Document and Entity Information
Document and Entity Information Document - USD ($) | 3 Months Ended | ||
Apr. 01, 2018 | May 04, 2018 | Jul. 02, 2017 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 1, 2018 | ||
Entity Registrant Name | SUNPOWER CORP | ||
Entity Central Index Key | 867,773 | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 552,451,044 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q1 | ||
Common Stock, Shares, Outstanding | 140,862,699 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Dec. 31, 2017 | |
Balance Sheet [Abstract] | ||
Purchases of stock for tax withholding obligations on vested restricted stock | $ 4,526,000 | |
Net loss | (147,597,000) | |
Contract liabilities, net of current portion1 | 156,510,000 | $ 171,610,000 |
Total liabilities | 3,187,366,000 | 3,321,032,000 |
Other long-term liabilities1 | 817,540,000 | 804,122,000 |
Current assets: | ||
Cash and cash equivalents | 260,672,000 | 435,097,000 |
Restricted cash and cash equivalents, current portion | 34,667,000 | 43,709,000 |
Accounts receivable, net | 190,795,000 | 204,966,000 |
Costs and estimated earnings in excess of billings | 0 | |
Inventories | 354,611,000 | 352,829,000 |
Advances to suppliers, current portion | 93,744,000 | 30,689,000 |
Project assets - plants and land, current portion1 | 72,767,000 | 103,063,000 |
Prepaid expenses and other current assets | 139,071,000 | 146,209,000 |
Total current assets | 1,204,963,000 | 1,351,636,000 |
Contract assets1 | 58,636,000 | 35,074,000 |
Restricted cash and cash equivalents, net of current portion | 67,230,000 | 65,531,000 |
Restricted long-term marketable securities | 5,959,000 | 6,238,000 |
Property, plant and equipment, net | 1,137,083,000 | 1,147,845,000 |
Solar power systems leased and to be leased, net | 377,012,000 | 369,218,000 |
Advances to suppliers, net of current portion | 117,096,000 | 185,299,000 |
Long-term financing receivables, net | 341,619,000 | 330,672,000 |
Other intangible assets, net | 23,512,000 | 25,519,000 |
Other long-term assets | 508,249,000 | 546,698,000 |
Total assets | 3,782,723,000 | 4,028,656,000 |
Current liabilities: | ||
Accounts payable | 334,201,000 | 406,902,000 |
Accrued liabilities1 | 184,846,000 | 229,208,000 |
Contract liabilities, current portion1 | 0 | |
Short-term debt | 59,583,000 | 58,131,000 |
Convertible debt, current portion1 | 299,875,000 | 299,685,000 |
Customer advances, current portion | 0 | |
Total current liabilities | 964,731,000 | 1,098,212,000 |
Long-term debt | 431,655,000 | 430,634,000 |
Convertible debt, net of current portion | 816,930,000 | 816,454,000 |
Customer Advances, Noncurrent | 0 | |
Other long-term liabilities1 | 817,540,000 | 804,122,000 |
Contract liabilities, current portion1 | 86,226,000 | 104,286,000 |
Redeemable noncontrolling interests in subsidiaries | 14,105,000 | 15,236,000 |
Equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of both April 1, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $0.001 par value, 367,500,000 shares authorized; 151,617,191 shares issued, and 140,847,922 outstanding as of April 1, 2018; 149,818,442 shares issued, and 139,660,635 outstanding as of December 31, 2017 | 141,000 | 140,000 |
Additional paid-in capital | 2,449,907,000 | 2,442,513,000 |
Accumulated deficit | (1,785,927,000) | (1,669,897,000) |
Accumulated other comprehensive loss | (897,000) | (3,008,000) |
Treasury stock, at cost; 10,769,269 shares of common stock as of April 1, 2018; 10,157,807 shares of common stock as of December 31, 2017 | 186,065,000 | 181,539,000 |
Total stockholders' equity | 477,159,000 | 588,209,000 |
Noncontrolling interests in subsidiaries | 104,093,000 | 104,179,000 |
Total equity | 581,252,000 | 692,388,000 |
Total liabilities and equity | 3,782,723,000 | 4,028,656,000 |
Adjustments to reconcile net loss to net cash used in operating activities, net of effect of acquisitions: | ||
Depreciation and amortization | 39,833,000 | |
Stock-based compensation | 7,053,000 | |
Non-cash interest expense | 4,443,000 | |
Impairment of Equity Method Investments | 0 | |
Proceeds from Equity Method Investment, Distribution | 5,399,000 | |
Equity in earnings of unconsolidated investees | (2,144,000) | |
Equity Method Investment, Realized Gain (Loss) on Disposal | (15,576,000) | |
Deferred income taxes | (344,000) | |
Sales-type Lease, Impairment Loss | 49,092,000 | |
Other, net | 972,000 | |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable | (13,924,000) | |
Contract assets | (23,561,000) | |
Inventories | 34,195,000 | |
Project assets | 20,484,000 | |
Prepaid expenses and other assets | 10,885,000 | |
Long-term financing receivables, net | (38,114,000) | |
Advances to suppliers | (5,149,000) | |
Accounts payable and other accrued liabilities | (100,156,000) | |
Contract liabilities | (33,097,000) | |
Net cash used in operating activities | (233,262,000) | |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | 8,859,000 | |
Cash paid for solar power systems, leased and to be leased | 23,787,000 | |
Cash paid for solar power systems | 2,604,000 | |
Proceeds from sale of equity method investment | 27,282,000 | |
Cash paid for investments in unconsolidated investees | 6,349,000 | |
Payments to Acquire Intangible Assets | 2,694,000 | |
Net cash used in investing activities | (11,623,000) | |
Cash flows from financing activities: | ||
Proceeds from issuance of bank loans, net of issuance costs | 49,794,000 | |
Repayments of Bank Debt | 51,052,000 | |
Proceeds from issuance of non-recourse residential financing, net of issuance costs | 32,687,000 | |
Repayments of Debt | 3,781,000 | |
Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | 36,726,000 | |
Payments to Noncontrolling Interests | 5,422,000 | |
Net cash provided by financing activities | 62,640,000 | |
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 477,000 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease) | (181,768,000) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 362,569,000 | $ 544,337,000 |
Non-cash transactions: | ||
Costs of solar power systems, leased and to be leased, sourced from existing inventory | 14,354,000 | |
Costs of solar power systems, leased and to be leased, funded by liabilities | 5,835,000 | |
Costs of solar power systems under sale-leaseback financing arrangements, sourced from project assets | 9,791,000 | |
Property, plant and equipment acquisitions funded by liabilities | 12,768,000 | |
Contractual_obligations_satisfied_with_inventory | 17,517,000 | |
Assumption of project loan by customer | $ 27,321,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 01, 2018 | Dec. 31, 2017 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 367,500,000 | 367,500,000 |
Common stock, shares issued | 149,570,870 | 148,079,718 |
Common Stock, Shares, Outstanding | 139,479,270 | 138,510,325 |
Common stock held in treasury | 10,091,600 | 9,569,393 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 28, 2014 | Dec. 29, 2013 | ||
Solar power systems, components, and other | $ 328,860,000 | [1] | $ 281,205,000 | ||
Residential leasing | 63,028,000 | [1] | 47,890,000 | ||
Revenue | 391,888,000 | 329,095,000 | |||
Solar power systems, components, and other | 338,930,000 | [1] | 342,599,000 | ||
Residential leasing | (42,710,000) | [1] | (32,080,000) | ||
Cost of revenue | 381,640,000 | 374,679,000 | |||
Gross profit (loss) | 10,248,000 | (45,584,000) | |||
Operating expenses: | |||||
Research and development1 | 18,891,000 | [1] | 20,515,000 | ||
Sales, general and administrative1 | 65,130,000 | [1] | 67,403,000 | ||
Restructuring charges | 11,177,000 | 9,790,000 | |||
Sales-type Lease, Impairment Loss | 49,092,000 | 0 | |||
Total operating expenses | 144,290,000 | 97,708,000 | |||
Operating loss | (134,042,000) | (143,292,000) | |||
Other income (expense), net: | |||||
Interest income | 529,000 | 938,000 | |||
Interest expense1 | (25,106,000) | 20,902,000 | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | |||
Other, net | 15,794,000 | (74,088,000) | |||
Other expense, net | (8,783,000) | (94,052,000) | |||
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | (142,825,000) | (237,344,000) | |||
Provision for income taxes | (2,628,000) | (2,031,000) | |||
Equity in earnings (loss) of unconsolidated investees | 2,144,000 | (2,488,000) | |||
Net loss | (147,597,000) | (236,887,000) | |||
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | 31,623,000 | (17,161,000) | |||
Net loss attributable to stockholders | $ (115,974,000) | $ (219,726,000) | |||
Net loss per share attributable to stockholders: | |||||
Basic (in dollars per share) | $ (0.83) | $ (1.58) | |||
Diluted (in dollars per share) | $ (0.83) | $ (1.58) | |||
Weighted-average shares: | |||||
Basic (in shares) | 140,212 | 138,902 | |||
Diluted (in shares) | 140,212 | 138,902 | |||
[1] | 1The Company has related-party transactions with Total S.A. and its affiliates as well as unconsolidated entities in which the Company has a direct equity investment. These related-party transactions are recorded within the "Revenue: Solar power systems, components, and other," "Cost of revenue: Solar power systems, components, and other," "Operating expenses: Research and development," "Operating expenses: Sales, general and administrative," and "Other income (expense), net: Interest expense" financial statement line items in the Consolidated Statements of Operations (see Note 2 and Note 10). |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (147,597) | $ (236,887) |
Components of other comprehensive income (loss): | ||
Translation adjustment | 748 | (1,988) |
Net change in derivatives (Note 12) | 1,606 | (1,262) |
Net gain (loss) on long-term pension liability adjustment | 0 | |
Income taxes | (243) | (343) |
Total other comprehensive income (loss) | 2,111 | (2,907) |
Total comprehensive loss | (145,486) | (239,794) |
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | 31,622 | (17,161) |
Comprehensive loss attributable to stockholders | $ (113,864) | $ (222,633) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Net loss | $ (147,597,000) | $ (236,887,000) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 362,569,000 | 462,343,000 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 544,337,000 | 514,212,000 | |||
Adjustments to reconcile net loss to net cash used in operating activities, net of effect of acquisitions: | |||||
Depreciation and amortization | 39,833,000 | 41,247,000 | |||
Stock-based compensation | 7,053,000 | 7,375,000 | |||
Non-cash interest expense | 4,443,000 | 2,958,000 | |||
Impairment of Equity Method Investments | 0 | 72,964,000 | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | |||
Proceeds from Equity Method Investment, Distribution | 5,399,000 | 7,192,000 | |||
Equity in earnings of unconsolidated investees | 2,144,000 | (2,488,000) | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 15,576,000 | 0 | |||
Deferred income taxes | (344,000) | 227,000 | |||
Sales-type Lease, Impairment Loss | 49,092,000 | 0 | |||
Other, net | (972,000) | (4,777,000) | |||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||
Accounts receivable | 13,924,000 | (50,651,000) | |||
Contract assets | (23,561,000) | 12,401,000 | |||
Inventories | (34,195,000) | 40,004,000 | |||
Project assets | 20,484,000 | 32,260,000 | |||
Prepaid expenses and other assets | (10,885,000) | (33,264,000) | |||
Long-term financing receivables, net | (38,114,000) | (30,584,000) | |||
Advances to suppliers | 5,149,000 | (13,701,000) | |||
Accounts payable and other accrued liabilities | (100,156,000) | (198,909,000) | |||
Contract liabilities | (33,097,000) | 102,962,000 | |||
Customer advances | 0 | ||||
Net cash used in operating activities | (233,262,000) | (126,893,000) | |||
Cash flows from investing activities: | |||||
Purchases of property, plant and equipment | (8,859,000) | 27,877,000 | |||
Cash paid for solar power systems, leased and to be leased | (23,787,000) | 18,217,000 | |||
Cash paid for solar power systems | (2,604,000) | 4,605,000 | |||
Proceeds from sale of equity method investment | 27,282,000 | 0 | |||
Cash paid for investments in unconsolidated investees | (6,349,000) | 10,142,000 | |||
Payments to Acquire Intangible Assets | (2,694,000) | 0 | |||
Net cash used in investing activities | (11,623,000) | (60,841,000) | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of non-recourse residential financing, net of issuance costs | 32,687,000 | 20,580,000 | |||
Repayment of non-recourse residential financing | (3,781,000) | 1,298,000 | |||
Proceeds from (Repayments of) Debt | 9,104,000 | 121,818,000 | |||
Assumption of project loan by customer | (27,321,000) | 0 | $ (27,300,000) | ||
Repayment of bank loans and other debt | (51,052,000) | 129,027,000 | |||
Repayment of non-recourse power plant and commercial financing | (890,000) | 28,964,000 | |||
Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | 36,726,000 | 49,030,000 | |||
Distributions to noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | (5,422,000) | 3,763,000 | |||
Purchases of stock for tax withholding obligations on vested restricted stock | (4,526,000) | 4,062,000 | |||
Proceeds from issuance of bank loans, net of issuance costs | 49,794,000 | 110,763,000 | |||
Net cash provided by financing activities | 62,640,000 | 135,077,000 | |||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 477,000 | 788,000 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease) | (181,768,000) | (51,869,000) | |||
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period1 | 260,672,000 | ||||
Non-cash transactions: | |||||
Costs of solar power systems, leased and to be leased, sourced from existing inventory | 14,354,000 | 13,389,000 | |||
Costs of solar power systems, leased and to be leased, funded by liabilities | 5,835,000 | 3,169,000 | |||
Costs of solar power systems under sale-leaseback financing arrangements, sourced from project assets | 9,791,000 | 52,917,000 | |||
Property, plant and equipment acquisitions funded by liabilities | 12,768,000 | 44,966,000 | |||
Contractual_obligations_satisfied_with_inventory | $ 17,517,000 | 0 | |||
Scenario, Previously Reported [Member] | |||||
Net loss | (151,640,000) | ||||
Adjustments to reconcile net loss to net cash used in operating activities, net of effect of acquisitions: | |||||
Depreciation and amortization | 42,084,000 | ||||
Impairment of Equity Method Investments | 0 | ||||
Equity in earnings of unconsolidated investees | 1,052,000 | ||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||
Accounts receivable | (51,669,000) | ||||
Contract assets | 11,298,000 | ||||
Project assets | 37,192,000 | ||||
Prepaid expenses and other assets | (85,251,000) | ||||
Long-term financing receivables, net | (30,643,000) | ||||
Accounts payable and other accrued liabilities | (198,119,000) | ||||
Contract liabilities | (61,022,000) | ||||
Customer advances | 91,863,000 | ||||
Net cash used in operating activities | $ (126,893,000) |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parentheticals) | Dec. 28, 2014 |
4.75% debentures due 2014 [Member] | Bond Hedge [Member] | |
Interest rate | 4.75% |
4.50% debentures due 2015 [Member] | Bond Hedge [Member] | |
Interest rate | 4.50% |
Warrant (Under the CSO2014) [Member] | |
Interest rate | 4.75% |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 01, 2018 | |
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 leading global energy company that delivers complete solar solutions to residential, commercial, and power plant customers worldwide through an array of hardware, software, and financing options and through utility-scale solar power system construction and development capabilities, operations and maintenance ("O&M") services, and "Smart Energy" solutions. SunPower's Smart Energy initiative is designed to add layers of intelligent control to homes, buildings and grids-all personalized through easy-to-use customer interfaces. Of all the solar cells commercially available to the mass market, the Company believes its solar cells have the highest conversion efficiency, a measurement of the amount of sunlight converted by the solar cell into electricity. SunPower Corporation is a majority-owned subsidiary of Total Solar International SAS ("Total"), formerly Total Energies Nouvelles Activités USA, a subsidiary of Total S.A. ("Total S.A.") (see "Note 2 . Transactions with Total and Total S.A"). The Company's Chief Executive Officer, as the chief operating decision maker ("CODM"), has organized the Company, manages resource allocations and measures performance of the Company's activities among three 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. 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 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. Liquidity The Company continues to face challenging industry conditions and a competitive environment. While the Company continues to focus on improving overall operating performance and liquidity, including managing cash flow and working capital, notably with cash savings resulting from restructuring actions and cost reduction initiatives put in place in the third and fourth quarters of fiscal 2016 as well as first quarter of fiscal 2018, the Company's net losses continued through the first quarter of fiscal 2018 and are expected to continue through the rest of fiscal 2018. The Company has the ability to enhance its available cash by borrowing up to $95.0 million under its revolving credit facility with Credit Agricole ("Revolver") pursuant to the Letter Agreement executed by the Company and Total S.A. on May 8, 2017 (see "Note 2. Transactions with Total and Total S.A."). However, our $300.0 million 0.75% senior convertible debentures due 2018 (the “0.75% debentures due 2018”), $200.0 million of which are held by Total, mature on June 1, 2018. These events and conditions indicate the Company may not have the liquid funds necessary to repay the existing 0.75% debentures due 2018 at maturity and satisfy our estimated liquidity needs within the 12 months from the date of issuance of the consolidated financial statements contained herein. The Company has decided to divest certain assets, such as its equity interest in 8point3 Energy Partners LP ("8point3 Energy Partners") and certain affiliates (collectively, the "8point3 Group") (see "Note 10 . Equity Method Investments"). On February 5, 2018, 8point3 Energy Partners entered into a definitive agreement with CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc., and certain other co-investors (collectively, “Capital Dynamics”), pursuant to which Capital Dynamics will acquire the entire 8point3 Group (the “Divestiture Transaction”). The completion of the Divestiture Transaction is subject to a number of closing conditions, including approval by a majority of the outstanding 8point3 Energy Partners public Class A shareholders, and the approval of the Committee on Foreign Investment in the United States ("CFIUS"). Additionally, the Divestiture Transaction is subject to certain other customary closing conditions. The Company believes it has sufficiently evaluated these closing conditions in concluding that the sale of the Company's equity interest in the 8point3 Group is considered probable of occurring prior to the maturity of the 0.75% debentures due 2018 and will generate sufficient proceeds to satisfy its repayment obligations, which the Company believes mitigates the conditions and events giving rise to uncertainty regarding repayment of the 0.75% debentures due 2018. In the event the Divestiture Transaction does not close prior to the maturity of the 0.75% debentures due 2018, the Company has secured a binding commitment for an alternative source of financing in the form of a one-year bridge loan of up to $300.0 million to repay the 0.75% debentures due 2018. Subject to execution of definitive documentation, the Company will be required to pay interest quarterly on outstanding borrowings in an amount equal to the three-month LIBOR rate plus 2%. The Company’s interest in the 8point3 Group and proceeds of the Divestiture Transaction will serve as collateral securing the loan and the loan will be required to be repaid no later than two business days after closing the Divestiture Transaction. In the event that the Divestiture Transaction is terminated, the bridge loan will require mandatory prepayments of borrowings using proceeds in excess of $50.0 million from either sales of SunPower assets outside of the ordinary course of business or amounts drawn on the Revolver. The Company will be required to pay interest in an amount equal to the three-month LIBOR rate plus 5% after November 5, 2018 or upon termination of the Divestiture Transaction. The Company cannot predict, with certainty, the outcome of its actions to generate liquidity, including the outcome of the Divestiture Transaction or alternative financing, or whether such actions would generate the necessary liquidity as currently anticipated to fulfill our obligations within the 12 months from the date of issuance of these 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 such accounting principles, "U.S. GAAP") 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 establishes in connection with certain project financing arrangements for customers are not designed to be available to service the general liabilities and obligations of the Company. Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the Company's consolidated financial statements and the accompanying notes. In the first quarter of fiscal 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASC 606") as well as ASU 2017-05, Other income (ASC 610-20), such reclassifications are discussed in this Note 1. 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. Both fiscal 2018 and 2017 are 52-week fiscal years. The first quarter of fiscal 2018 ended on April 1, 2018 , while the first quarter of fiscal 2017 ended on April 2, 2017 . The first quarters of fiscal 2018 and 2017 were both 13-week quarters. Management Estimates The preparation of the consolidated financial statements in conformity with 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 for revenue recognition, the nature and timing of satisfaction of performance obligations, standalone selling price of performance obligations and variable consideration; allowances for doubtful accounts receivable; recoverability of financing receivables related to residential leases, inventory and project asset write-downs; stock-based compensation; estimates for valuation assumptions including discount rates, future cash flows and economic useful lives of property, plant and equipment, intangible assets, and investments; fair value and residual value of solar power systems, including those subject to residential operating leases; fair value of financial instruments; valuation of contingencies such as accrued warranty; the fair value of indemnities provided to customers and other parties, and income taxes and tax valuation allowances. Actual results could materially differ from those estimates. Summary of Significant Accounting Policies Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASC 606"). For additional information on the new standard and the impact to the Company's financial results, refer to Impacts to Previously Reported Results below. Module and Component Sales The Company sells its solar panels and balance of system components primarily to dealers, system integrators and distributors, and recognizes revenue at a point in time when control of such products transfers to the customer, which generally occurs upon shipment or delivery depending on the terms of the contracts with the customer. There are no rights of return, and other than standard warranty obligations, there are no significant post-shipment obligations, including installation, training or customer acceptance clauses with any of the Company's customers that could have an impact on revenue recognition. The Company's revenue recognition policy is consistent across all geographic areas. Solar Power System Sales and Engineering, Procurement, and Construction Services The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements. EPC projects governed by customer contracts that require the Company to deliver functioning solar power systems are generally completed within three to twelve months from commencement of construction. Construction on large projects may be completed within eighteen to thirty-six months, depending on the size and location. The Company recognizes revenue from EPC services over time as our performance creates or enhances an energy generation asset controlled by the customer. The Company uses an input method based on cost incurred as it faithfully depicts the Company’s progress toward satisfaction of the performance obligation. Under this method, revenue arising from fixed price construction contracts is recognized as work is performed based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations. Incurred costs used include all direct material, labor and subcontract costs, and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. Project material costs are included in incurred costs when the project materials have been installed by being permanently attached or fitted to the solar power system as required by the project’s engineering design. Cost based input methods of revenue recognition require the Company to make estimates of net contract revenues and costs to complete the projects. In making such estimates, significant judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any performance incentives, liquidated damages, and other payments to customers. Significant judgment is also required to evaluate assumptions related to the costs to complete the projects, including materials, labor, contingencies, and other system costs. If the estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known and can be reasonably estimated. For sales of solar power systems in which the Company sells a controlling interest in the project to a customer, the Company recognizes all of the revenue for the consideration received, including the fair value of the noncontrolling interest obtained or retained, and defers any profit associated with the Company’s retained equity stake through “Equity in earnings of unconsolidated investees.” The deferred profit is subsequently recognized on a straight-line basis over the useful life of the underlying system. The Company estimates the fair value of the noncontrolling interest using an income approach based on the valuation of the entire solar project. Further, in situations where the Company sells membership interests in its project entities to third-party tax equity investors in return for tax benefits, such as investment tax credits and accelerated depreciation, the Company views the sale of tax credits as a distinct performance obligation which is recognized at a point in time when the customers are eligible to claim the benefits, generally at substantial completion of the solar power projects. The fair value of the tax attributes generally begins with an independent third-party appraisal which supports the eligible cost basis for the qualifying solar energy property. In certain 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 reduction in tax benefits received under the investment tax credit and U.S. Treasury Department cash grant programs. Refer to "Note 9. Commitments and Contingencies" for further details. The Company's arrangements may contain clauses such as contingent repurchase options, delay liquidated damages or early performance bonus, most favorable pricing, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics or milestones. The Company estimates variable consideration at which the Company expects to be entitled and it is probable that a significant reversal of cumulative revenue recognized will not occur. Operations and Maintenance The Company offers its customers various levels of post-installation O&M services with the objective of optimizing our customers' electrical energy production over the life of the system. The Company determines if the post-installation systems monitoring and maintenance qualifies as separate performance obligation. Such post-installation monitoring and maintenance are deferred at the time the contract is executed based on the estimate of selling price on a standalone basis and are recognized to revenue over time as customers receive and consume benefits of such services. The non-cancellable term of the O&M contracts are typically 90-day for commercial and residential customers and 180-day for power plant customers. The Company typically provides a system output performance warranty, separate from its standard solar panel product warranty, to customers that have subscribed to its post-installation O&M services. In connection with system output performance warranties, the Company agrees to pay liquidated damages in the event the system does not perform to the stated specifications, with certain exclusions. The warranty excludes system output shortfalls attributable to force majeure events, customer curtailment, irregular weather, and other similar factors. In the event that the system output falls below the warrantied performance level during the applicable warranty period, and provided that the shortfall is not caused by a factor that is excluded from the performance warranty, the warranty provides that SunPower will pay the customer an amount based on the value of the shortfall of energy produced relative to the applicable warrantied performance level. Such liquidated damages represent a form of variable consideration and are estimated at contract inception, and recognized over time as customers receive and consume the benefits of the O&M services. Shipping and Handling Costs The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer goods and accordingly, records such costs in cost of revenue. Taxes Collected from Customers and Remitted to Governmental Authorities The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. Financing Receivables Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. Financing receivables are generated by solar power systems leased to residential customers under sales-type leases. Financing receivables are initially recorded based on the expected gross minimum lease payments to be received from customers over a period commensurate with the remaining lease term of up to 20 years and the systems estimated residual value, net of unearned income and allowance for estimated losses. Initial direct costs for sales-type leases are recognized as cost of sales when the solar power systems are placed in service. Due to the homogeneous nature of its leasing transactions, SunPower manages its financing receivables on an aggregate basis when assessing credit risk. SunPower also considers the credit risk profile for its lease customers to be homogeneous due to the criteria the Company uses to approve customers for its residential leasing program, which among other things, requires a minimum "fair" FICO credit quality. Accordingly, the Company does not regularly categorize its financing receivables by credit risk. The Company recognizes an allowance for losses on financing receivables in an amount equal to the probable losses net of recoveries. SunPower maintains reserve percentages on past-due receivable aging buckets and bases such percentages on several factors, including consideration of historical credit losses and information derived from industry benchmarking. The Company also places doubtful financing receivables on nonaccrual status and discontinues recognition of interest revenue. For the three months ended April 1, 2018, events and circumstances continued to indicate that the Company might not be able to collect all amounts due according to the contractual terms of the underlying lease agreements given its decision to sell its interest in its residential lease portfolio. The Company determined it was necessary to evaluate the potential for allowances in its ability to collect these receivables. Estimates and judgments about future cash flows were made using an income approach defined as Level 3 inputs under fair value measurement standards. The income approach, specifically a discounted cash flow analysis, included assumptions for, among others, forecasted lease income, expenses, default rates, residual value of these lease assets and long-term discount rates, all of which require significant judgment by the Company. In accordance with such evaluation, the Company recognized an allowance for losses on the consolidated statement of operations. For additional information on the related impairment charge, see "Note 6. Leasing—Impairment of Residential Lease Assets." See "Item 8. Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 1. The Company and Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 for a summary of our other significant accounting policies. Recently Adopted Accounting Pronouncements In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (ASU 2017-12) to target improvements to accounting for hedging activities. The improvements include (i) alignment of risk management activities and financial reporting, and (ii) other simplifications in the application of hedge accounting guidance. The new guidance is effective for the Company no later than the first quarter of fiscal 2019 and requires a modified retrospective approach to adoption. The Company elected early adoption of the updated accounting standard on a modified retrospective basis in the first quarter of fiscal 2018. The adoption of this updated accounting standard did not result in a significant impact to the Company’s consolidated financial statements. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation - Stock Compensation (ASU 2017-09) to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new guidance is effective for the Company no later than the first quarter of fiscal 2018. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company's consolidated financial statements. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (ASU 2017-07) to provide final guidance on the presentation of net periodic pension and postretirement benefit cost. The amendment requires the bifurcation of net benefit cost. The service cost component will be presented with other employee compensation costs in operating income or capitalized in assets. The other components will be recorded separately outside of operations, and will not be eligible for capitalization. The guidance is required to be applied on a retrospective basis for the presentation of the service cost component and the other components of net benefit cost and on a prospective basis for the capitalization of only the service cost component of net benefit cost. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company's consolidated financial statements. In February 2017, the FASB issued Accounting Standards Update No. 2017-05, Other Income - Gain and Losses from the Derecognition of Nonfinancial Assets (ASU 2017-05) to clarify the scope and application of the sale or transfer of nonfinancial assets to noncustomers, including partial sales and also to define what constitutes an “in substance nonfinancial asset” which can include financial assets. The new guidance eliminates several accounting differences between transactions involving assets and transactions involving businesses. Further, the guidance aligns the accounting for derecognition of a nonfinancial asset with that of a business. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company's consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (ASU 2017-01) to clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is effective for the Company no later than the first quarter of fiscal 2018 and requires a prospective approach to adoption. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company’s consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (ASU 2016-01) to require equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). In February 2018, the FASB issued Accounting Standards Update No. 2018-03, T echnical Corrections and Improvements to Financial Instruments - Overall (ASU 2018-03), which provided clarifications to ASU 2016-01. The new guidance is effective for the Company in the first quarter of fiscal 2018. Upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 by electing the allowed measurement alternative to use cost, impairment (if any), and observable price changes in orderly transactions for the identical or similar investment of the same issuer (referred to as the measurement alternative method). The adoption did not result in a significant impact to the Company's consolidated financial statements. In May 2014, the FASB issued ASC 606. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted ASC 606 on January 1, 2018, using the full retrospective method, which required the Company to restate each prior period presented. The Company implemented key system functionality and internal controls to enable the preparation of financial information upon adoption. The most significant impact of the standard relates to the sales of solar power systems that include the sale or lease of related real estate previously accounted for under the guidance for real estate sales ASC 360-20 "Property, Plant, and Equipment." ASC 360-20 required the Company to evaluate whether such arrangements had any forms of continuing involvement that may have affected the revenue or profit recognition of the transactions, including arrangements with prohibited forms of continuing involvement requiring the Company to reduce the potential profit on a project sale by its maximum exposure to loss. The adoption of ASC 606, which supersedes the real estate sales guidance under ASC 360-20, generally results in the earlier recognition of revenue and profit than the Company's historical practice under ASC 360-20. For sales arrangements in which the Company obtains or retains an interest in the project sold to the customer, the Company recognizes all the revenue for the consideration received, including the fair value of the noncontrolling interests obtained or retained, and defers any profits associated with the interest retained through "Equity in earnings (loss) of unconsolidated investees." The Company then recognizes any deferred profit on a straight-line basis over the useful life of the underlying system, with any remaining amount recognized upon the sale of the noncontrolling interest to a third-party. Following the adoption of ASC 606, the revenue recognition for the Company's other sales arrangements, including the sales of components, sales and construction of solar systems, and operations and maintenance services, remained materially consistent. The revenue recognition for residential leasing and sale-leaseback arrangements remained consistent as they follow other GAAP guidance. As part of the Company's adoption of ASC 606 in the first quarter of fiscal 2018, the Company has elected to apply the following practical expedients: • The Company has not restated contracts that begin and are completed within the same annual reporting period; • For completed contracts that have variable consideration, the Company used the transaction price at the date upon which the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; • The Company has excluded disclosures of transaction prices allocated to remaining performance obligations and when the Company expects to recognize such revenue for all periods prior to the date of initial application; • The Company has not retrospectively restated its contracts to account for those modifications that were entered into before January 3, 2016, the earliest reporting period impacted by ASC 606; • The Company has expensed costs as incurred for costs to obtain a contract when the amortization period would have been one year or less. These costs are included in selling, general, and administrative expenses; and • The Company has not assessed a contract asset or contract liability for a significant financing component if the period between the customer's payment and the Company's transfer of goods or services is one year or less. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on the condensed consolidated financial statements as of December 31, 2017 and for the three months ended April 2, 2017 . Impact to Previously Reported Results Adoption of ASC 606 impacted our previously reported results as follows: December 31, 2017 (In thousands) As Reported Adoption of ASC 606 As Adjusted Accounts receivable, net $ 215,479 $ (10,513 ) $ 204,966 Costs and estimated earnings in excess of billings 18,203 (18,203 ) — Contract assets — 35,074 35,074 Prepaid expenses and other current assets 152,444 (6,235 ) 146,209 Property, plant and equipment, net 1,148,042 (197 ) 1,147,845 Solar power systems leased and to be leased, net 428,149 (58,931 ) 369,218 Long-term financing receivables, net 338,877 (8,205 ) 330,672 Other long-term assets 80,146 466,552 546,698 Accrued liabilities 267,760 (38,552 ) 229,208 Billings in excess of costs and estimated earnings 8,708 (8,708 ) — Contract liabilities, current portion — 104,286 104,286 Customer advances, current portion 54,999 (54,999 ) — Customer advances, net of current portion 69,062 (69,062 ) — Contract liabilities, net of current portion — 171,610 171,610 Other long-term liabilities 954,646 (150,524 ) 804,122 Accumulated deficit (2,115,188 ) 445,291 (1,669,897 ) Three Months Ended April 2, 2017 (In thousands) As Reported Adoption of ASC 606 As Adjusted Revenue Solar power systems, components, and other $ 349,849 $ (68,644 ) $ 281,205 Residential leasing 49,227 (1,337 ) 47,890 Cost of revenue Solar power systems, components, and other 397,091 (54,492 ) 342,599 Residential leasing 32,917 (837 ) 32,080 Gross margin (30,932 ) (14,652 ) (45,584 ) Interest expense (20,769 ) (133 ) (20,902 ) Other, net (2,190 ) (71,898 ) (74,088 ) Other expense, net (22,021 ) (72,031 ) (94,052 ) Loss before income taxes and equity in earnings of unconsolidated investees (150,661 ) (86,683 ) (237,344 ) Provision for income taxes (2,031 ) — (2,031 ) Equity in earnings of unconsolidated investees 1,052 1,436 2,488 Net loss (151,640 ) (85,247 ) (236,887 ) Net loss attributable to noncontrolling interests and redeemable noncontrolling interests 17,161 — 17,161 Net loss attributable to stockholders $ (134,479 ) $ (85,247 ) $ (219,726 ) Net loss per share attributable to stockholders: Basic $ (0.97 ) $ (0.61 ) $ (1.58 ) Diluted $ (0.97 ) (0.61 ) $ (1.58 ) Three Months Ended April 2, 2017 (In thousands) As Reported Adoption of ASC 606 As Adjusted Net loss $ (151,640 ) $ (85,247 ) $ (236,887 ) Adjustments to reconcile net loss to net cash used in operatin |
Transactions with Total and Tot
Transactions with Total and Total S.A. | 3 Months Ended |
Apr. 01, 2018 | |
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 (the "Private Placement Agreement"), 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. As of April 1, 2018 , through the increase of the Company's total outstanding common stock due to the exercise of warrants and issuance of restricted and performance stock units, Total's ownership of the Company's outstanding common stock has decreased to approximately 56% . Supply Agreements In November 2016, the Company and Total entered into a four-year, up to 200-MW supply agreement to support the solarization of Total facilities. The agreement covers the supply of 150 MW of E-Series panels with an option to purchase up to another 50 MW of P-Series panels. In March 2017, the Company received a prepayment totaling $88.5 million . The prepayment is secured by certain of the Company's assets located in the United States and in Mexico. The Company recognizes revenue for the solar panels consistent with its revenue recognition policy for solar power components at a point in time when control of such products transfers to the customer, which generally occurs upon shipment or delivery depending on the terms of the contracts. In the second quarter of fiscal 2017, the Company started to supply Total with panels under the supply agreement and as of April 1, 2018 , the Company had $22.7 million of "Contract liabilities, current portion" and $50.9 million of "Contract liabilities, net of current portion" on its Consolidated Balance Sheets related to the aforementioned supply agreement (see Note 9 . Commitments and Contingencies"). In March 2018, the Company and Total, each through certain affiliates, entered into an agreement whereby the Company agreed to sell 3.42 MW of photovoltaic modules to Total for a development project in Chile. This agreement provided for payment from Total in the amount of approximately $1.3 million, 10% of which was paid upon execution of the agreement. Amended and Restated Credit Support Agreement In June 2016, the Company and Total S.A. entered into an Amended and Restated Credit Support Agreement (the "Credit Support Agreement"), which amended and restated the Credit Support Agreement dated April 28, 2011, by and between the Company and Total S.A., as amended. Under the Credit Support Agreement, 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. At any time until December 31, 2018, Total S.A. will, at the Company's request, guarantee the payment to the applicable issuing bank of the Company's obligation to reimburse 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. Such letters of credit must be issued no later than December 31, 2018 and expire no later than March 31, 2020. Total is required to issue and enter into a Guaranty requested by the Company, subject to certain terms and conditions. In addition, Total will not be required to enter into the Guaranty if, after giving effect to the Company’s request for a Guaranty, the sum of (a) the aggregate amount available to be drawn under all guaranteed letter of credit facilities, (b) the amount of letters of credit available to be issued under any guaranteed facility, and (c) the aggregate amount of draws (including accrued but unpaid interest) on any letters of credit issued under any guaranteed facility that have not yet been reimbursed by the Company, would exceed $500 million in the aggregate. Such maximum amounts of credit support available to the Company can be reduced upon the occurrence of specified events. In consideration for the commitments of Total S.A. pursuant to the Credit Support Agreement, the Company is required to pay Total S.A. a guaranty fee for each letter of credit that is the subject of a Guaranty under the Credit Support Agreement and was outstanding for all or part of the preceding calendar quarter. The Credit Support Agreement will terminate following December 31, 2018, after the later of the satisfaction of all obligations thereunder and the termination or expiration of each Guaranty provided thereunder. In addition to the Credit Support Agreement, the Company and Total S.A. entered into a letter agreement (the "Letter Agreement") in May 2017 to facilitate the issuance by Total S.A. of one or more guaranties of the Company's payment obligations (the "Guaranties") of up to $100.0 million (the "Support Amount") under the Amended and Restated Revolving Credit Agreement with Credit Agricole Corporate and Investment Bank, as "Administrative Agent," and the other lenders party thereto; See "Note 11 . Debt and Credit Sources" for additional information on the Amended and Restated Revolving Credit Agreement with Credit Agricole. In consideration for the commitments of Total S.A. pursuant to the Letter Agreement, the Company is required to pay a guarantor commitment fee of 0.50% per annum for the unutilized Support Amount and a guaranty fee of 2.35% per annum of the Guaranty outstanding. The maturity date of the Letter Agreement is August 26, 2019. 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 specified in the Affiliation Agreement (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 Standstill Period ends when Total holds less than 15% ownership of the Company. 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 the 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 ability of the Company and its board of directors 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. 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, which is governed by the Private Placement Agreement and a Compensation and Funding Agreement, dated February 28, 2012, as amended, 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 Exchange Act of 1934, as amended) (the "Exchange Act"), 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"). An aggregate principal amount of $200.0 million 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. 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. 4.00% Debentures Due 2023 In December 2015, the Company issued $425.0 million in principal amount of its 4.00% senior convertible debentures due 2023 (the "4.00% debentures due 2023"). An aggregate principal amount of $100.0 million of the 4.00% debentures due 2023 were acquired by Total. The 4.00% debentures due 2023 are convertible into shares of the Company's common stock at any time based on an initial conversion price equal to $30.53 per share, which provides Total the right to acquire up to 3,275,680 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 4.00% debentures due 2023. Joint Projects with Total and its Affiliates: The Company enters into various EPC and 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 April 1, 2018 , the Company had $0.1 million of "Contract assets" and $3.7 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. During the first quarter of fiscal 2017, in connection with a co-development project between the Company and Total, Total paid $0.5 million to the Company in exchange for the Company's ownership interest in the co-development project. During the first quarter of fiscal 2018, in connection with a co-development project between the Company and Total, the Company paid $0.5 million to Total for development fees for the co-development project. Related-Party Transactions with Total and its Affiliates: The following related party balances and amounts are associated with transactions entered into with Total and its Affiliates: As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable $ 3,674 $ 2,366 Contract assets $ 115 $ 154 Contract liabilities, current portion 1 $ 22,704 $ 12,744 Contract liabilities, net of current portion 1 $ 50,917 $ 68,880 1 Refer to Note 9. Commitments and Contingencies - Advances from Customers. Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Revenue: EPC, O&M, and components revenue $ 12,730 $ 4,132 Cost of revenue: EPC, O&M, and components cost of revenue $ 3,550 $ 1,035 Research and development expense: Offsetting contributions received under the R&D Agreement $ (37 ) $ (67 ) Interest expense: Guarantee fees incurred under the Credit Support Agreement $ 1,407 $ 1,799 Interest expense incurred on the 0.75% debentures due 2018 $ 375 $ 375 Interest expense incurred on the 0.875% debentures due 2021 $ 547 $ 547 Interest expense incurred on the 4.00% debentures due 2023 $ 1,000 $ 1,000 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 3 Months Ended |
Apr. 01, 2018 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 3 . REVENUE FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue from contracts with customers for the three months ended April 1, 2018 and April 2, 2017 along with the reportable segment for each category: Three Months Ended (In thousands) Residential Commercial Power Plant Category April 1, 2018 April 2, 2017 April 1, 2018 April 2, 2017 April 1, 2018 April 2, 2017 Module and component sales $ 105,570 $ 86,611 $ 57,285 $ 28,943 $ 52,213 $ 13,175 Solar power systems sales and EPC services 315 30 56,725 68,990 37,126 67,143 Operations and maintenance 519 163 1,257 748 9,426 8,134 Leasing 1 63,028 47,890 8,069 6,765 355 503 Net Revenue $ 169,432 $ 134,694 $ 123,336 $ 105,446 $ 99,120 $ 88,955 1 Leasing revenue is accounted for in accordance with the lease accounting guidance. The Company recognizes revenue for sales of modules and component at the point that control transfers to the customer which typically occurs upon shipment or delivery to the customer, depending on the terms of the contract. For EPC revenue and solar power systems sales, the Company commences recognizing revenue when control of the underlying system transfers to the customer and continues recognizing revenue over time as work is performed based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations. Judgment is required to evaluate assumptions including the amount of net contract revenues and the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. If estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known. For contracts with post-installation systems monitoring and maintenance, the Company recognizes revenue related to systems monitoring and maintenance over the contract term on a straight-line basis. Changes in estimates for sales of systems and EPC services occur for a variety of reasons, including but not limited to (i) construction plan accelerations or delays, (ii) product cost forecast changes, (iii) cost related change orders, or (iv) changes in other information used to estimate costs. Changes in estimates may have a material effect on our consolidated statements of operations. The table below outlines the impact on revenue of net changes in estimated transaction prices and input costs for systems related sales contracts (both increases and decreases) for the three months ended April 1, 2018 and April 2, 2017 as well as the number of projects that comprise such changes. For purposes of the following table, only projects with changes in estimates that have a net impact on revenue of at least $1.0 million during the periods were presented. Also included in the table is the net change in estimate as a percentage of the aggregate revenue for such projects. Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Increase in revenue from net changes in transaction prices $ — $ — Increase in revenue from net changes in input cost estimates 1,152 1,652 Net increase in revenue from net changes in estimates $ 1,152 $ 1,652 Number of projects 1 1 Net change in estimate as a percentage of aggregate revenue for associated projects 0.5 % 0.9 % Contract Assets and Liabilities Contract assets consist of (i) retainage which represents 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; and (ii) unbilled receivables which represent revenue that has been recognized in advance of billing the customer, which is common for long-term construction contracts. Contract liabilities consist of deferred revenue and customer advances, which represent consideration received from a customer prior to transferring control of goods or services to the customer under the terms of a sales contract. Contract liabilities exclude deferred revenue related to the Company's residential lease program which are accounted for under the lease accounting guidance. Refer to "Note 5. Balance Sheet Components" for further details. During the three months ended April 1, 2018, the increase in contract assets of $23.6 million was primarily driven by unbilled receivables for commercial projects until milestones were reached. During the three months ended April 1, 2018 , the decrease in contract liabilities of $33.2 million was primarily due to the attainment of milestones billings for a variety of projects. During the three months ended April 1, 2018 , the Company recognized revenue of $54.5 million that was included in contract liabilities as of December 31, 2017 . The following table represents the Company's remaining performance obligations as of April 1, 2018 for sales of solar power systems, including projects under sales contracts subject to conditions precedent, and EPC agreements for developed projects that the Company is constructing or expects to construct. The Company expects to recognize $176.9 million of revenue for such contracts upon transfer of control of the projects. Project Revenue Category EPC Contract/Partner Developed Project Expected Year Revenue Recognition Will Be Completed Percentage of Revenue Recognized Joint Base Anacostia Bolling (JBAB) EPC revenue and solar power systems Constellation 2018 45.3% Iberdrola Gala Solar Project EPC revenue and solar power systems Avangrid Renewables, LLC 2018 98.8% Distribution Generation EPC revenue and solar power systems Various 2019 66.4%* *denotes average percentage of revenue recognized As of April 1, 2018 , the Company entered into contracts with customers for the future sale of modules and components for an aggregate transaction price of $247.0 million . The Company expects to recognize such revenue through 2019. As of April 1, 2018 , the Company had entered into O&M contracts of utility-scale PV solar power systems. The Company expects to recognize $10.9 million of revenue during the non-cancellable term of these O&M contracts over an average period of three months. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 01, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | OTHER INTANGIBLE ASSETS Other Intangible Assets The following tables present details of the Company's acquired other intangible assets: (In thousands) Gross Accumulated Amortization Net As of April 1, 2018 Patents and purchased technology $ 52,944 $ (29,432 ) $ 23,512 Project pipeline assets 9,446 (9,446 ) — Purchased in-process research and development 1,200 (1,200 ) — Other 1,000 (1,000 ) — $ 64,590 $ (41,078 ) $ 23,512 As of December 31, 2017 Patents and purchased technology $ 52,313 $ (26,794 ) $ 25,519 Project pipeline assets 9,446 (9,446 ) — Purchased in-process research and development 1,200 (1,200 ) — Other 1,000 (1,000 ) — $ 63,959 $ (38,440 ) $ 25,519 Aggregate amortization expense for intangible assets totaled $2.7 million and $3.2 million for the three months ended April 1, 2018 and April 2, 2017 , respectively. As of April 1, 2018 , the estimated future amortization expense related to intangible assets with finite useful lives is as follows: (In thousands) Amount Fiscal Year 2018 (remaining nine months) 7,715 2019 9,247 2020 6,515 Thereafter 35 $ 23,512 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Apr. 01, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | BALANCE SHEET COMPONENTS As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable, net: Accounts receivable, gross 1,2 $ 230,568 $ 242,327 Less: allowance for doubtful accounts 3 (38,070 ) (35,387 ) Less: allowance for sales returns (1,703 ) (1,974 ) $ 190,795 $ 204,966 1 Includes short-term financing receivables associated with solar power systems leased of $21.5 million and $19.1 million as of April 1, 2018 and December 31, 2017 , respectively (see "Note 6 . Leasing"). 2 The Company pledged accounts receivable of $1.4 million and $1.7 million , respectively, as of April 1, 2018 and December 31, 2017 , to third-party investors as security for the Company's contractual obligations. 3 Includes allowance for losses of $6.7 million on the short-term financing receivables associated with solar power systems leased, out of which $0.9 million was recognized during the three months ended April 1, 2018 . As of (In thousands) April 1, 2018 December 31, 2017 Inventories: Raw materials $ 51,867 $ 59,288 Work-in-process 108,015 111,164 Finished goods 194,729 182,377 $ 354,611 $ 352,829 As of (In thousands) April 1, 2018 December 31, 2017 Prepaid expenses and other current assets: Deferred project costs 1 $ 14,508 $ 33,534 VAT receivables, current portion 10,779 11,561 Deferred costs for solar power systems to be leased 37,798 25,076 Derivative financial instruments 959 2,612 Other receivables 50,562 49,015 Prepaid taxes 621 426 Other prepaid expenses 23,350 23,434 Other current assets 494 551 $ 139,071 $ 146,209 1 As of April 1, 2018 and December 31, 2017 , the Company had pledged deferred project costs of $1.0 million , and $2.9 million , respectively, to third-party investors as security for the Company's contractual obligations. As of (In thousands) April 1, 2018 December 31, 2017 Project assets - plants and land: Project assets — plants $ 68,675 $ 90,879 Project assets — land 4,113 12,184 $ 72,788 $ 103,063 Project assets — plants and land, current portion $ 72,767 $ 103,063 As a result of the Company's evaluation of its ability to recover the costs incurred to date for its solar development assets, management determined that $24.7 million of costs should be written off. Such charges were recorded as a component of cost of goods sold for the three months ended April 1, 2018 . While the Company considered all reasonably available information, the estimate includes significant risks and uncertainties as the pricing environment in the solar industry is currently volatile with increased uncertainty brought about by the tariffs imposed pursuant to the Section 201 trade case. As more information becomes available, it is reasonably possible that the Company's estimate of fair value may change resulting in the need to further write down the solar development assets, or resulting in the recognition of gains in the future if industry conditions have improved at the time of sale. As of (In thousands) April 1, 2018 December 31, 2017 Property, plant and equipment, net: Manufacturing equipment $ 385,289 $ 406,026 Land and buildings 198,019 197,084 Leasehold improvements 294,413 297,522 Solar power systems 1 461,173 451,678 Computer equipment 118,113 111,183 Furniture and fixtures 12,630 12,621 Construction-in-process 21,158 14,166 1,490,795 1,490,280 Less: accumulated depreciation (353,712 ) (342,435 ) $ 1,137,083 $ 1,147,845 1 Includes $431.5 million and $419.0 million of solar power systems associated with sale-leaseback transactions under the financing method as of April 1, 2018 and December 31, 2017 , respectively, which are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years (see "Note 6 . Leasing"). As of (In thousands) April 1, 2018 December 31, 2017 Property, plant and equipment, net by geography 1 : United States $ 495,686 $ 488,970 Philippines 312,524 325,601 Malaysia 232,223 233,824 Mexico 78,218 80,560 Europe 18,257 18,767 Other 175 123 $ 1,137,083 $ 1,147,845 1 Property, plant and equipment, net by geography is based on the physical location of the assets. As of (In thousands) April 1, 2018 December 31, 2017 Other long-term assets: Equity method investments 1 $ 407,694 $ 450,000 Equity investments without readily determinable fair value 35,848 35,840 Other 2 64,707 60,858 $ 508,249 $ 546,698 1 Includes the carrying value of the Company's investment in the 8point3 Group in the amount of $372.3 million and $382.7 million as of April 1, 2018 and December 31, 2017 , respectively (see "Note 10 . Equity Method Investments"). 2 As of April 1, 2018 and December 31, 2017 , the Company had pledged deferred project costs of $6.4 million and $6.4 million , respectively, to third-party investors as security for the Company's contractual obligations. As of (In thousands) April 1, 2018 December 31, 2017 Accrued liabilities: Employee compensation and employee benefits $ 34,739 $ 53,225 Deferred revenue 1 2,648 3,242 Interest payable 11,117 15,396 Short-term warranty reserves 20,438 25,222 Restructuring reserve 13,794 3,886 VAT payables 8,790 8,691 Derivative financial instruments 493 1,452 Taxes payable 19,160 21,307 Liability due to AU Optronics 13,353 21,389 Other 60,314 75,398 $ 184,846 $ 229,208 1 Consists of advance consideration received from customers under the residential lease program which is accounted for in accordance with the lease accounting guidance. As of (In thousands) April 1, 2018 December 31, 2017 Other long-term liabilities: Deferred revenue 1 $ 65,151 $ 67,001 Long-term warranty reserves 158,731 156,082 Long-term sale-leaseback financing 490,520 479,597 Unrecognized tax benefits 19,879 19,399 Long-term pension liability 4,678 4,465 Derivative financial instruments 167 1,175 Long-term liability due to AU Optronics 59,650 57,611 Other 18,764 18,792 $ 817,540 $ 804,122 1 Consists of advance consideration received from customers under the residential lease program which is accounted for in accordance with the lease accounting guidance. As of (In thousands) April 1, 2018 December 31, 2017 Accumulated other comprehensive loss: Cumulative translation adjustment $ (5,882 ) $ (6,631 ) Net unrealized gain (loss) on derivatives 1,064 (541 ) Net gain on long-term pension liability adjustment 4,164 4,164 Deferred taxes (243 ) — $ (897 ) $ (3,008 ) |
Leasing
Leasing | 3 Months Ended |
Apr. 01, 2018 | |
Leases [Abstract] | |
Leasing | LEASING Residential Lease Program The Company offers a solar lease program, which provides U.S. residential customers with 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 April 1, 2018 and December 31, 2017 : As of (In thousands) April 1, 2018 December 31, 2017 Solar power systems leased and to be leased, net 1,2 : Solar power systems leased $ 763,791 $ 749,697 Solar power systems to be leased 28,237 26,830 792,028 776,527 Less: accumulated depreciation and impairment 3 (415,016 ) (407,309 ) $ 377,012 $ 369,218 1 Solar power systems leased and to be leased, net are physically located exclusively in the United States. 2 As of April 1, 2018 and December 31, 2017 , the Company had pledged solar assets with an aggregate book value of $109.9 million and $112.4 million , respectively, to third-party investors as security for the Company's contractual obligations. The book value of pledged assets represents assets legally held by the respective flip partnerships. 3 As of April 1, 2018 , the Company recognized a non-cash impairment charge of $19.8 million on solar power systems leased and to be leased. The following table presents the Company's minimum future rental receipts on operating leases placed in service as of April 1, 2018 : (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Minimum future rentals on operating leases placed in service 1 $ 26,590 34,450 34,522 34,595 34,669 459,095 $ 623,921 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 nor does it include rent receivables on operating leases sold to the 8point3 Group. Sales-Type Leases As of April 1, 2018 and December 31, 2017 , 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) April 1, 2018 December 31, 2017 Financing receivables 1 : Minimum lease payments receivable 2 $ 732,904 $ 690,249 Unguaranteed residual value 78,453 73,344 Unearned income (122,115 ) (115,854 ) Allowance for estimated losses (326,086 ) (297,972 ) Net financing receivables $ 363,156 $ 349,767 Current $ 21,537 $ 19,095 Long-term $ 341,619 $ 330,672 1 As of April 1, 2018 and December 31, 2017 , the Company had pledged financing receivables of $113.6 million and $113.4 million , respectively, to third-party investors as security for the Company's contractual obligations. The book value of pledged assets represents assets legally held by the respective flip partnerships. 2 Net of allowance for doubtful accounts amounting to $8.6 million and $6.1 million , as of April 1, 2018 and December 31, 2017 , respectively. As of April 1, 2018 , future maturities of net financing receivables for sales-type leases are as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Scheduled maturities of minimum lease payments receivable 1 $ 29,847 38,505 38,817 39,134 39,459 547,142 $ 732,904 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. Impairment of Residential Lease Assets The Company evaluates its long-lived assets, including property, plant and equipment, solar power systems leased and to be leased, and other intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Factors considered important that could result in an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets, and significant negative industry or economic trends. The Company's impairment evaluation of long-lived assets includes an analysis of estimated future undiscounted net cash flows expected to be generated by the assets over their remaining estimated useful lives. If the Company's estimate of future undiscounted net cash flows is insufficient to recover the carrying value of the assets over the remaining estimated useful lives, it records an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analysis. Financing receivables are generated by solar power systems leased to residential customers under sales-type leases. Financing receivables represent gross minimum lease payments to be received from customers over a period commensurate with the remaining lease term and the systems estimated residual value, net of unearned income and allowance for estimated losses. The Company’s evaluation of the recoverability of these financing receivables is based on evaluation of the likelihood, based on current information and events, and whether the Company will be able to collect all amounts due according to the contractual terms of the underlying lease agreements. In accordance with this evaluation, the Company recognizes an allowance for losses on financing receivables based on its estimate of the amount equal to the probable losses net of recoveries. The combination of the leased solar power systems discussed in the preceding paragraph together with the lease financing receivables is referred to as the "residential lease portfolio." In conjunction with its efforts to generate more available liquid funds and simplify its balance sheets, the Company made the decision to sell its interest in the residential lease asset portfolio, which is comprised of assets under operating leases and financing receivables related to sales-type leases, and engaged an external investment banker to assist with its related marketing efforts in the fourth quarter of fiscal 2017. The Company has obtained information from prospective purchasers regarding their expression of interest in a potential transaction. As a result of these events, in the fourth quarter of fiscal 2017, the Company determined it was necessary to evaluate the potential for impairment in its ability to recover the carrying amount of its residential lease portfolio. The Company first performed a recoverability test by estimating future undiscounted net cash flows expected to be generated by the assets based on its own specific alternative courses of action under consideration. The alternative courses were either to sell the Company’s interest in the residential lease portfolio or hold the assets until the end of their previously estimated useful lives. Upon consideration of the alternatives, the Company considered the probability of selling the portfolio and factored the indicative value obtained from a prospective purchaser together with the probability of retaining the portfolio and the estimated future undiscounted net cash flows expected to be generated by holding the assets until the end of their previously estimated useful lives in the recoverability test. Based on the test performed, the Company determined that as of December 31, 2017, the estimate of future undiscounted net cash flows is insufficient to recover the carrying value of the assets and consequently performed an impairment analysis by comparing the carrying value of the assets to their estimated fair value. In estimating the fair value of the residential lease portfolio, the Company made estimates and judgments that it believes reasonable market participants would make in determining the fair value of the residential lease portfolio based on expected future cash flows. The impairment evaluation was based on the income approach and included assumptions for contractual lease rentals, lease expenses, residual value, forecasted default rate over the lease term and discount rates, some of which require significant judgment by management. During the first quarter of fiscal 2018, the Company continued the process of preparing to liquidate the residential lease portfolio, however, no final decisions on the particular deal structure have yet been reached. On this basis, the Company updated the impairment test discussed above to include new leases that were placed in service since the last test was performed. In accordance with such evaluation, the Company recognized a non-cash impairment charge of $49.1 million as "Impairment of residential lease assets" on the consolidated statement of operations in the first quarter of fiscal 2018. Due to the fact that the residential lease portfolio assets are held in partnership flip structures with noncontrolling interests, the Company allocated the portion of the impairment charge related to such noncontrolling interests through the hypothetical liquidation at book value ("HLBV") method. This allocation resulted in an insignificant amount of the impairment charge being attributed to net loss attributable to noncontrolling interests and redeemable controlling interests. As a result, the net impairment charges attributable to SunPower stockholders totaled $49.0 million for the three months ended April 1, 2018 and were recorded within the Residential Segment. The impairment evaluation includes uncertainty because it requires management to make assumptions and to apply judgment to estimate future cash flows and assumptions. If actual results are not consistent with our estimates and assumptions used in estimating future cash flows and asset fair values, and if and when a divestiture transaction occurs, the details and timing of which are subject to change as the sales and marketing process continue, the Company may be exposed to additional impairment charges in the future, which could be material to the results of operations. 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 lease terms of up to 25 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 terms 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 April 1, 2018 , future minimum lease obligations associated with these systems were $70.7 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 certain sale-leaseback arrangements under which the systems subject to the sale-leaseback arrangements have been determined to be integral equipment as defined under the accounting guidance for such transactions. The Company has continuing involvement with the solar power systems throughout the lease due to purchase option rights in the arrangements. As a result of such continuing involvement, the Company accounts for each of these transactions 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. The financing liabilities are subsequently reduced by the Company's payments to lease back the solar power systems, less interest expense calculated based on the Company's incremental borrowing rate adjusted to the rate required to prevent negative amortization. The solar power systems under the sale-leaseback arrangements remain on the Company's balance sheet and are classified within "Property, plant and equipment, net" (see "Note 5 . Balance Sheet Components"). As of April 1, 2018 , future minimum lease obligations for the sale-leaseback arrangements accounted for under the financing method were $422.0 million , which will be recognized over the lease terms of up to 25 years . During the three months ended April 1, 2018 and April 2, 2017 , the Company had net financing proceeds of $9.1 million , and $38.1 million , respectively, in connection with these sale-leaseback arrangements. As of April 1, 2018 and December 31, 2017 , the carrying amount of the sale-leaseback financing liabilities, presented in "Other long-term liabilities" on the Company's Consolidated Balance Sheets, was $490.5 million and $479.6 million respectively (see "Note 5 . Balance Sheet Components"). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 01, 2018 | |
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 April 1, 2018 or December 31, 2017 . The following table summarizes the Company's assets and liabilities measured and recorded at fair value on a recurring basis as of April 1, 2018 and December 31, 2017 : April 1, 2018 December 31, 2017 (In thousands) Total Level 1 Level 2 Total Level 1 Level 2 Assets Prepaid expenses and other current assets: Derivative financial instruments (Note 12) 959 — 959 2,579 — 2,579 Other long-term assets: Derivative financial instruments (Note 12) 1,122 — 1,122 — — — Total assets $ 2,081 $ — $ 2,081 $ 2,579 $ — $ 2,579 Liabilities Accrued liabilities: Derivative financial instruments (Note 12) $ 493 $ — $ 493 $ 1,452 $ — $ 1,452 Other long-term liabilities: Derivative financial instruments (Note 12) 167 — 167 1,174 — 1,174 Total liabilities $ 660 $ — $ 660 $ 2,626 $ — $ 2,626 1 The Company's restricted cash and 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. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures certain investments and non-financial assets (including 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. As of April 1, 2018 , there were no such items recorded at fair value, with the exception of the Company's investment in 8point 3 Energy Partners and the residential lease assets. For more information, see "Note 10—Equity Method Investments" and "Note 6—Leasing", respectively. As of April 2, 2017 , the Company did not have any significant assets or liabilities that were measured at fair value on a non-recurring basis in periods subsequent to initial recognition. 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 business transactions within the Philippines. These bonds have various maturity dates and are classified as "Restricted long-term marketable securities" on the Company's Consolidated Balance Sheets. As of April 1, 2018 and December 31, 2017 , these bonds had a carrying value of $6.0 million and $6.2 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 Investments The Company holds equity investments in non-consolidated entities that are accounted for under both the equity method and measurement alternative 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 1, 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 the results of operations of the issuer. The Company adopted ASC 606 on January 1, 2018, using the full retrospective method, which required the Company to restate each prior period presented. The Company's carrying value in the 8point3 Group materially increased upon adoption which required the Company to amend its historical evaluations of the potential for other-than-temporary impairment on its investment in 8point3 Energy Partners. In accordance with such updated evaluations, the Company recognized other-than-temporary losses on the 8point3 investment balance during the first and fourth quarters of fiscal 2017 using a combination of Level 1 and Level 3 measurements. As of April 1, 2018 and December 31, 2017 , the Company had $407.7 million and $450.0 million , respectively, in investments accounted for under the equity method (see "Note 10 . Equity Method Investments"). As of both April 1, 2018 and December 31, 2017 , the Company had $35.8 million in investments accounted for under the measurement alternative method. |
Restructuring
Restructuring | 3 Months Ended |
Apr. 01, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING February 2018 Restructuring Plan On February 21, 2018, the Company adopted a restructuring plan and began implementing initiatives to reduce operating expenses and cost of revenue overhead in light of the known shorter-term impact of tariffs imposed on photovoltaic cells and modules pursuant to Section 201 of the Trade Act of 1974 and broader initiatives to control costs and improve cash flow. In connection with the plan, which is expected to be completed by mid-2019, the Company expects between 150 and 250 non-manufacturing employees to be affected, representing approximately 3% of the Company’s global workforce, with a portion of those employees exiting the Company as part of a voluntary departure program. The changes to the Company’s workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate. The Company expects to incur restructuring charges totaling approximately $20 million to $30 million , consisting primarily of severance benefits (between $11 million and $16 million ) and real estate lease termination and other associated costs (between $9 million and $14 million ). A substantial portion of such charges are expected to be incurred in the first and second quarters of fiscal 2018, and the Company expects between $17 million and $25 million of the charges to be cash. The actual timing and costs of the plan may differ from the Company’s current expectations and estimates. December 2016 Restructuring Plan On December 2, 2016, the Company adopted a restructuring plan to reduce costs and focus on improving cash flow. As part of the plan, the Board of Directors approved the closure of the Company’s Philippine-based Fab 2 manufacturing facility. In connection with the plan, which is expected to be completed by the first half of fiscal 2018, the Company expects approximately 2,500 employees to be affected, primarily in the Philippines. The Company expects to incur restructuring charges in connection with the plan totaling approximately $225 million to $250 million , consisting primarily of asset impairments, severance benefits, lease and related termination costs, and other associated costs. The Company expects approximately 30% of such total restructuring charges to be cash. August 2016 Restructuring Plan On August 9, 2016 , the Company adopted a restructuring plan in response to expected near-term challenges primarily relating to the Company’s Power Plant Segment. In connection with the realignment, which is expected to be completed by the first half of fiscal 2018, the Company expects approximately 1,200 employees to be affected, primarily in the Philippines. The Company expects to incur restructuring charges totaling approximately $35 million to $45 million , consisting primarily of severance benefits, asset impairments, lease and related termination costs, and other associated costs. The Company expects more than 50% of total charges to be cash. Legacy Restructuring Plans During prior fiscal years, 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 April 2, 2017, and the remaining costs to be incurred are not expected to be material. The following table summarizes the restructuring charges recognized in the Company's Consolidated Statements of Operations: Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Cumulative To Date February 2018 Plan: Severance and benefits $ 10,736 — $ 10,736 $ 10,736 $ — $ 10,736 December 2016 Plan: Non-cash impairment charges $ — $ (124 ) $ 148,938 Severance and benefits (854 ) 2,974 20,690 Lease and related termination costs 6 580 713 Other costs 1 795 6,404 22,438 $ (53 ) $ 9,834 $ 192,779 August 2016 Plan: Non-cash impairment charges $ — $ — $ 17,926 Severance and benefits 435 (267 ) 15,784 Lease and related termination costs — 2 559 Other costs 1 58 $ 208 1,411 $ 493 $ (57 ) $ 35,680 Legacy Restructuring Plans 1 13 143,657 Total restructuring charges $ 11,177 $ 9,790 $ 382,852 1 Other costs primarily represent associated legal and advisory services, and costs of relocating employees. The following table summarizes the restructuring reserve activities during the three months ended April 1, 2018 : Three Months Ended (In thousands) December 31, 2017 Charges (Benefits) (Payments) Recoveries April 1, 2018 February 2018 Plan: Severance and benefits $ — $ 10,736 — $ 10,736 $ — $ 10,736 $ — $ 10,736 December 2016 Plan: Severance and benefits $ 1,862 $ (854 ) $ (484 ) $ 524 Lease and related termination costs — 6 (6 ) — Other costs 1 54 795 (849 ) — $ 1,916 $ (53 ) $ (1,339 ) $ 524 August 2016 Plan: Severance and benefits $ 1,735 $ 435 $ 83 $ 2,253 Other costs 1 39 58 (17 ) 80 $ 1,774 $ 493 $ 66 $ 2,333 Legacy Restructuring Plans 196 1 4 201 Total restructuring liability $ 3,886 $ 11,177 $ (1,269 ) $ 13,794 1 Other costs primarily represent associated legal and advisory services, and costs of relocating employees. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 01, 2018 | |
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 April 1, 2018 , future minimum lease payments for facilities under operating leases were $41.0 million , to be paid over the remaining contractual terms of up to 6 years . The Company also leases certain buildings, machinery and equipment under non-cancellable capital leases. As of April 1, 2018 , future minimum lease payments for assets under capital leases were $3.8 million , to be paid over the remaining contractual terms of up to 6 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, purchase commitments arising from these agreements are excluded from the Company's disclosed future obligations under 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, and wafers, among others, which specify future quantities and pricing of products to be supplied by two vendors for periods of up to 3 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 April 1, 2018 are as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total 1 Future purchase obligations $ 386,881 224,612 336,490 1,000 1,000 1,000 $ 950,983 1 Total future purchase obligations were composed of $208.0 million related to non-cancellable purchase orders and $743.0 million related to long-term supply agreement. 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 regularly compared to expected demand. The Company anticipates total obligations related to long-term supply agreements for inventories, some of which (in the case of polysilicon) are at purchase prices significantly above current market prices for similar materials, will be recovered because the quantities required to be purchased are expected to be utilized in the manufacture and profitable sale of solar power products in the future based on the Company's long-term operating plans. Additionally, in order to reduce inventory and improve working capital, the Company has periodically elected to sell polysilicon inventory in the marketplace at prices below the Company's purchase price, thereby incurring a loss. 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 net realizable 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 was required to make prepayments to the vendors over the terms of the arrangements. As of April 1, 2018 and December 31, 2017 , advances to suppliers totaled $210.8 million and $216.0 million , respectively, of which $93.7 million and $30.7 million , respectively, is classified as short-term in the Company's Consolidated Balance Sheets. One supplier accounted for 99% of total advances to suppliers as of both April 1, 2018 and December 31, 2017 . Advances from Customers The estimated utilization of advances from customers included in "Contract liabilities, current portion" and "Contract liabilities, net of current portion" on the Company's Consolidated Balance Sheets as of April 1, 2018 is as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Estimated utilization of advances from customers $ 39,245 39,081 23,135 — — — $ 101,461 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. In November 2016, the Company and Total entered into a four-year, up to 200-MW supply agreement to support the solarization of Total facilities (see "Note 2 . Transactions with Total and Total S.A."); in March 2017, the Company received a prepayment totaling $88.5 million . As of April 1, 2018 , the advance payment from Total was $73.6 million , of which $22.7 million was classified as short-term in the Company's Consolidated Balance Sheets, based on projected shipment dates. Product Warranties The following table summarizes accrued warranty activity for the three months ended April 1, 2018 and April 2, 2017 , respectively: Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Balance at the beginning of the period $ 181,303 $ 161,209 Accruals for warranties issued during the period 3,838 9,660 Settlements and adjustments during the period (5,972 ) (2,756 ) Balance at the end of the period $ 179,169 $ 168,113 In some cases, the Company may offer customers the option to purchase extended warranties to ensure protection beyond the standard warranty period. In those circumstances, the warranty is a distinct service and the Company accounts for the extended warranty as a performance obligation and allocates a portion of the transaction price to that performance obligation. More frequently, customers do not purchase a warranty separately. In those situations, the Company accounts for the warranty as assurance-type warranty, which provides customers with assurance that the product complies with agreed-upon specifications, and this does not represent a separate performance obligation. 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 and (ii) 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. 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. As of April 1, 2018 and April 2, 2017 , the Company had $3.6 million , and $5.8 million , respectively, classified as "Accrued liabilities", and $4.3 million and zero , respectively, classified as "Other long-term liabilities" in the consolidated balance sheets for such obligations. Future Financing Commitments The Company is required to provide certain funding under agreements with unconsolidated investees, subject to certain conditions (see "Note 10 . Equity Method Investments"). As of April 1, 2018 , the Company has future financing obligations related to these agreements as follows: (In thousands) Amount Year 2018 (remaining nine months) $ 19,192 2019 300 2020 2,900 $ 22,392 Liabilities Associated with Uncertain Tax Positions Total liabilities associated with uncertain tax positions were $19.9 million and $19.4 million as of April 1, 2018 and December 31, 2017 , respectively. These amounts are included in "Other long-term liabilities" in the Company's Consolidated Balance Sheets in their respective periods as they are not expected to be paid within the next 12 months. Due to the complexity and uncertainty associated with its tax positions, the Company cannot make a reasonably reliable estimate of the period in which cash settlement, if any, would be made for its liabilities associated with uncertain tax positions in Other long-term liabilities. Indemnifications The Company is a party to a variety of agreements under which it may be obligated to indemnify the counterparty with respect to certain matters. Typically, these obligations arise in connection with contracts and license agreements or the sale of assets, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of warranties, representations and covenants related to such matters as title to assets sold, negligent acts, damage to property, validity of certain intellectual property rights, non-infringement of third-party rights, and certain tax related matters including indemnification to customers under Section 48(c) of the Internal Revenue Code of 1986, as amended, regarding solar commercial investment tax credits ("ITCs") and U.S. Treasury Department ("Treasury") grant payments under Section 1603 of the American Recovery and Reinvestment Act (each a "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 or amount. In some instances, the Company may have recourse against third parties or insurance covering certain payments made by the Company. In certain 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 ITCs and Treasury Cash Grant programs. The Company applies for ITCs and Cash Grant incentives based on guidance provided by the Internal Revenue Service ("IRS") and the Treasury, 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 tax equity investors, incorporate assumptions regarding the future level of incentives to be received, which in some instances may be claimed directly by the Company's customers and investors. Generally, such obligations would arise as a result of reductions to the value of the underlying solar power systems as assessed by the IRS. At each balance sheet date, the Company assesses and recognizes, when applicable, the potential exposure from these obligations based on all the information available at that time, including any audits undertaken by the IRS. The maximum potential future payments that the Company could have to make under this obligation would depend on the difference between the eligible basis claimed on the tax filing for the solar energy systems sold or transferred to indemnified parties and the values that the IRS may redetermine as the eligible basis for the systems for purposes of claiming ITCs or Cash Grants. The Company uses the eligible basis for tax filing purposes determined with the assistance of independent third-party appraisals to determine the ITCs that are passed-through to and claimed by the indemnified parties. For sales contracts that have such indemnification provisions, the Company recognizes a liability under ASC 460, "Guarantees," for the estimated premium that would be required by a guarantor to issue the same guarantee in a standalone arm’s-length transaction with an unrelated party. The Company recognizes such liabilities at the greater of the fair value of the indemnity or the contingent liability required to be recognized under ASC 450, "Contingencies," and reduce the revenue recognized in the related transaction. The Company initially estimates the fair value of any such indemnities provided based on the cost of insurance policies that cover the underlying risks being indemnified and may purchase such policies to mitigate our exposure to potential indemnification payments. After an indemnification liability is recorded, the Company derecognizes such amount typically upon expiration or settlement of the arrangement. Changes to any such indemnification liabilities provided are recorded as adjustments to revenue. As of April 1, 2018 , and December 31, 2017 , the Company's provision was $12.6 million and $12.8 million , respectively, for tax related indemnifications. 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 both April 1, 2018 and December 31, 2017 , the underfunded status of the Company’s pension plans, presented in "Other long-term liabilities" on the Company’s Consolidated Balance Sheets, was $4.7 million and $4.5 million , respectively. The impact of transition assets and obligations and actuarial gains and losses are recorded in "Accumulated other comprehensive loss" and are generally amortized as a component of net periodic cost over the average remaining service period of participating employees. Total other comprehensive loss related to the Company’s benefit plans was zero for both the three months ended April 1, 2018 and April 2, 2017 . Legal Matters Class Action and Derivative Suits On August 16, 2016, a class action lawsuit was filed against the Company and certain of its officers and directors (the "Defendants") in the United States District Court for the Northern District of California on behalf of a class consisting of those who acquired the Company's securities from February 17, 2016 through August 9, 2016 (the "Class Period"). On December 9, 2016, the court appointed a lead plaintiff. Following the withdrawal of the original lead plaintiff, on August 21, 2017, the court appointed an investor group as lead plaintiff. An amended complaint was filed on October 17, 2017. The complaint alleged violations of Sections 10(b) and 20(a) of the Exchange Act, and Securities and Exchange Commission ("SEC") Rule 10b-5. The complaints were filed following the issuance of the Company's August 9, 2016 earnings release and revised guidance and generally allege that throughout the Class Period, the Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. On April 18, 2018, the court dismissed the complaint for failure to state a claim, with leave to amend. Four shareholder derivative actions have been filed in federal court, purporting to be brought on the Company's behalf against certain of the Company's current and former officers and directors based on the same events alleged in the securities class action lawsuits described above. The Company is named as a nominal defendant. The plaintiffs assert claims for alleged breaches of fiduciary duties, unjust enrichment, and waste of corporate assets for the period from February 2016 through the present and generally allege that the defendants made or caused the Company to make materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. The plaintiffs also claim that the alleged conduct is a breach of the Company's Code of Business Conduct and Ethics, and that the defendants, including members of the Company's Audit Committee, breached their fiduciary duties by failing to ensure the adequacy of the Company's internal controls, and by causing or allowing the Company to disseminate false and misleading statements in the Company’s SEC filings and other disclosures. The securities class action lawsuits and the federal derivative actions have all been related by the court and assigned to one judge. The derivative cases are stayed. Shareholder derivative actions purporting to be brought on the Company’s behalf were brought in the Superior Court of California for the County of Santa Clara against certain of the Company’s current and former officers and directors based on the same events alleged in the securities class action and federal derivative lawsuits described above and alleging breaches of fiduciary duties. The state court cases are stayed. The Company is currently unable to determine if the resolution of these matters will have a material adverse effect on the Company's financial position, liquidity, or results of operations. 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 |
Apr. 01, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS As of April 1, 2018 and December 31, 2017 , the carrying value of the Company's equity method investments totaled $407.7 million and $450.0 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 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 low-concentration PV (LCPV) 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 because, 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 because 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 because, 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 Energy that most significantly impact its economic performance. The Company accounts for its investment in Diamond Energy using the equity method because the Company is able to exercise significant influence over Diamond Energy due to its board position. Equity Investment in 8point3 Energy Partners In June 2015, 8point3 Energy Partners, a joint YieldCo vehicle formed by the Company and First Solar, (together with the Company, the "Sponsors") to own, operate and acquire solar energy generation assets, consummated its initial public offering ("IPO"). 8point3 Energy Partners' Class A shares are now listed on the NASDAQ Global Select Market under the trading symbol “CAFD”. Immediately after the IPO, the Company contributed a portfolio of solar generation assets (the "SPWR Projects") to 8point3 Operating Company, LLC ("OpCo"), 8point3 Energy Partner's primary operating subsidiary. In exchange for the SPWR Projects, the Company received cash proceeds of $371 million as well as equity interests in several 8point3 affiliated entities: primarily common and subordinated units representing a 40.7% stake in OpCo (since reduced to 36.5% via a secondary issuance of shares in fiscal 2016) and a 50.0% economic and management stake in 8point3 Holding company, LLC ("Holdings"), the parent company of the general partner of 8point3 Energy Partners and the owner of incentive distribution rights (“IDRs”) in OpCo. Additionally, pursuant to a Right of First Offer Agreement between the Company and OpCo, the 8point3 Group has rights of first offer on interests in an additional portfolio of the Company’s solar energy projects that are currently contracted or are expected to be contracted before being sold by the Company to other parties (the “ROFO Projects”); however, 8point3 Group’s rights in the ROFO Projects have been waived while the Divestiture Transaction is pending. In connection with the IPO, the Company also entered into O&M, asset management and management services agreements with the 8point3 Group. The services the Company provides under these agreements are priced consistently with market rates for such services and the agreements are terminable by the 8point3 Group for convenience. The Company has concluded that it is not the primary beneficiary of the 8point3 Group or any of its individual subsidiaries because, although the Sponsors 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 the 8point3 Group that most significantly impact its economic performance. In making this determination, the Company considered, among other factors, the equal division between the Sponsors of management rights in the 8point3 Group and the corresponding equal influence over its significant decisions, the role and influence of the independent directors on the board of directors of the general partner of 8point3 Energy Partners, and how both Sponsors contribute to the activities that most significantly impact the 8point3 Group's economic performance. The Company accounts for its investment in the 8point3 Group using the equity method because the Company determined that, notwithstanding the division of management and ownership interests between the Sponsors, the Company exercises significant influence over the operations of the 8point3 Group. Future quarterly distributions from OpCo are subject to certain forbearance and subordination periods. During the forbearance period, the Sponsors agreed to forego any distributions declared on their common and subordinated units. The forbearance period ended during fiscal 2016 and the OpCo units held by the Company were entitled to distributions beginning in the fourth fiscal quarter of fiscal 2016. During the three months ended April 1, 2018 and April 2, 2017 , the Company received $8.1 million and $7.2 million , respectively, in dividend distributions from the 8point3 Group. During the subordination period, holders of the subordinated units are not entitled to receive any distributions until the common units have received their minimum quarterly distribution plus any arrearages in the payment of minimum distributions from prior quarters. Approximately 70% of the Company’s OpCo units are subject to subordination. The subordination period will end after OpCo has earned and paid minimum quarterly distributions for three years ending on or after August 31, 2018 and there are no outstanding arrearages on common units. Notwithstanding the foregoing, the subordination period could end after OpCo has earned and paid 150% of minimum quarterly distributions, plus the related distribution on the incentive distribution rights ("IDRs"), for one year ending on or after August 31, 2016 and there are no outstanding arrearages on common units. At the end of the subordination period, all subordinated units will convert to common units on a one-for-one basis. The Company also, through its interests in Holdings, holds IDRs in OpCo, which represent rights to incremental distributions after certain distribution thresholds are met. In June 2015, OpCo entered into a $525.0 million senior secured credit facility, consisting of a $300.0 million term loan facility, a $25.0 million delayed draw term loan facility, and a $200.0 million revolving credit facility (the “8point3 Credit Facility”). Proceeds from the term loan were used to make initial distributions to the Sponsors. The 8point3 Credit Facility is secured by a pledge of the Sponsors’ equity interests in OpCo. On September 30, 2016, OpCo entered into an amendment and joinder agreement under the 8point3 Credit Facility, pursuant to which OpCo obtained a new $250.0 million incremental term loan facility, increasing the maximum borrowing capacity under the 8point3 Credit Facility to $775.0 million . Under previous guidance for leasing transactions, the Company treated the portion of the sale of the residential lease portfolio originally sold to the 8point3 Group in connection with the IPO transaction, composed of operating leases and unguaranteed sales-type lease residual values, as a borrowing and reflected the cash proceeds attributable to this portion of the residential lease portfolio as liabilities recorded within “Accrued liabilities” and “Other long-term liabilities” in the Consolidated Balance Sheets (see "Note 5 . Balance Sheet Components"). Upon adoption of ASC 606 on January 1, 2018, the Company deconsolidated the residential lease portfolio and as a result, the operating leases and the unguaranteed sales-type lease residual values that were sold to the 8point3 Group had an aggregate carrying value of zero as presented on the Company's Consolidated Balance Sheets as of both April 1, 2018 and December 31, 2017 . As of April 1, 2018 and December 31, 2017 , the Company's investment in the 8point3 Group had a carrying value of $372.3 million and $382.7 million , respectively, which reflects recognition of profits previously deferred for projects sold to the 8point3 Group accounted for under the real estate sales guidance now superseded by ASC 606 which the Company adopted on January 1, 2018 (refer to Note 1 for further details). The Company owns approximately 29 million shares in OpCo as well as exchange rights to convert these shares on a one-for-one basis to the publicly traded Class A shares of 8point3. Based on the closing stock price of Class A shares as of March 29, 2018 , the final trading day prior to the end of the Company’s fiscal quarter, the Company’s investment in OpCo has an estimated market value of $350.9 million . In fiscal 2017, following a review of its strategic alternatives, the Company decided to explore a divestiture jointly with First Solar. On February 5, 2018, 8point3 Energy Partners entered into the Divestiture Transaction, and the Company entered into a Support Agreement which obligates the Company to support the Divestiture Transaction. The Divestiture Transaction is subject to customary conditions and approvals, and the details and timing are subject to change. Successful closure of the Divestiture Transaction is not assured. Equity Investments in Dongfang Huansheng Photovoltaic (Jiangsu) Co., Ltd. In March 2016, the Company entered into an agreement with Dongfang Electric Corporation and Tianjin Zhonghuan Semiconductor Co., Ltd. to form Dongfang Huansheng Photovoltaic (Jiangsu) Co., Ltd., a jointly owned cell manufacturing facility to manufacture the Company's P-Series modules in China. The joint venture is based in Yixing City in Jiangsu Province, China. In March 2016, the Company made an initial $9.2 million investment for a 15% equity ownership interest in the joint venture, which was accounted for under the cost method. In February 2017, the Company invested an additional $9.0 million which included an investment of $7.7 million and reinvested dividends of $1.3 million , bringing the Company's equity ownership to 20% of the joint venture. In February 2018, the Company invested an additional $6.3 million , maintaining the Company's equity ownership at 20% of the joint venture. The Company has concluded that it is not the primary beneficiary of the joint venture because, 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 the joint venture that most significantly impact its economic performance. The Company accounts for its investment in the joint venture using the equity method because the Company is able to exercise significant influence over the joint venture due to its board position. Equity Investments in Project Entities The Company has from time to time maintained noncontrolling interests in project entities, which may be accounted for as either cost or equity method investments depending on whether the Company exercises significant influence over the investee. The Company’s involvement in these entities primarily takes two forms. First, the Company may take a noncontrolling interest in an early-stage project and maintain that investment over the development cycle, often in situations in which the Company’s products are also sold to the entity under separate agreements. Second, the Company may retain a noncontrolling interest in a development project after a controlling interest is sold to a third party. In either form, the Company may maintain its investment for all or part of the operational life of the project or may seek to subsequently dispose of its investment. For sales of solar power systems where the Company maintains an equity interest in the project sold to the customer, the Company recognizes all of the consideration received, including the fair value of the noncontrolling interest it obtained, as revenue and defers any profits associated with the Company's retained equity stake through " Equity in earnings of unconsolidated affiliates, net of tax ." During the first quarter of fiscal 2018, the Company sold its remaining noncontrolling interests in the Boulder Solar I project, which was accounted for as equity method investment, resulting in a gain of $15.6 million in "Other income (expense), net" of the Consolidated Statements of Operations. As of April 1, 2018 and December 31, 2017 , respectively, the Company’s investments in such projects had a carrying value of $7.1 million and $45.6 million , of which zero and $38.5 million were accounted for under the equity method with the remainder accounted for under the measurement alternative method and the cost method, respectively. Related-Party Transactions with Investees: As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable $ 211 $ 1,275 Accounts payable 5,417 3,764 Accrued liabilities 1,187 4,161 Contract liabilities 264 175 Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Payments made to investees for products/services $ 8,419 $ — Revenues and fees received from investees for products/services 1 1,757 16,769 1 Includes a portion of proceeds received from tax equity investors in connection with 8point3 Energy Partners transactions. Equity Investment in Tendril Networks, Inc. ("Tendril") In November 2014, the Company invested in Tendril by purchasing $20.0 million of its preferred stock. In the first half of fiscal 2017, the Company invested an additional $3.0 million in Tendril by purchasing $1.5 million of preferred stock in February 2017 and then again in April 2017. The Company's total investment in Tendril constitutes a minority stake and is accounted for under the measurement alternative method because the preferred stock is deemed not to be in-substance common stock. In connection with the initial investment, the Company acquired warrants to purchase up to approximately 14 million shares of Tendril common stock exercisable through November 23, 2024. The number of shares of Tendril common stock that may be purchased pursuant to the warrants is subject to the Company's and Tendril's 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 with Tendril under a master services agreement and related statements of work. Under these commercial agreements, Tendril will use up to $13.0 million of the Company's initial investment to develop, jointly with the Company, certain solar software solution products. |
Debt and Credit Sources
Debt and Credit Sources | 3 Months Ended |
Apr. 01, 2018 | |
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: April 1, 2018 December 31, 2017 (In thousands) Face Value Short-term Long-term Total Face Value Short-term Long-term Total Convertible debt: 4.00% debentures due 2023 $ 425,000 $ — $ 419,026 $ 419,026 $ 425,000 $ — $ 418,715 $ 418,715 0.875% debentures due 2021 400,000 — 397,904 397,904 400,000 — 397,739 397,739 0.75% debentures due 2018 300,000 299,875 — 299,875 300,000 299,685 — 299,685 CEDA loan 30,000 — 28,625 28,625 30,000 — 28,538 28,538 Non-recourse financing and other debt 1 471,373 58,634 400,219 458,853 466,766 57,131 399,134 456,265 $ 1,626,373 $ 358,509 $ 1,245,774 $ 1,604,283 $ 1,621,766 $ 356,816 $ 1,244,126 $ 1,600,942 1 Other debt excludes payments related to capital leases, which are disclosed in "Note 9 . Commitments and Contingencies." As of April 1, 2018 , the aggregate future contractual maturities of the Company's outstanding debt, at face value, were as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Aggregate future maturities of outstanding debt $ 353,873 14,362 16,712 448,112 16,000 777,314 $ 1,626,373 Convertible Debt The following table summarizes the Company's outstanding convertible debt: April 1, 2018 December 31, 2017 (In thousands) Carrying Value Face Value Fair Value 1 Carrying Value Face Value Fair Value 1 Convertible debt: 4.00% debentures due 2023 $ 419,026 $ 425,000 $ 340,187 $ 418,715 $ 425,000 $ 368,399 0.875% debentures due 2021 397,904 400,000 309,584 397,739 400,000 315,132 0.75% debentures due 2018 299,875 300,000 296,334 299,685 300,000 299,313 $ 1,116,805 $ 1,125,000 $ 946,105 $ 1,116,139 $ 1,125,000 $ 982,844 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. 4.00% Debentures Due 2023 In December 2015, the Company issued $425.0 million in principal amount of its 4.00% debentures due 2023. Interest is payable semi-annually, beginning on July 15, 2016. 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 $30.53 per share, subject to adjustment in certain circumstances. If not earlier repurchased or converted, the 4.00% debentures due 2023 mature on January 15, 2023. 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. Other Debt and Credit Sources 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. As of April 1, 2018 , the fair value of the Bonds was $33.0 million , determined by using Level 2 inputs based on quarterly market prices as reported by an independent pricing source. Revolving Credit Facility with Credit Agricole On June 23, 2017, the Company entered into an Amended and Restated Revolving Credit Agreement (the “Amended and Restated Credit Agreement”) with Credit Agricole, as administrative agent, and the other lenders party thereto, which amends and restates the Revolving Credit Agreement dated July 3, 2013, as amended. The Amended and Restated Credit Agreement was entered into in connection with the Letter Agreement, to facilitate the issuance by Total S.A. of one or more guaranties of the Company’s payment obligations of up to $100.0 million under the Restated Credit Agreement. The maturity date of the Letter Agreement and the Amended and Restated Credit Agreement is August 26, 2019. In consideration for the commitments of Total S.A. pursuant to the Letter Agreement, the Company is required to pay a guarantor commitment fee of 0.50% per annum for the unutilized support amount and a guaranty fee of 2.35% per annum of the Guaranty outstanding. Available borrowings under the Amended and Restated Credit Agreement are $300.0 million ; provided that the aggregate principal amount of all amounts borrowed under the facility cannot exceed 95.0% of the amounts guaranteed by Total under the Letter Agreement. Amounts borrowed may be repaid and reborrowed until the maturity date. The Company is required to pay (a) interest on outstanding borrowings under the facility of (i) with respect to any LIBOR rate loan, an amount equal to 0.6% 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 (ii) with respect to any alternate base rate loan, an amount equal to 0.25% plus the greater of (1) the prime rate, (2) the Federal Funds rate plus 0.50% , and (3) the one-month LIBOR rate plus 1% ; and (b) a commitment fee of 0.06% per annum on funds available for borrowing and not borrowed. The Amended and Restated Credit Agreement includes representations, covenants, and events of default customary for financing transactions of this type. As of both April 1, 2018 and December 31, 2017 , the Company had no outstanding borrowings under the revolving credit facility. 2016 Letter of Credit Facility Agreements In June 2016, the Company entered into a Continuing Agreement for Standby Letters of Credit and Demand Guarantees with Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas (the “2016 Non-Guaranteed LC Facility”) which provides for the issuance, upon request by the Company, of letters of credit to support the Company’s obligations in an aggregate amount not to exceed $50.0 million . The 2016 Non-Guaranteed LC Facility will terminate on June 29, 2018. In March 2018, the Company entered into a letter agreement in connection with the 2016 Non-Guaranteed LC Facility. Pursuant to the letter agreement, the Company has advised Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas ("Issuer"), and the Issuer has acknowledged, that one or more outstanding letters of credit or demand guarantees issued under the letter agreement may remain outstanding, at the Company's request, after the scheduled termination date set forth in the letter agreement. As of April 1, 2018 and December 31, 2017 , letters of credit issued and outstanding under the 2016 Non-Guaranteed LC Facility totaled $28.2 million and $30.1 million , respectively. In June 2016, the Company entered into bilateral letter of credit facility agreements (the “2016 Guaranteed LC Facilities”) with Bank of Tokyo-Mitsubishi UFJ ("BTMU"), Credit Agricole, and HSBC USA Bank, National Association ("HSBC"). Each letter of credit facility agreement provides for the issuance, upon the Company’s request, of letters of credit by the issuing bank thereunder in order to support certain of the Company’s obligations until December 31, 2018. Payment of obligations under the 2016 Guaranteed Letter of Credit Facilities is guaranteed by Total S.A. pursuant to the Credit Support Agreement. Aggregate letter of credit amounts may be increased upon the agreement of the respective parties but, otherwise, may not exceed $75.0 million with BTMU, $75.0 million with Credit Agricole and $175.0 million with HSBC. Each letter of credit issued under one of the letter of credit facilities generally must have an expiration date, subject to certain exceptions, no later than the earlier of (a) two years from completion of the applicable project and (b) March 31, 2020. In June 2016, in connection with the 2016 Guaranteed LC Facilities, the Company entered into a transfer agreement to transfer to the 2016 Guaranteed LC Facilities all existing outstanding letters of credit issued under the Company’s letter of credit facility agreement with Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas, as administrative agent, and certain financial institutions, entered into in August 2011 and amended from time to time. In connection with the transfer of the existing outstanding letters of credit, the aggregate commitment amount under the August 2011 letter of credit facility was permanently reduced to zero on June 29, 2016. As of April 1, 2018 and December 31, 2017 , letters of credit issued and outstanding under the 2016 Guaranteed LC Facilities totaled $164.4 million and $173.7 million , respectively. September 2011 Letter of Credit Facility with Deutsche Bank and Deutsche Bank Trust Company Americas (together, "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 April 1, 2018 and December 31, 2017 , letters of credit issued and outstanding under the Deutsche Bank Trust facility totaled $1.6 million and $7.1 million , respectively, which were fully collateralized with restricted cash on the Consolidated Balance Sheets. Revolving Credit Facility with Mizuho Bank Ltd. ("Mizuho") and Goldman Sachs Bank USA ("Goldman Sachs") On May 4, 2016, the Company entered into a revolving credit facility (as amended to date, the “Construction Revolver”) with Mizuho, as administrative agent, and Goldman Sachs, under which the Company could borrow up to $200 million . The Construction Revolver also includes a $100 million accordion feature. On October 27, 2017, the Company and Mizuho entered into an amendment to the Construction Revolver, which reduces the amount that the Company may borrow to up to $50 million . Amounts borrowed under the facility may be repaid and reborrowed in support of the Company’s commercial and small-scale utility projects in the United States until the May 4, 2021 maturity date. The facility includes representations, covenants, and events of default customary for financing transactions of this type. Borrowings under the Construction Revolver bear interest at the applicable LIBOR rate plus 1.50% for the first two years, with the final year at LIBOR plus 1.75% . All outstanding indebtedness under the facility may be voluntarily prepaid in whole or in part without premium or penalty (with certain limitations to partial repayments), other than customary breakage costs. The facility is secured by the assets of, and equity in, the various project companies to which the borrowings relate, but is otherwise non-recourse to the Company and its other affiliates. As of April 1, 2018 and December 31, 2017 , the aggregate carrying value of the Construction Revolver totaled $3.3 million and $3.2 million , respectively. Non-recourse Financing and Other Debt In order to facilitate the construction, sale or ongoing operation of certain solar projects, including the Company's residential leasing program, the Company regularly obtains project-level financing. These financings are secured either by the assets of the specific project being financed or by the Company's equity in the relevant project entity and the lenders do not have recourse to the general assets of the Company for repayment of such debt obligations, and hence the financings are referred to as non-recourse. Non-recourse financing is typically in the form of loans from third-party financial institutions, but also takes other forms, including partnership flip structures, sale-leaseback arrangements, or other forms commonly used in the solar or similar industries. The Company may seek non-recourse financing covering solely the construction period of the solar project or may also seek financing covering part or all of the operating life of the solar project. The Company classifies non-recourse financings in the Consolidated Balance Sheets in accordance with their terms; however, in certain circumstances, the Company may repay or refinance these financings prior to stated maturity dates in connection with the sale of the related project or similar such circumstances. In addition, in certain instances, the customer may assume the loans at the time that the project entity is sold to the customer. In these instances, subsequent debt assumption is reflected as a financing outflow and operating inflow in the Consolidated Statements of Cash Flows to reflect the substance of the assumption as a facilitation of customer financing from a third party. The following presents a summary of the Company's non-recourse financing arrangements, including arrangements that are not classified as debt: Aggregate Carrying Value 1 (In thousands) April 1, 2018 December 31, 2017 Balance Sheet Classification Residential Lease Program Bridge loans $ 16,863 $ 17,068 Short-term debt and Long-term debt Long-term loans 385,971 356,622 Short-term debt and Long-term debt Tax equity partnership flip facilities 118,198 119,415 Redeemable non-controlling interests in subsidiaries and Non-controlling interests in subsidiaries Power Plant and Commercial Projects Boulder I credit facility — 28,168 Short-term debt and Long-term debt Construction Revolver 3,276 3,240 Short-term debt and Long-term debt Arizona loan 7,117 7,161 Short-term debt and Long-term debt 1 Based on the nature of the debt arrangements included in the table above, and the Company's intention to fully repay or transfer the obligations at their face values plus any applicable interest, the Company believes their carrying value materially approximates fair value, which is categorized within Level 3 of the fair value hierarchy. For the Company’s residential lease program, non-recourse financing is typically accomplished by aggregating an agreed-upon volume of solar power systems and leases with residential customers into a specific project entity. The Company has entered into the following non-recourse financings with respect to its residential lease program: In fiscal 2016, the Company entered into bridge loans to finance solar power systems and leases under its residential lease program. The loans are repaid over terms ranging from two to seven years. Some loans may be prepaid without penalties at the Company's option at any time, while other loans may be prepaid, subject to a prepayment fee, after one year. During the three months ended April 1, 2018 and April 2, 2017 , the Company had net repayments of $0.2 million and net proceeds of $2.1 million in connection with these loans. As of April 1, 2018 , the aggregate carrying amount of these loans, presented in "Short-term debt" and "Long-term debt" on the Company's Consolidated Balance Sheets, was $16.9 million . The Company enters into long-term loans to finance solar power systems and leases under its residential lease program. The loans are repaid over their terms of between 4 and 18 years, and may be prepaid without significant penalty at the Company’s option any time for some loans or beginning four years after the original issuance for others. During the three months ended April 1, 2018 and April 2, 2017 , the Company had net proceeds of $29.1 million and $17.2 million in connection with these loans. As of April 1, 2018 , and December 31, 2017 , the aggregate carrying amount of these loans, presented in "Short-term debt" and "Long-term debt" on the Company's Consolidated Balance Sheets, was $386.0 million and $356.6 million , respectively. The Company also enters into facilities with third-party tax equity investors under which the investors invest in a structure known as a "partnership flip". The Company holds controlling interests in these less-than-wholly-owned entities and therefore fully consolidates these entities. The Company accounts for the portion of net assets in the consolidated entities attributable to the investors as noncontrolling interests in its consolidated financial statements. Noncontrolling interests in subsidiaries that are redeemable at the option of the noncontrolling interest holder are classified accordingly as redeemable between liabilities and equity on the Company's Consolidated Balance Sheets. During the three months ended April 1, 2018 and April 2, 2017 , the Company had net contributions of $31.3 million and $45.3 million , respectively, under these facilities and attributed losses of $31.5 million and $17.3 million respectively, to the noncontrolling interests corresponding principally to certain assets, including tax credits, which were allocated to the noncontrolling interests during the periods. As of April 1, 2018 and December 31, 2017 , the aggregate carrying amount of these facilities, presented in “Redeemable noncontrolling interests in subsidiaries” and “Noncontrolling interests in subsidiaries” on the Company’s Consolidated Balance Sheets, was $118.2 million and $119.4 million , respectively. For the Company’s power plant and commercial solar projects, non-recourse financing is typically accomplished using an individual solar power system or a series of solar power systems with a common end customer, in each case owned by a specific project entity. The Company has entered into the following non-recourse financings with respect to its power plant and commercial projects: In fiscal 2016, the Company entered into the Construction Revolver to support the construction of the Company’s commercial and small-scale utility projects in the United States. As of April 1, 2018 , and December 31, 2017 , the aggregate carrying amount of the Construction Revolver, presented in "Short-term debt" and "Long-term debt" on the Company's Consolidated Balance Sheets, was $3.3 million and $3.2 million , respectively . In fiscal 2016, the Company entered into a long-term credit facility to finance the 125 MW utility-scale Boulder power plant project in Nevada. In February of 2018, the Company sold its equity interest in Boulder Solar I where the buyer repaid the remaining principal loan balance of $27.3 million upon the sale of the project. As of April 1, 2018 and December 31, 2017 , the aggregate carrying amount of this facility, presented in "Short-term debt" and "Long-term debt" on the Company's Consolidated Balance Sheets, was zero and $28.2 million , respectively. In fiscal 2013, the Company entered into a long-term loan agreement to finance a 5.4 MW utility and power plant operating in Arizona. As of April 1, 2018 and December 31, 2017 , the aggregate carrying amount under this loan, presented in "Short-term debt" and "Long-term debt" on the Company's Consolidated Balance Sheets, was $7.1 million and $7.2 million , respectively. Other debt is further composed of non-recourse project loans in EMEA, which are scheduled to mature through 2028. See "Note 6 . Leasing" for discussion of the Company’s sale-leaseback arrangements accounted for under the financing method. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Apr. 01, 2018 | |
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 April 1, 2018 and December 31, 2017 , all of which utilize Level 2 inputs under the fair value hierarchy: (In thousands) Balance Sheet Classification April 1, 2018 December 31, 2017 Assets: Derivatives designated as hedging instruments: Foreign currency forward exchange contracts Prepaid expenses and other current assets — 61 Foreign currency option contracts Other long-term assets 1,122 — $ 1,122 $ 61 Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Prepaid expenses and other current assets 959 2,518 $ 959 $ 2,518 Liabilities: Derivatives designated as hedging instruments: Interest rate contracts Other long-term liabilities 167 715 $ 167 $ 715 Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Accrued liabilities 493 1,452 Interest rate contracts Other long-term liabilities — 459 $ 493 $ 1,911 April 1, 2018 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 $ 2,081 $ — $ 2,081 $ 357 $ — $ 1,724 Derivative liabilities $ 660 $ — $ 660 $ 357 $ — $ 303 December 31, 2017 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 $ 2,579 $ — $ 2,579 $ 603 $ — $ 1,976 Derivative liabilities $ 2,626 $ — $ 2,626 $ 603 $ — $ 2,023 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) April 1, 2018 April 2, 2017 Derivatives designated as cash flow hedges: Gain (loss) in OCI at the beginning of the period $ (561 ) $ 1,203 Unrealized gain (loss) recognized in OCI (effective portion) 1,635 (936 ) Less: Gain reclassified from OCI to revenue (effective portion of FX trades) (35 ) (382 ) Less: Loss reclassified from OCI to interest expense (effective portion of interest rate swaps) $ 6 $ 56 Net gain (loss) on derivatives $ 1,606 $ (1,262 ) Gain (loss) in OCI at the end of the period $ 1,045 $ (59 ) 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 April 1, 2018 and April 2, 2017 : Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Derivatives designated as cash flow hedges: Gain recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing) $ — $ 32 Derivatives not designated as hedging instruments: Gain (loss) recognized in "Other, net" $ 1,339 $ (1,396 ) 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 April 1, 2018 , the Company had no designated outstanding cash flow hedge forward contracts. As of December 31, 2017 , the Company had designated outstanding cash flow hedge forward contracts with an aggregate notional value of $2.1 million . The Company designates either gross external or intercompany revenue up to its net economic exposure. These derivatives have a maturity of a month or less and consist of foreign currency 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 April 1, 2018 , to hedge balance sheet exposure, the Company held forward contracts with an aggregate notional value of $5.4 million . The maturity dates of these contracts range from April 2018 to May 2018 . As of December 31, 2017 , to hedge balance sheet exposure, the Company held forward contracts with an aggregate notional value of $8.2 million . The maturity dates of these contracts ranged from January 2, 2018 to January 30, 2018 . 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 April 1, 2018 and December 31, 2017 , the Company had interest rate swap agreements designated as cash flow hedges with aggregate notional values of $57.7 million and $58.1 million , respectively, and interest rate swap agreements not designated as cash flow hedges with aggregate notional values of zero and $21.1 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 swap agreements designated as cash flow hedges is reclassified into interest expense when the hedged transactions are recognized in the Consolidated Statements of Operations. The Company analyzes its designated 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. All changes in the fair value of non-designated interest rate swap agreements are recognized immediately in current period earnings. 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 |
Apr. 01, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act, which significantly changed U.S. tax law. The Tax Cuts and Jobs Act lowered the Company’s U.S. statutory federal income tax rate from 35% to 21% effective January 1, 2018, while also imposing a deemed repatriation tax on deferred foreign income. The Tax Cuts and Jobs Act also created a new minimum “base erosion and anti-abuse tax” on certain foreign payments made by a U.S. parent company, and the “global intangible low-taxed income” rules tax foreign subsidiary income earned over a 10% rate of routine return on tangible business assets. In December 2017, the SEC staff issued Staff Accounting Bulletin ("SAB") No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which allows the Company to record provisional amounts for the Tax Cut and Jobs Act during a measurement period not to extend beyond one year of the enactment date. As of April 1, 2018 , the Company did not have any significant adjustments to its provisional amounts. The Company will continue its analysis of these provisional amounts, which are still subject to change during the measurement period, and anticipate further guidance on accounting interpretations from the FASB and application of the law from the Department of the Treasury. For the three months ended April 1, 2018 , the Company's income tax provision of $2.6 million on a loss before income taxes and equity in earnings of unconsolidated investees of $142.8 million was primarily due to projected tax expense in foreign jurisdictions that are profitable, whereas the Company's income tax provision of $2.0 million in the three months ended April 2, 2017 on a loss before income taxes and equity in earnings of unconsolidated investees of $237.3 million also included projected tax expense in profitable jurisdictions and the recognition of U.S. prepaid income tax due to intercompany transactions. For the three months ended April 1, 2018 , in accordance with FASB guidance for interim reporting of income tax, the Company has computed its provision for income taxes based on a projected annual effective tax rate while excluding loss jurisdictions which cannot be benefited. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Apr. 01, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET LOSS PER SHARE The Company calculates net 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, and the outstanding senior convertible debentures. The following table presents the calculation of basic and diluted net loss per share: Three Months Ended (In thousands, except per share amounts) April 1, 2018 April 2, 2017 Basic net loss per share: Numerator Net loss attributable to stockholders $ (115,974 ) $ (219,726 ) Denominator Basic weighted-average common shares 140,212 138,902 Basic net loss per share $ (0.83 ) $ (1.58 ) Diluted net loss per share: Numerator Net loss available to common stockholders $ (115,974 ) $ (219,726 ) Denominator Dilutive weighted-average common shares 140,212 138,902 Diluted net loss per share $ (0.83 ) $ (1.58 ) The following is a summary of outstanding anti-dilutive potential common stock that was excluded from loss per diluted share in the following periods: Three Months Ended (In thousands) April 1, 2018 1 April 2, 2017 1 Stock options — 133 Restricted stock units 3,038 3,941 4.00% debentures due 2023 13,922 13,922 0.75% debentures due 2018 12,026 12,026 0.875% debentures due 2021 8,203 8,203 1 As a result of the net loss per share for the three months ended April 1, 2018 and April 2, 2017 , 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 periods. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 01, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 15 . 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) April 1, 2018 April 2, 2017 Cost of Residential revenue $ 195 $ 210 Cost of Commercial revenue 383 249 Cost of Power Plant revenue 478 725 Research and development 2,946 1,528 Sales, general and administrative 4,756 4,663 Total stock-based compensation expense $ 8,758 $ 7,375 The following table summarizes the consolidated stock-based compensation expense by type of award: Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Restricted stock units $ 9,209 $ 7,236 Change in stock-based compensation capitalized in inventory (451 ) 139 Total stock-based compensation expense $ 8,758 $ 7,375 |
Segment Information
Segment Information | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Segment Reporting [Abstract] | ||
Segment Information | SEGMENT AND GEOGRAPHICAL INFORMATION The Company's Chief Executive Officer, as the CODM, has organized the Company, manages resource allocations and measures performance of the Company's activities among three end-customer segments: (i) Residential Segment, (ii) Commercial Segment and (iii) Power Plant Segment (see "Note 1 . The Company and Summary of Significant Accounting Policies"). The Residential and Commercial Segments combined are referred to as Distributed Generation. The CODM assesses the performance of the three end-customer segments using information about their revenue, gross margin, and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") after certain adjustments, described below in further detail. Additionally, for purposes of calculating Adjusted EBITDA, the calculation includes equity in earnings of unconsolidated investees and net loss attributable to noncontrolling interests and redeemable noncontrolling interests and excludes cash interest expense, net of interest income, and depreciation. The CODM does not review asset information by segment. Adjustments Made for Segment Purposes 8point3 Energy Partners The Company includes adjustments related to the sales of projects contributed to 8point3 Energy Partners based on the difference between the fair market value of the consideration received and the net carrying value of the projects contributed, of which, a portion is deferred in proportion to the Company’s retained equity interest in 8point3 Energy Partners. Prior to the adoption of ASC 606, these sales are recognized under either real estate, lease, or consolidation accounting guidance depending upon the nature of the individual asset contributed, with outcomes ranging from no, partial, or full profit recognition. The Company adopted ASC 606 on January 1, 2018, using the full retrospective method, which required the Company to restate each prior period presented. The Company recorded a material amount of deferred profit associated with projects sold to 8point3 Energy Partners in 2015, the majority of which had previously been deferred under real estate accounting. Accordingly, the Company's carrying value in the 8point3 Group materially increased upon adoption which required the Company to evaluate its investment in 8point3 Energy Partners for other-than-temporary impairment ("OTTI"). In accordance with such evaluation, the Company recognized an OTTI charge on the 8point3 investment balance in fiscal 2017. Utility and power plant projects The Company includes adjustments related to the revenue recognition of certain utility and power plant projects based the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations and, when relevant, the allocation of revenue and margin to the Company’s project development efforts at the time of initial project sale. Prior to the adoption of ASC 606, such projects are accounted for under real estate accounting guidance, under which no separate allocation to the Company’s project development efforts occurs and the amount of revenue and margin that is recognized may be limited in circumstances where the Company has certain forms of continuing involvement in the project. Under ASC 606, such projects are accounted for when the customer obtains control of the promised goods or services which generally results in earlier recognition of revenue and profit than previous U.S. GAAP. Over the life of each project, cumulative revenue and gross profit will eventually be equivalent under both ASC 606 and segment treatments once these projects are completed. Sale-leaseback transactions The Company includes adjustments related to the revenue recognition on certain sale-leaseback transactions based on the net proceeds received from the buyer-lessor. Under U.S. GAAP, these transactions are accounted for under the financing method in accordance with real estate accounting guidance. Under such guidance, no revenue or profit is recognized at the inception of the transaction, and the net proceeds from the buyer-lessor are recorded as a financing liability. Imputed interest is recorded on the liability equal to the Company’s incremental borrowing rate adjusted solely to prevent negative amortization. Impairment of residential lease assets In fiscal 2017, the Company made the decision to sell its interest in the residential lease portfolio and as a result of this triggering event, determined it was necessary to evaluate the potential for impairment in its ability to recover the carrying amount of the residential lease portfolio. In accordance with such evaluation, the Company recognized a non-cash impairment charge on its solar power systems leased and to be leased and an allowance for losses related financing receivables. In connection with the impairment loss, the carrying values of its solar power systems leased and to be leased were reduced which resulted in lower depreciation charges. Such asset impairment and its corresponding depreciation savings are excluded from the Company’s segment results as they are non-cash in nature and not reflective of ongoing segment results. Cost of above-market polysilicon As described in "Note 9 . Commitments and Contingencies", the Company has entered in previous years into multiple long-term, fixed-price supply agreements to purchase polysilicon for periods of up to ten years. The prices in some of these supply agreements, which include a cash portion and a non-cash portion attributable to the amortization of prepayments made under the agreements, significantly exceed market prices. Additionally, in order to reduce inventory and improve working capital, the Company has periodically elected to sell polysilicon inventory in the marketplace at prices below the Company’s purchase price, thereby incurring a loss. Starting in the first quarter of fiscal 2017, the Company has excluded the impact of its above-market cost of polysilicon, including the effect of above-market polysilicon on product costs, losses incurred on sales of polysilicon to third parties, and inventory reserves and project asset impairments recorded as a result of above-market polysilicon, from its segment results. Stock-based compensation The Company incurs stock-based compensation expense related primarily to the Company’s equity incentive awards. The Company excludes this expense from its segment results. Amortization of intangible assets The Company incurs amortization expense on intangible assets as a result of acquisitions, which include patents, project assets, purchased technology, in-process research and development and trade names. The Company excludes this expense from its segment results. Depreciation of idle equipment In the fourth quarter of fiscal 2017, the Company changed the deployment plan for its next generation of solar cell technology, which made certain then temporarily idle equipment obsolete, and therefore, retired that affected equipment. Such asset depreciation is excluded from the Company’s segment results as it is non-cash in nature and not reflective of ongoing segment results. Non-cash interest expense The Company incurs non-cash interest expense related to the amortization of items such as original issuance discounts on certain of its convertible debt. The Company excludes this expense from its segment results. Restructuring expense The Company incurs restructuring expense related to reorganization plans aimed towards realigning resources consistent with the Company's global strategy and improving its overall operating efficiency and cost structure. The Company excludes this expense from its segment results. IPO-related costs The Company incurred legal, accounting, advisory, valuation, and other costs related to the IPO of 8point3 Energy Partners, as well as modifications to or terminations of certain existing financing structures in preparation for the sale to the 8point3 Group. The Company excludes these costs from its segment results. Other The Company combines amounts previously disclosed under separate captions into “Other” when amounts do not have a significant impact on the presented fiscal periods. Segment and Geographical Information The following tables present information by end-customer segment including revenue, gross margin, and Adjusted EBITDA, each as reviewed by the CODM, as well as information about significant customers and revenue by geography, based on the destination of the shipments. Three Months Ended (In thousands): April 1, 2018 April 2, 2017 Adjusted EBITDA as reviewed by CODM Distributed Generation Residential $ 61,898 $ 41,938 Commercial 9,145 4,289 Power Plant 6,886 66 Total Segment Adjusted EBITDA as reviewed by CODM $ 77,929 $ 46,293 Reconciliation to Consolidated Statements of Operations 8point3 Energy Partners 177 (77,698 ) Utility and power plant projects 268 (42,691 ) Sale-leaseback transactions (1,373 ) 1,709 Impairment of residential lease assets 1 (45,139 ) — Cost of above-market polysilicon (18,700 ) (29,815 ) Stock-based compensation (8,758 ) (7,375 ) Amortization of intangible assets (2,492 ) (3,026 ) Depreciation of idle equipment (721 ) — Non-cash interest expense (22 ) (35 ) Restructuring expense (11,177 ) (9,790 ) IPO-related costs — (114 ) Equity in earnings of unconsolidated investees 2,144 (2,488 ) Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (31,623 ) (17,161 ) Cash interest expense, net of interest income (20,165 ) (18,529 ) Depreciation (37,576 ) (38,932 ) Corporate and unallocated items (45,597 ) (37,692 ) Loss before taxes and equity in earnings of unconsolidated investees $ (142,825 ) $ (237,344 ) 1 The Company recorded in aggregate an impairment of residential leased assets of $49.1 million . As a result of the partnership flip structures with noncontrolling interests where these assets are held in, the Company allocated an insignificant portion of the impairment charge to the noncontrolling interest using the HLBV method. The net impairment charges attributable to the Company totaled $49.0 million for the three months ended April 1, 2018 . In the first quarter of fiscal 2018, the Company also recorded $3.9 million of depreciation savings as a result of the impairment charge recognized in the prior period. Three Months Ended (As a percentage of total revenue): April 1, 2018 April 2, 2017 Significant Customers: Business Segment AEP Renewables, LLC Power Plant n/a 25 % Three Months Ended (As a percentage of total revenue): April 1, 2018 April 2, 2017 Revenue by geography: United States 69 % 86 % France 10 % 1 % Rest of World 21 % 13 % 100 % 100 % | Three Months Ended Revenue Gross profit/margin Revenue and Gross profit/margin by segment (in thousands, except percentages): Residential Commercial Power Plant Residential Commercial Power Plant As reviewed by CODM $ 169,432 $ 131,796 $ 97,720 $ 31,457 18.6 % $ 8,334 6.3 % $ (13,733 ) (14.1 )% 8point3 Energy Partners — — — — — — Utility and power plant projects — 643 1,400 — 450 (182 ) Sale-leaseback transactions — (9,103 ) — — 2,920 119 Impairment of residential lease assets — — — 3,853 — — Cost of above-market polysilicon — — — (5,802 ) (5,057 ) (7,841 ) Stock-based compensation — — — (195 ) (383 ) (479 ) Amortization of intangible assets — — — (1,047 ) (735 ) (710 ) Depreciation of idle equipment — — — (224 ) (216 ) (281 ) GAAP $ 169,432 $ 123,336 $ 99,120 $ 28,042 16.6 % $ 5,313 4.3 % $ (23,107 ) (23.3 )% Three Months Ended Revenue Gross profit/margin Revenue and Gross profit/margin by segment (in thousands, except percentages): Residential Commercial Power Plant Residential Commercial Power Plant As reviewed by CODM $ 134,694 $ 133,971 $ 160,822 $ 20,550 15.3 % $ 4,882 3.6 % $ 2,431 1.5 % 8point3 Energy Partners — (5,484 ) (34 ) 3 519 (846 ) Utility and power plant projects — — (41,396 ) — — (42,691 ) Sale-leaseback transactions — (23,041 ) (30,437 ) — 2,665 479 Cost of above-market polysilicon — — — (4,351 ) (7,132 ) (18,332 ) Stock-based compensation — — — (210 ) (249 ) (725 ) Amortization of intangible assets — — — (1,214 ) (836 ) (517 ) Non-cash interest expense — — — (4 ) (3 ) (3 ) GAAP $ 134,694 $ 105,446 $ 88,955 $ 14,774 11.0 % $ (154 ) (0.1 )% $ (60,204 ) (67.7 )% |
The Company and Summary of Si24
The Company and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 01, 2018 | |
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 such accounting principles, "U.S. GAAP") 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 establishes in connection with certain project financing arrangements for customers are not designed to be available to service the general liabilities and obligations of the Company. |
Reclassifications | Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the Company's consolidated financial statements and the accompanying notes. In the first quarter of fiscal 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASC 606") as well as ASU 2017-05, Other income (ASC 610-20), such reclassifications are discussed in this Note 1. |
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. Both fiscal 2018 and 2017 are 52-week fiscal years. The first quarter of fiscal 2018 ended on April 1, 2018 , while the first quarter of fiscal 2017 ended on April 2, 2017 . The first quarters of fiscal 2018 and 2017 were both 13-week quarters. |
Management Estimates | Management Estimates The preparation of the consolidated financial statements in conformity with 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 for revenue recognition, the nature and timing of satisfaction of performance obligations, standalone selling price of performance obligations and variable consideration; allowances for doubtful accounts receivable; recoverability of financing receivables related to residential leases, inventory and project asset write-downs; stock-based compensation; estimates for valuation assumptions including discount rates, future cash flows and economic useful lives of property, plant and equipment, intangible assets, and investments; fair value and residual value of solar power systems, including those subject to residential operating leases; fair value of financial instruments; valuation of contingencies such as accrued warranty; the fair value of indemnities provided to customers and other parties, and income taxes and tax valuation allowances. Actual results could materially differ from those estimates. Summary of Significant Accounting Policies Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASC 606"). For additional information on the new standard and the impact to the Company's financial results, refer to Impacts to Previously Reported Results below. Module and Component Sales The Company sells its solar panels and balance of system components primarily to dealers, system integrators and distributors, and recognizes revenue at a point in time when control of such products transfers to the customer, which generally occurs upon shipment or delivery depending on the terms of the contracts with the customer. There are no rights of return, and other than standard warranty obligations, there are no significant post-shipment obligations, including installation, training or customer acceptance clauses with any of the Company's customers that could have an impact on revenue recognition. The Company's revenue recognition policy is consistent across all geographic areas. Solar Power System Sales and Engineering, Procurement, and Construction Services The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements. EPC projects governed by customer contracts that require the Company to deliver functioning solar power systems are generally completed within three to twelve months from commencement of construction. Construction on large projects may be completed within eighteen to thirty-six months, depending on the size and location. The Company recognizes revenue from EPC services over time as our performance creates or enhances an energy generation asset controlled by the customer. The Company uses an input method based on cost incurred as it faithfully depicts the Company’s progress toward satisfaction of the performance obligation. Under this method, revenue arising from fixed price construction contracts is recognized as work is performed based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations. Incurred costs used include all direct material, labor and subcontract costs, and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. Project material costs are included in incurred costs when the project materials have been installed by being permanently attached or fitted to the solar power system as required by the project’s engineering design. Cost based input methods of revenue recognition require the Company to make estimates of net contract revenues and costs to complete the projects. In making such estimates, significant judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any performance incentives, liquidated damages, and other payments to customers. Significant judgment is also required to evaluate assumptions related to the costs to complete the projects, including materials, labor, contingencies, and other system costs. If the estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known and can be reasonably estimated. For sales of solar power systems in which the Company sells a controlling interest in the project to a customer, the Company recognizes all of the revenue for the consideration received, including the fair value of the noncontrolling interest obtained or retained, and defers any profit associated with the Company’s retained equity stake through “Equity in earnings of unconsolidated investees.” The deferred profit is subsequently recognized on a straight-line basis over the useful life of the underlying system. The Company estimates the fair value of the noncontrolling interest using an income approach based on the valuation of the entire solar project. Further, in situations where the Company sells membership interests in its project entities to third-party tax equity investors in return for tax benefits, such as investment tax credits and accelerated depreciation, the Company views the sale of tax credits as a distinct performance obligation which is recognized at a point in time when the customers are eligible to claim the benefits, generally at substantial completion of the solar power projects. The fair value of the tax attributes generally begins with an independent third-party appraisal which supports the eligible cost basis for the qualifying solar energy property. In certain 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 reduction in tax benefits received under the investment tax credit and U.S. Treasury Department cash grant programs. Refer to "Note 9. Commitments and Contingencies" for further details. The Company's arrangements may contain clauses such as contingent repurchase options, delay liquidated damages or early performance bonus, most favorable pricing, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics or milestones. The Company estimates variable consideration at which the Company expects to be entitled and it is probable that a significant reversal of cumulative revenue recognized will not occur. Operations and Maintenance The Company offers its customers various levels of post-installation O&M services with the objective of optimizing our customers' electrical energy production over the life of the system. The Company determines if the post-installation systems monitoring and maintenance qualifies as separate performance obligation. Such post-installation monitoring and maintenance are deferred at the time the contract is executed based on the estimate of selling price on a standalone basis and are recognized to revenue over time as customers receive and consume benefits of such services. The non-cancellable term of the O&M contracts are typically 90-day for commercial and residential customers and 180-day for power plant customers. The Company typically provides a system output performance warranty, separate from its standard solar panel product warranty, to customers that have subscribed to its post-installation O&M services. In connection with system output performance warranties, the Company agrees to pay liquidated damages in the event the system does not perform to the stated specifications, with certain exclusions. The warranty excludes system output shortfalls attributable to force majeure events, customer curtailment, irregular weather, and other similar factors. In the event that the system output falls below the warrantied performance level during the applicable warranty period, and provided that the shortfall is not caused by a factor that is excluded from the performance warranty, the warranty provides that SunPower will pay the customer an amount based on the value of the shortfall of energy produced relative to the applicable warrantied performance level. Such liquidated damages represent a form of variable consideration and are estimated at contract inception, and recognized over time as customers receive and consume the benefits of the O&M services. Shipping and Handling Costs The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer goods and accordingly, records such costs in cost of revenue. Taxes Collected from Customers and Remitted to Governmental Authorities The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. Financing Receivables Leases are classified as either operating or sales-type leases in accordance with the relevant accounting guidelines. Financing receivables are generated by solar power systems leased to residential customers under sales-type leases. Financing receivables are initially recorded based on the expected gross minimum lease payments to be received from customers over a period commensurate with the remaining lease term of up to 20 years and the systems estimated residual value, net of unearned income and allowance for estimated losses. Initial direct costs for sales-type leases are recognized as cost of sales when the solar power systems are placed in service. Due to the homogeneous nature of its leasing transactions, SunPower manages its financing receivables on an aggregate basis when assessing credit risk. SunPower also considers the credit risk profile for its lease customers to be homogeneous due to the criteria the Company uses to approve customers for its residential leasing program, which among other things, requires a minimum "fair" FICO credit quality. Accordingly, the Company does not regularly categorize its financing receivables by credit risk. The Company recognizes an allowance for losses on financing receivables in an amount equal to the probable losses net of recoveries. SunPower maintains reserve percentages on past-due receivable aging buckets and bases such percentages on several factors, including consideration of historical credit losses and information derived from industry benchmarking. The Company also places doubtful financing receivables on nonaccrual status and discontinues recognition of interest revenue. For the three months ended April 1, 2018, events and circumstances continued to indicate that the Company might not be able to collect all amounts due according to the contractual terms of the underlying lease agreements given its decision to sell its interest in its residential lease portfolio. The Company determined it was necessary to evaluate the potential for allowances in its ability to collect these receivables. Estimates and judgments about future cash flows were made using an income approach defined as Level 3 inputs under fair value measurement standards. The income approach, specifically a discounted cash flow analysis, included assumptions for, among others, forecasted lease income, expenses, default rates, residual value of these lease assets and long-term discount rates, all of which require significant judgment by the Company. In accordance with such evaluation, the Company recognized an allowance for losses on the consolidated statement of operations. For additional information on the related impairment charge, see "Note 6. Leasing—Impairment of Residential Lease Assets." See "Item 8. Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 1. The Company and Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 for a summary of our other significant accounting policies. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (ASU 2017-12) to target improvements to accounting for hedging activities. The improvements include (i) alignment of risk management activities and financial reporting, and (ii) other simplifications in the application of hedge accounting guidance. The new guidance is effective for the Company no later than the first quarter of fiscal 2019 and requires a modified retrospective approach to adoption. The Company elected early adoption of the updated accounting standard on a modified retrospective basis in the first quarter of fiscal 2018. The adoption of this updated accounting standard did not result in a significant impact to the Company’s consolidated financial statements. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation - Stock Compensation (ASU 2017-09) to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new guidance is effective for the Company no later than the first quarter of fiscal 2018. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company's consolidated financial statements. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (ASU 2017-07) to provide final guidance on the presentation of net periodic pension and postretirement benefit cost. The amendment requires the bifurcation of net benefit cost. The service cost component will be presented with other employee compensation costs in operating income or capitalized in assets. The other components will be recorded separately outside of operations, and will not be eligible for capitalization. The guidance is required to be applied on a retrospective basis for the presentation of the service cost component and the other components of net benefit cost and on a prospective basis for the capitalization of only the service cost component of net benefit cost. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company's consolidated financial statements. In February 2017, the FASB issued Accounting Standards Update No. 2017-05, Other Income - Gain and Losses from the Derecognition of Nonfinancial Assets (ASU 2017-05) to clarify the scope and application of the sale or transfer of nonfinancial assets to noncustomers, including partial sales and also to define what constitutes an “in substance nonfinancial asset” which can include financial assets. The new guidance eliminates several accounting differences between transactions involving assets and transactions involving businesses. Further, the guidance aligns the accounting for derecognition of a nonfinancial asset with that of a business. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company's consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (ASU 2017-01) to clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is effective for the Company no later than the first quarter of fiscal 2018 and requires a prospective approach to adoption. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 which did not result in a significant impact to the Company’s consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (ASU 2016-01) to require equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). In February 2018, the FASB issued Accounting Standards Update No. 2018-03, T echnical Corrections and Improvements to Financial Instruments - Overall (ASU 2018-03), which provided clarifications to ASU 2016-01. The new guidance is effective for the Company in the first quarter of fiscal 2018. Upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company adopted the updated accounting standard in the first quarter of fiscal 2018 by electing the allowed measurement alternative to use cost, impairment (if any), and observable price changes in orderly transactions for the identical or similar investment of the same issuer (referred to as the measurement alternative method). The adoption did not result in a significant impact to the Company's consolidated financial statements. In May 2014, the FASB issued ASC 606. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted ASC 606 on January 1, 2018, using the full retrospective method, which required the Company to restate each prior period presented. The Company implemented key system functionality and internal controls to enable the preparation of financial information upon adoption. The most significant impact of the standard relates to the sales of solar power systems that include the sale or lease of related real estate previously accounted for under the guidance for real estate sales ASC 360-20 "Property, Plant, and Equipment." ASC 360-20 required the Company to evaluate whether such arrangements had any forms of continuing involvement that may have affected the revenue or profit recognition of the transactions, including arrangements with prohibited forms of continuing involvement requiring the Company to reduce the potential profit on a project sale by its maximum exposure to loss. The adoption of ASC 606, which supersedes the real estate sales guidance under ASC 360-20, generally results in the earlier recognition of revenue and profit than the Company's historical practice under ASC 360-20. For sales arrangements in which the Company obtains or retains an interest in the project sold to the customer, the Company recognizes all the revenue for the consideration received, including the fair value of the noncontrolling interests obtained or retained, and defers any profits associated with the interest retained through "Equity in earnings (loss) of unconsolidated investees." The Company then recognizes any deferred profit on a straight-line basis over the useful life of the underlying system, with any remaining amount recognized upon the sale of the noncontrolling interest to a third-party. Following the adoption of ASC 606, the revenue recognition for the Company's other sales arrangements, including the sales of components, sales and construction of solar systems, and operations and maintenance services, remained materially consistent. The revenue recognition for residential leasing and sale-leaseback arrangements remained consistent as they follow other GAAP guidance. As part of the Company's adoption of ASC 606 in the first quarter of fiscal 2018, the Company has elected to apply the following practical expedients: • The Company has not restated contracts that begin and are completed within the same annual reporting period; • For completed contracts that have variable consideration, the Company used the transaction price at the date upon which the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; • The Company has excluded disclosures of transaction prices allocated to remaining performance obligations and when the Company expects to recognize such revenue for all periods prior to the date of initial application; • The Company has not retrospectively restated its contracts to account for those modifications that were entered into before January 3, 2016, the earliest reporting period impacted by ASC 606; • The Company has expensed costs as incurred for costs to obtain a contract when the amortization period would have been one year or less. These costs are included in selling, general, and administrative expenses; and • The Company has not assessed a contract asset or contract liability for a significant financing component if the period between the customer's payment and the Company's transfer of goods or services is one year or less. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard on the condensed consolidated financial statements as of December 31, 2017 and for the three months ended April 2, 2017 . Impact to Previously Reported Results Adoption of ASC 606 impacted our previously reported results as follows: December 31, 2017 (In thousands) As Reported Adoption of ASC 606 As Adjusted Accounts receivable, net $ 215,479 $ (10,513 ) $ 204,966 Costs and estimated earnings in excess of billings 18,203 (18,203 ) — Contract assets — 35,074 35,074 Prepaid expenses and other current assets 152,444 (6,235 ) 146,209 Property, plant and equipment, net 1,148,042 (197 ) 1,147,845 Solar power systems leased and to be leased, net 428,149 (58,931 ) 369,218 Long-term financing receivables, net 338,877 (8,205 ) 330,672 Other long-term assets 80,146 466,552 546,698 Accrued liabilities 267,760 (38,552 ) 229,208 Billings in excess of costs and estimated earnings 8,708 (8,708 ) — Contract liabilities, current portion — 104,286 104,286 Customer advances, current portion 54,999 (54,999 ) — Customer advances, net of current portion 69,062 (69,062 ) — Contract liabilities, net of current portion — 171,610 171,610 Other long-term liabilities 954,646 (150,524 ) 804,122 Accumulated deficit (2,115,188 ) 445,291 (1,669,897 ) Three Months Ended April 2, 2017 (In thousands) As Reported Adoption of ASC 606 As Adjusted Revenue Solar power systems, components, and other $ 349,849 $ (68,644 ) $ 281,205 Residential leasing 49,227 (1,337 ) 47,890 Cost of revenue Solar power systems, components, and other 397,091 (54,492 ) 342,599 Residential leasing 32,917 (837 ) 32,080 Gross margin (30,932 ) (14,652 ) (45,584 ) Interest expense (20,769 ) (133 ) (20,902 ) Other, net (2,190 ) (71,898 ) (74,088 ) Other expense, net (22,021 ) (72,031 ) (94,052 ) Loss before income taxes and equity in earnings of unconsolidated investees (150,661 ) (86,683 ) (237,344 ) Provision for income taxes (2,031 ) — (2,031 ) Equity in earnings of unconsolidated investees 1,052 1,436 2,488 Net loss (151,640 ) (85,247 ) (236,887 ) Net loss attributable to noncontrolling interests and redeemable noncontrolling interests 17,161 — 17,161 Net loss attributable to stockholders $ (134,479 ) $ (85,247 ) $ (219,726 ) Net loss per share attributable to stockholders: Basic $ (0.97 ) $ (0.61 ) $ (1.58 ) Diluted $ (0.97 ) (0.61 ) $ (1.58 ) Three Months Ended April 2, 2017 (In thousands) As Reported Adoption of ASC 606 As Adjusted Net loss $ (151,640 ) $ (85,247 ) $ (236,887 ) Adjustments to reconcile net loss to net cash used in operating activities, net of effect of acquisitions: Depreciation and amortization 42,084 (837 ) 41,247 Equity in earnings of unconsolidated investees (1,052 ) (1,436 ) (2,488 ) Impairment of equity method investment — 72,964 72,964 Changes in operating assets and liabilities, net of effect of acquisitions: Accounts receivable 51,669 (1,018 ) 50,651 Costs and estimated earnings in excess of billings 11,298 (11,298 ) — Contract assets — 12,401 12,401 Project assets 37,192 (4,932 ) 32,260 Prepaid expenses and other assets 85,251 (51,987 ) 33,264 Long-term financing receivables, net (30,643 ) 59 (30,584 ) Accounts payable and other accrued liabilities (198,119 ) (790 ) (198,909 ) Billings in excess of costs and estimated earnings (61,022 ) 61,022 — Customer advances 91,863 (91,863 ) — Contract liabilities — 102,962 102,962 Net cash used in operating activities (126,893 ) — (126,893 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (51,869 ) — (51,869 ) Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 514,212 — 514,212 Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 462,343 $ — $ 462,343 |
Transactions with Total and T25
Transactions with Total and Total S.A. (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Related-Party Transactions with Total and its Affiliates: The following related party balances and amounts are associated with transactions entered into with Total and its Affiliates: As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable $ 3,674 $ 2,366 Contract assets $ 115 $ 154 Contract liabilities, current portion 1 $ 22,704 $ 12,744 Contract liabilities, net of current portion 1 $ 50,917 $ 68,880 1 Refer to Note 9. Commitments and Contingencies - Advances from Customers. Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Revenue: EPC, O&M, and components revenue $ 12,730 $ 4,132 Cost of revenue: EPC, O&M, and components cost of revenue $ 3,550 $ 1,035 Research and development expense: Offsetting contributions received under the R&D Agreement $ (37 ) $ (67 ) Interest expense: Guarantee fees incurred under the Credit Support Agreement $ 1,407 $ 1,799 Interest expense incurred on the 0.75% debentures due 2018 $ 375 $ 375 Interest expense incurred on the 0.875% debentures due 2021 $ 547 $ 547 Interest expense incurred on the 4.00% debentures due 2023 $ 1,000 $ 1,000 As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable $ 211 $ 1,275 Accounts payable 5,417 3,764 Accrued liabilities 1,187 4,161 Contract liabilities 264 175 Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Payments made to investees for products/services $ 8,419 $ — Revenues and fees received from investees for products/services 1 1,757 16,769 1 Includes a portion of proceeds received from tax equity investors in connection with 8point3 Energy Partners transactions. |
Revenue from Contracts with C26
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table represents a disaggregation of revenue from contracts with customers for the three months ended April 1, 2018 and April 2, 2017 along with the reportable segment for each category: Three Months Ended (In thousands) Residential Commercial Power Plant Category April 1, 2018 April 2, 2017 April 1, 2018 April 2, 2017 April 1, 2018 April 2, 2017 Module and component sales $ 105,570 $ 86,611 $ 57,285 $ 28,943 $ 52,213 $ 13,175 Solar power systems sales and EPC services 315 30 56,725 68,990 37,126 67,143 Operations and maintenance 519 163 1,257 748 9,426 8,134 Leasing 1 63,028 47,890 8,069 6,765 355 503 Net Revenue $ 169,432 $ 134,694 $ 123,336 $ 105,446 $ 99,120 $ 88,955 1 Leasing revenue is accounted for in accordance with the lease accounting guidance. The Company recognizes revenue for sales of modules and component at the point that control transfers to the customer which typically occurs upon shipment or delivery to the customer, depending on the terms of the contract. For EPC revenue and solar power systems sales, the Company commences recognizing revenue when control of the underlying system transfers to the customer and continues recognizing revenue over time as work is performed based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations. |
Number of Projects with Changes in Estimates | Judgment is required to evaluate assumptions including the amount of net contract revenues and the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. If estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known. For contracts with post-installation systems monitoring and maintenance, the Company recognizes revenue related to systems monitoring and maintenance over the contract term on a straight-line basis. Changes in estimates for sales of systems and EPC services occur for a variety of reasons, including but not limited to (i) construction plan accelerations or delays, (ii) product cost forecast changes, (iii) cost related change orders, or (iv) changes in other information used to estimate costs. Changes in estimates may have a material effect on our consolidated statements of operations. The table below outlines the impact on revenue of net changes in estimated transaction prices and input costs for systems related sales contracts (both increases and decreases) for the three months ended April 1, 2018 and April 2, 2017 as well as the number of projects that comprise such changes. For purposes of the following table, only projects with changes in estimates that have a net impact on revenue of at least $1.0 million during the periods were presented. Also included in the table is the net change in estimate as a percentage of the aggregate revenue for such projects. Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Increase in revenue from net changes in transaction prices $ — $ — Increase in revenue from net changes in input cost estimates 1,152 1,652 Net increase in revenue from net changes in estimates $ 1,152 $ 1,652 Number of projects 1 1 Net change in estimate as a percentage of aggregate revenue for associated projects 0.5 % 0.9 % |
Contract with Customer, Asset and Liability [Table Text Block] | Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Increase in revenue from net changes in transaction prices $ — $ — Increase in revenue from net changes in input cost estimates 1,152 1,652 Net increase in revenue from net changes in estimates $ 1,152 $ 1,652 Number of projects 1 1 Net change in estimate as a percentage of aggregate revenue for associated projects 0.5 % 0.9 % Contract Assets and Liabilities Contract assets consist of (i) retainage which represents 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; and (ii) unbilled receivables which represent revenue that has been recognized in advance of billing the customer, which is common for long-term construction contracts. Contract liabilities consist of deferred revenue and customer advances, which represent consideration received from a customer prior to transferring control of goods or services to the customer under the terms of a sales contract. Contract liabilities exclude deferred revenue related to the Company's residential lease program which are accounted for under the lease accounting guidance. Refer to "Note 5. Balance Sheet Components" for further details. During the three months ended April 1, 2018, the increase in contract assets of $23.6 million was primarily driven by unbilled receivables for commercial projects until milestones were reached. During the three months ended April 1, 2018 , the decrease in contract liabilities of $33.2 million was primarily due to the attainment of milestones billings for a variety of projects. During the three months ended April 1, 2018 , the Company recognized revenue of $54.5 million that was included in contract liabilities as of December 31, 2017 . |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table represents the Company's remaining performance obligations as of April 1, 2018 for sales of solar power systems, including projects under sales contracts subject to conditions precedent, and EPC agreements for developed projects that the Company is constructing or expects to construct. The Company expects to recognize $176.9 million of revenue for such contracts upon transfer of control of the projects. Project Revenue Category EPC Contract/Partner Developed Project Expected Year Revenue Recognition Will Be Completed Percentage of Revenue Recognized Joint Base Anacostia Bolling (JBAB) EPC revenue and solar power systems Constellation 2018 45.3% Iberdrola Gala Solar Project EPC revenue and solar power systems Avangrid Renewables, LLC 2018 98.8% Distribution Generation EPC revenue and solar power systems Various 2019 66.4%* *denotes average percentage of revenue recognized As of April 1, 2018 , the Company entered into contracts with customers for the future sale of modules and components for an aggregate transaction price of $247.0 million . The Company expects to recognize such revenue through 2019. As of April 1, 2018 , the Company had entered into O&M contracts of utility-scale PV solar power systems. The Company expects to recognize $10.9 million of revenue during the non-cancellable term of these O&M contracts over an average period of three months. |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
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 Amortization Net As of April 1, 2018 Patents and purchased technology $ 52,944 $ (29,432 ) $ 23,512 Project pipeline assets 9,446 (9,446 ) — Purchased in-process research and development 1,200 (1,200 ) — Other 1,000 (1,000 ) — $ 64,590 $ (41,078 ) $ 23,512 As of December 31, 2017 Patents and purchased technology $ 52,313 $ (26,794 ) $ 25,519 Project pipeline assets 9,446 (9,446 ) — Purchased in-process research and development 1,200 (1,200 ) — Other 1,000 (1,000 ) — $ 63,959 $ (38,440 ) $ 25,519 |
Schedule of Other Intangible Assets Future Amortization Expense | As of April 1, 2018 , the estimated future amortization expense related to intangible assets with finite useful lives is as follows: (In thousands) Amount Fiscal Year 2018 (remaining nine months) 7,715 2019 9,247 2020 6,515 Thereafter 35 $ 23,512 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable, net: Accounts receivable, gross 1,2 $ 230,568 $ 242,327 Less: allowance for doubtful accounts 3 (38,070 ) (35,387 ) Less: allowance for sales returns (1,703 ) (1,974 ) $ 190,795 $ 204,966 1 Includes short-term financing receivables associated with solar power systems leased of $21.5 million and $19.1 million as of April 1, 2018 and December 31, 2017 , respectively (see "Note 6 . Leasing"). 2 The Company pledged accounts receivable of $1.4 million and $1.7 million , respectively, as of April 1, 2018 and December 31, 2017 , to third-party investors as security for the Company's contractual obligations. 3 Includes allowance for losses of $6.7 million on the short-term financing receivables associated with solar power systems leased, out of which $0.9 million was recognized during the three months ended April 1, 2018 . |
Schedule of Inventory | As of (In thousands) April 1, 2018 December 31, 2017 Inventories: Raw materials $ 51,867 $ 59,288 Work-in-process 108,015 111,164 Finished goods 194,729 182,377 $ 354,611 $ 352,829 |
Schedule of Prepaid Expenses and Other Current Assets | As of (In thousands) April 1, 2018 December 31, 2017 Prepaid expenses and other current assets: Deferred project costs 1 $ 14,508 $ 33,534 VAT receivables, current portion 10,779 11,561 Deferred costs for solar power systems to be leased 37,798 25,076 Derivative financial instruments 959 2,612 Other receivables 50,562 49,015 Prepaid taxes 621 426 Other prepaid expenses 23,350 23,434 Other current assets 494 551 $ 139,071 $ 146,209 |
Schedule Investments In Power And Distribution Projects | As of (In thousands) April 1, 2018 December 31, 2017 Project assets - plants and land: Project assets — plants $ 68,675 $ 90,879 Project assets — land 4,113 12,184 $ 72,788 $ 103,063 Project assets — plants and land, current portion $ 72,767 $ 103,063 |
Schedule of Property, Plant and Equipment | As of (In thousands) April 1, 2018 December 31, 2017 Property, plant and equipment, net: Manufacturing equipment $ 385,289 $ 406,026 Land and buildings 198,019 197,084 Leasehold improvements 294,413 297,522 Solar power systems 1 461,173 451,678 Computer equipment 118,113 111,183 Furniture and fixtures 12,630 12,621 Construction-in-process 21,158 14,166 1,490,795 1,490,280 Less: accumulated depreciation (353,712 ) (342,435 ) $ 1,137,083 $ 1,147,845 1 Includes $431.5 million and $419.0 million of solar power systems associated with sale-leaseback transactions under the financing method as of April 1, 2018 and December 31, 2017 , respectively, which are depreciated using the straight-line method to their estimated residual values over the lease terms of up to 20 years (see "Note 6 . Leasing"). |
Schedule of Property, Plant and Equipment by Geographic Region | As of (In thousands) April 1, 2018 December 31, 2017 Property, plant and equipment, net by geography 1 : United States $ 495,686 $ 488,970 Philippines 312,524 325,601 Malaysia 232,223 233,824 Mexico 78,218 80,560 Europe 18,257 18,767 Other 175 123 $ 1,137,083 $ 1,147,845 1 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) April 1, 2018 December 31, 2017 Other long-term assets: Equity method investments 1 $ 407,694 $ 450,000 Equity investments without readily determinable fair value 35,848 35,840 Other 2 64,707 60,858 $ 508,249 $ 546,698 |
Schedule of Accrued Liabilities | As of (In thousands) April 1, 2018 December 31, 2017 Accrued liabilities: Employee compensation and employee benefits $ 34,739 $ 53,225 Deferred revenue 1 2,648 3,242 Interest payable 11,117 15,396 Short-term warranty reserves 20,438 25,222 Restructuring reserve 13,794 3,886 VAT payables 8,790 8,691 Derivative financial instruments 493 1,452 Taxes payable 19,160 21,307 Liability due to AU Optronics 13,353 21,389 Other 60,314 75,398 $ 184,846 $ 229,208 |
Schedule of Other Long-Term Liabilities | As of (In thousands) April 1, 2018 December 31, 2017 Other long-term liabilities: Deferred revenue 1 $ 65,151 $ 67,001 Long-term warranty reserves 158,731 156,082 Long-term sale-leaseback financing 490,520 479,597 Unrecognized tax benefits 19,879 19,399 Long-term pension liability 4,678 4,465 Derivative financial instruments 167 1,175 Long-term liability due to AU Optronics 59,650 57,611 Other 18,764 18,792 $ 817,540 $ 804,122 |
Schedule of Accumulated Other Comprehensive Income (Loss) | As of (In thousands) April 1, 2018 December 31, 2017 Accumulated other comprehensive loss: Cumulative translation adjustment $ (5,882 ) $ (6,631 ) Net unrealized gain (loss) on derivatives 1,064 (541 ) Net gain on long-term pension liability adjustment 4,164 4,164 Deferred taxes (243 ) — $ (897 ) $ (3,008 ) |
Leasing (Tables)
Leasing (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
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 April 1, 2018 and December 31, 2017 : As of (In thousands) April 1, 2018 December 31, 2017 Solar power systems leased and to be leased, net 1,2 : Solar power systems leased $ 763,791 $ 749,697 Solar power systems to be leased 28,237 26,830 792,028 776,527 Less: accumulated depreciation and impairment 3 (415,016 ) (407,309 ) $ 377,012 $ 369,218 1 Solar power systems leased and to be leased, net are physically located exclusively in the United States. 2 As of April 1, 2018 and December 31, 2017 , the Company had pledged solar assets with an aggregate book value of $109.9 million and $112.4 million , respectively, to third-party investors as security for the Company's contractual obligations. The book value of pledged assets represents assets legally held by the respective flip partnerships. 3 As of April 1, 2018 , the Company recognized a non-cash impairment charge of $19.8 million on solar power systems leased and to be leased. |
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 April 1, 2018 : (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Minimum future rentals on operating leases placed in service 1 $ 26,590 34,450 34,522 34,595 34,669 459,095 $ 623,921 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 nor does it include rent receivables on operating leases sold to the 8point3 Group. |
Schedule of accounts, notes, loans and financing receivable | As of April 1, 2018 and December 31, 2017 , 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) April 1, 2018 December 31, 2017 Financing receivables 1 : Minimum lease payments receivable 2 $ 732,904 $ 690,249 Unguaranteed residual value 78,453 73,344 Unearned income (122,115 ) (115,854 ) Allowance for estimated losses (326,086 ) (297,972 ) Net financing receivables $ 363,156 $ 349,767 Current $ 21,537 $ 19,095 Long-term $ 341,619 $ 330,672 1 As of April 1, 2018 and December 31, 2017 , the Company had pledged financing receivables of $113.6 million and $113.4 million , respectively, to third-party investors as security for the Company's contractual obligations. The book value of pledged assets represents assets legally held by the respective flip partnerships. 2 Net of allowance for doubtful accounts amounting to $8.6 million and $6.1 million , as of April 1, 2018 and December 31, 2017 , respectively. |
Schedule of future maturities of net financing receivables | As of April 1, 2018 , future maturities of net financing receivables for sales-type leases are as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Scheduled maturities of minimum lease payments receivable 1 $ 29,847 38,505 38,817 39,134 39,459 547,142 $ 732,904 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 |
Apr. 01, 2018 | |
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 April 1, 2018 and December 31, 2017 : April 1, 2018 December 31, 2017 (In thousands) Total Level 1 Level 2 Total Level 1 Level 2 Assets Prepaid expenses and other current assets: Derivative financial instruments (Note 12) 959 — 959 2,579 — 2,579 Other long-term assets: Derivative financial instruments (Note 12) 1,122 — 1,122 — — — Total assets $ 2,081 $ — $ 2,081 $ 2,579 $ — $ 2,579 Liabilities Accrued liabilities: Derivative financial instruments (Note 12) $ 493 $ — $ 493 $ 1,452 $ — $ 1,452 Other long-term liabilities: Derivative financial instruments (Note 12) 167 — 167 1,174 — 1,174 Total liabilities $ 660 $ — $ 660 $ 2,626 $ — $ 2,626 1 The Company's restricted cash and 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 (Tables)
Restructuring (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
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 (In thousands) April 1, 2018 April 2, 2017 Cumulative To Date February 2018 Plan: Severance and benefits $ 10,736 — $ 10,736 $ 10,736 $ — $ 10,736 December 2016 Plan: Non-cash impairment charges $ — $ (124 ) $ 148,938 Severance and benefits (854 ) 2,974 20,690 Lease and related termination costs 6 580 713 Other costs 1 795 6,404 22,438 $ (53 ) $ 9,834 $ 192,779 August 2016 Plan: Non-cash impairment charges $ — $ — $ 17,926 Severance and benefits 435 (267 ) 15,784 Lease and related termination costs — 2 559 Other costs 1 58 $ 208 1,411 $ 493 $ (57 ) $ 35,680 Legacy Restructuring Plans 1 13 143,657 Total restructuring charges $ 11,177 $ 9,790 $ 382,852 1 Other costs primarily represent associated legal and advisory services, and costs of relocating employees. |
Schedule of restructuring reserve | The following table summarizes the restructuring reserve activities during the three months ended April 1, 2018 : Three Months Ended (In thousands) December 31, 2017 Charges (Benefits) (Payments) Recoveries April 1, 2018 February 2018 Plan: Severance and benefits $ — $ 10,736 — $ 10,736 $ — $ 10,736 $ — $ 10,736 December 2016 Plan: Severance and benefits $ 1,862 $ (854 ) $ (484 ) $ 524 Lease and related termination costs — 6 (6 ) — Other costs 1 54 795 (849 ) — $ 1,916 $ (53 ) $ (1,339 ) $ 524 August 2016 Plan: Severance and benefits $ 1,735 $ 435 $ 83 $ 2,253 Other costs 1 39 58 (17 ) 80 $ 1,774 $ 493 $ 66 $ 2,333 Legacy Restructuring Plans 196 1 4 201 Total restructuring liability $ 3,886 $ 11,177 $ (1,269 ) $ 13,794 1 Other costs primarily represent associated legal and advisory services, and costs of relocating employees. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
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 April 1, 2018 are as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total 1 Future purchase obligations $ 386,881 224,612 336,490 1,000 1,000 1,000 $ 950,983 1 Total future purchase obligations were composed of $208.0 million related to non-cancellable purchase orders and $743.0 million related to long-term supply agreement. |
Schedule of estimated utilization of advances from customers | The estimated utilization of advances from customers included in "Contract liabilities, current portion" and "Contract liabilities, net of current portion" on the Company's Consolidated Balance Sheets as of April 1, 2018 is as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Estimated utilization of advances from customers $ 39,245 39,081 23,135 — — — $ 101,461 |
Schedule of product warranty liability | The following table summarizes accrued warranty activity for the three months ended April 1, 2018 and April 2, 2017 , respectively: Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Balance at the beginning of the period $ 181,303 $ 161,209 Accruals for warranties issued during the period 3,838 9,660 Settlements and adjustments during the period (5,972 ) (2,756 ) Balance at the end of the period $ 179,169 $ 168,113 |
Other Commitments [Table Text Block] | The Company is required to provide certain funding under agreements with unconsolidated investees, subject to certain conditions (see "Note 10 . Equity Method Investments"). As of April 1, 2018 , the Company has future financing obligations related to these agreements as follows: (In thousands) Amount Year 2018 (remaining nine months) $ 19,192 2019 300 2020 2,900 $ 22,392 |
Equity Method Investments Equit
Equity Method Investments Equity Method Investments (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of related party transactions | Related-Party Transactions with Total and its Affiliates: The following related party balances and amounts are associated with transactions entered into with Total and its Affiliates: As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable $ 3,674 $ 2,366 Contract assets $ 115 $ 154 Contract liabilities, current portion 1 $ 22,704 $ 12,744 Contract liabilities, net of current portion 1 $ 50,917 $ 68,880 1 Refer to Note 9. Commitments and Contingencies - Advances from Customers. Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Revenue: EPC, O&M, and components revenue $ 12,730 $ 4,132 Cost of revenue: EPC, O&M, and components cost of revenue $ 3,550 $ 1,035 Research and development expense: Offsetting contributions received under the R&D Agreement $ (37 ) $ (67 ) Interest expense: Guarantee fees incurred under the Credit Support Agreement $ 1,407 $ 1,799 Interest expense incurred on the 0.75% debentures due 2018 $ 375 $ 375 Interest expense incurred on the 0.875% debentures due 2021 $ 547 $ 547 Interest expense incurred on the 4.00% debentures due 2023 $ 1,000 $ 1,000 As of (In thousands) April 1, 2018 December 31, 2017 Accounts receivable $ 211 $ 1,275 Accounts payable 5,417 3,764 Accrued liabilities 1,187 4,161 Contract liabilities 264 175 Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Payments made to investees for products/services $ 8,419 $ — Revenues and fees received from investees for products/services 1 1,757 16,769 1 Includes a portion of proceeds received from tax equity investors in connection with 8point3 Energy Partners transactions. |
Debt and Credit Sources (Tables
Debt and Credit Sources (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following table summarizes the Company's outstanding debt on its Consolidated Balance Sheets: April 1, 2018 December 31, 2017 (In thousands) Face Value Short-term Long-term Total Face Value Short-term Long-term Total Convertible debt: 4.00% debentures due 2023 $ 425,000 $ — $ 419,026 $ 419,026 $ 425,000 $ — $ 418,715 $ 418,715 0.875% debentures due 2021 400,000 — 397,904 397,904 400,000 — 397,739 397,739 0.75% debentures due 2018 300,000 299,875 — 299,875 300,000 299,685 — 299,685 CEDA loan 30,000 — 28,625 28,625 30,000 — 28,538 28,538 Non-recourse financing and other debt 1 471,373 58,634 400,219 458,853 466,766 57,131 399,134 456,265 $ 1,626,373 $ 358,509 $ 1,245,774 $ 1,604,283 $ 1,621,766 $ 356,816 $ 1,244,126 $ 1,600,942 1 Other debt excludes payments related to capital leases, which are disclosed in "Note 9 . Commitments and Contingencies." The following presents a summary of the Company's non-recourse financing arrangements, including arrangements that are not classified as debt: Aggregate Carrying Value 1 (In thousands) April 1, 2018 December 31, 2017 Balance Sheet Classification Residential Lease Program Bridge loans $ 16,863 $ 17,068 Short-term debt and Long-term debt Long-term loans 385,971 356,622 Short-term debt and Long-term debt Tax equity partnership flip facilities 118,198 119,415 Redeemable non-controlling interests in subsidiaries and Non-controlling interests in subsidiaries Power Plant and Commercial Projects Boulder I credit facility — 28,168 Short-term debt and Long-term debt Construction Revolver 3,276 3,240 Short-term debt and Long-term debt Arizona loan 7,117 7,161 Short-term debt and Long-term debt 1 Based on the nature of the debt arrangements included in the table above, and the Company's intention to fully repay or transfer the obligations at their face values plus any applicable interest, the Company believes their carrying value materially approximates fair value, which is categorized within Level 3 of the fair value hierarchy. |
Schedule of maturities of debt | As of April 1, 2018 , the aggregate future contractual maturities of the Company's outstanding debt, at face value, were as follows: (In thousands) Fiscal 2018 (remaining nine months) Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Thereafter Total Aggregate future maturities of outstanding debt $ 353,873 14,362 16,712 448,112 16,000 777,314 $ 1,626,373 |
Schedule of long-term convertible debt instruments | The following table summarizes the Company's outstanding convertible debt: April 1, 2018 December 31, 2017 (In thousands) Carrying Value Face Value Fair Value 1 Carrying Value Face Value Fair Value 1 Convertible debt: 4.00% debentures due 2023 $ 419,026 $ 425,000 $ 340,187 $ 418,715 $ 425,000 $ 368,399 0.875% debentures due 2021 397,904 400,000 309,584 397,739 400,000 315,132 0.75% debentures due 2018 299,875 300,000 296,334 299,685 300,000 299,313 $ 1,116,805 $ 1,125,000 $ 946,105 $ 1,116,139 $ 1,125,000 $ 982,844 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 Instrume35
Derivative Financial Instruments (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
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 April 1, 2018 and December 31, 2017 , all of which utilize Level 2 inputs under the fair value hierarchy: (In thousands) Balance Sheet Classification April 1, 2018 December 31, 2017 Assets: Derivatives designated as hedging instruments: Foreign currency forward exchange contracts Prepaid expenses and other current assets — 61 Foreign currency option contracts Other long-term assets 1,122 — $ 1,122 $ 61 Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Prepaid expenses and other current assets 959 2,518 $ 959 $ 2,518 Liabilities: Derivatives designated as hedging instruments: Interest rate contracts Other long-term liabilities 167 715 $ 167 $ 715 Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Accrued liabilities 493 1,452 Interest rate contracts Other long-term liabilities — 459 $ 493 $ 1,911 |
Schedule of offsetting assets and liabilities | April 1, 2018 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 $ 2,081 $ — $ 2,081 $ 357 $ — $ 1,724 Derivative liabilities $ 660 $ — $ 660 $ 357 $ — $ 303 December 31, 2017 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 $ 2,579 $ — $ 2,579 $ 603 $ — $ 1,976 Derivative liabilities $ 2,626 $ — $ 2,626 $ 603 $ — $ 2,023 |
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) April 1, 2018 April 2, 2017 Derivatives designated as cash flow hedges: Gain (loss) in OCI at the beginning of the period $ (561 ) $ 1,203 Unrealized gain (loss) recognized in OCI (effective portion) 1,635 (936 ) Less: Gain reclassified from OCI to revenue (effective portion of FX trades) (35 ) (382 ) Less: Loss reclassified from OCI to interest expense (effective portion of interest rate swaps) $ 6 $ 56 Net gain (loss) on derivatives $ 1,606 $ (1,262 ) Gain (loss) in OCI at the end of the period $ 1,045 $ (59 ) |
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 April 1, 2018 and April 2, 2017 : Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Derivatives designated as cash flow hedges: Gain recognized in "Other, net" on derivatives (ineffective portion and amount excluded from effectiveness testing) $ — $ 32 Derivatives not designated as hedging instruments: Gain (loss) recognized in "Other, net" $ 1,339 $ (1,396 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of income (loss) per share | The following table presents the calculation of basic and diluted net loss per share: Three Months Ended (In thousands, except per share amounts) April 1, 2018 April 2, 2017 Basic net loss per share: Numerator Net loss attributable to stockholders $ (115,974 ) $ (219,726 ) Denominator Basic weighted-average common shares 140,212 138,902 Basic net loss per share $ (0.83 ) $ (1.58 ) Diluted net loss per share: Numerator Net loss available to common stockholders $ (115,974 ) $ (219,726 ) Denominator Dilutive weighted-average common shares 140,212 138,902 Diluted net loss per share $ (0.83 ) $ (1.58 ) |
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 loss per diluted share in the following periods: Three Months Ended (In thousands) April 1, 2018 1 April 2, 2017 1 Stock options — 133 Restricted stock units 3,038 3,941 4.00% debentures due 2023 13,922 13,922 0.75% debentures due 2018 12,026 12,026 0.875% debentures due 2021 8,203 8,203 1 As a result of the net loss per share for the three months ended April 1, 2018 and April 2, 2017 , 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 periods. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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) April 1, 2018 April 2, 2017 Cost of Residential revenue $ 195 $ 210 Cost of Commercial revenue 383 249 Cost of Power Plant revenue 478 725 Research and development 2,946 1,528 Sales, general and administrative 4,756 4,663 Total stock-based compensation expense $ 8,758 $ 7,375 |
Summary of stock-based compensation expense by type of award | The following table summarizes the consolidated stock-based compensation expense by type of award: Three Months Ended (In thousands) April 1, 2018 April 2, 2017 Restricted stock units $ 9,209 $ 7,236 Change in stock-based compensation capitalized in inventory (451 ) 139 Total stock-based compensation expense $ 8,758 $ 7,375 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended (In thousands): April 1, 2018 April 2, 2017 Adjusted EBITDA as reviewed by CODM Distributed Generation Residential $ 61,898 $ 41,938 Commercial 9,145 4,289 Power Plant 6,886 66 Total Segment Adjusted EBITDA as reviewed by CODM $ 77,929 $ 46,293 Reconciliation to Consolidated Statements of Operations 8point3 Energy Partners 177 (77,698 ) Utility and power plant projects 268 (42,691 ) Sale-leaseback transactions (1,373 ) 1,709 Impairment of residential lease assets 1 (45,139 ) — Cost of above-market polysilicon (18,700 ) (29,815 ) Stock-based compensation (8,758 ) (7,375 ) Amortization of intangible assets (2,492 ) (3,026 ) Depreciation of idle equipment (721 ) — Non-cash interest expense (22 ) (35 ) Restructuring expense (11,177 ) (9,790 ) IPO-related costs — (114 ) Equity in earnings of unconsolidated investees 2,144 (2,488 ) Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (31,623 ) (17,161 ) Cash interest expense, net of interest income (20,165 ) (18,529 ) Depreciation (37,576 ) (38,932 ) Corporate and unallocated items (45,597 ) (37,692 ) Loss before taxes and equity in earnings of unconsolidated investees $ (142,825 ) $ (237,344 ) |
Schedule of revenue by major customers | Three Months Ended (As a percentage of total revenue): April 1, 2018 April 2, 2017 Significant Customers: Business Segment AEP Renewables, LLC Power Plant n/a 25 % |
Revenue from significant category | Three Months Ended (As a percentage of total revenue): April 1, 2018 April 2, 2017 Revenue by geography: United States 69 % 86 % France 10 % 1 % Rest of World 21 % 13 % 100 % 100 % |
Reconciliation of segment revenue and gross margin | Three Months Ended Revenue Gross profit/margin Revenue and Gross profit/margin by segment (in thousands, except percentages): Residential Commercial Power Plant Residential Commercial Power Plant As reviewed by CODM $ 169,432 $ 131,796 $ 97,720 $ 31,457 18.6 % $ 8,334 6.3 % $ (13,733 ) (14.1 )% 8point3 Energy Partners — — — — — — Utility and power plant projects — 643 1,400 — 450 (182 ) Sale-leaseback transactions — (9,103 ) — — 2,920 119 Impairment of residential lease assets — — — 3,853 — — Cost of above-market polysilicon — — — (5,802 ) (5,057 ) (7,841 ) Stock-based compensation — — — (195 ) (383 ) (479 ) Amortization of intangible assets — — — (1,047 ) (735 ) (710 ) Depreciation of idle equipment — — — (224 ) (216 ) (281 ) GAAP $ 169,432 $ 123,336 $ 99,120 $ 28,042 16.6 % $ 5,313 4.3 % $ (23,107 ) (23.3 )% Three Months Ended Revenue Gross profit/margin Revenue and Gross profit/margin by segment (in thousands, except percentages): Residential Commercial Power Plant Residential Commercial Power Plant As reviewed by CODM $ 134,694 $ 133,971 $ 160,822 $ 20,550 15.3 % $ 4,882 3.6 % $ 2,431 1.5 % 8point3 Energy Partners — (5,484 ) (34 ) 3 519 (846 ) Utility and power plant projects — — (41,396 ) — — (42,691 ) Sale-leaseback transactions — (23,041 ) (30,437 ) — 2,665 479 Cost of above-market polysilicon — — — (4,351 ) (7,132 ) (18,332 ) Stock-based compensation — — — (210 ) (249 ) (725 ) Amortization of intangible assets — — — (1,214 ) (836 ) (517 ) Non-cash interest expense — — — (4 ) (3 ) (3 ) GAAP $ 134,694 $ 105,446 $ 88,955 $ 14,774 11.0 % $ (154 ) (0.1 )% $ (60,204 ) (67.7 )% |
The Company and Summary of Si39
The Company and Summary of Significant Accounting Policies Property, Plant & Equipment, Estimated Useful Life (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Accounts receivable | $ (13,924,000) | $ 50,651,000 |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Building [Member] | Minimum [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 | 7 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 | |
Scenario, Previously Reported [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accounts receivable | $ 51,669,000 |
The Company and Summary of Si40
The Company and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | ||||||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Jun. 30, 2013 | May 31, 2013 | ||
Concentration Risk [Line Items] | |||||||
Solar power systems, components, and other | $ 328,860,000 | [1] | $ 281,205,000 | ||||
Contract liabilities, current portion1 | 86,226,000 | $ 104,286,000 | |||||
Contract liabilities, current portion | 3,187,366,000 | 3,321,032,000 | |||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (100,156,000) | (198,909,000) | |||||
Contract liabilities | (33,097,000) | 102,962,000 | |||||
Customer advances | 0 | ||||||
Net cash used in operating activities | (233,262,000) | (126,893,000) | |||||
Nonoperating Income (Expense) | (8,783,000) | (94,052,000) | |||||
Accounts receivable | 13,924,000 | $ (50,651,000) | |||||
Accounts receivable, net | 190,795,000 | 204,966,000 | |||||
Costs and estimated earnings in excess of billings | 0 | ||||||
Contract liabilities, current portion1 | 0 | ||||||
Long-term financing receivables, net | $ 341,619,000 | 330,672,000 | |||||
Diluted (in dollars per share) | $ (0.83) | $ (1.58) | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (142,825,000) | $ (237,344,000) | |||||
Equity in earnings (loss) of unconsolidated investees | 2,144,000 | (2,488,000) | |||||
Net loss | (147,597,000) | (236,887,000) | |||||
Property, Plant and Equipment, Net | 1,137,083,000 | 1,147,845,000 | |||||
Solar Power Systems Leased And To Be Leased, Net | 377,012,000 | 369,218,000 | |||||
Other long-term assets | 508,249,000 | 546,698,000 | |||||
Accrued liabilities1 | 184,846,000 | 229,208,000 | |||||
Income Tax Expense (Benefit) | 2,628,000 | 2,031,000 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (31,623,000) | 17,161,000 | |||||
Net Income (Loss) Attributable to Parent | $ (115,974,000) | $ (219,726,000) | |||||
Basic (in dollars per share) | $ (0.83) | $ (1.58) | |||||
Cost of sales, residential leasing | $ 42,710,000 | [1] | $ 32,080,000 | ||||
Increase (Decrease) in Other Current Liabilities | 0 | ||||||
Impairment of Equity Method Investments | 0 | 72,964,000 | |||||
Contract assets | (23,561,000) | 12,401,000 | |||||
Depreciation and amortization | 39,833,000 | 41,247,000 | |||||
Other long-term liabilities1 | 817,540,000 | 804,122,000 | |||||
Customer Advances, Current | 0 | ||||||
Customer Advances, Noncurrent | 0 | ||||||
Costs and estimated earnings in excess of billings | 0 | ||||||
Research and development1 | $ 18,891,000 | [1] | $ 20,515,000 | ||||
Basic (in shares) | 140,212 | 138,902 | |||||
Cost of Revenue | $ 381,640,000 | $ 374,679,000 | |||||
Gross profit (loss) | 10,248,000 | (45,584,000) | |||||
Sales, general and administrative1 | 65,130,000 | [1] | 67,403,000 | ||||
Restructuring Charges | 11,177,000 | 9,790,000 | |||||
Sales-type Lease, Impairment Loss | 49,092,000 | 0 | |||||
Operating Expenses | 144,290,000 | 97,708,000 | |||||
Operating Income (Loss) | $ (134,042,000) | $ (143,292,000) | |||||
Diluted (in shares) | 140,212 | 138,902 | |||||
Residential leasing | $ 63,028,000 | [1] | $ 47,890,000 | ||||
Debt instrument, face value | 1,626,373,000 | 1,621,766,000 | |||||
Equity Method Investments | $ (407,694,000) | (450,000,000) | |||||
Operating lease, term | 20 years | ||||||
Sale leaseback transactions, lease term | 25 years | ||||||
Capital leases, maximum term | 20 years | ||||||
Interest income | $ 529,000 | 938,000 | |||||
Interest Expense | 25,106,000 | (20,902,000) | |||||
Other, net | 15,794,000 | (74,088,000) | |||||
Revenue, Net | (391,888,000) | (329,095,000) | |||||
Solar power systems, components, and other | 338,930,000 | [1] | 342,599,000 | ||||
Contract assets1 | 58,636,000 | 35,074,000 | |||||
Prepaid expenses and other current assets | 139,071,000 | 146,209,000 | |||||
Contract liabilities, net of current portion1 | 156,510,000 | 171,610,000 | |||||
Other long-term liabilities1 | 817,540,000 | 804,122,000 | |||||
Accumulated deficit | (1,785,927,000) | (1,669,897,000) | |||||
Increase (Decrease) in Commodity Contract Assets and Liabilities | 0 | ||||||
Stock-based compensation | 7,053,000 | 7,375,000 | |||||
Non-cash interest expense | 4,443,000 | 2,958,000 | |||||
Proceeds from Equity Method Investment, Distribution | 5,399,000 | 7,192,000 | |||||
Inventories | 34,195,000 | (40,004,000) | |||||
Project assets | 20,484,000 | 32,260,000 | |||||
Prepaid expenses and other assets | 10,885,000 | 33,264,000 | |||||
Long-term financing receivables, net | (38,114,000) | (30,584,000) | |||||
Advances to suppliers | (5,149,000) | 13,701,000 | |||||
Purchases of property, plant and equipment | 8,859,000 | (27,877,000) | |||||
Cash paid for solar power systems, leased and to be leased | 23,787,000 | (18,217,000) | |||||
Cash paid for solar power systems | 2,604,000 | (4,605,000) | |||||
Cash paid for investments in unconsolidated investees | 6,349,000 | (10,142,000) | |||||
Net cash used in investing activities | (11,623,000) | (60,841,000) | |||||
Proceeds from issuance of bank loans, net of issuance costs | 49,794,000 | 110,763,000 | |||||
Repayments of Bank Debt | 51,052,000 | (129,027,000) | |||||
Proceeds from issuance of non-recourse residential financing, net of issuance costs | 32,687,000 | 20,580,000 | |||||
Repayments of Debt | 3,781,000 | (1,298,000) | |||||
Contributions from noncontrolling interests and redeemable noncontrolling interests | 36,726,000 | 49,030,000 | |||||
Payments to Noncontrolling Interests | 5,422,000 | (3,763,000) | |||||
Proceeds from (Repayments of) Debt | 9,104,000 | 121,818,000 | |||||
Sale Leaseback Transaction, Other Payments Required | 890,000 | (28,964,000) | |||||
Purchases of stock for tax withholding obligations on vested restricted stock | 4,526,000 | (4,062,000) | |||||
Net cash provided by financing activities | 62,640,000 | 135,077,000 | |||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 477,000 | 788,000 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease) | (181,768,000) | (51,869,000) | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 362,569,000 | 462,343,000 | 544,337,000 | $ 514,212,000 | |||
8Point3 Energy [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Equity Method Investments | (372,300,000) | (382,700,000) | |||||
0.75% debentures due 2018 [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Debt instrument, face value | 300,000,000 | 300,000,000 | $ 300,000,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 24.95 | $ 24.95 | |||||
Convertible Debt [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Debt instrument, face value | 1,125,000,000 | 1,125,000,000 | |||||
Convertible Debt [Member] | 0.75% debentures due 2018 [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Debt instrument, face value | 300,000,000 | 300,000,000 | |||||
Total [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Customer Advances, Current | 22,704,000 | 12,744,000 | |||||
Customer Advances, Noncurrent | 50,917,000 | 68,880,000 | |||||
Total [Member] | 0.75% debentures due 2018 [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Debt instrument, face value | $ 200,000,000 | ||||||
Credit Agricole [Member] | Line of Credit [Member] | June 2017 Credit Agricole Syndicated Revolver [Member] [Domain] | |||||||
Concentration Risk [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000,000 | ||||||
Increase (Decrease) in Contract Assets [Domain] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 12,401,000 | ||||||
Increase Decrease in Project Assets [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (4,932,000) | ||||||
Other Noncurrent Liabilities [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (150,524,000) | ||||||
Scenario, Previously Reported [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Solar power systems, components, and other | 349,849,000 | ||||||
Contract liabilities, current portion1 | 0 | ||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (198,119,000) | ||||||
Contract liabilities | (61,022,000) | ||||||
Customer advances | 91,863,000 | ||||||
Net cash used in operating activities | (126,893,000) | ||||||
Nonoperating Income (Expense) | (22,021,000) | ||||||
Accounts receivable | $ (51,669,000) | ||||||
Accounts receivable, net | 215,479,000 | ||||||
Costs and estimated earnings in excess of billings | 18,203,000 | ||||||
Contract liabilities, current portion1 | 8,708,000 | ||||||
Long-term financing receivables, net | 338,877,000 | ||||||
Diluted (in dollars per share) | $ (0.97) | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (150,661,000) | ||||||
Equity in earnings (loss) of unconsolidated investees | 1,052,000 | ||||||
Net loss | (151,640,000) | ||||||
Property, Plant and Equipment, Net | 1,148,042,000 | ||||||
Solar Power Systems Leased And To Be Leased, Net | 428,149,000 | ||||||
Other long-term assets | 80,146,000 | ||||||
Accrued liabilities1 | 267,760,000 | ||||||
Income Tax Expense (Benefit) | (2,031,000) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 17,161,000 | ||||||
Net Income (Loss) Attributable to Parent | $ (134,479,000) | ||||||
Basic (in dollars per share) | $ (0.97) | ||||||
Cost of sales, residential leasing | $ 32,917,000 | ||||||
Impairment of Equity Method Investments | 0 | ||||||
Contract assets | 11,298,000 | ||||||
Depreciation and amortization | 42,084,000 | ||||||
Customer Advances, Current | 54,999,000 | ||||||
Customer Advances, Noncurrent | 69,062,000 | ||||||
Contract with Customer, Liability | 0 | ||||||
Gross profit (loss) | (30,932,000) | ||||||
Residential leasing | 49,227,000 | ||||||
Interest Expense | (20,769,000) | ||||||
Other, net | (2,190,000) | ||||||
Solar power systems, components, and other | 397,091,000 | ||||||
Contract assets1 | 0 | ||||||
Prepaid expenses and other current assets | 152,444,000 | ||||||
Other long-term liabilities1 | 954,646,000 | ||||||
Accumulated deficit | $ (2,115,188,000) | ||||||
Project assets | 37,192,000 | ||||||
Prepaid expenses and other assets | 85,251,000 | ||||||
Long-term financing receivables, net | (30,643,000) | ||||||
Contract Assets, current [Domain] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 35,074,000 | ||||||
Contract Liabilites, net of current portion [Domain] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 171,610,000 | ||||||
Increase (Decrease) in Billing in Customer Advances [Domain] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (91,863,000) | ||||||
Liability [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (69,062,000) | ||||||
Other Current Liabilities [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (54,999,000) | ||||||
Increase (Decrease) in Billing in Excess of Cost of Earnings [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 61,022,000 | ||||||
Increase (Decrease) in Contract Liabilities [Domain] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 102,962,000 | ||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (790,000) | ||||||
Financing Receivable [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 59,000 | ||||||
Increase (Decrease) in Prepaid Expense and Other Assets [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (51,987,000) | ||||||
Increase (Decrease) in Accounts Receivable [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,018,000) | ||||||
Impairment of Equity Method Investments [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 72,964,000 | ||||||
Depreciation, Depletion and Amortization [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (837,000) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (85,247,000) | ||||||
Income (Loss) from Equity Method Investments [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,436,000) | ||||||
Other Liabilities [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 104,286,000 | ||||||
Income Tax Expense (Benefit) [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Property, Plant and Equipment [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (197,000) | ||||||
Prepaid expenses and other current assets [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (6,235,000) | ||||||
Revenue, Solar power systems, components, and other [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (68,644,000) | ||||||
Other Noncurrent Assets [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 466,552,000 | ||||||
Capital Lease Obligations [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (8,205,000) | ||||||
Accrued Liabilities [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (38,552,000) | ||||||
Accounts Receivable [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (10,513,000) | ||||||
Solar Power Systems [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (58,931,000) | ||||||
Revenue, residential leasing [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,337,000) | ||||||
Costs and Estimated Earnings in Excess of Billings [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (18,203,000) | ||||||
Other Nonoperating Income (Expense) [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (71,898,000) | ||||||
Nonoperating Income (Expense) [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (72,031,000) | ||||||
Interest Expense [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (133,000) | ||||||
Net Income (Loss) Attributable to Parent [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (85,247,000) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Income (Loss) From Continuing Operations Before Income Taxes Minority Interest And Income (Loss) From Equity Method Investments [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (86,683,000) | ||||||
Gross margin [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (14,652,000) | ||||||
Earnings Per Share, Basic [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Cost of sales, solar power systems, components, and other [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (54,492,000) | ||||||
Cost of sales, residential leasing [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (837,000) | ||||||
Earnings Per Share, Diluted [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Billings in Excess of Cost, Current [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (8,708,000) | ||||||
Retained Earnings (Accumulated Deficit) [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 445,291,000 | ||||||
Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (11,298,000) | ||||||
Net Cash Provided by (Used in) Operating Activities [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease) [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance [Member] | |||||||
Concentration Risk [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | ||||||
[1] | 1The Company has related-party transactions with Total S.A. and its affiliates as well as unconsolidated entities in which the Company has a direct equity investment. These related-party transactions are recorded within the "Revenue: Solar power systems, components, and other," "Cost of revenue: Solar power systems, components, and other," "Operating expenses: Research and development," "Operating expenses: Sales, general and administrative," and "Other income (expense), net: Interest expense" financial statement line items in the Consolidated Statements of Operations (see Note 2 and Note 10). |
Transactions with Total and T41
Transactions with Total and Total S.A. (Details) | 1 Months Ended | 3 Months Ended | |||||||||||
Jan. 03, 2016USD ($)shares$ / shares | Jun. 29, 2014USD ($)shares$ / shares | May 31, 2013USD ($)shares$ / shares | Feb. 28, 2012USD ($)$ / sharesshares | Dec. 31, 2011$ / sharesshares | Jun. 30, 2011USD ($)$ / shares | Apr. 01, 2018USD ($) | Apr. 02, 2017USD ($) | Dec. 31, 2017USD ($) | Jul. 02, 2017USD ($) | Apr. 03, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2013$ / shares | |
Related Party Transaction [Line Items] | |||||||||||||
Customer Advances and Deposits, Related Party | $ 264,000 | $ 175,000 | |||||||||||
Customer Advances, Current | 0 | ||||||||||||
Customer Advances, Noncurrent | 0 | ||||||||||||
Debt instrument, face value | 1,626,373,000 | 1,621,766,000 | |||||||||||
Contract liabilities, current portion1 | 0 | ||||||||||||
Accounts receivable | 211,000 | 1,275,000 | |||||||||||
Other2 | 64,707,000 | 60,858,000 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ (15,576,000) | $ 0 | |||||||||||
Letter of Credit [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||||||
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 | $ / shares | $ 24.95 | $ 24.95 | |||||||||||
0.875% debentures due 2021 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest rate | 0.875% | 0.875% | |||||||||||
Debt instrument, face value | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 48.76 | ||||||||||||
4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest rate | 4.00% | 4.00% | |||||||||||
Debt instrument, face value | $ 425,000,000 | $ 425,000,000 | 425,000,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 30.53 | ||||||||||||
Total [Member] | Construction Revolver [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Liquidity support facility, maximum capacity | $ 500,000,000 | ||||||||||||
Total [Member] | 0.875% debentures due 2021 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument, face value | $ 250,000,000 | ||||||||||||
Total [Member] | 4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument, face value | $ 100,000,000 | ||||||||||||
Total [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership after sale of stock, percentage | 56.00% | ||||||||||||
Customer Advances and Deposits | $ 73,600,000 | ||||||||||||
Customer Advances and Deposits, Related Party | 88,500,000 | ||||||||||||
Customer Advances, Current | 22,704,000 | 12,744,000 | |||||||||||
Customer Advances, Noncurrent | 50,917,000 | 68,880,000 | |||||||||||
Liquidity support facility, warrant, maximum ownership percentage allowed | 74.99% | ||||||||||||
Other2 | 500,000 | ||||||||||||
Related Party Transaction, Due from (to) Related Party, Current | 500,000 | ||||||||||||
Total [Member] | 0.75% debentures due 2018 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument, face value | $ 200,000,000 | ||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 8,017,420 | ||||||||||||
Total [Member] | 0.875% debentures due 2021 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 5,126,775 | ||||||||||||
Total [Member] | 4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 3,275,680 | ||||||||||||
Total [Member] | Tender Offer Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership after sale of stock, percentage | 60.00% | ||||||||||||
Consideration received in cash tender offer (in dollars per share) | $ / shares | $ 23.25 | ||||||||||||
Cash tender offer | $ 1,400,000,000 | ||||||||||||
Total [Member] | Private Placement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership after sale of stock, percentage | 66.00% | ||||||||||||
Consideration received in cash tender offer (in dollars per share) | $ / shares | $ 8.80 | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 18,600,000 | ||||||||||||
Total [Member] | Upfront Warrants (held by Total) [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Warrant or right, number of securities called by each warrant or right (in shares) | shares | 9,531,677 | ||||||||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 7.8685 | ||||||||||||
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 | ||||||||||||
Total [Member] | Interest Expense [Member] | Credit Support Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest Expense, Related Party | 1,407,000 | 1,799,000 | |||||||||||
Total [Member] | Interest Expense [Member] | 0.75% debentures due 2018 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest Expense, Related Party | 375,000 | 375,000 | |||||||||||
Total [Member] | Interest Expense [Member] | 0.875% debentures due 2021 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest Expense, Related Party | 547,000 | 547,000 | |||||||||||
Total [Member] | Interest Expense [Member] | 4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest Expense, Related Party | 1,000,000 | 1,000,000 | |||||||||||
Total [Member] | Research and Development Expense [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Offsetting contributions received under the R&D Agreement | (37,000) | 67,000 | |||||||||||
Total [Member] | Sales [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
EPC, O&M, and components revenue | 12,730,000 | 4,132,000 | |||||||||||
Total [Member] | Cost of revenue [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Costs | 3,550 | $ 1,035 | |||||||||||
Total [Member] | Costs and Estimated Earnings in Excess of Billings [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Costs and estimated earnings in excess of billings | 115,000 | 154,000 | |||||||||||
Total [Member] | Accounts Receivable [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Accounts receivable | 3,674,000 | $ 2,366,000 | |||||||||||
Credit Agricole [Member] | June 2017 Credit Agricole Syndicated Revolver [Member] [Domain] | Letter of Credit [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | $ 100,000,000 |
Revenue from Contracts with C42
Revenue from Contracts with Customers (Details) | 3 Months Ended | ||
Apr. 01, 2018USD ($)positions | Apr. 02, 2017USD ($) | Dec. 31, 2017USD ($) | |
Increase (Decrease) in Revenue from Net Changes in Transaction Price | $ 0 | $ 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,152 | 1,652,000,000 | |
Increase (Decrease) in Revenue from Net Changes in Estimates | $ 1,152 | $ 1,652,000,000 | |
Number of Projects with Changes in Estimates | 1,000 | 1,000 | |
Increase (Decrease) in Unbilled Receivables | $ 23,600,000 | ||
Contract with Customer, Refund Liability | (33,200,000) | ||
Total liabilities | 3,187,366,000 | $ 3,321,032,000 | |
Revenues | 54,500,000 | ||
Revenue, Net | $ 391,888,000 | $ 329,095,000 | |
Net Change in Estimate as a Percentage of Aggregate Revenue for Associated Projects | 0.50% | 0.90% | |
Power Plant [Member] | |||
Revenues | $ 52,213,000 | $ 13,175,000 | |
Commercial [Member] | |||
Revenues | 57,285,000 | 28,943,000 | |
Residential [Member] | |||
Revenues | 105,570,000 | 86,611,000 | |
Modules and component sales [Member] | |||
Revenue, Remaining Performance Obligation | 247,000,000 | ||
Power Plant [Member] | |||
Revenues | 37,126,000 | 67,143,000 | |
Commercial [Member] | |||
Revenues | 56,725,000 | 68,990,000 | |
Residential [Member] | |||
Revenues | 315,000 | 30,000 | |
EPC revenue and solar power systems [Member] | |||
Revenue, Remaining Performance Obligation | 176,900,000 | ||
Power Plant [Member] | |||
Revenues | 355,000 | 503,000 | |
Commercial [Member] | |||
Revenues | 8,069,000 | 6,765,000 | |
Residential [Member] | |||
Revenues | 63,028,000 | 47,890,000 | |
Power Plant [Member] | |||
Revenues | 9,426,000 | 8,134,000 | |
Commercial [Member] | |||
Revenues | 1,257,000 | 748,000 | |
Residential [Member] | |||
Revenues | 519,000 | 163,000 | |
Operations and maintenance [Member] | |||
Revenue, Remaining Performance Obligation | 10,900,000 | ||
Sales [Member] | Power Plant [Member] | |||
Revenue, Net | 99,120,000 | 88,955,000 | |
Sales [Member] | Residential leases [Member] | |||
Revenue, Net | 169,432,000 | 134,694,000 | |
Sales [Member] | Commercial [Member] | |||
Revenue, Net | $ 123,336,000 | $ 105,446,000 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Business Acquisition [Line Items] | ||
Impairment of Equity Method Investments | $ 0 | $ 72,964 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Goodwill RollForward (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 28, 2014 | Dec. 29, 2013 | |
Goodwill [Line Items] | ||||
Amortization of Intangible Assets | $ 2,700,000 | $ 3,200,000 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 2,700 | $ 3,200 | |
Other intangible assets, accumulated amortization | (41,078) | $ (38,440) | |
Intangible Assets, Net (Excluding Goodwill) | 23,512 | 25,519 | |
Other intangible assets, net | 23,512 | ||
Intangible Assets, Gross (Excluding Goodwill) | 64,590 | 63,959 | |
Patents and Purchased Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 52,944 | 52,313 | |
Other intangible assets, accumulated amortization | (29,432) | (26,794) | |
Other intangible assets, net | 23,512 | 25,519 | |
Project Pipeline Asset [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 9,446 | 9,446 | |
Other intangible assets, accumulated amortization | (9,446) | (9,446) | |
Other intangible assets, net | 0 | 0 | |
In Process Research and Development [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 1,200 | 1,200 | |
Other intangible assets, accumulated amortization | (1,200) | (1,200) | |
Other intangible assets, net | 0 | 0 | |
Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 1,000 | 1,000 | |
Other intangible assets, accumulated amortization | (1,000) | (1,000) | |
Other intangible assets, net | $ 0 | $ 0 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, net | $ 23,512 | |
Patents and Purchased Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2,016 | 7,715 | |
2,017 | 9,247 | |
2,018 | 6,515 | |
2,019 | 35 | |
Other intangible assets, net | $ 23,512 | $ 25,519 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 28, 2014 | Dec. 29, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Amortization of Intangible Assets | $ 2,700,000 | $ 3,200,000 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 01, 2018 | Dec. 31, 2017 | Apr. 02, 2017 | Jan. 01, 2017 | |
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value | $ 1,000 | $ 2,900 | ||
Accounts receivable, net: | ||||
Accounts receivable, gross | 230,568 | 242,327 | ||
Less: allowance for doubtful accounts3 | (38,070) | 35,387 | ||
Less: allowance for sales returns | (1,703) | (1,974) | ||
Accounts receivable, net | 190,795 | 204,966 | ||
Short-term financing receivable | (21,537) | (19,100) | ||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 1,400 | 1,700 | ||
Pledged Assets, Not Separately Reported, Finance Receivables | 113,600 | 113,400 | ||
Inventory Disclosure [Abstract] | ||||
Raw materials | 51,867 | 59,288 | ||
Work-in-process | 108,015 | 111,164 | ||
Finished goods | 194,729 | 182,377 | ||
Inventories | 354,611 | 352,829 | ||
Prepaid Expense and Other Assets, Current [Abstract] | ||||
Deferred project costs1 | 14,508 | 33,534 | ||
VAT receivables, current portion | 10,779 | 11,561 | ||
Deferred costs for solar power systems to be leased | 37,798 | 25,076 | ||
Derivative financial instruments | 959 | 2,612 | ||
Other receivables | 50,562 | 49,015 | ||
Prepaid taxes | 621 | 426 | ||
Other prepaid expenses | 23,350 | 23,434 | ||
Other current assets | 494 | 551 | ||
Prepaid expenses and other current assets | 139,071 | 146,209 | ||
Project Assets [Abstract] | ||||
Project assets — plants | 68,675 | 90,879 | ||
Project assets — land | 4,113 | 12,184 | ||
Project assets - plants and land | 72,788 | 103,063 | ||
Project assets - plants and land, current portion1 | 72,767 | 103,063 | ||
Property, plant and equipment, net: | ||||
Manufacturing equipment | 385,289 | 406,026 | ||
Land and buildings | 198,019 | 197,084 | ||
Leasehold improvements | 294,413 | 297,522 | ||
Solar power systems | 461,173 | 451,678 | ||
Computer equipment | 118,113 | 111,183 | ||
Furniture and fixtures | 12,630 | 12,621 | ||
Construction-in-process | 21,158 | 14,166 | ||
Property, plant and equipment, gross | 1,490,795 | 1,490,280 | ||
Less: accumulated depreciation | (353,712) | 342,435 | ||
Property, plant and equipment, net | 1,137,083 | 1,147,845 | ||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position [Abstract] | ||||
Collateralized Equipment | 6,400 | 6,400 | ||
Solar power systems, sale leaseback | 431,500 | 419,000 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 1,137,083 | 1,147,845 | ||
Other Assets, Noncurrent [Abstract] | ||||
Equity method investments1 | 407,694 | 450,000 | ||
Equity investments without readily determinable fair value | 35,848 | 35,840 | ||
Other2 | 64,707 | 60,858 | ||
Other long-term assets | 508,249 | 546,698 | ||
Accrued Liabilities, Current [Abstract] | ||||
Employee compensation and employee benefits | 34,739 | 53,225 | ||
Deferred revenue | 2,648 | 3,242 | ||
Interest payable | 11,117 | 15,396 | ||
Short-term warranty reserves | 20,438 | 25,222 | ||
Restructuring reserve | 13,794 | 3,886 | ||
VAT payables | 8,790 | 8,691 | ||
Derivative financial instruments | 493 | 1,452 | ||
Taxes payable | 19,160 | 21,307 | ||
Other | 60,314 | 75,398 | ||
Accrued liabilities1 | 184,846 | 229,208 | ||
Other Liabilities, Noncurrent [Abstract] | ||||
Deferred revenue | 65,151 | 67,001 | ||
Long-term warranty reserves | 158,731 | 156,082 | ||
Long-term sale-leaseback financing | 490,520 | 479,597 | ||
Unrecognized tax benefits | 19,879 | 19,399 | ||
Long-term pension liability | 4,678 | 4,465 | ||
Derivative financial instruments | 167 | 1,175 | ||
Long-term liability due to AU Optronics | 59,650 | 57,611 | ||
Liability due to AU Optronics | 13,353 | 21,389 | ||
Other | 18,764 | 18,792 | ||
Other long-term liabilities1 | 817,540 | 804,122 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative translation adjustment | (5,882) | (6,631) | ||
Net unrealized gain (loss) on derivatives | 1,045 | (561) | $ (59) | $ 1,203 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 1,064 | (541) | ||
Net gain on long-term pension liability adjustment | 4,164 | 4,164 | ||
Deferred taxes | (243) | 0 | ||
Accumulated other comprehensive loss | $ (897) | (3,008) | ||
Residential Lease, Lease Agreement, Maximum Term | 20 years | |||
Pledged Solar Assets, book value | $ 109,900 | 112,400 | ||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 0.9 | |||
UNITED STATES | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | $ 495,686 | 488,970 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 495,686 | 488,970 | ||
PHILIPPINES | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 312,524 | 325,601 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 312,524 | 325,601 | ||
MALAYSIA | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 232,223 | 233,824 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 232,223 | 233,824 | ||
MEXICO | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 78,218 | 80,560 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 78,218 | 80,560 | ||
Europe [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 18,257 | 18,767 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 18,257 | 18,767 | ||
NOT USED (Deprecated 2016-08-31) | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, net | 175 | 123 | ||
Property, plant and equipment, net by geography: | ||||
Property, plant and equipment, net | 175 | 123 | ||
8Point3 Energy [Member] | ||||
Other Assets, Noncurrent [Abstract] | ||||
Equity method investments1 | 372,300 | $ 382,700 | ||
Residential leases [Member] | ||||
Accounts receivable, net: | ||||
Less: allowance for doubtful accounts3 | $ 6,700 |
Leasing (Details)
Leasing (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Leasing [Line Items] | |||
Sales-type Lease, Impairment Loss | $ 49,092 | $ 0 | |
Pledged Assets, Not Separately Reported, Finance Receivables | $ 113,600 | $ 113,400 | |
Capital leases, maximum term | 20 years | ||
Solar power systems leased and to be leased [Abstract] | |||
Solar power systems leased, gross | $ 763,791 | 749,697 | |
Solar power systems to be leased, gross | 28,237 | 26,830 | |
Solar Power Systems Leased And To Be Leased, Gross | 792,028 | 776,527 | |
Accumulated depreciation - residential lease | (415,016) | 407,309 | |
Solar Power Systems Leased And To Be Leased, Net | 377,012 | 369,218 | |
Pledged Solar Assets, book value | 109,900 | 112,400 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,015 | 26,590 | ||
2,016 | 34,450 | ||
2,017 | 34,522 | ||
2,018 | 34,595 | ||
2,019 | 34,669 | ||
Thereafter | 459,095 | ||
Minimum future rental receipts | 623,921 | ||
Financing receivables: | |||
Financing receivable, gross | 732,904 | ||
Unguaranteed residual value | 78,453 | 73,344 | |
Unearned income | (122,115) | 115,854 | |
Financing Receivable, Allowance for Credit Losses | (326,086) | (297,972) | |
Net financing receivables | 363,156 | 349,767 | |
Current | 21,537 | 19,100 | |
Long-term | 341,619 | 330,672 | |
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | |||
2,015 | 29,847 | ||
Capital Leases, Future Minimum Payments, Receivable in Two Years | 38,505 | ||
2,017 | 38,817 | ||
2,018 | 39,134 | ||
2,019 | 39,459 | ||
Thereafter | 547,142 | ||
Financing receivable, gross | 732,904 | 690,249 | |
Third-Party Financing Arrangements [Abstract] | |||
Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | $ 36,726 | 49,030 | |
Net income (loss) attributable to noncontrolling interest - leasing operations | 48,992 | ||
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | $ 31,623 | (17,161) | |
Asset Impairment Charges | 3,900 | 0 | |
Operating Lease, Impairment Loss | $ 19,800 | ||
Sale-Leaseback [Abstract] | |||
Sale leaseback transactions, lease term | 25 years | ||
Sale Leaseback, Residential customers lease term | 25 years | ||
Future minimum lease obligations | $ 70,700 | ||
Operating lease, term | 20 years | ||
Sale leaseback, minimum lease obligation | $ 422,000 | ||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 9,100 | $ 38,100 | |
Long-term sale-leaseback financing | 490,520 | 479,597 | |
Allowance for Doubtful Accounts Receivable | 8,600 | $ 6,100 | |
Residential leases [Member] | |||
Leasing [Line Items] | |||
Sales-type Lease, Impairment Loss | $ 49,100 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2014 | Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other than Temporary Impairment Losses, Investments | $ 0 | |||
Customer Advances and Deposits, Related Party | 264,000 | $ 175,000 | ||
Accrued liabilities: | ||||
Derivative financial instruments (Note 12) | 493,000 | 1,452,000 | ||
Other long-term liabilities: | ||||
Derivative financial instruments (Note 12) | 167,000 | 1,175,000 | ||
Related Party Transactions [Abstract] | ||||
Accounts receivable | 211,000 | 1,275,000 | ||
Accounts payable | 5,417,000 | 3,764,000 | ||
Payments made to investees for products/services | 8,419,000 | $ 0 | ||
Restricted long-term marketable securities | 5,959,000 | 6,238,000 | ||
Restricted long-term marketable securities | 5,959,000 | 6,238,000 | ||
Equity method investments1 | (407,694,000) | (450,000,000) | ||
Equity investments without readily determinable fair value | 35,848,000 | 35,840,000 | ||
Accrued liabilities, related party | 1,187,000 | 4,161,000 | ||
Revenue from sales to investees of products/services | 1,757,000 | $ 16,769,000 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Prepaid expenses and other current assets: | ||||
Derivative financial instruments (Note 12) | 959,000 | 2,579,000 | ||
Derivative Asset | 1,122,000 | 0 | ||
Other long-term assets: | ||||
Total assets | 2,081,000 | 2,579,000 | ||
Accrued liabilities: | ||||
Derivative financial instruments (Note 12) | 493,000 | 1,452,000 | ||
Other long-term liabilities: | ||||
Derivative financial instruments (Note 12) | 167,000 | 1,174,000 | ||
Total liabilities | 660,000 | 2,626,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Prepaid expenses and other current assets: | ||||
Derivative financial instruments (Note 12) | 0 | 0 | ||
Derivative Asset | 0 | 0 | ||
Other long-term assets: | ||||
Total assets | 0 | 0 | ||
Accrued liabilities: | ||||
Derivative financial instruments (Note 12) | 0 | 0 | ||
Other long-term liabilities: | ||||
Derivative financial instruments (Note 12) | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Prepaid expenses and other current assets: | ||||
Derivative financial instruments (Note 12) | 959,000 | 2,579,000 | ||
Derivative Asset | 1,122,000 | 0 | ||
Other long-term assets: | ||||
Total assets | 2,081,000 | 2,579,000 | ||
Accrued liabilities: | ||||
Derivative financial instruments (Note 12) | 493,000 | 1,452,000 | ||
Other long-term liabilities: | ||||
Derivative financial instruments (Note 12) | 167,000 | 1,174,000 | ||
Total liabilities | $ 660,000 | $ 2,626,000 | ||
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 | |||
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 |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2018USD ($)employeesRate | Apr. 02, 2017USD ($) | Oct. 02, 2016employees | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 11,177 | $ 9,790 | |
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 382,852 | ||
Restructuring Costs | 11,177 | 9,790 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 3,886 | ||
Restructuring reserve, payments | (1,269) | ||
Restructuring Reserve, end | 13,794 | ||
February 2018 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 17,000 | ||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 10,736 | ||
Restructuring Costs | 10,736 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 0 | ||
Restructuring reserve, payments | 0 | ||
Restructuring Reserve, end | $ 10,736 | ||
December 2016 Plan [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reorganization, number of jobs affected | employees | 2,500 | ||
Restructuring Charges | $ 225,000 | ||
Percent of restructuring charges in cash | Rate | 30.00% | ||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | $ 192,779 | ||
Restructuring Costs | (53) | 9,834 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 1,916 | ||
Restructuring reserve, payments | (1,339) | ||
Restructuring Reserve, end | 524 | ||
August 2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Activities, Initiation Date | Aug. 9, 2016 | ||
Reorganization, number of jobs affected | employees | 1,200 | ||
Restructuring Charges | $ 35,000 | ||
Percent of restructuring charges in cash | Rate | 50.00% | ||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | $ 35,680 | ||
Restructuring Costs | 493 | (57) | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 1,774 | ||
Restructuring reserve, payments | 66 | ||
Restructuring Reserve, end | 2,333 | ||
November 2014 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 143,657 | ||
Restructuring Costs | 1 | 13 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 196 | ||
Restructuring reserve, payments | 4 | ||
Restructuring Reserve, end | 201 | ||
Employee Severance [Member] | February 2018 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 10,736 | ||
Restructuring Costs | 10,736 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 0 | ||
Restructuring reserve, payments | 0 | ||
Restructuring Reserve, end | 10,736 | ||
Employee Severance [Member] | December 2016 Plan [Member] [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 20,690 | ||
Restructuring Costs | (854) | 2,974 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 1,862 | ||
Restructuring reserve, payments | (484) | ||
Restructuring Reserve, end | 524 | ||
Employee Severance [Member] | August 2016 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 15,784 | ||
Restructuring Costs | 435 | (267) | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 1,735 | ||
Restructuring reserve, payments | 83 | ||
Restructuring Reserve, end | 2,253 | ||
Facility Closing [Member] | December 2016 Plan [Member] [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 713 | ||
Restructuring Costs | 6 | 580 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 0 | ||
Restructuring reserve, payments | (6) | ||
Restructuring Reserve, end | 0 | ||
Facility Closing [Member] | August 2016 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 559 | ||
Restructuring Costs | 0 | 2 | |
Other Restructuring [Member] | December 2016 Plan [Member] [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 22,438 | ||
Restructuring Costs | 795 | 6,404 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 54 | ||
Restructuring reserve, payments | (849) | ||
Restructuring Reserve, end | 0 | ||
Other Restructuring [Member] | August 2016 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 1,411 | ||
Restructuring Costs | 58 | 208 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning | 39 | ||
Restructuring reserve, payments | (17) | ||
Restructuring Reserve, end | 80 | ||
Non-cash impairment charges [Member] | December 2016 Plan [Member] [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 148,938 | ||
Restructuring Costs | 0 | (124) | |
Non-cash impairment charges [Member] | August 2016 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring cost incurred to date | 17,926 | ||
Restructuring Costs | $ 0 | $ 0 | |
Minimum [Member] | February 2018 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reorganization, number of jobs affected | employees | 150 | ||
Restructuring Charges | $ 20,000 | ||
Severance Costs | 11,000 | ||
Facility Costs | $ 9,000 | ||
Maximum [Member] | February 2018 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Reorganization, number of jobs affected | employees | 250 | ||
Restructuring Charges | $ 30,000 | ||
Restructuring and Related Cost, Incurred Cost | 25,000 | ||
Severance Costs | 16,000 | ||
Facility Costs | 14,000 | ||
Maximum [Member] | December 2016 Plan [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 250,000 | ||
Maximum [Member] | August 2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 45,000 |
Commitments and Contingencies52
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Leases, Operating [Abstract] | |||
Operating leases, future minimum payments due | $ 41,000,000 | ||
Operating lease, term | 6 years | ||
Capital Lease Obligations [Abstract] | |||
Capital lease obligations | $ 3,800,000 | ||
Purchase commitments supply and price, term | 3 years | ||
Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
2,015 | $ 386,881,000 | ||
2,017 | 224,612,000 | ||
2,018 | 336,490,000 | ||
Purchase Obligation, Due in Fourth Year | 1,000,000 | ||
2,019 | 1,000,000 | ||
Thereafter | 1,000,000 | ||
Total | 950,983,000 | ||
Future purchase obligations related to non-cancellable purchase orders | 208,000,000 | ||
Future purchase obligations related to long-term supply agreements | 743,000,000 | ||
Advances to Suppliers [Abstract] | |||
Advances to suppliers | 210,800,000 | $ 216,000,000 | |
Advances to suppliers, current portion | 93,744,000 | 30,689,000 | |
Concentration Risk [Line Items] | |||
Extended Product Warranty Accrual, Current | 3,600,000 | $ 5,800,000 | |
Advances From Customer, Maturity Profile [Abstract] | |||
2,016 | 39,245,000 | ||
2,017 | 39,081,000 | ||
2,018 | 23,135,000 | ||
2,019 | 0 | ||
Thereafter | 0 | ||
Total | 101,461,000 | ||
Related Party Transaction [Line Items] | |||
Customer Advances and Deposits, Related Party | 264,000 | 175,000 | |
Customer advances, current portion | 0 | ||
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Product Warranties, beginning | 181,303,000 | 161,209,000 | |
Accruals for warranties issued during the period | (3,838,000) | (9,660,000) | |
Settlements and adjustments during the period | (5,972,000) | 2,756,000 | |
Product Warranties, end | 179,169,000 | 168,113,000 | |
Future Financing Commitments [Line Items] | |||
Future financing obligation, year one | 19,192,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 19,900,000 | 19,400,000 | |
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued | 19,879,000 | 19,399,000 | |
Long-term pension liability | 4,678,000 | 4,465,000 | |
Liabilities Associated with Uncertain Tax Positions [Abstract] | |||
Net gain (loss) on long-term pension liability adjustment | 0 | ||
Loss Contingency [Abstract] | |||
Future Financing Obligations, Year two | 300,000 | ||
Future Financing Obligation | 22,392,000 | ||
Extended Product Warranty Accrual, Noncurrent | 4,300,000 | 0 | |
Year three [Member] | |||
Loss Contingency [Abstract] | |||
Future Financing Obligation | 2,900,000 | ||
Total [Member] | |||
Related Party Transaction [Line Items] | |||
Customer Advances and Deposits, Related Party | $ 88,500,000 | ||
Customer Advances and Deposits | 73,600,000 | ||
Customer advances, current portion | $ 22,704,000 | $ 12,744,000 | |
Supplier Concentration Risk [Member] | Supplier One [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 99.00% |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2012 | Apr. 01, 2018 | Apr. 02, 2017 | Jun. 28, 2015 | Jan. 01, 2017 | Dec. 31, 2017 | Jul. 02, 2017 | Oct. 02, 2016 | Apr. 03, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 8,419,000 | $ 0 | ||||||||||
Accounts Receivable, Related Parties | 211,000 | $ 1,275,000 | ||||||||||
Equity method investments1 | (407,694,000) | (450,000,000) | ||||||||||
Equity Method Investments, Fair Value Disclosure | 350,900,000 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | (15,576,000) | 0 | ||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 371,000,000 | |||||||||||
Equity distributions received related to OpCo from 8point3 | 40.70% | 36.50% | ||||||||||
Economic and management stake in 8point3 Holding Company, LLC | 50.00% | |||||||||||
Proceeds from Equity Method Investment, Distribution | 5,399,000 | 7,192,000 | ||||||||||
Pledged Solar Assets, carrying value | 0 | |||||||||||
Future financing obligation, year one | 19,192,000 | |||||||||||
Cost Method Investments, Incremental Investment | 1,500,000 | $ 3,000,000 | ||||||||||
Accounts Payable, Related Parties | 5,417,000 | 3,764,000 | ||||||||||
Accrued liabilities, related party | 1,187,000 | 4,161,000 | ||||||||||
Customer Advances and Deposits, Related Party | 264,000 | 175,000 | ||||||||||
Revenue from sales to investees of products/services | 1,757,000 | 16,769,000 | ||||||||||
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 | |||||||||||
8Point3 Energy [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investments1 | $ (372,300,000) | (382,700,000) | ||||||||||
8point3 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment Owned, Balance, Shares | 29 | |||||||||||
DongFang [Member] [Domain] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 9,000,000 | |||||||||||
Equity method investment, ownership percentage | 20.00% | |||||||||||
Payments to Acquire Equity Method Investments | $ 7,700,000 | |||||||||||
Dividends | $ 1,300,000 | |||||||||||
Cost method investment, original cost | $ 9,200,000 | |||||||||||
Cost Method Investment, Ownership Percentage | 15.00% | |||||||||||
Project Entities [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investments1 | $ 0 | (38,500,000) | ||||||||||
Equity Method Investment, Aggregate Cost | $ (7,100,000) | $ (45,600,000) | ||||||||||
Common Stock [Member] | Tendril Networks Inc [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cost method investment, agreement to purchase additional interest (in shares) | 14 | |||||||||||
Preferred Stock [Member] | Tendril Networks Inc [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cost method investment, original cost | $ 20,000,000 | |||||||||||
Tendril Networks Inc [Member] | SunPower Inc [Member] | Master Services Agreement and Statement of Works [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cost method investments, joint investment in development project | $ 13,000,000 | |||||||||||
Letter of Credit [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||||||||
Letter of Credit [Member] | 8Point3 Energy [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 775,000,000 | 525,000,000 | ||||||||||
Letter of Credit [Member] | Long-term Debt [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | $ 300,000,000 |
Debt and Credit Sources (Detail
Debt and Credit Sources (Details) | 1 Months Ended | 3 Months Ended | |||||||||||
Jan. 03, 2016USD ($)shares$ / shares | Jun. 29, 2014USD ($)shares$ / shares | May 31, 2013USD ($)shares$ / shares | Apr. 01, 2018USD ($) | Apr. 02, 2017USD ($) | Apr. 03, 2016USD ($) | Dec. 31, 2017USD ($) | Jul. 02, 2017USD ($) | Oct. 02, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 28, 2014 | Jun. 30, 2013$ / shares | Feb. 28, 2012$ / sharesshares | |
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | $ 1,626,373,000 | $ 1,621,766,000 | |||||||||||
Short-term | 358,509,000 | 356,816,000 | |||||||||||
Long-term | 1,245,774,000 | 1,244,126,000 | |||||||||||
Debt instruments, carrying value | 1,604,283,000 | 1,600,942,000 | |||||||||||
Net Contributions from non-controlling interests | 31,300,000 | $ 45,300,000 | |||||||||||
Sale Leaseback Transaction, Other Payments Required | 890,000 | (28,964,000) | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Convertible debt, current portion1 | 299,875,000 | 299,685,000 | |||||||||||
Convertible Debt, Noncurrent | 816,930,000 | 816,454,000 | |||||||||||
Debt instrument, face value | 1,626,373,000 | 1,621,766,000 | |||||||||||
Non-cash interest expense | $ 4,443,000 | 2,958,000 | |||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Increase (Decrease) for Period, Description | 0 | ||||||||||||
Proceeds from issuance of non-recourse residential financing, net of issuance costs | $ 32,687,000 | 20,580,000 | |||||||||||
Proceeds from (Repayments of) Debt | 9,104,000 | 121,818,000 | |||||||||||
Repayments of Debt | (3,781,000) | 1,298,000 | |||||||||||
Net income (loss) attributable to noncontrolling interest - leasing operations | 31,500,000 | 17,300,000 | |||||||||||
Noncontrolling interests | 118,198,000 | 119,415,000 | |||||||||||
Assumption of project loan by customer | 27,321,000 | 0 | $ 27,300,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
2,017 | 353,873,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 14,362,000 | ||||||||||||
2,019 | 16,712,000 | ||||||||||||
2,020 | 448,112,000 | ||||||||||||
2,021 | 16,000,000 | ||||||||||||
Thereafter | 777,314,000 | ||||||||||||
Debt instrument, face value | $ 1,626,373,000 | 1,621,766,000 | |||||||||||
Letter of Credit [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | $ 25,000,000 | ||||||||||||
Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 200,000,000 | ||||||||||||
CEDA Loan [Member] | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Interest rate | 8.50% | ||||||||||||
Long-term Debt [Member] | Letter of Credit [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | $ 250,000,000 | $ 300,000,000 | |||||||||||
Construction Revolver [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instruments, carrying value | $ 3,276,000 | 3,240,000 | |||||||||||
Construction Revolver [Member] | Mizuho and Goldman Sachs [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 200,000,000 | ||||||||||||
Letter of Credit, Additional Borrowing Capacity | $ 100,000,000 | ||||||||||||
Line of credit facility, basis spread on libor rate, period two | 1.75% | ||||||||||||
Line of credit facility, basis spread on libor rate | 1.50% | ||||||||||||
1st Amendment [Member] | Mizuho and Goldman Sachs [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | $ 50,000,000 | ||||||||||||
Residential Lease Program [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instruments, carrying value | 385,971,000 | 356,622,000 | |||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Proceeds from (Repayments of) Debt | 29,100,000 | 17,200,000 | |||||||||||
Unsecured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 7,117,000 | 7,161,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | 7,117,000 | 7,161,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | 7,117,000 | 7,161,000 | |||||||||||
0.875% debentures due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | $ 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||
Short-term | 0 | 0 | |||||||||||
Long-term | 397,904,000 | 397,739,000 | |||||||||||
Debt instruments, carrying value | 397,904,000 | 397,739,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||||
Interest rate | 0.875% | 0.875% | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 48.76 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||||
4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | $ 425,000,000 | 425,000,000 | 425,000,000 | ||||||||||
Short-term | 0 | 0 | |||||||||||
Long-term | 418,715,000 | ||||||||||||
Debt instruments, carrying value | 419,026,000 | 418,715,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | $ 425,000,000 | $ 425,000,000 | 425,000,000 | ||||||||||
Interest rate | 4.00% | 4.00% | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 30.53 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 425,000,000 | $ 425,000,000 | 425,000,000 | ||||||||||
0.75% debentures due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | $ 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||
Short-term | 299,875,000 | 299,685,000 | |||||||||||
Long-term | 0 | 0 | |||||||||||
Debt instruments, carrying value | 299,875,000 | 299,685,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||||||
Interest rate | 0.75% | 0.75% | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 24.95 | $ 24.95 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||||||
4.50% debentures due 2015 [Member] | Bond Hedge [Member] | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Interest rate | 4.50% | ||||||||||||
4.75% debentures due 2014 [Member] | Bond Hedge [Member] | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Interest rate | 4.75% | ||||||||||||
IFC Mortgage Loan [Member] | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Restricted cash and cash equivalents | 0 | 9,200,000 | |||||||||||
CEDA Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 30,000,000 | 30,000,000 | |||||||||||
Short-term | 0 | 0 | |||||||||||
Long-term | 28,625,000 | 28,538,000 | |||||||||||
Debt instruments, carrying value | 28,625,000 | 28,538,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | 30,000,000 | 30,000,000 | |||||||||||
Debt Instrument, Fair Value Disclosure | 33,000,000 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | 30,000,000 | 30,000,000 | |||||||||||
Other Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 471,373,000 | 466,766,000 | |||||||||||
Short-term | 58,634,000 | 57,131,000 | |||||||||||
Long-term | 400,219,000 | 399,134,000 | |||||||||||
Debt instruments, carrying value | 458,853,000 | 456,265,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | 471,373,000 | 466,766,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 471,373,000 | 466,766,000 | |||||||||||
July 2013 Credit Agricole Syndicated Revolver [Member] | Line of Credit [Member] | Credit Agricole [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
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% | ||||||||||||
June 2017 Credit Agricole Syndicated Revolver [Member] [Domain] | Letter of Credit [Member] | Credit Agricole [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | $ 100,000,000 | $ 100,000,000 | |||||||||||
June 2017 Credit Agricole Syndicated Revolver [Member] [Domain] | Line of Credit [Member] | Credit Agricole [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 300,000,000 | ||||||||||||
June 2016 Letter of Credit [Member] | Letter of Credit [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Equity Method Investment, Aggregate Cost | 164,400,000 | 173,700,000 | |||||||||||
June 2016 Letter of Credit [Member] | Letter of Credit [Member] | Credit Agricole [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 75,000,000 | ||||||||||||
June 2016 Letter of Credit [Member] | Letter of Credit [Member] | Deutsche Bank [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 50,000,000 | ||||||||||||
Letters of Credit outstanding, amount | 28,200,000 | 30,100,000 | |||||||||||
June 2016 Letter of Credit [Member] | Letter of Credit [Member] | Bank of Tokyo Mitsubishi [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 75,000,000 | ||||||||||||
June 2016 Letter of Credit [Member] | Letter of Credit [Member] | HSBC [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 175,000,000 | ||||||||||||
September 2011 Letter of Credit [Member] | Letter of Credit [Member] | Deutsche Bank [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Liquidity support facility, maximum capacity | 200,000,000 | ||||||||||||
Letters of Credit outstanding, amount | 1,600,000 | 7,100,000 | |||||||||||
Bridge Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instruments, carrying value | 16,863,000 | 17,068,000 | |||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Proceeds from (Repayments of) Debt | 2,100,000 | ||||||||||||
Repayments of Debt | 200,000 | ||||||||||||
Boulder power plant [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instruments, carrying value | 0 | 28,168,000 | |||||||||||
Total [Member] | 0.875% debentures due 2021 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 5,126,775 | ||||||||||||
Total [Member] | 4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 3,275,680 | ||||||||||||
Total [Member] | 0.75% debentures due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 200,000,000 | ||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | $ 200,000,000 | ||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 8,017,420 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 200,000,000 | ||||||||||||
Warrant (Under the CSO2014) [Member] | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Interest rate | 4.75% | ||||||||||||
Upfront Warrants (held by Total) [Member] | Total [Member] | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Warrant or right, number of securities called by each warrant or right (in shares) | shares | 9,531,677 | ||||||||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 7.8685 | ||||||||||||
Convertible Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 1,125,000,000 | 1,125,000,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Convertible Debt, Noncurrent | 1,116,805,000 | 1,116,139,000 | |||||||||||
Debt instrument, face value | 1,125,000,000 | 1,125,000,000 | |||||||||||
Fair Value | 946,105,000 | 982,844,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | 1,125,000,000 | 1,125,000,000 | |||||||||||
Convertible Debt [Member] | 0.875% debentures due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 400,000,000 | 400,000,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Convertible Debt, Noncurrent | 397,904,000 | 397,739,000 | |||||||||||
Debt instrument, face value | 400,000,000 | 400,000,000 | |||||||||||
Fair Value | 309,584,000 | 315,132,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | 400,000,000 | 400,000,000 | |||||||||||
Convertible Debt [Member] | 4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 425,000,000 | 425,000,000 | |||||||||||
Long-term | 419,026,000 | ||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Convertible Debt, Noncurrent | 418,715,000 | ||||||||||||
Debt instrument, face value | 425,000,000 | 425,000,000 | |||||||||||
Fair Value | 340,187,000 | 368,399,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | 425,000,000 | 425,000,000 | |||||||||||
Convertible Debt [Member] | 0.75% debentures due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 300,000,000 | 300,000,000 | |||||||||||
Convertible Debt [Abstract] | |||||||||||||
Convertible Debt, Noncurrent | 299,875,000 | 299,685,000 | |||||||||||
Debt instrument, face value | 300,000,000 | 300,000,000 | |||||||||||
Fair Value | 296,334,000 | 299,313,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | 300,000,000 | 300,000,000 | |||||||||||
Total [Member] | 0.875% debentures due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | $ 250,000,000 | ||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | 250,000,000 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 250,000,000 | ||||||||||||
Total [Member] | 4.00% debentures due 2023 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face value | 100,000,000 | ||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Debt instrument, face value | 100,000,000 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt instrument, face value | $ 100,000,000 | ||||||||||||
DongFang [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments to Acquire Equity Method Investments | 7,700,000 | ||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Equity Method Investment, Aggregate Cost | $ 9,000,000 | ||||||||||||
Project Entities [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Equity Method Investment, Aggregate Cost | $ (7,100,000) | $ (45,600,000) |
Derivative Financial Instrume55
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | $ 493 | $ 1,452 | |
Derivative financial instruments | 167 | 1,175 | |
Derivative assets, gross amounts recognized | 2,081 | 2,579 | |
Derivative assets, financial instruments | 357 | 603 | |
Derivative assets, net amounts | 1,724 | 1,976 | |
Derivative liabilities, gross amounts recognized | 660 | 2,626 | |
Derivative liabilities, financial instruments | 357 | 603 | |
Derivative liabilities, net amounts | 303 | 2,023 | |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Gain (loss) in OCI at the beginning of the period | (561) | $ 1,203 | |
Unrealized gain (loss) recognized in OCI (effective portion) | 1,635 | (936) | |
Less: Gain reclassified from OCI to revenue (effective portion of FX trades) | (35) | (382) | |
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | 6 | 56 | |
Net gain (loss) on derivatives | 1,606 | (1,262) | |
Gain (loss) in OCI at the end of the period | 1,045 | (59) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 32 | |
Gain (loss) recognized in Other, net | 1,339 | $ (1,396) | |
Derivatives designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1,122 | 61 | |
Derivative Liability | 167 | 715 | |
Derivatives designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 2,100 | ||
Derivatives designated as hedging instruments [Member] | Interest Rate Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 57,700 | 58,100 | |
Derivatives not designated as hedging instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 959 | 2,518 | |
Derivative Liability | 493 | 1,911 | |
Derivatives not designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 5,400 | 8,200 | |
Derivatives not designated as hedging instruments [Member] | Interest Rate Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative asset, notional amount | 0 | 21,100 | |
Prepaid expenses and other current assets [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 0 | 61 | |
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 | 959 | 2,518 | |
Other long-term assets [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency option contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Noncurrent derivative assets | 1,122 | 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 | 493 | 1,452 | |
Other long-term liabilities [Member] | Derivatives designated as hedging instruments [Member] | Foreign currency forward exchange contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | 459 | ||
Other long-term liabilities [Member] | Derivatives designated as hedging instruments [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | 167 | $ 715 | |
Other long-term liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative financial instruments | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
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 | $ (142,825) | $ (237,344) |
Deferred tax benefit (expense) | ||
Provision for income taxes | $ (2,628) | $ (2,031) |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Feb. 28, 2012 | |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | |||
Net income (loss) attributable to stockholders | $ (115,974) | $ (219,726) | |
Basic weighted-average common shares (in shares) | 140,212,000 | 138,902,000 | |
Basic (in dollars per share) | $ (0.83) | $ (1.58) | |
Net income (loss) available to common stockholders | $ (115,974) | $ (219,726) | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Diluted weighted-average common shares | (140,212,000) | (138,902,000) | |
Dilutive net income (loss) per share | $ (0.83) | $ (1.58) | |
4.00% debentures due 2023 [Member] [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 13,922,000 | 13,922,000 | |
Stock options [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 0 | 133,000 | |
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 | 3,038,000 | 3,941,000 | |
0.75% debentures due 2018 [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Outstanding anti-dilutive potential common stock excluded from income (loss) per diluted share | 12,026,000 | 12,026,000 | |
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 | 8,203,000 | |
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) | $ 7.8685 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 8,758 | $ 7,375 |
Restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 9,209 | 7,236 |
Change in stock-based compensation capitalized in inventory [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | (451) | 139 |
Cost of revenue [Member] | Residential leases [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 195 | 210 |
Cost of revenue [Member] | Commercial [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 383 | 249 |
Cost of revenue [Member] | Power Plant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 478 | 725 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,946 | 1,528 |
Selling, general and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 4,756 | $ 4,663 |
Segment Information (Details)
Segment Information (Details) | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2018USD ($)segmentsRate | Apr. 02, 2017USD ($)Rate | Jan. 03, 2016 | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||
Sales-type Lease, Impairment Loss | $ 49,092,000 | $ 0 | |||
Net income (loss) attributable to noncontrolling interest - leasing operations | 48,992 | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | 77,929 | 46,293 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (142,825,000) | $ (237,344,000) | |||
Number of Reportable Segments | segments | 3 | ||||
Cost of revenue | $ 381,640,000 | 374,679,000 | |||
Gross margin | 10,248,000 | (45,584,000) | |||
Revenue | 391,888,000 | 329,095,000 | |||
Asset Impairment Charges | 3,900,000 | 0 | |||
Stock-based compensation expense | 8,758,000 | 7,375,000 | |||
Stock-based compensation | 7,053,000 | 7,375,000 | |||
Amortization of Intangible Assets | (2,700,000) | (3,200,000) | |||
Depreciation, Nonproduction | (721,000) | 0 | |||
Restructuring Costs | (11,177,000) | (9,790,000) | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | |||
Non-cash interest expense | (4,443,000) | (2,958,000) | |||
Income (Loss) from Equity Method Investments | 2,144,000 | (2,488,000) | |||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (31,623,000) | $ 17,161,000 | |||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | (45,597) | (37,692) | |||
Residential leases [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales-type Lease, Impairment Loss | $ 49,100,000 | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | 61,898 | 41,938 | |||
Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | 9,145 | 4,289 | |||
Power Plant [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | 6,886 | 66 | |||
Power Plant [Member] | Mid American Energy Holdings Company [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Disclosure of Major Customers | n/a | 0.25 | |||
Power Plant [Member] | NRG Solar Inc. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue As Percentage Of Total Revenues | 0.00% | 0.00% | |||
Revenue [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $ (37,576,000) | $ (38,932,000) | |||
8point3 Energy Partners | 177,000 | (77,698,000) | |||
Asset Impairment Charges | (45,139,000) | ||||
Stock-based compensation | (8,758,000) | (7,375,000) | |||
Amortization of Intangible Assets | 2,492,000 | 3,026,000 | |||
Restructuring Costs | (11,177,000) | 9,790,000 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | (114,000) | |||
Non-cash interest expense | (22,000) | 35,000 | |||
CostofAboveMarketPolysilicon | (18,700,000) | (29,815,000) | |||
Income (Loss) from Equity Method Investments | 2,144,000 | 2,488,000 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (31,623,000) | (17,161,000) | |||
Cash Interest Expense, Net of Interest Income | (20,165,000) | (18,529,000) | |||
Gross margin [Member] | Residential leases [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | $ 28,042,000 | $ 14,774,000 | |||
Gross margin, As a percentage of total revenues | Rate | 16.60% | 11.00% | |||
Gross margin, As reviewed by CODM | $ 31,457,000 | $ 20,550,000 | |||
Gross margin, As a percentage of total revenues (As reviewed by CODM) | Rate | 18.60% | 0.00% | |||
Gross margin [Member] | Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | $ 5,313,000 | $ (154,000) | |||
Gross margin, As a percentage of total revenues | Rate | 4.30% | (0.10%) | |||
Gross margin, As reviewed by CODM | $ 8,334,000 | $ 4,882,000 | |||
Gross margin, As a percentage of total revenues (As reviewed by CODM) | Rate | 6.30% | 3.60% | |||
Gross margin [Member] | Power Plant [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | $ (23,107,000) | $ (60,204,000) | |||
Gross margin, As a percentage of total revenues | Rate | (23.30%) | (67.70%) | |||
Gross margin, As reviewed by CODM | $ (13,733,000) | $ 2,431,000 | |||
Gross margin, As a percentage of total revenues (As reviewed by CODM) | Rate | (14.10%) | 1.50% | |||
8point3 Energy Partners | $ 0 | $ (846,000) | |||
Gross margin [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin, Utility and power plant projects | 268,000 | (42,691,000) | |||
Sale-leaseback trasaction | (1,373,000) | 1,709,000 | |||
Gross margin [Member] | Segment Reconciling Items [Member] | Residential leases [Member] | |||||
Segment Reporting Information [Line Items] | |||||
8point3 Energy Partners | 0 | 3,000 | |||
Gross margin, Utility and power plant projects | 0 | 0 | |||
Sale-leaseback trasaction | 0 | 0 | |||
Asset Impairment Charges | 3,853,000 | ||||
Stock-based compensation expense | (195,000) | (210,000) | |||
Amortization of Intangible Assets | 1,047,000 | 1,214,000 | |||
Depreciation, Nonproduction | (224,000) | ||||
Non-cash interest expense | 4,000 | ||||
CostofAboveMarketPolysilicon | (5,802,000) | (4,351,000) | |||
Gross margin [Member] | Segment Reconciling Items [Member] | Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
8point3 Energy Partners | 0 | 519,000 | |||
Gross margin, Utility and power plant projects | 450,000 | 0 | |||
Sale-leaseback trasaction | 2,920,000 | 2,665,000 | |||
Asset Impairment Charges | 0 | ||||
Stock-based compensation expense | (383,000) | (249,000) | |||
Amortization of Intangible Assets | 735,000 | 836,000 | |||
Depreciation, Nonproduction | (216,000) | ||||
Non-cash interest expense | 3,000 | ||||
CostofAboveMarketPolysilicon | (5,057,000) | (7,132,000) | |||
Gross margin [Member] | Segment Reconciling Items [Member] | Power Plant [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin, Utility and power plant projects | (182,000) | (42,691,000) | |||
Sale-leaseback trasaction | 119,000 | 479,000 | |||
Asset Impairment Charges | 0 | ||||
Stock-based compensation expense | (479,000) | (725,000) | |||
Amortization of Intangible Assets | 710,000 | 517,000 | |||
Depreciation, Nonproduction | (281,000) | ||||
Non-cash interest expense | 3,000 | ||||
CostofAboveMarketPolysilicon | (7,841,000) | (18,332,000) | |||
Sales [Member] | Residential leases [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 169,432,000 | 134,694,000 | |||
Revenue, As reviewed by CODM | 169,432,000 | 134,694,000 | |||
Sales [Member] | Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 123,336,000 | 105,446,000 | |||
Revenue, As reviewed by CODM | 131,796,000 | 133,971,000 | |||
Sales [Member] | Power Plant [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 99,120,000 | 88,955,000 | |||
Revenue, As reviewed by CODM | 97,720,000 | 160,822,000 | |||
Sales [Member] | Segment Reconciling Items [Member] | Residential leases [Member] | |||||
Segment Reporting Information [Line Items] | |||||
8point3 Energy Partners | 0 | 0 | |||
Revenue, Utility and power plant project | 0 | 0 | |||
Sale-leaseback trasaction | 0 | 0 | |||
Asset Impairment Charges | 0 | ||||
Stock-based compensation expense | 0 | 0 | |||
Amortization of Intangible Assets | 0 | ||||
Depreciation, Nonproduction | 0 | ||||
Non-cash interest expense | 0 | ||||
CostofAboveMarketPolysilicon | 0 | 0 | |||
Sales [Member] | Segment Reconciling Items [Member] | Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
8point3 Energy Partners | 0 | (5,484,000) | |||
Revenue, Utility and power plant project | 643,000 | 0 | |||
Sale-leaseback trasaction | (9,103,000) | (23,041,000) | |||
Asset Impairment Charges | 0 | ||||
Stock-based compensation expense | 0 | 0 | |||
Amortization of Intangible Assets | 0 | 0 | |||
Depreciation, Nonproduction | 0 | ||||
Non-cash interest expense | 0 | ||||
CostofAboveMarketPolysilicon | 0 | 0 | |||
Sales [Member] | Segment Reconciling Items [Member] | Power Plant [Member] | |||||
Segment Reporting Information [Line Items] | |||||
8point3 Energy Partners | 0 | (34,000) | |||
Revenue, Utility and power plant project | 1,400,000 | (41,396,000) | |||
Sale-leaseback trasaction | 0 | (30,437,000) | |||
Asset Impairment Charges | 0 | ||||
Stock-based compensation expense | 0 | 0 | |||
Amortization of Intangible Assets | 0 | 0 | |||
Depreciation, Nonproduction | 0 | ||||
Non-cash interest expense | 0 | ||||
CostofAboveMarketPolysilicon | $ 0 | $ 0 | |||
JAPAN | |||||
Segment Reporting Information [Line Items] | |||||
Revenue As Percentage Of Total Revenues | 1.00% | ||||
REST OF WORLD [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue As Percentage Of Total Revenues | 21.00% | 13.00% | |||
All Countries [Domain] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue As Percentage Of Total Revenues | 100.00% | 100.00% | |||
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Revenue As Percentage Of Total Revenues | 69.00% | 86.00% | |||
FRANCE | |||||
Segment Reporting Information [Line Items] | |||||
Revenue As Percentage Of Total Revenues | 10.00% | ||||
August 2016 Plan [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring Costs | $ (493,000) | $ 57,000 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended | ||||
Apr. 01, 2018USD ($)Rate | Apr. 02, 2017USD ($) | Oct. 02, 2016employees | Dec. 31, 2017USD ($) | Jun. 30, 2015USD ($) | |
Subsequent Event [Line Items] | |||||
Debt instrument, face value | $ 1,626,373,000 | $ 1,621,766,000 | |||
Restructuring charges | 11,177,000 | $ 9,790,000 | |||
Repayments of Debt | 3,781,000 | $ (1,298,000) | |||
Line of Credit [Member] | |||||
Subsequent Event [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||
Letter of Credit [Member] | |||||
Subsequent Event [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||
August 2016 Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Restructuring and Related Activities, Initiation Date | Aug. 9, 2016 | ||||
Reorganization, number of jobs affected | employees | 1,200 | ||||
Restructuring charges | $ 35,000,000 | ||||
Percent of restructuring charges in cash | Rate | 50.00% | ||||
August 2016 Plan [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Restructuring charges | $ 45,000,000 |