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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission file number 001-34166


SPWR-20200628_G1.GIF
SunPower Corporation
(Exact Name of Registrant as Specified in Its Charter)

Delaware 94-3008969
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
51 Rio Robles San Jose California 95134
(Address of Principal Executive Offices)
(Zip Code)

(408) 240-5500
(Registrant's Telephone Number, Including Area Code)

_________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
 x
Non-accelerated filer Smaller reporting company Emerging growth company
        If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o

        Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐ No  x

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of exchange on which registered
Common Stock SPWR NASDAQ

The total number of outstanding shares of the registrant’s common stock as of July 31, 2020 was 170,085,868.


1


TABLE OF CONTENTS


2

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SunPower Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share par values)
(unaudited)
  June 28, 2020 December 29, 2019
Assets
Current assets:
Cash and cash equivalents $ 235,307    $ 422,955   
Restricted cash and cash equivalents, current portion 30,631    26,348   
Restricted short-term marketable securities 6,322    6,187   
Accounts receivable, net1
157,132    226,476   
Contract assets1
105,221    99,426   
Inventories 360,416    358,257   
Advances to suppliers, current portion 108,464    107,388   
Project assets - plants and land, current portion 24,567    12,650   
Prepaid expenses and other current assets 84,718    121,244   
Total current assets 1,112,778    1,380,931   
Restricted cash and cash equivalents, net of current portion 8,420    9,354   
Property, plant and equipment, net 299,644    323,726   
Operating lease right-of-use assets 56,849    51,258   
Solar power systems leased, net 52,441    54,338   
Advances to suppliers, net of current portion 889    13,993   
Other intangible assets, net 3,280    7,466   
Other long-term assets 404,222    330,855   
Total assets $ 1,938,523    $ 2,171,921   
Liabilities and Equity    
Current liabilities:    
Accounts payable1
$ 357,046    $ 441,759   
Accrued liabilities1
188,113    203,890   
Operating lease liabilities, current portion 11,833    9,463   
Contract liabilities, current portion1
88,265    138,441   
Short-term debt 128,643    104,856   
Convertible debt, current portion1
309,228    —   
Total current liabilities 1,083,128    898,409   
Long-term debt 92,676    113,827   
Convertible debt1
421,822    820,259   
Operating lease liabilities, net of current portion 51,073    46,089   
Contract liabilities, net of current portion1
61,782    67,538   
Other long-term liabilities 186,737    204,300   
Total liabilities 1,897,218    2,150,422   
Commitments and contingencies (Note 8)
Equity:    
Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding as of June 28, 2020 and December 29, 2019
—    —   
Common stock, $0.001 par value, 367,500 shares authorized; 182,830 shares issued, and 170,059 shares outstanding as of June 28, 2020; 179,845 shares issued, and 168,121 shares outstanding as of December 29, 2019
170    168   
Additional paid-in capital 2,674,379    2,661,819   
Accumulated deficit (2,431,732)   (2,449,679)  
Accumulated other comprehensive loss (10,365)   (9,512)  
Treasury stock, at cost: 12,770 shares of common stock as of June 28, 2020; 11,724 shares of common stock as of December 29, 2019
(200,796)   (192,633)  
Total stockholders' equity 31,656    10,163   
Noncontrolling interests in subsidiaries 9,649    11,336   
Total equity 41,305    21,499   
Total liabilities and equity $ 1,938,523    $ 2,171,921   
1We have related-party balances for transactions made with Total SE and its affiliates as well as unconsolidated entities in which we have a direct equity investment. These related-party balances are recorded within the "accounts receivable, net," "prepaid expenses and other current assets," "contract assets," "accounts payable," "accrued liabilities," "contract liabilities, current portion," "convertible debt," and "contract liabilities, net of current portion," financial statement line items on our condensed consolidated balance sheets (see Note 2, Note 9, Note 10, and Note 11).



The accompanying notes are an integral part of these condensed consolidated financial statements.
3

SunPower Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
  Three Months Ended Six Months Ended
  June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019
Revenue:
Solar power systems, components, and other1
$ 347,655    $ 426,841    $ 791,588    $ 768,283   
Residential leasing 1,329    1,676    2,653    5,560   
Solar services 3,930    7,764    7,863    10,663   
352,914    436,281    802,104    784,506   
Cost of revenue:
Solar power systems, components, and other1
329,169    412,383    738,186    793,289   
Residential leasing 1,217    1,350    2,513    4,372   
Solar services 930    2,748    2,359    4,330   
331,316    416,481    743,058    801,991   
Gross profit (loss) 21,598    19,800    59,046    (17,485)  
Operating expenses:
Research and development1
12,335    18,159    27,973    33,152   
Sales, general and administrative 55,967    61,978    121,925    124,835   
Restructuring charges 1,259    2,453    2,835    1,788   
(Gain) loss on sale and impairment of residential lease assets 141    8,301    (133)   17,527   
Gain on business divestiture (10,458)   (137,286)   (10,458)   (143,400)  
Total operating expenses (income) 59,244    (46,395)   142,142    33,902   
Operating income (loss) (37,646)   66,195    (83,096)   (51,387)  
Other income (expense), net:
Interest income 174    566    578    1,418   
Interest expense1
(10,205)   (16,424)   (20,742)   (33,215)  
Other, net 70,032    67,768    125,101    100,841   
Other income, net 60,001    51,910    104,937    69,044   
Income before income taxes and equity in earnings of unconsolidated investees 22,355    118,105    21,841    17,657   
Provision for income taxes (3,068)   (6,068)   (4,937)   (11,865)  
Equity in losses of unconsolidated investees (889)   (1,963)   (644)   (283)  
Net income 18,398    110,074    16,260    5,509   
Net income attributable to noncontrolling interests and redeemable noncontrolling interests 980    11,385    1,687    26,226   
Net income attributable to stockholders $ 19,378    $ 121,459    $ 17,947    $ 31,735   




Net income per share attributable to stockholders:
Basic 0.11    0.85    0.11    0.22   
Diluted 0.11    0.75    0.10    0.22   
Weighted-average shares:
Basic 170,003    142,471    169,413    142,095   
Diluted 178,118    166,837    170,971    143,062   
1We have related-party transactions with Total SE and its affiliates as well as unconsolidated entities in which we have 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," and "other income (expense), net: interest expense" financial statement line items in our condensed consolidated statements of operations (see Note 2 and Note 10).


The accompanying notes are an integral part of these condensed consolidated financial statements.
4

SunPower Corporation
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)

  Three Months Ended Six Months Ended
June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019
Net income $ 18,398    $ 110,074    $ 16,260    $ 5,509   
Components of other comprehensive income:
Translation adjustment 909    811    134    790   
Net change in derivatives (Note 12) (2,626)   (900)   (938)   (715)  
Net loss on long-term pension liability obligation —    —    (49)   —   
Income taxes 141    255    —    190   
Total other comprehensive income (loss) (1,576)   166    (853)   265   
Total comprehensive income 16,822    110,240    15,407    5,774   
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests 980    11,385    1,687    26,226   
Comprehensive income attributable to stockholders $ 17,802    $ 121,625    $ 17,094    $ 32,000   


The accompanying notes are an integral part of these condensed consolidated financial statements.

5

SunPower Corporation
Condensed Consolidated Statements of Equity (Deficit)
(In thousands)
  Common Stock          
  Shares Value Additional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Loss
Accumulated Deficit Total
Stockholders’
Equity
Noncontrolling Interests in Subsidiaries Total Equity
Balances at December 29, 2019 168,121    $ 168    $ 2,661,819    $ (192,633)   $ (9,512)   $ (2,449,679)   $ 10,163    $ 11,336    $ 21,499   
Net loss —    —    —    —    —    (1,431)   (1,431)   (707)   (2,138)  
Other comprehensive income —    —    —    —    723    —    723    —    723   
Issuance of restricted stock to employees, net of cancellations 2,452      —    —    —    —      —     
Stock-based compensation expense —    —    6,885    —    —    —    6,885    —    6,885   
Purchases of treasury stock (818)   (1)   —    (6,910)   —    —    (6,911)   —    (6,911)  
Balances at March 29, 2020 169,755    170    2,668,704    (199,543)   (8,789)   (2,451,110)   9,432    10,629    20,061   
Net income (loss) —    —    —    —    —    19,378    19,378    (980)   18,398   
Other comprehensive loss —    —    —    —    (1,576)   —    (1,576)   —    (1,576)  
Issuance of restricted stock to employees, net of cancellations 533    —    —    —    —    —    —    —   
Stock-based compensation expense —    —    5,675    —    —    —    5,675    —    5,675   
Purchases of treasury stock (229)   —    —    (1,253)   —    —    (1,253)   —    (1,253)  
Balances at June 28, 2020 170,059    $ 170    $ 2,674,379    $ (200,796)   $ (10,365)   $ (2,431,732)   $ 31,656    $ 9,649    $ 41,305   


6

  Common Stock          
  Shares Value Additional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Loss
Accumulated Deficit Total
Stockholders’
Deficit
Noncontrolling Interests in Subsidiaries Total Equity
Balances at December 30, 2018 141,178    $ 141    $ 2,463,370    $ (187,069)   $ (4,150)   $ (2,480,988)   $ (208,696)   $ 58,810    $ (149,886)  
Net loss —    —    —    —    —    (89,724)   (89,724)   (14,841)   (104,565)  
Cumulative-effect upon adoption of ASC 842 —    —    —    —    —    9,151    9,151    —    9,151   
Other comprehensive income —    —    —    —    99    —    99    —    99   
Issuance of restricted stock to employees, net of cancellations 1,848      —    —    —    —      —     
Stock-based compensation expense —    —    6,628    —    —    —    6,628    —    6,628   
Contributions from noncontrolling interests —    —    —    —    —    —    —    20,987    20,987   
Purchases of treasury stock (633)   (1)   —    (3,871)   —    —    (3,872)   —    (3,872)  
Balances at March 31, 2019 142,393    142    2,469,998    (190,940)   (4,051)   (2,561,561)   (286,412)   64,956    (221,456)  
Net income (loss) —    —    —    —    —    121,459    121,459    (11,385)   110,074   
Other comprehensive income —    —    —    —    166    —    166    —    166   
Issuance of restricted stock to employees, net of cancellations 173      —    —    —    —      —     
Stock-based compensation expense —    —    6,790    —    —    —    6,790    —    6,790   
Contributions from noncontrolling interests —    —    —    —    —    —    —    8,590    8,590   
Distributions from noncontrolling interests —    —    —    —    —    —    —    (316)   (316)  
Purchases of treasury stock (51)   —    —    (494)   —    —    (494)   —    (494)  
Balances at June 30, 2019 142,515    $ 143    $ 2,476,788    $ (191,434)   $ (3,885)   $ (2,440,102)   $ (158,490)   $ 61,845    $ (96,645)  


The accompanying notes are an integral part of these condensed consolidated financial statements.
7

SunPower Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited) 

Six Months Ended
  June 28, 2020 June 30, 2019
Cash flows from operating activities:
Net income 16,260    5,509   
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 33,810    46,724   
Non-cash restructuring charges —    2,346   
Stock-based compensation 12,746    11,936   
Non-cash interest expense 3,748    4,925   
Bad debt expense 3,566    1,661   
Equity in losses of unconsolidated investees 644    283   
Gain on equity investments (120,214)   (100,500)  
Gain on retirement of convertible debt (2,956)   —   
Gain on business divestiture (10,458)   (143,400)  
Deferred income taxes 1,032    2,044   
Impairment of property, plant and equipment —    777   
Gain on sale and impairment of residential lease assets 429    25,954   
Changes in operating assets and liabilities:
Accounts receivable 58,909    (50,292)  
Contract assets (2,869)   7,409   
Inventories (6,725)   (62,104)  
Project assets (11,905)   (6,198)  
Prepaid expenses and other assets 28,038    (15,485)  
Operating lease right-of-use assets 7,786    (8,780)  
Long-term financing receivables, net —    (954)  
Advances to suppliers 12,029    24,774   
Accounts payable and other accrued liabilities (126,236)   11,199   
Contract liabilities (50,454)   3,418   
Operating lease liabilities (6,022)   8,663   
Net cash used in operating activities (158,842)   (230,091)  
Cash flows from investing activities:
Purchases of property, plant and equipment (10,805)   (18,204)  
Cash paid for solar power systems (2,647)   (43,323)  
Proceeds from business divestiture, net of de-consolidated cash2
15,417    40,491   
Proceeds from sale of equity investment and return of capital by an unconsolidated investee 46,149    —   
Proceeds from sale of property, plant and equipment —    228   
Proceeds from return of capital of equity investments with fair value option 7,724    —   
Cash paid for equity investments with fair value option —    (10,000)  
Net cash provided by (used in) investing activities 55,838    (30,808)  
Cash flows from financing activities:
Proceeds from bank loans and other debt 121,498    143,666   
Repayment of bank loans and other debt (119,335)   (125,060)  
Proceeds from issuance of non-recourse residential financing, net of issuance costs —    65,731   
Repayment of non-recourse residential financing —    (1,156)  
Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects —    29,577   
Distributions to noncontrolling interests and redeemable noncontrolling interests attributable to residential projects —    (316)  
Proceeds from issuance of non-recourse power plant and commercial financing, net of issuance costs 10,644    —   
Cash paid for repurchase of convertible debt (87,141)   —   
Settlement of contingent consideration arrangement, net of cash received 2,234    (2,448)  
Equity offering costs paid (928)   —   
Payment for prior business combination —    (9,000)  
Purchases of stock for tax withholding obligations on vested restricted stock (8,381)   (4,365)  
Net cash provided by (used in) financing activities (81,409)   96,629   
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 114    259   
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (184,299)   (164,011)  
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period1
458,657    363,763   
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period1
$ 274,358    $ 199,752   
Non-cash transactions:
Costs of solar power systems sourced from existing inventory $ —    $ 21,173   
Costs of solar power systems funded by liabilities $ 1,716    $ 4,529   
Property, plant and equipment acquisitions funded by liabilities $ 5,452    $ 22,560   
Right-of-use assets obtained in exchange for lease obligations3
$ 13,424    $ 94,805   
Derecognition of financing obligations upon business divestiture $ —    $ 590,884   
Assumption of liabilities in connection with business divestiture4
$ 9,085    $ —   
Holdbacks in connection with business divestiture4
$ 7,199    $ 2,425   
Aged supplier financing balances reclassified from accounts payable to short-term debt $ 23,933    $ —   
1"Cash, cash equivalents, restricted cash and restricted cash equivalents" balance consisted of "cash and cash equivalents", "restricted cash and cash equivalents, current portion" and "restricted cash and cash equivalents, net of current portion" financial statement line items on the condensed consolidated balance sheets for the respective periods.

2Amount for the six months ended June 28, 2020 is net of de-consolidated cash of $0.6 million

3Amounts for the six months ended June 30, 2019 include the transition adjustment for the adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), as amended ("ASC 842") and additional Right-of-Use ("ROU") asset additions.

4See Note 4.

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Notes to the Condensed Consolidated Financial Statements

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

SunPower Corporation (together with its subsidiaries, "SunPower," "we," "us," and "our") is a leading global energy company that delivers complete solar solutions to residential and commercial customers worldwide through an array of hardware, software, and financing options and through solar power solutions, operations and maintenance ("O&M") services, and "Smart Energy" solutions. SunPower's Smart Energy initiative is designed to add layers of intelligent controls to homes, buildings and grids - all personalized through easy-to-use customer interfaces. Of all the solar cells commercially available to the mass market, we believe our solar cells have the highest solar power conversion efficiency, a measurement of the amount of sunlight converted by the solar cell into electricity. SunPower is a majority-owned subsidiary of Total Solar INTL SAS ("Total", formerly Total Energies Nouvelles Activités USA) and Total Gaz Electricité Holdings France SAS (“Total Gaz”), each a subsidiary of Total SE ("Total SE") (see "Note 2. Transactions with Total and Total SE").

Liquidity

The global spread of the coronavirus ("COVID-19") created significant uncertainty and economic disruptions worldwide. In our response to the COVID-19 pandemic, we instituted certain measures, including requirements to work remotely for the majority of our workforce, travel restrictions and the idling of our factories in France, Malaysia, Mexico, the Philippines, and the U.S consistent with actions taken or recommended by governmental authorities. All of our factories have resumed production as of May, in compliance with the relevant local restrictions. We implemented several mitigating actions to prudently manage our business during the current industry uncertainty relating to the COVID-19 pandemic. These actions include reducing management salaries, freezing hiring and merit increases, reducing capital expenditures and discretionary spending, and temporarily moving most of our employees to a four-day work week in recognition of reduced demand and workloads due to the pandemic. Most of our employees reverted back to a full work week during the last week of June and returned to full salary during the last week of July. We also continue to focus on improving our overall operating performance and liquidity, including managing cash flows and working capital.

Sufficient working capital and liquidity is necessary to support repayment of our $309.7 million 0.875% senior convertible debentures due June 1, 2021 (the "0.875% debentures due 2021"), $193.6 million of which are held by Total, for which we believe our projected cash and cash equivalents including proceeds received from the proposed spin-off ("Spin-Off") of Maxeon Solar Technologies, Ltd. (“Maxeon Solar”) will be adequate. Related to this transaction, we have satisfied the substantive closing conditions to the proposed investment by Tianjin Zhonghuan Semiconductor Co., Ltd., (“TZS”), a PRC joint stock limited company, into the Maxeon Solar business including, among other things, the SEC declaring the Maxeon Solar Form 20-F effective under the Exchange Act and entering into financing arrangements for available borrowing capacity of no less than $325.0 million. The remaining corporate and other actions necessary to execute and consummate the Spin-Off transaction include the funding into escrow of the final remaining portion of the TZS investment, and we currently expect the Spin-Off to be completed before the end of the third fiscal quarter of 2020. Assuming the Spin-Off is completed as planned, we believe that together with our projected cash and cash equivalents, it will generate sufficient proceeds to satisfy our debt obligations under the 0.875% debentures due 2021, however the completion of this transaction is not certain until the actual closing. In addition, if the Spin-Off transaction is not completed as planned, we have historically been successful in our ability to divest certain investments and non-core assets, secure other sources of financing, such as accessing the capital markets, and implement other cost reduction initiatives such as restructuring, to satisfy our liquidity needs; however, our ability to take these steps may be adversely affected by many factors impacting us and the markets generally, including COVID-19. Even when we can access capital markets, the terms available to us from these sources could be materially and adversely impacted, which may result in less favorable terms than we would ordinarily expect to receive. If these alternative actions were necessary, we believe they could be implemented prior to the maturity date of the 0.875% debentures due 2021.

Although we have historically been able to generate liquidity, we cannot predict, with certainty, the outcome of our actions to generate liquidity as planned. Additionally, we are uncertain of the full extent to which the COVID-19 pandemic will impact our business, operations and financial results over time.


9

Basis of Presentation and Preparation
        
        Principles of Consolidation

        The accompanying condensed consolidated financial statements include the accounts of SunPower and our wholly-owned subsidiaries, and have been prepared by us in accordance with generally accepted accounting principles in the United States ("United States" or "U.S.," and such accounting principles, "U.S. GAAP") for interim financial information, and include the accounts of SunPower, all of our subsidiaries and special purpose entities, as appropriate under U.S. GAAP. All intercompany transactions and balances have been eliminated on consolidation. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The December 29, 2019 consolidated balance sheet data was derived from SunPower’s audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 29, 2019, as filed with the Securities and Exchange Commission ("SEC") on February 18, 2020 but does not include all disclosures required by U.S. GAAP. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in SunPower's Annual Report on Form 10-K for the fiscal year ended December 29, 2019. The operating results for the three and six months ended June 28, 2020 are not necessarily indicative of the results that may be expected for fiscal year 2020, or for any other future period.
        We have a 52-to-53-week fiscal year that ends on the Sunday closest to December 31. Accordingly, every fifth or sixth year will be a 53-week fiscal year. The current fiscal year, fiscal 2020, is a 53-week fiscal year, while fiscal year 2019 was a 52-week fiscal year. The second quarter of fiscal 2020 ended on June 28, 2020, while the second quarter of fiscal 2019 ended on June 30, 2019.
Management Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates in these condensed consolidated financial statements include revenue recognition, specifically the nature and timing of satisfaction of performance obligations, standalone selling price of performance obligations and variable consideration; allowances for credit losses, including estimating macroeconomic factors affecting historical recovery rate of receivables; inventory and project asset write-downs; stock-based compensation; fair value assumptions for solar power systems and other long-lived assets sold under sale-leaseback transactions; long-lived asset impairment, specifically estimates for valuation assumptions including discount rates and future cash flows; economic useful lives of property, plant and equipment, and intangible assets; fair value of investments, including equity investments for which we apply the fair value option and other financial instruments; residual value of solar power systems; valuation of contingencies such as accrued warranty; the incremental borrowing rate used in discounting of lease liabilities; the fair value of indemnities provided to customers and other parties; and income taxes and tax valuation allowances. As a result of the uncertainty involved with industry impacts of COVID-19, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. These estimates may change as impacts become more certain and additional information becomes available, which may result in a significant change to our estimates in future periods. Actual results could materially differ from those estimates.

Summary of Selected Significant Accounting Policies
        
Included below, are selected significant accounting policies that were added or modified during the six months ended June 28, 2020 as a result of new transactions entered into or the adoption of new accounting policies. Refer to our Annual Report on Form 10-K for the fiscal year ended December 29, 2019 for the full list of our significant accounting policies.

Financial Instruments - Credit Losses

Effective December 30, 2019, we adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) and subsequent amendment to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02, and ASU 2020-03 (collectively, "Topic 326"). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. The amendment applies to entities which hold financial assets and net investments in leases that are not accounted for at fair value through net income as well as loans, debt securities, accounts receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For additional information on the changes resulting from the new standard and the impact to our financial results on adoption, refer to the section Recently Adopted Accounting Pronouncements below.

10

We recognize an allowance for credit loss at the time a receivable is recorded based on our estimate of expected credit losses and adjust this estimate over the life of the receivable as needed. We evaluate the aggregation and risk characteristics of a receivable pool and develop loss rates that reflect historical collections, current forecasts of future economic conditions over the time horizon we are exposed to credit risk, and payment terms or conditions that may materially affect future forecasts.

As of June 28, 2020, we reported $157.1 million of accounts receivable, net of allowances of $22.9 million. Based on aging analysis as of June 28, 2020, 72% of our trade accounts receivable was outstanding less than 60 days. Refer to Note 5. Balance Sheet Components, for more details on changes in allowance for credit losses. We are continuing to actively monitor the impact of the COVID-19 pandemic on our expected credit losses.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued Topic 326, to replace the prior incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in Topic 326 apply to entities which hold financial assets and net investments in leases that are not accounted for at fair value through net income as well as loans, debt securities, accounts receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. We adopted the ASU during the first quarter of fiscal 2020. The adoption did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. We adopted the ASU during first quarter of fiscal 2020. The adoption did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) requiring a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. We adopted the ASU during the first quarter of fiscal 2020. The adoption did not have a material impact on our consolidated financial statements.

In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which broadens the scope of the private company alternative to include all common control arrangements that meet specific criteria (not just leasing arrangements) and also eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest. We adopted the ASU during the first quarter of fiscal 2020. The adoption did not have a material impact on our consolidated financial statements.

In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which 1) clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606; 2) adds unit-of-account guidance in Topic 808 to align with the guidance in Topic 606; and 3) requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. We adopted the ASU during the first quarter of fiscal 2020. The adoption did not have a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We adopted the ASU during the second quarter of fiscal 2020. The adoption did not have a material impact on our consolidated financial statements.


11

Recent Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for us no later than the first quarter of fiscal 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the provisions of ASU 2019-12 on our financial statements and disclosures.

In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendment clarifies accounting for equity investments and non-derivative forward contracts or purchased call options under ASC 321. ASU 2020-01 is effective no later than the first quarter of fiscal 2021. Early adoption is permitted, and the ASU should be applied prospectively. While we are still evaluating the impacts of the provisions of ASU 2020-01 on our financial statements and disclosures, the impact is not expected to be material.

Note 2. TRANSACTIONS WITH TOTAL AND TOTAL SE

In June 2011, Total completed a cash tender offer to acquire 60% of our 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, we entered into a Private Placement Agreement with Total (the "Private Placement Agreement"), under which Total purchased, and we issued and sold, 18.6 million shares of our common stock for a purchase price of $8.80 per share, thereby increasing Total's ownership to approximately 66% of our outstanding common stock as of that date. As of June 28, 2020, ownership of our outstanding common stock by Total SE and its affiliates was approximately 52%.

Supply Agreements

In November 2016, we and Total entered into a four-year, up to 200 megawatts ("MW") supply agreement to support the solarization of certain Total facilities. The agreement covers the supply of 150 MW of E-Series (Maxeon 2) panels with an option to purchase up to another 50 MW of our Performance Line (formerly "P-Series") solar panels. In March 2017, we received a prepayment totaling $88.5 million. The prepayment is secured by assets located in the United States and in Mexico.

We recognize revenue for solar panels supplied under this arrangement consistent with our 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, we started to supply Total with solar panels under the supply agreement and as of June 28, 2020, we had $13.2 million of "contract liabilities, current portion" and $31.9 million of "contract liabilities, net of current portion" on our condensed consolidated balance sheets related to the aforementioned supply agreement (see Note 9. Commitments and Contingencies").

In March 2018, we and Total, each through certain affiliates, entered into an agreement whereby we agreed to sell 3.42 MW of photovoltaic ("PV") 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. Subsequent to the first quarter of fiscal 2018, we have collected all receivables under this agreement.

On January 7, 2019, we and Total, each through certain affiliates, entered into an agreement whereby we agreed to sell 3.7 MW of PV modules to Total for a ground-mounted PV installation in Dubai. This agreement provided for payment from Total in the amount of approximately $1.4 million, 10% of which was received after execution of the agreement. Subsequent to the first quarter of fiscal 2019, we have collected all receivables under this agreement.

On March 4, 2019, we and Total, each through certain affiliates, entered into an agreement whereby we agreed to sell 10 MW of PV modules to Total for commercial rooftop PV installations in Dubai. This agreement provided for payment from Total in the amount of approximately $3.2 million, 10% of which was received in April 2019. Subsequent to the first quarter of fiscal 2019, we have collected all receivables under this agreement.

In December 2019, we and Total, each through certain affiliates, entered into an agreement whereby we agreed to sell 93 MW of PV modules to Total for commercial PV modules in France. This agreement provided for payment from Total in the amount of approximately $38.4 million, 10% of which was received in December 2019.


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In December 2019, we entered into and closed four membership interest purchase and project development agreements to sell our membership interests in certain project companies to Total Strong, LLC., a joint venture between Total and Hannon Armstrong. We recognized revenue of $6.2 million for sales to this joint venture, which is included within "Solar power systems, components, and other" on our consolidated statements of operations for fiscal 2019. During the three months and six months ended June 28, 2020, we recognized revenue of $20.0 million and $31.3 million, respectively, for sales to this joint venture, that included project companies sold in the previous quarters, and continued recognition of EPC revenue for sales in the previous quarters, which is included within "Solar power systems, components, and other" on our condensed consolidated statements of operations.

Affiliation Agreement

We and Total have entered into an Affiliation Agreement that governs the relationship between Total and us (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 SE, and 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 our shares in excess of certain thresholds, or request us or our 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 us.

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 our outstanding voting power and imposes certain limitations on the Total Group's ability to transfer 40% or more of our outstanding shares or voting power to a single person or group that is not a direct or indirect subsidiary of Total SE. 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 our Board of Directors.

The Affiliation Agreement provides Total with the right to maintain its percentage ownership in connection with any new securities issued by us, 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 us and our 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.

0.875% Debentures Due 2021

In June 2014, we issued $400.0 million in principal amount of our 0.875% senior convertible debentures due June 1, 2021 (the "0.875% debentures due 2021"). An aggregate principal amount of $250.0 million of the 0.875% debentures due 2021 were initially acquired by Total. Interest is payable semi-annually, beginning on December 1, 2014. The 0.875% debentures due 2021 are convertible into shares of our common stock at any time based on an initial conversion rate of 20.5071 shares of common stock per $1,000 principal amount of 0.875% senior convertible debentures (which is equivalent to an initial conversion price of approximately $48.76 per share, which provided Total the right to acquire up to 5,126,775 shares of our common stock and now provides the right to acquire 3,969,375 shares of our common stock following the purchase noted below). 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.

During the three months ended March 29, 2020, we purchased $90.3 million of aggregated principal amount of the above convertible debt due 2021 for approximately $87.1 million, net. Total held a principal amount of $56.4 million of the total convertible debt repurchased and the remaining was held by other third-party investors.

4.00% Debentures Due 2023

In December 2015, we issued $425.0 million in principal amount of our 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 our 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 our 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.

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Joint Solar Projects with Total and its Affiliates

We enter into various engineering, procurement, and construction ("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 June 28, 2020, we had $24.0 million of "Contract assets" and $3.5 million of "Accounts receivable, net" on our condensed consolidated balance sheets related to projects in which Total and its affiliates have a direct or indirect material interest.

During the fiscal 2018, in connection with a co-development solar project in Japan among us, Total, and an independent third party, we sold 25% of ownership interests in the co-development solar project to Total, for an immaterial amount of proceeds. We sold the remaining 25% of ownership interest to Total in the six months ended September 29, 2019, for proceeds of $4.6 million, and recognized a gain of $2.9 million, which is included within "other, net" in our condensed consolidated statements of operations for fiscal 2019. Development service revenue of $6.4 million was also recognized during fiscal 2019. We have also agreed to supply solar panels under this arrangement with sales beginning in October 2019 and expected to occur through November 2020. We recognize revenue from these sales consistent with our revenue recognition policy from solar power components.

In connection with a co-development solar project in Chile between us and Total, we sold all of our 50% of ownership interests in the co-development project to Total in fiscal 2019, for proceeds of $14.1 million, and recognized a gain of $11.0 million, which is included within "other, net" in our condensed consolidated statements of operations for fiscal 2019. Further, Total assisted us in obtaining a solar module supply agreement with a third-party construction company building this project. We incurred charges of approximately $10.2 million, for Total's services in assisting us to secure the module supply agreement, that will be paid directly to Total in the third quarter of fiscal 2020. Of the $10.2 million, $4.9 million was recognized in the fourth quarter of fiscal 2019, $3.4 million in the first quarter of fiscal 2020, and the remainder of $1.9 million was recognized in the second quarter of fiscal 2020.

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. Refer to Note 10. Equity Investments for related-party transactions with unconsolidated entities in which we have a direct equity investment.
As of
(In thousands) June 28, 2020 December 29, 2019
Accounts receivable $ 3,501    $ 6,707   
Contract assets 24,034    8,133   
Prepaid and other assets 1,906    —   
Accounts payable 13,309    4,921   
Contract liabilities, current portion1
13,217    18,786   
Contract liabilities, net of current portion1
31,896    35,427   
1 Refer to Note 9. Commitments and Contingencies - Advances from Customers.
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Three Months Ended Six Months Ended
(In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019
Revenue:
Solar power systems, components, and other $ 34,533    $ 6,641    $ 63,779    $ 12,684   
Cost of revenue:
Solar power systems, components, and other 16,475    5,032    44,324    9,374   
Other income
     Gain on early retirement of convertible debt —    —    1,850    —   
Interest expense:
Guarantee fees incurred under the Credit Support Agreement —    93    13    244   
Interest expense incurred on the 0.875% debentures due 2021
428    547    832    1,094   
Interest expense incurred on the 4.00% debentures due 2023
1,000    1,000    1,998    2,000   

Note 3. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

The following tables represent disaggregated revenue from contracts with customers for the three and six months ended June 28, 2020, and June 30, 2019 along with the reportable segment for each category:

Three Months Ended
(In thousands) SunPower Technologies SunPower Energy Services Total Revenue
Category   June 28, 2020   June 30, 2019 June 28, 2020   June 30, 2019   June 28, 2020   June 30, 2019
Module and component sales   $ 83,237    $ 113,805    $ 113,345    $ 143,707    $ 196,582    $ 257,512   
Solar power systems sales and EPC services   51,791    110,749    89,885    47,304    141,676    158,053   
Operations and maintenance —    —    9,397    11,276    9,397    11,276   
Residential leasing —    —    1,329    1,676    1,329    1,676   
Solar services1
—    —    3,930    7,764    3,930    7,764   
Revenue   $ 135,028    $ 224,554    $ 217,886    $ 211,727    $ 352,914    $ 436,281   


Six Months Ended
(In thousands) SunPower Technologies SunPower Energy Services Total Revenue
Category June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019
Module and component sales $ 177,535    $ 193,328    $ 279,083    $ 259,363    $ 456,618    $ 452,691   
Solar power systems sales and EPC services 116,814    201,230    193,689    93,842    310,503    295,072   
Operations and maintenance —    —    24,467    20,520    24,467    20,520   
Residential leasing —    —    2,653    5,560    2,653    5,560   
Solar services1
—    —    7,863    10,663    7,863    10,663   
Revenue $ 294,349    $ 394,558    $ 507,755    $ 389,948    $ 802,104    $ 784,506   

1Upon adoption of ASC 842, revenues from residential leasing are being accounted for under ASU No. 2014-09 ("ASC 606") and recorded under 'Solar services'
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We recognize revenue for sales of modules and components 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, and we recognize revenue for operations and maintenance and solar services over the term of the service period.

For EPC revenue and solar power systems sales, we commence recognizing revenue when control of the underlying system transfers to the customer and continue 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. For contracts in which we sell membership interests in certain project companies that are owned by a to joint venture formed between Total and Hannon Armstrong, we recognize revenue for the initial development and other solar assets at the point that control transfers to the customer, and we recognize continuing EPC revenue for work provided to the joint venture over time as work is performed.

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, we recognize the entire estimated loss in the period the loss becomes known. For contracts with post-installation systems monitoring and maintenance, we recognize revenue related to systems monitoring and maintenance over the non-cancellable contract term on a straight-line basis.

Changes in estimates for 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) change orders, or (iv) changes in other information used to estimate costs. Changes in estimates may have a material effect in our condensed 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 and six months ended June 28, 2020 and June 30, 2019 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 an impact on revenue and or cost 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 Six Months Ended
(In thousands, except number of projects) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019
Decrease in revenue from net changes in transaction prices $ (308)   $ —    $ (308)   $ (3,301)  
Increase (decrease) in revenue from net changes in input cost estimates 1,082    —    (51)   2,410   
Net decrease in revenue from net changes in estimates $ 774    $ —    (359)   $ (891)  
 
Number of projects 1 2 1
Net change in estimate as a percentage of aggregate revenue for associated projects 11.5  % —  % (0.3) % (11.3) %

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. Refer to "Note 5. Balance Sheet Components" for further details.


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During the three and six months ended June 28, 2020, the decrease in contract assets of $0.1 million and $0.4 million, respectively, was primarily driven by billings for commercial projects where certain milestones had been reached as well as changes in estimates of variable consideration due for previous sales of certain power plant projects. During the three and six months ended June 30, 2019, the decrease in contract assets of $5.7 million and $7.4 million, respectively, was primarily driven by billings for commercial projects where certain milestones had been reached. During the three and six months ended June 28, 2020, the decrease in contract liabilities of $37.5 million and $53.7 million, respectively, was primarily due to the utilization of customer advances. During the three months ended June 30, 2019, the increase in contract liabilities of $17.4 million was primarily due to customer advances. During the six months ended June 30, 2019, the decrease in contract liabilities of $18.6 million was primarily due to utilization of customer advances, reclassification of contract liabilities related to sale-leaseback arrangements to lease liabilities, and adjustment for a portion of deferred profit on sale-leaseback arrangements to retained earnings, upon adoption of ASC 842. During the three and six months ended June 28, 2020, we recognized revenue of $38.6 million and $69.4 million that was included in contract liabilities as of March 29, 2020 and December 29, 2019, respectively. During the three and six months ended June 30, 2019, we recognized revenue of $29.6 million and $41.6 million, respectively, that was included in contract liabilities as of March 31, 2019 and December 30, 2018, respectively.

The following table represents our remaining performance obligations as of June 28, 2020 for EPC agreements for projects that we are constructing or expect to construct. We expect to recognize $199.3 million of revenue upon transfer of control of the projects.
Project Revenue Category EPC Contract/Partner Developed Project Expected Year Revenue Recognition Will Be Completed Average Percentage of Revenue Recognized
Various Distribution Generation Projects Solar power systems sales and EPC services Various 2021 68.2%

As of June 28, 2020, we have entered into contracts with customers for sales of modules, components, and residential solar systems, for an aggregate transaction price of $369.8 million, the substantial majority of which we expect to recognize over the next 12 months.