Debt and Credit Sources

3 Months Ended

Apr. 03, 2022

Debt Disclosure [Abstract]

Debt and Credit Sources

DEBT AND CREDIT SOURCES

The following table summarizes our outstanding debt on our condensed consolidated balance sheets:

	April 3, 2022								January 2, 2022
(In thousands)	Face Value		Short-term		Long-term		Total1, 2		Face Value		Short-term		Long-term		Total1, 2
Recourse Debt:
4.00% convertible debentures due 2023	$	424,991	$	423,987	$	—	$	423,987	$	424,991	$	—	$	423,677	$	423,677
Asset-Backed Loan	60,132		60,019		—		60,019		60,800		60,579		—		60,579
Safe Harbor Loan	47,624		47,306		—		47,306		48,529		47,894		—		47,894
Total recourse debt	$	532,747	$	531,312	$	—	$	531,312	$	534,320	$	108,473	$	423,677	$	532,150
Non-Recourse Debt:
Vendor Financing and Other Debt	$	876	$	538	$	338	$	876	$	1,475	$	1,095	$	380	$	1,475
Total non-recourse debt	876		538		338		876		1,475		1,095		380		1,475
Total	$	533,623	$	531,850	$	338	$	532,188	$	535,795	$	109,568	$	424,057	$	533,625

1 Refers to the total carrying value of the outstanding debt arrangement.

2 See table below for discussion on the fair value of the convertible debt. The carrying value of all of our non-convertible debt approximates the fair value, based on our intention to fully repay or transfer the obligations at their face values plus any applicable interest, and is categorized within Level 3 of the fair value hierarchy.

As of April 3, 2022, the aggregate future contractual maturities of our outstanding debt, at face value, were as follows:

(In thousands)	Fiscal 2022 (remaining nine months)		Fiscal 2023		Fiscal 2024		Fiscal 2025		Fiscal 2026		Thereafter		Total
Aggregate future maturities of outstanding debt	$	108,247	$	425,057	$	69	$	73	$	76	$	101	$	533,623

Convertible Debt

The following table summarizes our outstanding convertible debt:

	April 3, 2022			January 2, 2022
(In thousands)	Carrying Value	Face Value	Fair Value1	Carrying Value	Face Value	Fair Value1
4.00% debentures due 2023	423,987	424,991	496,205	423,677	424,991	501,489

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.

Our outstanding convertible debentures are senior, unsecured obligations ranking equally with all of our existing and future senior unsecured indebtedness.

September 2011 Letter of Credit Facility with Deutsche Bank and Deutsche Bank Trust Company Americas (together, “Deutsche Bank Trust”)

In September 2011, we entered into a letter of credit facility with Deutsche Bank Trust which provides for the issuance, upon our request, of letters of credit to support our obligations in an aggregate amount not to exceed $200.0 million. Each letter of credit issued under the facility is fully cash-collateralized and we have 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 3, 2022 and January 2, 2022, letters of credit issued and outstanding under the Deutsche Bank Trust facility totaled $0.2 million and $2.2 million, respectively, which were fully collateralized with restricted cash on the condensed consolidated balance sheets.

October 2021 Letter of Credit Facility with Bank of the West

In October 2021, we entered into a letter of credit facility with Bank of the West which provides for the issuance, upon our request, of letters of credit to support our obligations in an aggregate amount not to exceed $25.0 million. Each letter of credit issued under the facility is 50% cash secured and we have entered into a security agreement with Bank of the West, granting them a security interest in a cash collateral account established for this purpose.

As of April 3, 2022 and January 2, 2022, letters of credit issued and outstanding under the Bank of the West facility totaled $21.6 million and $19.3 million, respectively, which were collateralized with restricted cash on the condensed consolidated balance sheets.