720 | ||||||||||||
Total restructuring liability | $ | 13,477 | $ | 3,581 | $ | (7,928 | ) | $ | 9,130 | ||||||||
1 | Other costs primarily represent associated legal services. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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 March 29, 2015 are as follows: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total1,2,3 | |||||||||||||||||
Future purchase obligations | $ | 646,615 | 317,916 | 343,806 | 182,181 | 175,695 | 164,847 | $ | 1,831,060 | |||||||||||||||
1 | Total future purchase obligations as of March 29, 2015 include $81.8 million to related parties. | |||||||||||||||||||||||
2 | Total future purchase obligations was composed of $203.2 million related to non-cancellable purchase orders and $1.6 billion related to long-term supply agreements. | |||||||||||||||||||||||
3The 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. As of March 29, 2015, the Company has recorded an offsetting asset, recorded within "Prepaid expenses and other current assets," and liability, recorded within "Accrued liabilities," totaling $50.4 million. This amount represents the unfulfilled amount as of that date as the Company expects to satisfy the obligation via purchases of inventory in fiscal 2015, within the cure period specified in the contracts. | ||||||||||||||||||||||||
Schedule of estimated utilization of advances from customers | The estimated utilization of advances from customers as of March 29, 2015 is as follows: | |||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | |||||||||||||||||
Estimated utilization of advances from customers | $ | 19,382 | 25,020 | 27,039 | 27,039 | 28,842 | 43,263 | $ | 170,585 | |||||||||||||||
Schedule of product warranty liability | The following table summarizes accrued warranty activity for the three months ended March 29, 2015 and March 30, 2014, respectively: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 154,648 | $ | 149,372 | ||||||||||||||||||||
Accruals for warranties issued during the period | 8,161 | 5,190 | ||||||||||||||||||||||
Settlements and adjustments during the period | (8,711 | ) | (3,147 | ) | ||||||||||||||||||||
Balance at the end of the period | $ | 154,098 | $ | 151,415 | ||||||||||||||||||||
Debt_and_Credit_Sources_Tables
Debt and Credit Sources (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of debt | The following table summarizes the Company's outstanding debt on its Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
29-Mar-15 | 28-Dec-14 | ||||||||||||||||||||||||||||||||
(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 | $ | — | $ | 395,922 | $ | 395,922 | $ | 400,000 | $ | — | $ | 395,475 | $ | 395,475 | |||||||||||||||||
0.75% debentures due 2018 | 300,000 | — | 297,590 | 297,590 | 300,000 | — | 297,401 | 297,401 | |||||||||||||||||||||||||
4.50% debentures due 2015 | — | — | — | 249,645 | 245,325 | — | 245,325 | ||||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | — | 79 | 79 | 79 | — | 79 | 79 | |||||||||||||||||||||||||
IFC mortgage loan | 40,000 | 15,000 | 24,081 | 39,081 | 47,500 | 14,983 | 31,492 | 46,475 | |||||||||||||||||||||||||
CEDA loan | 30,000 | — | 27,479 | 27,479 | 30,000 | — | 27,379 | 27,379 | |||||||||||||||||||||||||
Quinto Credit Facility | 128,841 | — | 128,841 | 128,841 | 61,481 | — | 61,481 | 61,481 | |||||||||||||||||||||||||
Other debt1 | 113,498 | 2,020 | 110,661 | 112,681 | 91,398 | 1,963 | 88,605 | 90,568 | |||||||||||||||||||||||||
$ | 1,012,418 | $ | 17,020 | $ | 984,653 | $ | 1,001,673 | $ | 1,180,103 | $ | 262,271 | $ | 901,912 | $ | 1,164,183 | ||||||||||||||||||
1 | Other debt excludes payments related to capital leases, which are disclosed in Note 8. | ||||||||||||||||||||||||||||||||
Schedule of maturities of debt | As of March 29, 2015, the aggregate future contractual maturities of the Company's outstanding debt, at face value, was as follows: | ||||||||||||||||||||||||||||||||
(In thousands) | Fiscal 2015 (remaining nine months) | Fiscal 2016 | Fiscal 2017 | Fiscal 2018 | Fiscal 2019 | Thereafter | Total | ||||||||||||||||||||||||||
Aggregate future maturities of outstanding debt | $ | 9,074 | 23,056 | 23,983 | 308,531 | 9,929 | 637,845 | $ | 1,012,418 | ||||||||||||||||||||||||
Schedule of long-term convertible debt instruments | The following table summarizes the Company's outstanding convertible debt: | ||||||||||||||||||||||||||||||||
29-Mar-15 | 28-Dec-14 | ||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Face Value | Fair Value1 | Carrying Value | Face Value | Fair Value1 | |||||||||||||||||||||||||||
Convertible debt: | |||||||||||||||||||||||||||||||||
0.875% debentures due 2021 | $ | 395,922 | $ | 400,000 | $ | 399,688 | $ | 395,475 | $ | 400,000 | $ | 358,000 | |||||||||||||||||||||
0.75% debentures due 2018 | 297,590 | 300,000 | 422,205 | 297,401 | 300,000 | 366,750 | |||||||||||||||||||||||||||
4.50% debentures due 2015 | — | — | — | 245,325 | 249,645 | 294,581 | |||||||||||||||||||||||||||
0.75% debentures due 2027 | 79 | 79 | 76 | 79 | 79 | 80 | |||||||||||||||||||||||||||
$ | 693,591 | $ | 700,079 | $ | 821,969 | $ | 938,280 | $ | 949,724 | $ | 1,019,411 | ||||||||||||||||||||||
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) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
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 March 29, 2015 and December 28, 2014, all of which utilize Level 2 inputs under the fair value hierarchy: | ||||||||||||||||||||||||
(In thousands) | Balance Sheet Classification | March 29, 2015 | December 28, 2014 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency option contracts | Prepaid expenses and other current assets | $ | 2,416 | $ | 2,240 | ||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 125 | 4 | ||||||||||||||||||||||
$ | 2,541 | $ | 2,244 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency forward exchange contracts | Prepaid expenses and other current assets | 9,655 | 4,774 | ||||||||||||||||||||||
$ | 9,655 | $ | 4,774 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency forward exchange contracts | Accrued liabilities | 908 | — | ||||||||||||||||||||||
Interest rate contracts | Other long-term liabilities | 1,148 | 3,712 | ||||||||||||||||||||||
$ | 2,056 | $ | 3,712 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency forward exchange contracts | Accrued liabilities | 1,807 | 1,345 | ||||||||||||||||||||||
Interest rate contracts | Other long-term liabilities | 9,400 | — | ||||||||||||||||||||||
$ | 11,207 | $ | 1,345 | ||||||||||||||||||||||
Schedule of offsetting assets and liabilities | |||||||||||||||||||||||||
29-Mar-15 | |||||||||||||||||||||||||
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 | $ | 12,196 | $ | — | $ | 12,196 | $ | 2,715 | $ | — | $ | 9,481 | |||||||||||||
Derivative liabilities | $ | 13,263 | $ | — | $ | 13,263 | $ | 2,715 | $ | — | $ | 10,548 | |||||||||||||
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 | |||||||||||||
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: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Loss in OCI at the beginning of the period | $ | (1,443 | ) | $ | (805 | ) | |||||||||||||||||||
Unrealized loss recognized in OCI | (2,708 | ) | (3 | ) | |||||||||||||||||||||
Less: Loss (gain) reclassified from OCI to earnings | (1,480 | ) | 388 | ||||||||||||||||||||||
Net gain (loss) on derivatives | $ | (4,188 | ) | $ | 385 | ||||||||||||||||||||
Gain (loss) in OCI at the end of the period | $ | (5,631 | ) | $ | (420 | ) | |||||||||||||||||||
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 three months ended March 29, 2015, and March 30, 2014: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Gain (loss) recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ | (3,255 | ) | $ | 480 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Gain recognized in "Other, net" | $ | 7,515 | $ | 1,430 | |||||||||||||||||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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: | ||||||||
Three Months Ended | |||||||||
(In thousands, except per share amounts) | March 29, 2015 | March 30, 2014 | |||||||
Basic net income per share: | |||||||||
Numerator | |||||||||
Net income (loss) attributable to stockholders | $ | (9,581 | ) | $ | 65,044 | ||||
Denominator | |||||||||
Basic weighted-average common shares | 132,033 | 122,196 | |||||||
Basic net income (loss) per share | $ | (0.07 | ) | $ | 0.53 | ||||
Diluted net income per share: | |||||||||
Numerator | |||||||||
Net income (loss) attributable to stockholders | (9,581 | ) | 65,044 | ||||||
Add: Interest expense incurred on the 0.75% debentures due 2018, net of tax | — | 450 | |||||||
Add: Interest expense incurred on the 4.75% debentures due 2014, net of tax | — | 2,185 | |||||||
Net income (loss) available to common stockholders | (9,581 | ) | 67,679 | ||||||
Denominator | |||||||||
Basic weighted-average common shares | 132,033 | 122,196 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | — | 108 | |||||||
Restricted stock units | — | 6,202 | |||||||
Upfront Warrants (held by Total) | — | 7,227 | |||||||
Warrants (under the CSO2015) | — | 2,915 | |||||||
Warrants (under the CSO2014) | — | 1,048 | |||||||
0.75% debentures due 2018 | — | 12,026 | |||||||
4.75% debentures due 2014 | — | 8,712 | |||||||
Dilutive weighted-average common shares | 132,033 | 160,434 | |||||||
Dilutive net income (loss) per share | $ | (0.07 | ) | $ | 0.42 | ||||
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: | ||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 1 | March 30, 2014 | |||||||
Stock options | 190 | 159 | |||||||
Restricted stock units | 3,616 | 464 | |||||||
Upfront Warrants (held by Total) | 9,532 | — | |||||||
Warrants (under the CSO2015) | 11,096 | — | |||||||
0.75% debentures due 2018 | 12,026 | — | |||||||
0.875% debentures due 2021 | 8,203 | n/a | |||||||
1As a result of the net loss per share for the three months ended March 29, 2015, 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_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
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: | ||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Cost of Residential revenue | $ | 922 | $ | 994 | |||||
Cost of Commercial revenue | 388 | 540 | |||||||
Cost of Power Plant revenue | 1,256 | 2,022 | |||||||
Research and development | 2,273 | 1,797 | |||||||
Sales, general and administrative | 8,707 | 9,514 | |||||||
Total stock-based compensation expense | $ | 13,546 | $ | 14,867 | |||||
Summary of stock-based compensation expense by type of award | The following table summarizes the consolidated stock-based compensation expense by type of awards: | ||||||||
Three Months Ended | |||||||||
(In thousands) | March 29, 2015 | March 30, 2014 | |||||||
Restricted stock units | 14,504 | 14,876 | |||||||
Change in stock-based compensation capitalized in inventory | (958 | ) | (9 | ) | |||||
Total stock-based compensation expense | $ | 13,546 | $ | 14,867 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of segment reporting information | The following tables present information by end-customer segment including revenue, gross margin, and depreciation and amortization, as well as revenue by geography, based on the destination of the shipments: | |||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
(In thousands) | 29-Mar-15 | 30-Mar-14 | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||
Distributed Generation | ||||||||||||||||||||||||||||||||||
Residential | 155,324 | 164,718 | ||||||||||||||||||||||||||||||||
Commercial | 49,063 | 76,504 | ||||||||||||||||||||||||||||||||
Power Plant | 236,484 | 451,200 | ||||||||||||||||||||||||||||||||
Total revenue | 440,871 | 692,422 | ||||||||||||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||||||||||
Distributed Generation | ||||||||||||||||||||||||||||||||||
Residential | 122,772 | 132,687 | ||||||||||||||||||||||||||||||||
Commercial | 46,880 | 64,463 | ||||||||||||||||||||||||||||||||
Power Plant | 180,401 | 332,283 | ||||||||||||||||||||||||||||||||
Total cost of revenue | 350,053 | 529,433 | ||||||||||||||||||||||||||||||||
Gross margin | ||||||||||||||||||||||||||||||||||
Distributed Generation | ||||||||||||||||||||||||||||||||||
Residential | 32,552 | 32,031 | ||||||||||||||||||||||||||||||||
Commercial | 2,183 | 12,041 | ||||||||||||||||||||||||||||||||
Power Plant | 56,083 | 118,917 | ||||||||||||||||||||||||||||||||
Total gross margin | $ | 90,818 | $ | 162,989 | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
Depreciation and amortization by segment (in thousands): | March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||||||||||||
Distributed Generation | ||||||||||||||||||||||||||||||||||
Residential | $ | 10,172 | $ | 6,035 | ||||||||||||||||||||||||||||||
Commercial | $ | 3,407 | $ | 2,803 | ||||||||||||||||||||||||||||||
Power Plant | $ | 14,984 | $ | 16,533 | ||||||||||||||||||||||||||||||
Schedule of revenue by major customers | The following tables present information by significant customers and categories: | |||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
(As a percentage of total revenue) | March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||||||||||||
Significant Customers: | Business Segment | |||||||||||||||||||||||||||||||||
MidAmerican Energy Holdings Company | Power Plant | 33 | % | 42 | % | |||||||||||||||||||||||||||||
Revenue from significant category | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
(As a percentage of total revenue) | March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||||||||||||
Revenue by geography: | ||||||||||||||||||||||||||||||||||
United States | 67 | % | 68 | % | ||||||||||||||||||||||||||||||
Japan | 16 | % | 13 | % | ||||||||||||||||||||||||||||||
Rest of World | 17 | % | 19 | % | ||||||||||||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||||||||||||
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 three months ended March 29, 2015, and March 30, 2014 is as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
29-Mar-15 | ||||||||||||||||||||||||||||||||||
Revenue | Gross margin | |||||||||||||||||||||||||||||||||
Revenue and Gross margin by segment (in thousands, except percentages): | Residential | Commercial | Power Plant | Residential | Commercial | Power Plant | ||||||||||||||||||||||||||||
As reviewed by CODM | $ | 155,324 | $ | 49,063 | $ | 226,214 | $ | 35,278 | 22.7 | % | $ | 3,025 | 6.2 | % | $ | 49,858 | 22 | % | ||||||||||||||||
Utility and power plant projects | — | — | 10,270 | — | — | 11,251 | ||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | (922 | ) | (388 | ) | (1,256 | ) | |||||||||||||||||||||||||
Non-cash interest expense | — | — | — | (220 | ) | (55 | ) | (342 | ) | |||||||||||||||||||||||||
Other | — | — | — | (1,584 | ) | (399 | ) | (3,428 | ) | |||||||||||||||||||||||||
GAAP | $ | 155,324 | $ | 49,063 | $ | 236,484 | $ | 32,552 | 21 | % | $ | 2,183 | 4.4 | % | $ | 56,083 | 23.7 | % | ||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
30-Mar-14 | ||||||||||||||||||||||||||||||||||
Revenue | Gross margin | |||||||||||||||||||||||||||||||||
Revenue and Gross margin by segment (in thousands, except percentages): | Residential | Commercial | Power Plant | Residential | Commercial | Power Plant | ||||||||||||||||||||||||||||
As reviewed by CODM | $ | 164,718 | $ | 76,504 | $ | 442,491 | $ | 33,213 | 20.2 | % | $ | 12,675 | 16.6 | % | $ | 104,749 | 23.7 | % | ||||||||||||||||
Utility and power plant projects | — | — | 8,709 | — | — | 16,608 | ||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | (994 | ) | (540 | ) | (2,022 | ) | |||||||||||||||||||||||||
Non-cash interest expense | — | — | — | (188 | ) | (94 | ) | (418 | ) | |||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||
GAAP | $ | 164,718 | $ | 76,504 | $ | 451,200 | $ | 32,031 | 19.4 | % | $ | 12,041 | 15.7 | % | $ | 118,917 | 26.4 | % | ||||||||||||||||
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) | 3 Months Ended |
Mar. 29, 2015 | |
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 |
Transactions_with_Total_and_To2
Transactions with Total and Total S.A. (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||
31-May-13 | Jun. 29, 2014 | Jun. 30, 2011 | Dec. 31, 2011 | Mar. 29, 2015 | Feb. 28, 2012 | Mar. 30, 2014 | Dec. 28, 2014 | |
Related Party Transaction [Line Items] | ||||||||
Debt instrument, face value | 1,012,418,000 | $1,180,103,000 | ||||||
Accounts receivable | 20,235,000 | 22,425,000 | ||||||
Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Liquidity support facility, warrant, maximum ownership percentage allowed | 74.99% | |||||||
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 | 400,000,000 | |||||
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 | 2,726,000 | 2,745,000 | ||||||
Interest Expense [Member] | Compensation and Funding Agreement [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 0 | 1,200,000 | ||||||
Interest Expense [Member] | 0.75% debentures due 2018 [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 375,000 | 375,000 | ||||||
Interest Expense [Member] | 0.875% debentures due 2021 [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Expense, Related Party | 680,000 | 0 | ||||||
Research and Development Expense [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Offsetting contributions received under R&D Agreement | -422,000 | 260,000 | ||||||
Sales [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
EPC, O&M, and components revenue under joint projects | 199,000 | 2,889,000 | ||||||
Costs and Estimated Earnings in Excess of Billings [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Costs and estimated earnings in excess of billings | 700,000 | |||||||
Accounts Receivable [Member] | Total [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable | 1,600,000 | |||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 17,875,000 | $17,375,000 |
Business_Combinations_Details
Business Combinations (Details) (Series of Individually Immaterial Business Acquisitions [Member], USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets (excluding goodwill) | $17,875 | $17,375 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill RollForward (Details) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Residential leases [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $20,771 |
Goodwill, end of period | 20,771 |
Power Plant [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 440 |
Goodwill, end of period | $440 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, accumulated amortization | $1,088 | $615 |
Other intangible assets, net | 16,787 | 16,760 |
Patents and Purchased Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | 13,675 | 13,675 |
Other intangible assets, accumulated amortization | 1,088 | 615 |
Other intangible assets, net | 12,587 | 13,060 |
Purchased In-Process Research and Development [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | 3,700 | 3,700 |
Other intangible assets, accumulated amortization | 0 | 0 |
Other intangible assets, net | 3,700 | 3,700 |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | 500 | |
Other intangible assets, accumulated amortization | 0 | |
Other intangible assets, net | 500 | |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $17,875 | $17,375 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Future Amortization (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $16,787 | $16,760 |
Patents and Purchased Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2015 | 1,891 | |
2016 | 2,114 | |
2017 | 1,989 | |
2018 | 1,989 | |
2019 | 1,989 | |
Thereafter | 3,115 | |
Total | 13,087 | |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $500 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 29, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, impairment loss | $0 | $0 | |
Amortization of intangible assets | ($500,000) |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | ||
Accounts receivable, net: | ||||||
Accounts receivable, gross | $485,614,000 | [1],[2] | $523,613,000 | [1],[2] | ||
Less: allowance for doubtful accounts | -17,226,000 | 18,152,000 | ||||
Less: allowance for sales returns | -520,000 | 1,145,000 | ||||
Accounts receivable, net | 467,868,000 | [3] | 504,316,000 | |||
Short-term financing receivable | -11,250,000 | -9,141,000 | ||||
Short-term retainage | 240,300,000 | 213,000,000 | ||||
Inventory Disclosure [Abstract] | ||||||
Raw materials | 71,552,000 | 46,848,000 | ||||
Work-in-process | 85,800,000 | 67,903,000 | ||||
Finished goods | 145,235,000 | 93,822,000 | ||||
Inventories | 302,587,000 | 208,573,000 | ||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||
Deferred project costs | 57,989,000 | 64,784,000 | ||||
Bond hedge derivative | 0 | 51,951,000 | ||||
VAT receivables, current portion | 6,628,000 | 7,554,000 | ||||
Deferred costs for solar power systems to be leased | 26,633,000 | 22,537,000 | ||||
Derivative financial instruments | 12,196,000 | 7,018,000 | ||||
Prepaid inventory | 50,395,000 | 0 | ||||
Other receivables | 92,924,000 | 79,927,000 | ||||
Other prepaid expenses | 54,923,000 | 47,448,000 | ||||
Other current assets | 44,137,000 | 47,626,000 | ||||
Prepaid expenses and other current assets | 345,825,000 | [3] | 328,845,000 | |||
Project Assets [Abstract] | ||||||
Project assets — plants | 196,890,000 | 104,328,000 | ||||
Project assets — land | 12,154,000 | 12,328,000 | ||||
Project assets - plants and land | 209,044,000 | 116,656,000 | ||||
Project assets - plants and land, current portion | 179,650,000 | 101,181,000 | ||||
Project assets - plants and land, net of current portion | 29,394,000 | 15,475,000 | ||||
Property, plant and equipment, net: | ||||||
Manufacturing equipment | 556,730,000 | [4] | 554,124,000 | |||
Land and buildings | 26,138,000 | 26,138,000 | ||||
Leasehold improvements | 237,713,000 | 236,867,000 | ||||
Solar power systems | 126,350,000 | [5] | 124,848,000 | |||
Computer equipment | 92,636,000 | 88,257,000 | ||||
Furniture and fixtures | 9,384,000 | 9,436,000 | ||||
Construction-in-process | 97,493,000 | 75,570,000 | ||||
Property, plant and equipment, gross | 1,146,444,000 | 1,115,240,000 | ||||
Less: accumulated depreciation | -551,978,000 | 529,896,000 | ||||
Property, plant and equipment, net | 594,466,000 | [6] | 585,344,000 | |||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position [Abstract] | ||||||
Solar power systems, sale leaseback | 95,400,000 | 94,400,000 | ||||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 594,466,000 | [6] | 585,344,000 | |||
Other Assets, Noncurrent [Abstract] | ||||||
Equity method investments | 213,089,000 | 210,898,000 | ||||
Cost method investments | 32,277,000 | 32,308,000 | ||||
Other | 61,644,000 | 57,023,000 | ||||
Other long-term assets | 307,010,000 | [3] | 300,229,000 | |||
Accrued Liabilities, Current [Abstract] | ||||||
Bond hedge derivatives | 0 | 51,951,000 | ||||
Employee compensation and employee benefits | 36,355,000 | 47,667,000 | ||||
Deferred revenue | 27,075,000 | 33,412,000 | ||||
Short-term residential lease financing | 1,270,000 | 1,489,000 | ||||
Interest payable | 11,703,000 | 10,575,000 | ||||
Short-term warranty reserves | 14,467,000 | 13,278,000 | ||||
Restructuring reserve | 9,130,000 | 13,477,000 | ||||
VAT payables | 7,316,000 | 6,073,000 | ||||
Derivative financial instruments | 2,715,000 | 1,345,000 | ||||
Inventory payable | 50,395,000 | 0 | ||||
Other | 109,065,000 | 151,767,000 | ||||
Accrued liabilities | 269,491,000 | 331,034,000 | ||||
Other Liabilities, Noncurrent [Abstract] | ||||||
Deferred revenue | 178,602,000 | 176,804,000 | ||||
Long-term warranty reserves | 139,630,000 | 141,370,000 | ||||
Long-term sale-leaseback financing | 112,240,000 | 111,904,000 | ||||
Long-term residential lease financing | 19,032,000 | 27,122,000 | ||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Non-Current | 23,069,000 | |||||
Long-term pension liability | 10,780,000 | 9,980,000 | ||||
Derivative financial instruments | 10,548,000 | 3,712,000 | ||||
Other | 49,072,000 | 52,688,000 | ||||
Other long-term liabilities | 542,973,000 | 555,344,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Cumulative translation adjustment | -10,715,000 | -8,712,000 | ||||
Net unrealized loss on derivatives | -5,631,000 | -1,443,000 | -420,000 | -805,000 | ||
Net loss on long-term pension liability adjustment | -2,878,000 | -2,878,000 | ||||
Deferred taxes | -311,000 | -422,000 | ||||
Accumulated other comprehensive loss | -19,535,000 | -13,455,000 | ||||
IFC Mortgage Loan [Member] | ||||||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position [Abstract] | ||||||
Collateralized Equipment | 107,700,000 | 111,900,000 | ||||
UNITED STATES | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 182,362,000 | [6] | 183,631,000 | |||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 182,362,000 | [6] | 183,631,000 | |||
PHILIPPINES | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 345,803,000 | [6] | 335,643,000 | |||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 345,803,000 | [6] | 335,643,000 | |||
MEXICO | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 40,393,000 | [6] | 40,251,000 | |||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 40,393,000 | [6] | 40,251,000 | |||
Europe [Member] | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 24,620,000 | [6] | 24,748,000 | |||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | 24,620,000 | [6] | 24,748,000 | |||
UNKNOWN COUNTRY | ||||||
Property, plant and equipment, net: | ||||||
Property, plant and equipment, net | 1,288,000 | [6] | 1,071,000 | |||
Property, plant and equipment, net by geography: | ||||||
Property, plant and equipment, net | $1,288,000 | [6] | $1,071,000 | |||
[1] | Includes short-term financing receivables associated with solar power systems leased of $11.3 million and $9.1 million as of March 29, 2015 and December 28, 2014, respectively (see Note 5). | |||||
[2] | Includes short-term retainage of $240.3 million and $213.0 million as of March 29, 2015 and December 28, 2014, 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. | |||||
[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 6, Note 9, Note 10, and Note 11). | |||||
[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 $107.7 million and $111.9 million as of March 29, 2015 and December 28, 2014, respectively. | |||||
[5] | Includes $95.4 million and $94.4 million of solar power systems associated with sale-leaseback transactions under the financing method as of March 29, 2015 and December 28, 2014, 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 5). | |||||
[6] | Property, plant and equipment, net by geography is based on the physical location of the assets. |
Leasing_Details
Leasing (Details) (USD $) | 3 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | ||
Leasing [Line Items] | ||||
Capital leases, maximum term | 20 years | |||
Solar power systems leased and to be leased [Abstract] | ||||
Solar power systems leased, gross | $429,687,000 | [1],[2] | $396,704,000 | |
Solar power systems to be leased, gross | 28,683,000 | [1],[2] | 21,202,000 | |
Solar Power Systems Leased And To Be Leased, Gross | 458,370,000 | [1],[2] | 417,906,000 | |
Accumulated depreciation - residential lease | -31,183,000 | [1],[2] | 26,993,000 | |
Solar Power Systems Leased And To Be Leased, Net | 427,187,000 | [1],[2] | 390,913,000 | |
Pledged Solar Assets, book value | 82,100,000 | 140,100,000 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||
2015 | 12,888,000 | [3] | ||
2016 | 15,165,000 | [3] | ||
2017 | 15,206,000 | [3] | ||
2018 | 15,255,000 | [3] | ||
2019 | 15,303,000 | [3] | ||
Thereafter | 218,379,000 | [3] | ||
Minimum future rental receipts | 292,196,000 | [3] | ||
Financing receivables: | ||||
Financing receivable, gross | 351,029,000 | [4],[5] | 319,244,000 | |
Unguaranteed residual value | 37,775,000 | 34,343,000 | ||
Unearned income | -78,769,000 | 74,859,000 | ||
Net financing receivables | 310,035,000 | 278,728,000 | ||
Current | 11,250,000 | 9,141,000 | ||
Long-term | 298,785,000 | 269,587,000 | ||
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | ||||
2015 | 12,938,000 | [5] | ||
2016 | 17,172,000 | [5] | ||
2017 | 17,369,000 | [5] | ||
2018 | 17,574,000 | [5] | ||
2019 | 17,784,000 | [5] | ||
Thereafter | 268,192,000 | [5] | ||
Financing receivable, gross | 351,029,000 | [4],[5] | 319,244,000 | |
Third-Party Financing Arrangements [Abstract] | ||||
Non-recourse debt | 20,300,000 | 28,600,000 | ||
Contributions from noncontrolling interests | 45,890,000 | 30,552,000 | ||
Net income (loss) attributable to noncontrolling interest - leasing operations | 19,600,000 | |||
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | 19,469,000 | -22,010,000 | ||
Sale-Leaseback [Abstract] | ||||
Sale leaseback transactions, lease term | 20 years | |||
Future minimum lease obligations | 93,100,000 | |||
Operating lease, term | 20 years | |||
Sale leaseback, minimum lease obligation | $99,400,000 | |||
[1] | As of March 29, 2015 and December 28, 2014, the Company has pledged solar assets with an aggregate book value of $82.1 million and $140.1 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 $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | Nov. 30, 2014 | |||
Accrued liabilities: | ||||||
Derivative financial instruments (Note 11) | $2,715,000 | $1,345,000 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 11) | 10,548,000 | 3,712,000 | ||||
Related Party Transactions [Abstract] | ||||||
Accounts receivable | 20,235,000 | 22,425,000 | ||||
Accounts payable | 26,252,000 | 50,039,000 | ||||
Long-term note receivable | 1,553,000 | 1,623,000 | ||||
Payments made to investees for products/services | 119,177,000 | 105,010,000 | ||||
Restricted long-term marketable securities | 7,027,000 | 7,158,000 | ||||
Restricted long-term marketable securities | 7,027,000 | 7,158,000 | ||||
Equity method investments | 213,089,000 | 210,898,000 | ||||
Cost method investments | 32,277,000 | 32,308,000 | ||||
Customer advances | 1,212,000 | 4,210,000 | ||||
Revenue from sales to investees of products/services | 5,603,000 | 0 | ||||
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 | |||||
Exercise price (in dollars per share) | $22.53 | |||||
Interest rate | 0.19% | [1] | ||||
Stock Volatility | 61.70% | [1] | ||||
Credit Risk Adjustment | 0.65% | [1] | ||||
Maturity date | 18-Feb-15 | |||||
Fair Value, Measurements, Recurring [Member] | ||||||
Cash and cash equivalents: | ||||||
Money market funds | 170,000,000 | [2] | 375,000,000 | |||
Prepaid expenses and other current assets: | ||||||
Debt derivatives (Note 10) | 0 | 51,951,000 | ||||
Derivative financial instruments (Note 11) | 12,196,000 | 7,018,000 | ||||
Total assets | 182,196,000 | 433,969,000 | ||||
Accrued liabilities: | ||||||
Debt derivatives (Note 10) | 0 | 51,951,000 | ||||
Derivative financial instruments (Note 11) | 2,715,000 | 1,345,000 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 11) | 10,548,000 | 3,712,000 | ||||
Total liabilities | 13,263,000 | 57,008,000 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Cash and cash equivalents: | ||||||
Money market funds | 170,000,000 | [2] | 375,000,000 | |||
Prepaid expenses and other current assets: | ||||||
Debt derivatives (Note 10) | 0 | 0 | ||||
Derivative financial instruments (Note 11) | 0 | 0 | ||||
Total assets | 170,000,000 | 375,000,000 | ||||
Accrued liabilities: | ||||||
Debt derivatives (Note 10) | 0 | 0 | ||||
Derivative financial instruments (Note 11) | 0 | 0 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 11) | 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 | |||
Prepaid expenses and other current assets: | ||||||
Debt derivatives (Note 10) | 0 | 51,951,000 | ||||
Derivative financial instruments (Note 11) | 12,196,000 | 7,018,000 | ||||
Total assets | 12,196,000 | 58,969,000 | ||||
Accrued liabilities: | ||||||
Debt derivatives (Note 10) | 0 | 51,951,000 | ||||
Derivative financial instruments (Note 11) | 2,715,000 | 1,345,000 | ||||
Other long-term liabilities: | ||||||
Derivative financial instruments (Note 11) | 10,548,000 | 3,712,000 | ||||
Total liabilities | 13,263,000 | 57,008,000 | ||||
4.50% debentures due 2015 [Member] | ||||||
Other long-term liabilities: | ||||||
Interest rate | 4.50% | |||||
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] | 1The 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 | 3 Months Ended | ||
Nov. 14, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | ||
Restructuring Charges [Abstract] | ||||
Restructuring charges | $3,581,000 | ($461,000) | ||
Restructuring cost incurred to date | 140,632,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 13,477,000 | |||
Restructuring reserve, charges (benefits) | 3,581,000 | -461,000 | ||
Restructuring reserve, payments | -7,928,000 | |||
Restructuring Reserve, end | 9,130,000 | |||
November 2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Percent of restructuring charges in cash | 90.00% | |||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 3,787,000 | 0 | ||
Restructuring cost incurred to date | 16,899,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 12,220,000 | |||
Restructuring reserve, charges (benefits) | 3,787,000 | |||
Restructuring reserve, payments | 7,597,000 | |||
Restructuring Reserve, end | 8,410,000 | |||
Legacy Restructuring Plans [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | -206,000 | -461,000 | ||
Restructuring cost incurred to date | 123,733,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 1,257,000 | |||
Restructuring reserve, charges (benefits) | -206,000 | |||
Restructuring reserve, payments | 331,000 | |||
Restructuring Reserve, end | 720,000 | |||
Employee Severance [Member] | November 2014 Plan [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 2,063,000 | 0 | ||
Restructuring cost incurred to date | 14,243,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 12,075,000 | |||
Restructuring reserve, charges (benefits) | 2,063,000 | |||
Restructuring reserve, payments | 6,745,000 | |||
Restructuring Reserve, end | 7,393,000 | |||
Employee Severance [Member] | Legacy Restructuring Plans [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | -132,000 | -531,000 | ||
Restructuring cost incurred to date | 46,577,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 421,000 | |||
Restructuring reserve, charges (benefits) | -132,000 | |||
Restructuring reserve, payments | 144,000 | |||
Restructuring Reserve, end | 145,000 | |||
Facility Closing [Member] | Legacy Restructuring Plans [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 0 | -402,000 | ||
Restructuring cost incurred to date | 5,774,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 390,000 | |||
Restructuring reserve, charges (benefits) | 0 | |||
Restructuring reserve, payments | 80,000 | |||
Restructuring Reserve, end | 310,000 | |||
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, charges (benefits) | 3,581,000 | |||
Other Restructuring [Member] | November 2014 Plan [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 1,724,000 | 0 | ||
Restructuring cost incurred to date | 1,937,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 145,000 | [1] | ||
Restructuring reserve, charges (benefits) | 1,724,000 | |||
Restructuring reserve, payments | 852,000 | |||
Restructuring Reserve, end | 1,017,000 | |||
Other Restructuring [Member] | Legacy Restructuring Plans [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | -74,000 | 472,000 | ||
Restructuring cost incurred to date | 10,786,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning | 446,000 | [1] | ||
Restructuring reserve, charges (benefits) | -74,000 | |||
Restructuring reserve, payments | 107,000 | |||
Restructuring Reserve, end | 265,000 | |||
Non-cash impairment charges [Member] | November 2014 Plan [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 0 | 0 | ||
Restructuring cost incurred to date | 719,000 | |||
Non-cash impairment charges [Member] | Legacy Restructuring Plans [Member] | ||||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 0 | 0 | ||
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 | 95,000 | |||
Reorganization, percentage of workforce affected | 1.00% | |||
Restructuring charges | 17,000,000 | |||
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 $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 19, 2014 | Jan. 28, 2015 | Dec. 28, 2014 | ||
Leases, Operating [Abstract] | ||||||
Operating leases, future minimum payments due | $52,800,000 | |||||
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 | 646,615,000 | |||||
2016 | 317,916,000 | |||||
2017 | 343,806,000 | |||||
2018 | 182,181,000 | |||||
2019 | 175,695,000 | |||||
Thereafter | 164,847,000 | |||||
Total | 1,831,060,000 | [1],[2],[3] | ||||
Future purchase obligations to related parties | 81,800,000 | |||||
Future purchase obligations related to non-cancellable purchase orders | 203,200,000 | |||||
Future purchase obligations related to long-term supply agreements | 1,600,000,000 | |||||
Advances to Suppliers [Abstract] | ||||||
Advances to suppliers | 395,800,000 | 409,700,000 | ||||
Advances to suppliers, current portion | 90,270,000 | 98,129,000 | ||||
Advances From Customer, Maturity Profile [Abstract] | ||||||
2015 | 19,382,000 | |||||
2016 | 25,020,000 | |||||
2017 | 27,039,000 | |||||
2018 | 27,039,000 | |||||
2019 | 28,842,000 | |||||
Thereafter | 43,263,000 | |||||
Total | 170,585,000 | |||||
Related Party Transaction [Line Items] | ||||||
Customer advances, current portion | 27,367,000 | [4] | 31,788,000 | |||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||||
Product Warranties, beginning | 154,648,000 | 149,372,000 | 149,372,000 | |||
Accruals for warranties issued during the period | 8,161,000 | 5,190,000 | ||||
Settlements and adjustments during the period | -8,711,000 | 3,147,000 | ||||
Product Warranties, end | 154,098,000 | 151,415,000 | ||||
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 | 31,069,000 | 31,764,000 | ||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Current | 8,000,000 | |||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Non-Current | 23,069,000 | |||||
Net loss on long-term pension liability adjustment | 0 | |||||
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 | 10,800,000 | 10,000,000 | ||||
AUOSP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Customer advances and deposits | 162,700,000 | 167,200,000 | ||||
Customer advances, current portion | 19,400,000 | 18,300,000 | ||||
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 | 83.00% | 82.00% | ||||
Supplier Concentration Risk [Member] | Supplier Two [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 17.00% | 17.00% | ||||
[1] | 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. As of March 29, 2015, the Company has recorded an offsetting asset, recorded within "Prepaid expenses and other current assets," and liability, recorded within "Accrued liabilities," totaling $50.4 million. This amount represents the unfulfilled amount as of that date as the Company expects to satisfy the obligation via purchases of inventory in fiscal 2015, within the cure period specified in the contracts. | |||||
[2] | otal future purchase obligations as of March 29, 2015 include $81.8 million to related parties. | |||||
[3] | Total future purchase obligations was composed of $203.2 million related to non-cancellable purchase orders and $1.6 billion related to long-term supply agreements. | |||||
[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 6, Note 9, Note 10, and Note 11). |
Equity_Method_Investments_Deta
Equity Method Investments (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2011 | Oct. 31, 2012 | Mar. 29, 2015 | Dec. 28, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $213,089,000 | $210,898,000 | ||
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 | 194,200,000 | 191,700,000 | ||
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 | $50,000,000 |
Debt_and_Credit_Sources_Detail
Debt and Credit Sources (Details) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Jun. 29, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | 31-May-13 | Mar. 29, 2015 | Dec. 28, 2014 | Jan. 02, 2011 | Jan. 02, 2011 | Mar. 29, 2015 | Mar. 30, 2014 | Jan. 02, 2011 | Mar. 29, 2015 | Mar. 30, 2014 | Apr. 30, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Feb. 28, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | 31-May-10 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Oct. 17, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | 31-May-13 | Feb. 28, 2014 | Mar. 29, 2015 | 31-May-09 | Mar. 29, 2015 | Mar. 29, 2015 | Feb. 28, 2012 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | 31-May-09 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | ||||||||||
USD ($) | USD ($) | USD ($) | Bond Hedge [Member] | Hooper Loan [Member] | Residential Lease Program [Member] | Unsecured Debt [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] | 4.75% 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] | Warrants (Under the CSO2015) [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] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cash Conversion Option [Member] | Bond Hedge [Member] | Bond Hedge [Member] | Bond Hedge [Member] | Warrants (Under the CSO2015) [Member] | Warrants (Under the CSO2015) [Member] | USD ($) | Bond Hedge [Member] | Bond Hedge [Member] | Bond Hedge [Member] | Warrants (Under the CSO2015) [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Letter of Credit [Member] | Line of Credit [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | ILS | Line of Credit [Member] | Minimum [Member] | Maximum [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | 0.75% debentures due 2018 [Member] | USD ($) | USD ($) | USD ($) | Maximum [Member] | USD ($) | Total [Member] | USD ($) | USD ($) | 0.875% debentures due 2021 [Member] | 0.875% debentures due 2021 [Member] | 0.75% debentures due 2018 [Member] | 0.75% debentures due 2018 [Member] | 4.50% debentures due 2015 [Member] | 4.50% debentures due 2015 [Member] | 4.75% debentures due 2014 [Member] | 0.75% debentures due 2015 [Member] | 0.75% debentures due 2015 [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||
USD ($) | 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 ($) | USD ($) | Interest Rate Contract [Member] | Interest Rate Contract [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | Credit Agricole [Member] | Credit Agricole [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Notional Amount | $45,500,000 | $247,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 1,012,418,000 | 1,180,103,000 | 22,600,000 | 8,500,000 | 8,600,000 | 400,000,000 | 400,000,000 | 400,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 0 | [1] | 249,645,000 | 250,000,000 | 79,000 | 79,000 | 75,000,000 | 40,000,000 | 47,500,000 | 30,000,000 | 30,000,000 | 128,841,000 | 61,481,000 | 113,498,000 | [1] | 91,398,000 | 200,000,000 | 700,079,000 | 949,724,000 | 400,000,000 | 400,000,000 | 300,000,000 | 300,000,000 | 0 | 249,645,000 | 230,000,000 | 79,000 | 79,000 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term | 17,020,000 | 262,271,000 | 1,500,000 | 0 | 0 | 0 | 0 | [1] | 245,325,000 | 0 | 0 | 15,000,000 | 14,983,000 | 0 | 0 | 0 | 0 | 2,020,000 | [1] | 1,963,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term | 984,653,000 | 901,912,000 | 79,100,000 | 395,922,000 | 395,475,000 | 297,590,000 | 297,401,000 | 0 | [1] | 0 | 79,000 | 79,000 | 24,081,000 | 31,492,000 | 27,479,000 | 27,379,000 | 128,841,000 | 61,481,000 | 110,661,000 | [1] | 88,605,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments, carrying value | 1,001,673,000 | 1,164,183,000 | 395,922,000 | 395,475,000 | 297,590,000 | 297,401,000 | 0 | [1] | 245,325,000 | 79,000 | 79,000 | 39,081,000 | 46,475,000 | 27,479,000 | 27,379,000 | 128,841,000 | 61,481,000 | 112,681,000 | [1] | 90,568,000 | 40,700,000 | 141,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 9,074,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 23,056,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 23,983,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 308,531,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 9,929,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 637,845,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 1,012,418,000 | 1,180,103,000 | 22,600,000 | 8,500,000 | 8,600,000 | 400,000,000 | 400,000,000 | 400,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 0 | [1] | 249,645,000 | 250,000,000 | 79,000 | 79,000 | 75,000,000 | 40,000,000 | 47,500,000 | 30,000,000 | 30,000,000 | 128,841,000 | 61,481,000 | 113,498,000 | [1] | 91,398,000 | 200,000,000 | 700,079,000 | 949,724,000 | 400,000,000 | 400,000,000 | 300,000,000 | 300,000,000 | 0 | 249,645,000 | 230,000,000 | 79,000 | 79,000 | ||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt, current portion | 0 | 245,325,000 | 0 | 245,325,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Noncurrent | 693,591,000 | [2] | 692,955,000 | 693,591,000 | 938,280,000 | 395,922,000 | 395,475,000 | 297,590,000 | 297,401,000 | 79,000 | 79,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face value | 1,012,418,000 | 1,180,103,000 | 22,600,000 | 8,500,000 | 8,600,000 | 400,000,000 | 400,000,000 | 400,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 0 | [1] | 249,645,000 | 250,000,000 | 79,000 | 79,000 | 75,000,000 | 40,000,000 | 47,500,000 | 30,000,000 | 30,000,000 | 128,841,000 | 61,481,000 | 113,498,000 | [1] | 91,398,000 | 200,000,000 | 700,079,000 | 949,724,000 | 400,000,000 | 400,000,000 | 300,000,000 | 300,000,000 | 0 | 249,645,000 | 230,000,000 | 79,000 | 79,000 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | 821,969,000 | [3] | 1,019,411,000 | 399,688,000 | [3] | 358,000,000 | 422,205,000 | [3] | 366,750,000 | 0 | [3] | 294,581,000 | 76,000 | [3] | 80,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 4.75% | 0.88% | 0.88% | 0.75% | 0.75% | 4.50% | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | 324,273,000 | -1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized non-cash loss | -52,000,000 | 19,100,000 | -52,000,000 | 19,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | 4,680,000 | 5,170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant or right, number of securities called by each warrant or right (in shares) | 11,100,000 | 8,700,000 | 9,531,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from settlement of 4.50% Bond Hedge | 74,628,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $26.40 | $26.40 | $24 | $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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on base loan rate | 0.63% | 0.88% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on federal funds | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on libor rate | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of non-recourse debt financing, net of issuance costs | 0 | 39,108,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 559,200,000 | 654,700,000 | 19,100,000 | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments for Repurchase of Warrants | $81,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Other debt excludes payments related to capital leases, which are disclosed in Note 8. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 6, Note 9, Note 10, and Note 11). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 $) | 3 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets, net amounts | $12,196,000 | $7,018,000 | |
Derivative financial instruments | 2,715,000 | 1,345,000 | |
Derivative liabilities, net amounts | 13,263,000 | 5,057,000 | |
Derivative assets, gross amounts recognized | 12,196,000 | 7,018,000 | |
Derivative assets, financial instruments | 2,715,000 | 1,345,000 | |
Derivative assets, net amounts | 9,481,000 | 5,673,000 | |
Derivative liabilities, gross amounts recognized | 13,263,000 | 5,057,000 | |
Derivative liabilities, financial instruments | 2,715,000 | 1,345,000 | |
Derivative liabilities, net amounts | 10,548,000 | 3,712,000 | |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Gain (loss) in OCI at the beginning of the period | -1,443,000 | -805,000 | |
Unrealized loss recognized in OCI | -2,708,000 | -3,000 | |
Less: Loss (gain) reclassified from OCI to earnings | -1,480,000 | 388,000 | |
Net gain (loss) on derivatives | -4,188,000 | 385,000 | |
Gain (loss) in OCI at the end of the period | -5,631,000 | -420,000 | |
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) | -3,255,000 | -480,000 | |
Gain recognized in Other, net | 7,515,000 | 1,430,000 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, net amounts | 2,541,000 | 2,244,000 | |
Derivative liabilities, net amounts | 2,056,000 | 3,712,000 | |
Designated as Hedging Instrument [Member] | Foreign currency forward exchange contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative Asset, Notional Amount | 51,300,000 | 12,200,000 | |
Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative Asset, Notional Amount | 13,300,000 | 26,600,000 | |
Derivatives not designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, net amounts | 9,655,000 | 4,774,000 | |
Derivative liabilities, net amounts | 11,207,000 | 1,345,000 | |
Derivatives not designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative Asset, Notional Amount | 93,500,000 | 122,500,000 | |
Derivatives not designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative Asset, Notional Amount | 0 | 0 | |
Prepaid expenses and other current assets [Member] | Designated as Hedging Instrument [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 125,000 | 4,000 | |
Prepaid expenses and other current assets [Member] | Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 2,416,000 | 2,240,000 | |
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 | 9,655,000 | 4,774,000 | |
Accrued liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | 908,000 | 0 | |
Accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | 1,807,000 | 1,345,000 | |
Other long-term liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | 1,148,000 | 3,712,000 | |
Notional Disclosures [Abstract] | |||
Derivative Asset, Notional Amount | 45,500,000 | 247,000,000 | |
Other long-term liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | $9,400,000 | $0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 |
Geographic distribution of income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees: | |||
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | ($28,890) | $54,871 | |
Provision for income taxes | -2,351 | 13,620 | |
Unrecognized tax benefits | $31,069 | $31,764 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Feb. 28, 2012 | 31-May-09 |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||
Net income (loss) attributable to stockholders | ($9,581) | $65,044 | ||
Basic weighted-average common shares (in shares) | 132,033,000 | 122,196,000 | ||
Basic (in dollars per share) | ($0.07) | $0.53 | ||
Net income (loss) available to common stockholders | -9,581 | 67,679 | ||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Diluted weighted-average common shares | -132,033,000 | -160,434,000 | ||
Dilutive net income (loss) per share | ($0.07) | $0.42 | ||
Stock options [Member] | ||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 190,000 | 159,000 | ||
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 | 3,616,000 | 464,000 | ||
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 | 9,532,000 | 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 | 11,000 | 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 | 8,203,000 | |||
0.75% debentures due 2018 [Member] | ||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||
Interest expense incurred on debentures | 0 | 450 | ||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Debentures due | 0 | 12,026,000 | ||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 12,026,000 | 0 | ||
4.75% debentures due 2014 [Member] | ||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||
Interest expense incurred on debentures | $0 | $2,185 | ||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Debentures due | 0 | 8,712,000 | ||
4.75% debentures due 2014 [Member] | Maximum [Member] | Warrant (Under the CSO2014) [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 | |||
Upfront Warrants (held by Total) [Member] | ||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Warrants | 0 | 7,227,000 | ||
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 | 0 | 2,915,000 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $24 | |||
Warrant (Under the CSO2014) [Member] | ||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Warrants | 0 | 1,048,000 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $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 | 0 | 108,000 | ||
Restricted stock units [Member] | ||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Restricted stock units | 0 | 6,202,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $13,546 | $14,867 |
Restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 14,504 | 14,876 |
Change in stock-based compensation capitalized in inventory [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | -958 | -9 |
Cost of revenue [Member] | Americas [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 922 | 994 |
Cost of revenue [Member] | EMEA [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 388 | 540 |
Cost of revenue [Member] | APAC [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 1,256 | 2,022 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,273 | 1,797 |
Selling, general and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $8,707 | $9,514 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 |
Segment Reporting Information [Line Items] | |||
Cost of revenue | $350,053 | $529,433 | |
Gross margin | 90,818 | 162,989 | |
Revenue | 440,871 | 692,422 | |
Stock-based compensation expense | -13,546 | -14,867 | |
Non-cash interest expense | -4,680 | -5,170 | |
Residential leases [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of revenue | 122,772 | 132,687 | |
Gross margin | 32,552 | 32,031 | |
Depreciation and amortization | 10,172 | 6,035 | |
Revenue | 155,324 | 164,718 | |
Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of revenue | 46,880 | 64,463 | |
Gross margin | 2,183 | 12,041 | |
Depreciation and amortization | 3,407 | 2,803 | |
Revenue | 49,063 | 76,504 | |
Power Plant [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of revenue | 180,401 | 332,283 | |
Gross margin | 56,083 | 118,917 | |
Depreciation and amortization | 14,984 | 16,533 | |
Revenue | 236,484 | 451,200 | |
Power Plant [Member] | Mid American Energy Holdings Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Significant Customers as a Percentage Of Total Revenue | 33.00% | 42.00% | |
Revenue [Member] | Residential leases [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 155,324 | 164,718 | |
Revenue, As reviewed by CODM | 155,324 | 164,718 | |
Revenue [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 49,063 | 76,504 | |
Revenue, As reviewed by CODM | 49,063 | 76,504 | |
Revenue [Member] | Power Plant [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 236,484 | 451,200 | |
Revenue, As reviewed by CODM | 226,214 | 442,491 | |
Revenue [Member] | Segment Reconciling Items [Member] | Residential leases [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Utility and power plant project | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | |
Non-cash interest expense | 0 | 0 | |
Revenue, Other | 0 | 0 | |
Revenue [Member] | Segment Reconciling Items [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Utility and power plant project | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | |
Non-cash interest expense | 0 | 0 | |
Revenue, Other | 0 | 0 | |
Revenue [Member] | Segment Reconciling Items [Member] | Power Plant [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Utility and power plant project | 10,270 | 8,709 | |
Stock-based compensation expense | 0 | 0 | |
Non-cash interest expense | 0 | 0 | |
Revenue, Other | 0 | 0 | |
Gross margin [Member] | Residential leases [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin | 32,552 | 32,031 | |
Gross margin, As a percentage of total revenues | 19.45% | 20.96% | |
Gross margin, As reviewed by CODM | 35,278 | 33,213 | |
Gross margin, As a percentage of total revenues (As reviewed by CODM) | 22.71% | 20.16% | |
Gross margin [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin | 2,183 | 12,041 | |
Gross margin, As a percentage of total revenues | 4.45% | 15.74% | |
Gross margin, As reviewed by CODM | 3,025 | 12,675 | |
Gross margin, As a percentage of total revenues (As reviewed by CODM) | 6.17% | 16.57% | |
Gross margin [Member] | Power Plant [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin | 56,083 | 118,917 | |
Gross margin, As a percentage of total revenues | 23.72% | 26.36% | |
Gross margin, As reviewed by CODM | 49,858 | 104,749 | |
Gross margin, As a percentage of total revenues (As reviewed by CODM) | 22.04% | 23.67% | |
Gross margin [Member] | Segment Reconciling Items [Member] | Residential leases [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin, Utility and power plant projects | 0 | 0 | |
Stock-based compensation expense | 922 | 994 | |
Non-cash interest expense | 220 | 188 | |
Gross margin, Other | 1,584 | 0 | |
Gross margin [Member] | Segment Reconciling Items [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin, Utility and power plant projects | 0 | 0 | |
Stock-based compensation expense | -388 | 540 | |
Non-cash interest expense | -55 | 94 | |
Gross margin, Other | -399 | 0 | |
Gross margin [Member] | Segment Reconciling Items [Member] | Power Plant [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross margin, Utility and power plant projects | 11,251 | 16,608 | |
Stock-based compensation expense | -1,256 | 2,022 | |
Non-cash interest expense | -342 | 418 | |
Gross margin, Other | ($3,428) | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (First Philec Arbitration [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 28, 2015 | Mar. 29, 2015 |
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 |