Business Combination and Divestitures (Tables)

12 Months Ended

Dec. 30, 2018

Business Combinations [Abstract]

Disposal Groups, Including Discontinued Operations

The assets, liabilities and equity of the Residential Lease Portfolio on the disposal date were as follows:

(In thousands)	At Disposal Date
Cash and equivalents 1	$	16,333
Restricted cash and equivalents, current portion 1	9,127
Accounts receivable, net	23,430
Prepaid expenses and other current assets	26,097
Restricted cash and equivalents, net of current portion 1	65,947
Property, plant and equipment, net	871
Solar power systems leased and to be leased, net	262,756
Long term financing receivables, net - held for sale	388,180
Other long-term assets	17,633
Total assets	810,374
Accounts payable	—
Accrued liabilities	1,726
Contract liabilities, current portion	1,660
Contract liabilities, net of current portion	25,477
Short-term debt	8,969
Long-term debt	445,661
Other long-term liabilities	11,164
Redeemable noncontrolling interests in subsidiaries	15,375
Noncontrolling interests in subsidiaries	61,865
Total liabilities and equity	571,897
Net assets related to sale	$	238,477

The net consideration recognized from the sale is as follows:

(In thousands)
Proceeds from sale of membership interest in SunStrong 1	$	10,000
Assumption of Mezzanine Loan 1 by SunStrong	106,958
Net proceeds from first draw on Mezzanine Loan 2 1	19,560
Special distributions and tax-equity contribution 1	36,190
Construction service and Mezzanine Loan 2 reserve proceeds	13,596
Other costs and expenses related to sale 1	(2,879		)
Net consideration recognized from sale	$	183,425

¹Cash consideration received, net of other costs and expenses, and cash, cash equivalents and restricted cash sold, is reflected as a cash outflow from the sale of our equity interest in the residential lease portfolio on the Consolidated Statements of Cash Flows.

The net loss on sale for the year ended December 30, 2018 is presented in the following table.

(In thousands)
Net consideration recognized from sale	$	183,425
SunPower retained equity	9,649
Net assets related to sale	(238,477		)
Warranty obligation	(5,308		)
Obligations to complete leases under construction	(11,616		)
Net loss on sale	$	(62,327	)

Purchase consideration allocation

Upon closing of this transaction, we recognized a gain which is summarized in the following table:

	As of
(In thousands)	August 9, 2018
Cash consideration	$	25,000
Closing shares	42,600
Less transaction costs	(1,743		)
Total consideration	65,857
Assets sold	(6,510		)
Gain on business divestiture	$	59,347