Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'FIRST SOLAR, INC. | ' |
Entity Central Index Key | '0001274494 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 99,440,100 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $1,265,587 | $839,147 | $2,540,552 | $2,293,534 |
Cost of sales | 901,553 | 600,431 | 1,867,094 | 1,734,332 |
Gross profit | 364,034 | 238,716 | 673,458 | 559,202 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 34,984 | 32,372 | 95,879 | 100,821 |
Selling, general and administrative | 63,870 | 73,507 | 204,600 | 217,511 |
Production start-up | 0 | 1,595 | 2,768 | 6,186 |
Restructuring and asset impairments | 57,276 | 24,197 | 62,004 | 444,262 |
Total operating expenses | 156,130 | 131,671 | 365,251 | 768,780 |
Operating income (loss) | 207,904 | 107,045 | 308,207 | -209,578 |
Foreign currency (loss) gain | -705 | 3 | -155 | 34 |
Interest income | 4,197 | 3,405 | 12,549 | 9,695 |
Interest expense, net | -275 | -2,902 | -1,900 | -11,194 |
Other income (expense), net | -2,433 | 3,210 | -2,762 | 665 |
Income (loss) before income taxes | 208,688 | 110,761 | 315,939 | -210,378 |
Income tax expense | 13,650 | 22,844 | 28,161 | 40,138 |
Net income (loss) | $195,038 | $87,917 | $287,778 | ($250,516) |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | $1.98 | $1.01 | $3.14 | ($2.89) |
Diluted | $1.94 | $1 | $3.08 | ($2.89) |
Weighted-average number of shares used in per share calculations: | ' | ' | ' | ' |
Basic | 98,720 | 86,992 | 91,751 | 86,785 |
Diluted | 100,378 | 87,765 | 93,517 | 86,785 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $195,038 | $87,917 | $287,778 | ($250,516) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 2,781 | 2,600 | 1,204 | 6,314 |
Unrealized (loss) gain on marketable securities and restricted investments | -6,314 | 11,009 | -33,684 | 19,571 |
Unrealized loss on derivative instruments | -2,134 | -9,879 | -5,071 | -22,594 |
Other comprehensive income (loss), net of tax | -5,667 | 3,730 | -37,551 | 3,291 |
Comprehensive income (loss) | $189,371 | $91,647 | $250,227 | ($247,225) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $1,192,648 | $901,294 | ||
Marketable securities | 339,236 | 102,578 | ||
Accounts receivable trade, net | 147,741 | 553,567 | ||
Accounts receivable, unbilled and retainage | 436,773 | 400,987 | ||
Inventories | 311,700 | 434,921 | ||
Balance of systems parts | 139,937 | 98,903 | ||
Deferred project costs | 752,241 | 21,390 | ||
Deferred tax assets, net | 24,649 | 44,070 | ||
Assets Held-for-sale | 164,358 | 49,521 | ||
Note receivable affiliate | 0 | 17,725 | ||
Prepaid expenses and other current assets | 87,283 | 207,368 | ||
Total current assets | 3,596,566 | 2,832,324 | ||
Property, plant and equipment, net | 1,397,784 | 1,525,382 | ||
Project assets and deferred project costs | 590,897 | 845,478 | ||
Deferred tax assets, net | 324,275 | 317,473 | ||
Restricted cash and investments | 278,753 | 301,400 | ||
Goodwill | 84,985 | 65,444 | ||
Inventories | 130,811 | [1] | 134,375 | [1] |
Retainage | 277,960 | 270,364 | ||
Other assets | 180,679 | 56,452 | ||
Total assets | 6,862,710 | 6,348,692 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 184,837 | 350,230 | ||
Income taxes payable | 6,337 | 5,474 | ||
Accrued expenses | 364,545 | 554,433 | ||
Current portion of long-term debt | 60,329 | 62,349 | ||
Payments and billings for deferred project costs | 888,124 | 94,535 | ||
Other current liabilities | 132,014 | 34,353 | ||
Total current liabilities | 1,636,186 | 1,101,374 | ||
Accrued solar module collection and recycling liability | 214,262 | 212,835 | ||
Long-term debt | 168,885 | 500,223 | ||
Payments and billings for deferred project costs | 10,502 | 636,518 | ||
Other liabilities | 413,500 | 292,216 | ||
Total liabilities | 2,443,335 | 2,743,166 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 99,438,507 and 87,145,323 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 99 | 87 | ||
Additional paid-in capital | 2,629,137 | 2,065,527 | ||
Accumulated earnings | 1,817,511 | 1,529,733 | ||
Accumulated other comprehensive (loss) income | -27,372 | 10,179 | ||
Total stockholders' equity | 4,419,375 | 3,605,526 | ||
Total liabilities and stockholders' equity | $6,862,710 | $6,348,692 | ||
[1] | We purchase a critical raw material that is used in our core production process in quantities that exceed anticipated consumption within our operating cycle (which is 12 months). We classify the raw materials that we do not expect to be consumed within our operating cycle as noncurrent. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 99,438,507 | 87,145,323 |
Common Stock, Shares, Outstanding | 99,438,507 | 87,145,323 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $3,163,872 | $2,300,563 |
Cash paid to suppliers and associates | -2,464,442 | -1,811,748 |
Interest received | 4,874 | 3,644 |
Interest paid | -8,845 | -16,982 |
Income tax refunds | 5,924 | 22,418 |
Excess tax benefit from share-based compensation arrangements | -33,958 | -61,571 |
Other operating activities | -3,505 | -1,674 |
Net cash provided by operating activities | 663,920 | 434,650 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -226,360 | -339,213 |
Purchases of marketable securities | -321,086 | -18,842 |
Proceeds from maturities and sales of marketable securities | 81,684 | 98,857 |
Investment in note receivable, affiliate | 0 | -21,659 |
Payments received on note receivable, affiliate | 17,108 | 4,369 |
Purchase of restricted investments | 0 | -80,667 |
Change in restricted cash | 5,136 | 20,264 |
Acquisitions, net of cash acquired | -30,745 | -2,437 |
Purchase of equity and cost method investments | -17,871 | 5,000 |
Other investing activities | -1,610 | 0 |
Net cash used in investing activities | -493,744 | -344,328 |
Cash flows from financing activities: | ' | ' |
Repayments of long-term debt | -664,443 | -953,212 |
Proceeds from borrowings under long-term debt, net of discount and issuance costs | 333,012 | 815,000 |
Excess tax benefit from share-based compensation arrangements | 33,958 | 61,571 |
Repayment of economic development funding | -8,315 | -6,820 |
Proceeds from equity offering, net of issuance costs | 428,190 | 0 |
Contingent consideration payments and other financing activities | -3,521 | -766 |
Net cash provided by (used in) financing activities | 118,881 | -84,227 |
Effect of exchange rate changes on cash and cash equivalents | 2,297 | 2,985 |
Net increase in cash and cash equivalents | 291,354 | 9,080 |
Cash and cash equivalents, beginning of the period | 901,294 | 605,619 |
Cash and cash equivalents, end of the period | 1,192,648 | 614,699 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Property, plant and equipment acquisitions funded by liabilities | 62,943 | 56,590 |
Acquisitions funded by liabilities and contingent consideration | 109,106 | 0 |
Settlement of long-term debt | '0 | '4802 |
Shares issued for acquisition | $83,755 | $0 |
1_Basis_of_Presentation
1. Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of First Solar, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013, or for any other period. The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements and notes should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2012 included in our Annual Report on Form 10-K filed with the SEC. | |
Certain prior year balances have been reclassified to conform to the current year’s presentation. Such reclassifications did not affect total cash flows, total net sales, operating income, net income, total assets, total liabilities or stockholders’ equity. | |
Unless expressly stated or the context otherwise requires, the terms “the Company,” “we,” “our,” “us,” and “First Solar” refer to First Solar, Inc. and its subsidiaries. | |
During the nine months ended September 30, 2012, we corrected three errors that aggregated to a gross overstatement of net loss by $7.8 million in both actual and absolute terms for the year ended December 31, 2011, with such correction having the effect of reducing net loss by $7.8 million in the aggregate for the nine months ended September 30, 2012. | |
The first error was an overstatement of $4.9 million in net loss related to “cut-off” of our inventories and balance of systems parts that had been installed in our systems business projects and accounted for under the percentage-of-completion method, but remained in inventories and balance of systems parts as of December 31, 2011. Accordingly, the value of the installed inventories and balance of system parts was not included in the incurred cost portion of our percentage-of-completion calculations. The overstatement in net loss was comprised of (a) an understatement of $13.6 million in net sales, (b) an understatement of $8.4 million in cost of sales, (c) an overstatement of $8.4 million in inventories and balance of systems parts and (d) an overstatement of $0.3 million due to the associated impact to our income tax expense. The second error was an overstatement of $2.5 million in net loss related to an understatement in our income tax benefit for the year ended December 31, 2011, related to a benefit associated with Subpart F foreign tax credits. The remaining error was an overstatement of $0.4 million in operating expenses due to a miscellaneous item that was considered in our overall evaluation of materiality, but is considered to be individually insignificant. | |
In evaluating whether these errors, individually and in the aggregate, and the corrections of the errors had a material impact on the quarterly periods such errors and corrections related to, we evaluated both the quantitative and qualitative impact to our condensed consolidated financial statements for such periods. We considered a number of qualitative factors, including, among others, that the errors and the correction of the errors did not change a net loss into net income or vice versa, did not have an impact on our long-term debt covenant compliance, and did not mask a change in earnings or other trends when considering the overall competitive and economic environment within the our industry during 2011 and 2012. | |
Based upon our quantitative and qualitative evaluation, management has determined that the errors and the correction of such errors did not have a material impact on the periods to which they related. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Use of Estimates. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and the accompanying notes. Significant estimates in these condensed consolidated financial statements include percentage-of-completion revenue recognition, inventory valuation, recoverability of project assets, estimates of future cash flows from and the economic useful lives of long-lived assets, certain accrued liabilities, income taxes and tax valuation allowances, reportable segment allocations, product warranties and manufacturing excursions, accrued collection and recycling expense, applying the acquisition method of accounting for business combinations and goodwill. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from these estimates and assumptions. | |
Revenue Recognition — Systems Business. We recognize revenue for arrangements entered into by our systems business generally using two revenue recognition models, following the guidance in Accounting Standards Codification (“ASC”) 605, Accounting for Long-term Construction Contracts or, for arrangements which include land or land rights, ASC 360, Accounting for Sales of Real Estate. | |
For systems business sales arrangements that do not include land or land rights and thus are accounted for under ASC 605, we use the percentage-of-completion method, as described further below, using actual costs incurred over total estimated costs to develop and construct a project (including module costs) as our standard accounting policy, unless we cannot make reasonably dependable estimates of the costs to complete the contract, in which case we would use the completed contract method. | |
For systems business sales arrangements that are accounted for under ASC 360, where we convey control of land or land rights, we record the sale as revenue using one of the following revenue recognition methods, based upon evaluation of the substance and form of the terms and conditions of such real estate sales arrangements: | |
(i) We apply the percentage-of-completion method, as further described below, to certain real estate sales arrangements covered under ASC 360, when a sale has been consummated, we have transferred the usual risks and rewards of ownership to the buyer, the initial and continuing investment criteria have been met, we have the ability to estimate our costs and progress toward completion, and all other revenue recognition criteria have been met. The initial and continuing investment requirements, which demonstrate a buyer’s commitment to honor their obligations for the sales arrangement, can typically be met through the receipt of cash or an irrevocable letter of credit from a highly credit worthy lending institution. When evaluating whether the usual risks and rewards of ownership have transferred to the buyer, we consider whether we have or may be contingently required to have any prohibited forms of continuing involvement with the project. Prohibited forms of continuing involvement in a real estate sales arrangement may include us retaining risks or rewards associated with the project that are not customary with the range of risks or rewards that an engineering, procurement and construction (“EPC”) contractor may assume. | |
(ii) Depending on whether the initial and continuing investment requirements have been met, and whether collectability from the buyer is reasonably assured, we may align our revenue recognition and release of project assets or deferred project costs to cost of sales with the receipt of payment from the buyer if the sale has been consummated and we have transferred the usual risks and rewards of ownership to the buyer. | |
(iii) We may also record revenue for certain sales arrangements after construction of discrete portions of a project or after the entire project is substantially complete, we have transferred the usual risks and rewards of ownership to the buyer, and we have received substantially all payments due from the buyer or the initial and continuing investment criteria have been met. | |
For any systems business sales arrangements containing multiple deliverables (including our solar modules) not required to be accounted for under ASC 360 (real estate) or ASC 605 (long-term construction contracts), we analyze each activity within the sales arrangement to ensure that we adhere to the separation guidelines of ASC 605 for multiple-element arrangements. We allocate revenue for any transactions involving multiple elements to each unit of accounting based on its relative selling price, and recognize revenue for each unit of accounting when all revenue recognition criteria for a unit of accounting have been met. | |
Revenue Recognition - Percentage-of-Completion. In applying the percentage-of-completion method, we use the actual costs incurred relative to estimated costs to complete (including module costs) in order to estimate the progress towards completion to determine the amount of revenue and profit to recognize. Incurred costs include all installed direct materials, installed solar modules, labor, subcontractor costs, and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. We recognize direct material and solar module costs as incurred costs when the direct materials and solar modules have been installed in the project. When contracts specify that title to direct materials and solar modules transfers to the customer before installation has been performed, we will not recognize revenue or associated costs until those materials are installed and have met all other revenue recognition requirements. We consider direct materials and solar modules to be installed when they are permanently placed or affixed to a solar power system as required by engineering designs. Solar modules manufactured by us that will be used in our solar power systems, which we still hold title to, remain within inventory until such modules are installed in a solar power system. | |
The percentage-of-completion method of revenue recognition requires us to make estimates of contract revenues and costs to complete our projects. In making such estimates, management judgments are required to evaluate significant assumptions including the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, the amount of net contract revenues and the impact of any penalties, claims, change orders, or performance incentives. | |
If estimated total costs on any contract are greater than the contract revenues, we recognize the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to contract revenues and costs to complete contracts, including penalties, incentive awards, claims, change orders, anticipated losses and others are recorded in the period in which the revisions to estimates are identified and can be reasonably estimated. The effect of the changes on future periods are recognized as if the revised estimates had been used since revenue was initially recognized under the contract. Such revisions could occur in any reporting period and the effects may be material depending on the size of the contracts or changes in estimate. | |
Revenue Recognition - Components Business. Our components business sells solar modules directly to third party solar power system integrators and operators. We recognize revenue for module sales when persuasive evidence of an arrangement exists, delivery of the module has occurred and title and risk of loss have passed to the customer, the sales price is fixed or determinable, and the collectability of the resulting receivable is reasonably assured. Under this policy, we record a trade receivable for the selling price of our module and reduce inventory for the cost of goods sold when delivery occurs in accordance with the terms of the sales contracts. Our customers typically do not have extended payment terms or rights of return for our products. We account for rebates or other customer incentives as a reduction to the selling price of our solar modules at the time of sale; and therefore, as a reduction to revenue. | |
Ventures and Variable Interest Entities. In the normal course of business we establish wholly owned project companies which may be considered variable interest entities. We consolidate wholly owned variable interest entities, even if there are other variable interests in such entities, as we are considered the primary beneficiary of such entities. Additionally, we have and may in the future form joint venture type arrangements (“ventures”), including partnerships and partially owned limited liability companies or similar legal structures, with one or more third parties primarily to develop and build specific or a pipeline of solar power projects. These types of ventures are core to our business and long-term strategy related to providing solar photovoltaic (“PV”) generation solutions using our modules to sustainable geographic markets. In accordance with ASC 810, Consolidations, we analyze all of our ventures and classify them into two groups: (i) ventures that must be consolidated because they are either not variable interest entities (“VIEs”) and we hold the majority voting interest, or because they are VIEs and we are the primary beneficiary; and (ii) ventures that do not need to be consolidated and are accounted for under either the equity or cost methods of accounting because they are either not VIEs and we hold a minority voting interest, or because they are VIEs and we are not the primary beneficiary. | |
Ventures are considered VIEs if (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (ii) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns; or (iii) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. Our venture agreements typically require some form of project development capital or project equity ranging from amounts necessary to obtain a power purchase agreements (“PPA”) (or similar power off-take agreement) to a pro-rata portion of the total equity required to develop and complete construction of a project, depending upon the opportunity and the market our ventures are in. Our limited number of ventures as of September 30, 2013 and future ventures of a similar nature are typically VIEs because the total equity investment at risk is not sufficient to permit the ventures to finance their activities without additional financial support. | |
We are considered the primary beneficiary of and are required to consolidate a VIE if we have the power to direct the activities that most significantly impact that VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of that VIE that could potentially be significant to the VIE. If we determine that we do not have the power to direct the activities that most significantly impact the venture, then we are not primary beneficiary of the VIE. | |
We account for our unconsolidated ventures using either the equity or cost methods of accounting depending upon whether we have the ability to exercise significant influence over a venture. We consider the participating and protective rights we have as well as the legal form of the venture when evaluating whether we have the ability to exercise significant influence, which requires us to apply the equity method of accounting. Income from ventures for the three and nine months ended September 30, 2013 was immaterial to the condensed consolidated statements of operations. | |
Refer to Note 2. “Summary of Significant Accounting Policies,” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012 for a more complete summary of our significant accounting policies. |
3_Recent_Accounting_Pronouncem
3. Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
3. Recent Accounting Pronouncements | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, updated by ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of their financial statements to understand the effect of those arrangements on their financial position. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. ASU 2011-11, as amended by ASU 2013-01, is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of ASU 2011-11, as amended by ASU 2013-01, in the first quarter of 2013, did not have an impact on our consolidated financial position, results of operations, or cash flows. | |
In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset (excluding goodwill) is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of ASU 2012-02, in the first quarter of 2013, did not have an impact on our consolidated financial position, results of operations, or cash flows. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 supersedes and replaces the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05 and 2011-12 for all public and private organizations. The amendment requires that an entity must report the effect of significant reclassifications out of accumulated other comprehensive income by the respective line items in net income if the amount being reclassified is required under U.S. GAAP. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The adoption of ASU 2013-02, in the first quarter of 2013, did not have an impact on our consolidated financial position, results of operations or cash flows. | |
In March 2013, the FASB issued ASU 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which applies to the release of cumulative translation adjustments into net income when a parent (i) sells a part or all of its investment in a foreign entity (ii) no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity, (iii) sells part of an equity method investment of a foreign entity, or (iv) obtains control of a foreign acquiree in which such parent held an equity interest immediately before the acquisition date through a step acquisition. We are currently analyzing the impact of ASU 2013-15, which will be effective in the first quarter of 2014, on our consolidated financial position, results of operations, or cash flows. | |
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815), Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. ASU 2013-10 permits, in addition to U.S. treasury interest rates and the London Interbank Offered Rate (“LIBOR”), the Fed Funds Effective Swap Rate (“OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes. ASU 2013-10 also removes the restriction on using different benchmark rates for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 in the third quarter of 2013 did not have an impact on our consolidated financial position, results of operations, or cash flows. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists. ASU No. 2013-11 provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. That exception states that, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently analyzing the impact of ASU 2013-11, which will be effective in the first quarter of 2014, on our consolidated financial position, results of operations, or cash flows. |
4_Restructuring
4. Restructuring | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring | ' | ||||||||||||||||
4. Restructuring and Asset Impairments | |||||||||||||||||
Restructuring | |||||||||||||||||
The activity related to our restructuring charges for material restructuring initiatives through September 30, 2013 are as follows: | |||||||||||||||||
February 2012 Manufacturing Restructuring | |||||||||||||||||
In February 2012, executive management completed an evaluation of and approved a set of manufacturing capacity and other initiatives primarily intended to adjust our previously planned manufacturing capacity expansions and global manufacturing footprint. The primary goal of these initiatives was to better align production capacity and geographic location of such capacity with expected geographic market requirements and demand. As of September 30, 2013, $5.1 million remains accrued for asset impairment related charges from the February 2012 manufacturing restructuring and is included within other liabilities. We do not expect to incur any additional expense for the February 2012 manufacturing restructuring initiatives. | |||||||||||||||||
April 2012 European Restructuring | |||||||||||||||||
In April 2012, executive management approved a set of restructuring initiatives intended to align the organization with our Long Term Strategic Plan including expected sustainable market opportunities and to reduce costs. As part of these initiatives, we substantially reduced our European operations including the closure of our manufacturing operations in Frankfurt (Oder), Germany at the end of 2012. Due to the lack of policy support for utility-scale solar projects in Europe at that time, we did not believe there was a business case for continuing manufacturing operations in Germany or to proceed with the previously announced 2-line plant in France. Additionally, we substantially reduced the size of our operations in Mainz, Germany and elsewhere in Europe. After the closure of our Frankfurt (Oder) manufacturing operations, which was comprised of eight production lines, at the end of 2012, First Solar’s installed manufacturing capacity consists of 24 production lines in Kulim, Malaysia and four production lines in Perrysburg, Ohio. | |||||||||||||||||
In connection with these restructuring initiatives, we incurred total charges to operating expense of $5.4 million during the nine months ended September 30, 2013. These total charges consisted of (i) $1.9 million in asset impairments and asset impairment related charges, primarily related to the closure of the Frankfurt (Oder) plants; and (ii) $3.5 million in severance and termination related costs. | |||||||||||||||||
The following table summarizes the April 2012 European restructuring amounts remaining as of December 31, 2012, amounts recorded to restructuring expense during the three and nine months ended September 30, 2013, and the remaining balance at September 30, 2013 (in thousands): | |||||||||||||||||
April 2012 European Restructuring | Asset Impairments and Related Costs | Severance and Termination Related Costs | Grant Repayments | Total | |||||||||||||
Ending Balance at December 31, 2012 | $ | 16,625 | $ | 25,717 | $ | 8,400 | $ | 50,742 | |||||||||
Charges to Income | — | 2,347 | — | 2,347 | |||||||||||||
Change in Estimates | — | — | — | — | |||||||||||||
Cash Payments | (7,193 | ) | (6,720 | ) | (8,315 | ) | (22,228 | ) | |||||||||
Non-Cash Amounts Including Foreign Exchange Impact | (304 | ) | (718 | ) | (85 | ) | (1,107 | ) | |||||||||
Ending Balance at March 31, 2013 | 9,128 | 20,626 | — | 29,754 | |||||||||||||
Charges to Income | 2,170 | 1,185 | — | 3,355 | |||||||||||||
Change in Estimates | (945 | ) | (29 | ) | — | (974 | ) | ||||||||||
Cash Payments | (6,597 | ) | (13,563 | ) | — | (20,160 | ) | ||||||||||
Non-Cash Amounts Including Foreign Exchange Impact | (771 | ) | 316 | — | (455 | ) | |||||||||||
Ending Balance at June 30, 2013 | 2,985 | 8,535 | — | 11,520 | |||||||||||||
Charges to Income | 1,981 | 28 | — | 2,009 | |||||||||||||
Change in Estimates | (1,320 | ) | (23 | ) | — | (1,343 | ) | ||||||||||
Cash Payments | (866 | ) | (4,820 | ) | — | (5,686 | ) | ||||||||||
Non-Cash Amounts Including Foreign Exchange Impact | (1,882 | ) | 281 | — | (1,601 | ) | |||||||||||
Ending Balance at September 30, 2013 | $ | 898 | $ | 4,001 | $ | — | $ | 4,899 | |||||||||
Expenses recognized for restructuring activities are presented in “Restructuring and asset impairments” on the condensed consolidated statements of operations. Substantially all expenses related to the April 2012 European restructuring were related to our components segment. | |||||||||||||||||
Asset Impairments | |||||||||||||||||
On October 3, 2013, we entered into an agreement to sell our facility in Mesa, Arizona. The facility consists of land, a building, and certain fixtures and improvements. The facility currently houses our Operations & Maintenance (“O&M”) capabilities as well as certain equipment and inventory. The facility was originally designed to house a cadmium telluride (“CdTe”) PV module manufacturing factory; however, we never commissioned manufacturing at the facility. As a result of the sales agreement, we have classified the Mesa facility as “Assets held for sale” in the condensed consolidated balance sheet as of September 30, 2013 and recognized a $56.6 million asset impairment charge during the third quarter of 2013, which lowered the book value of the facility to fair value, less costs to sell. We expect the cash proceeds, net of costs to sell to be approximately $115 million. |
5_Acquistions
5. Acquistions | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
5. Business Acquisitions | |
General Electric | |
In August 2013, we acquired all of the cadmium telluride PV specific intellectual property assets (“GE Intellectual Property”) of General Electric Company (“GE”) pursuant to a Master Transaction Agreement and an Intellectual Property Purchase Agreement (the “Agreements”), by and between First Solar and GE and certain of their subsidiaries. Pursuant to the Agreements, First Solar received the GE Intellectual Property and GE received 1,750,000 shares of First Solar common stock, which had a market value of $83.8 million on August 5, 2013. The GE Intellectual Property included trade secrets, technology, business and technical information and know-how, databases, and other confidential and proprietary information as well as solar manufacturing processes and protocols. The combination of the GE Intellectual Property and our existing manufacturing capacity is expected to further advance CdTe technology and to achieve a more rapid increase in module efficiency. | |
In connection with applying the acquisition method of accounting, $73.7 million of the purchase price consideration was assigned to an in-process research and development (“IPR&D”) intangible asset at fair value that will be amortized over its useful life upon successful completion of the project or expensed earlier if impaired and $10.1 million was assigned to goodwill. The pro forma effect of this all-stock acquisition was not material to our historical condensed consolidated balance sheets, results of operations or cash flows. Substantially all of the goodwill and intangible assets recorded for this acquisition are deductible for tax purposes. | |
TetraSun | |
In April 2013, we acquired 100%, of the stock not previously owned by us, of TetraSun, Inc. (“TetraSun”), a development stage company that is in advanced stages of developing high efficiency crystalline silicon technology that is expected to provide improvements in performance relative to conventional crystalline silicon solar modules. | |
The all-cash acquisition was not material to our historical condensed consolidated balance sheets, results of operations or cash flows. We have included the financial results of TetraSun in our condensed consolidated financial statements from the date of acquisition. | |
In connection with applying the acquisition method of accounting, $39.1 million of the purchase price consideration was assigned to an IPR&D intangible asset that will be amortized over its useful life upon successful completion of the project or expensed earlier if impaired and $6.1 million was assigned to goodwill. | |
Solar Chile | |
In January 2013, we acquired 100% of the ownership interest of Solar Chile S.A. (“Solar Chile”), a Chilean-based solar project development company with substantially all of its assets being a portfolio of early to mid-stage utility-scale PV power projects in northern Chile, in an all-cash transaction which was not material to our historical condensed consolidated balance sheets, results of operations or cash flows. We have included the financial results of Solar Chile in our condensed consolidated financial statements from the date of acquisition. |
6_Cash_Cash_Equivalents_Market
6. Cash, Cash Equivalents, Marketable Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Cash, Marketable Securities And Investments Note [Abstract] | ' | ||||||||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities | ' | ||||||||||||||||||||||||
6. Cash, Cash Equivalents, and Marketable Securities | |||||||||||||||||||||||||
Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cash: | |||||||||||||||||||||||||
Cash | $ | 1,128,573 | $ | 889,065 | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Commercial paper | — | 1,500 | |||||||||||||||||||||||
Money market funds | 64,075 | 10,729 | |||||||||||||||||||||||
Total cash and cash equivalents | 1,192,648 | 901,294 | |||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Commercial paper | 1,699 | 1,698 | |||||||||||||||||||||||
Corporate debt securities | 137,033 | 23,384 | |||||||||||||||||||||||
Federal agency debt | 22,119 | 29,936 | |||||||||||||||||||||||
Foreign agency debt | 110,261 | 7,233 | |||||||||||||||||||||||
Foreign government obligations | 25,156 | 4,142 | |||||||||||||||||||||||
Supranational debt | 39,466 | 34,181 | |||||||||||||||||||||||
U.S. government obligations | 3,502 | 2,004 | |||||||||||||||||||||||
Total marketable securities | 339,236 | 102,578 | |||||||||||||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 1,531,884 | $ | 1,003,872 | |||||||||||||||||||||
We have classified our marketable securities as “available-for-sale.” Accordingly, we record them at fair value and account for net unrealized gains and losses as a part of other comprehensive income (loss). We report realized gains and losses on the sale or maturity of our marketable securities in other income (expense), net computed using the specific identification method. We may sell these securities prior to their stated maturities after consideration of our liquidity requirements. We view securities with maturities beyond 12 months as available to support current operations, and accordingly we classify all such securities as current assets under the caption marketable securities in the accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2013 and 2012, we realized an immaterial amount of gains and losses on the sale or maturities of our marketable securities. See Note 12. “Fair Value Measurements,” to our condensed consolidated financial statements for information about the fair value of our marketable securities. | |||||||||||||||||||||||||
All of our available-for-sale marketable securities are subject to a periodic impairment review. We consider a marketable security to be impaired when its fair value is less than its cost, in which case we would further review the marketable security to determine whether it is other-than-temporarily impaired. When we evaluate a marketable security for other-than-temporary impairment, we review factors such as the length of time and extent to which its fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, our intent to sell, and whether it is more-likely-than-not that we will be required to sell the marketable security before we have recovered its cost basis. If a marketable security were other-than-temporarily impaired, we would write it down through other income (expense), net to its impaired value and establish that as a new cost basis. We did not identify any of our marketable securities as other-than-temporarily impaired at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
The following tables summarize the unrealized gains and losses related to our marketable securities, by major security type, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Commercial paper | $ | 1,699 | $ | — | $ | — | $ | 1,699 | |||||||||||||||||
Corporate debt securities | 137,181 | 13 | 161 | 137,033 | |||||||||||||||||||||
Federal agency debt | 22,108 | 16 | 5 | 22,119 | |||||||||||||||||||||
Foreign agency debt | 110,302 | 18 | 59 | 110,261 | |||||||||||||||||||||
Foreign government obligations | 25,148 | 8 | — | 25,156 | |||||||||||||||||||||
Supranational debt | 39,481 | 28 | 43 | 39,466 | |||||||||||||||||||||
U.S. government obligations | 3,498 | 4 | — | 3,502 | |||||||||||||||||||||
Total | $ | 339,417 | $ | 87 | $ | 268 | $ | 339,236 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Commercial paper | $ | 1,697 | $ | 1 | $ | — | $ | 1,698 | |||||||||||||||||
Corporate debt securities | 23,358 | 26 | — | 23,384 | |||||||||||||||||||||
Federal agency debt | 29,888 | 49 | 1 | 29,936 | |||||||||||||||||||||
Foreign agency debt | 7,266 | — | 33 | 7,233 | |||||||||||||||||||||
Foreign government obligations | 4,138 | 4 | — | 4,142 | |||||||||||||||||||||
Supranational debt | 34,110 | 71 | — | 34,181 | |||||||||||||||||||||
U.S. government obligations | 2,000 | 4 | — | 2,004 | |||||||||||||||||||||
Total | $ | 102,457 | $ | 155 | $ | 34 | $ | 102,578 | |||||||||||||||||
Contractual maturities of our marketable securities as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 83,696 | $ | 37 | $ | 33 | $ | 83,700 | |||||||||||||||||
One year to two years | 246,998 | 47 | 232 | 246,813 | |||||||||||||||||||||
Two years to three years | 8,723 | 3 | 3 | 8,723 | |||||||||||||||||||||
Total | $ | 339,417 | $ | 87 | $ | 268 | $ | 339,236 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 71,225 | $ | 67 | $ | 32 | $ | 71,260 | |||||||||||||||||
One year to two years | 30,707 | 88 | 1 | 30,794 | |||||||||||||||||||||
Two years to three years | 525 | — | 1 | 524 | |||||||||||||||||||||
Total | $ | 102,457 | $ | 155 | $ | 34 | $ | 102,578 | |||||||||||||||||
The net unrealized loss of $0.2 million and net unrealized gain of $0.1 million as of September 30, 2013 and December 31, 2012, respectively, on our marketable securities were primarily the result of changes in interest rates. Our investment policy requires marketable securities to be highly rated and limits the security types, issuer concentration, and duration to maturity of our marketable securities portfolio. | |||||||||||||||||||||||||
The following table shows gross unrealized losses and estimated fair values for those marketable securities that were in an unrealized loss position as of September 30, 2013 and December 31, 2012, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands): | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
In Loss Position for | In Loss Position for | Total | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Corporate debt securities | $ | 105,519 | $ | 161 | $ | — | $ | — | $ | 105,519 | $ | 161 | |||||||||||||
Federal agency debt | 6,006 | 5 | — | — | 6,006 | 5 | |||||||||||||||||||
Foreign agency debt | 87,914 | 59 | — | — | 87,914 | 59 | |||||||||||||||||||
Foreign government obligations | — | — | — | — | — | — | |||||||||||||||||||
Supranational debt | 20,687 | 43 | — | — | 20,687 | 43 | |||||||||||||||||||
U.S. government obligations | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 220,126 | $ | 268 | $ | — | $ | — | $ | 220,126 | $ | 268 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
In Loss Position for | In Loss Position for | Total | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Federal agency debt | $ | 524 | $ | 1 | $ | — | $ | — | $ | 524 | $ | 1 | |||||||||||||
Foreign agency debt | — | — | 5,970 | 33 | 5,970 | 33 | |||||||||||||||||||
Total | $ | 524 | $ | 1 | $ | 5,970 | $ | 33 | $ | 6,494 | $ | 34 | |||||||||||||
7_Restricted_Cash_and_Investme
7. Restricted Cash and Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restricted Cash And Investments Note [Abstract] | ' | ||||||||||||||||
Restricted Cash and Investments Disclosure | ' | ||||||||||||||||
7. Restricted Cash and Investments | |||||||||||||||||
Restricted cash and investments consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Restricted cash (1) | $ | 164 | $ | 184 | |||||||||||||
Restricted investments | 278,589 | 301,216 | |||||||||||||||
Restricted cash and investments | $ | 278,753 | $ | 301,400 | |||||||||||||
-1 | There was $5.1 million of restricted cash included within prepaid expenses and other current assets at December 31, 2012 primarily related to required cash collateral for certain letters of credit provided for projects under development in foreign jurisdictions. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, our restricted investments consisted of long-term marketable securities that we hold through a custodial account to fund the estimated future costs of collecting and recycling modules covered under our solar module collection and recycling program. We have classified our restricted investments as “available-for-sale.” Accordingly, we record them at fair value and account for net unrealized gains and losses as a part of accumulated other comprehensive income (loss). We report realized gains and losses on the maturity or sale of our restricted investments in other income (expense), net computed using the specific identification method. Restricted investments are classified as noncurrent as the underlying accrued solar module collection and recycling liability is also noncurrent in nature. | |||||||||||||||||
We fund the estimated collection and recycling obligations incremental to amounts already pre-funded in prior years for the cumulative module sales covered by our solar module collection and recycling program within 90 days of the end of each year, assuming for this purpose a service life of 25 years for our solar modules. To ensure that our collection and recycling program for covered modules is available at all times and the pre-funded amounts are accessible regardless of our financial status in the future (even in the case of our own insolvency), we have established a trust structure (the “Trust”) under which estimated required funds are put into custodial accounts with an established and reputable bank as the investment advisor in the name of the Trust, for which First Solar, Inc., First Solar Malaysia Sdn. Bhd. (“FS Malaysia”), and First Solar Manufacturing GmbH are grantors. Only the trustee can distribute funds from the custodial accounts and these funds cannot be accessed for any purpose other than to cover qualified costs of module collection and recycling, either by us or a third party executing the required collection and recycling services. Investments in this custodial account must meet the criteria of the highest quality investments, such as highly rated government or agency bonds. We closely monitor our exposure to European markets and maintain holdings primarily consisting of German and French sovereign debt securities which are not currently at risk of default. Under the Trust agreements, each year we determine the annual pre-funding requirement (if any) based upon the difference between the current estimated future costs of collecting and recycling all solar modules covered under our program combined with the rate of return restricted investments will earn prior to being utilized to cover qualified collection and recycling costs and amounts already pre-funded in prior years. Based primarily upon reductions in the estimated future costs of collecting and recycling solar modules covered under our program combined with the cumulative amounts pre-funded since the inception of our program, we have determined that no incremental funding was required in the first quarter of 2013 for all historical covered module sales through December 31, 2012. | |||||||||||||||||
The following table summarizes unrealized gains and losses related to our restricted investments by major security type as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 199,605 | $ | 24,331 | $ | 476 | $ | 223,460 | |||||||||
U.S. government obligations | 55,270 | 2,496 | 2,637 | 55,129 | |||||||||||||
Total | $ | 254,875 | $ | 26,827 | $ | 3,113 | $ | 278,589 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 188,350 | $ | 47,921 | $ | — | $ | 236,271 | |||||||||
U.S. government obligations | 53,368 | 11,577 | — | 64,945 | |||||||||||||
Total | $ | 241,718 | $ | 59,498 | $ | — | $ | 301,216 | |||||||||
As of September 30, 2013 and December 31, 2012, the contractual maturities of these restricted investments were between 14 years and 23 years and were between 15 years and 24 years, respectively. As of September 30, 2013, the gross unrealized loss of $3.1 million had been in a continuous loss position for less than 12 months. |
8_Net_Income_Loss_Per_Share
8. Net Income (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income per Share | ' | ||||||||||||||||
8. Net Income (Loss) per Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed giving effect to all potential dilutive common stock, including employee stock options, restricted and performance stock units, and stock purchase plan shares, unless there is a net loss for the period. In computing diluted earnings per share, we utilize the treasury stock method. | |||||||||||||||||
The calculation of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Basic net income (loss) per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 195,038 | $ | 87,917 | $ | 287,778 | $ | (250,516 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 98,720 | 86,992 | 91,751 | 86,785 | |||||||||||||
Diluted net income (loss) per share | |||||||||||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 98,720 | 86,992 | 91,751 | 86,785 | |||||||||||||
Effect of stock options, restricted and performance stock units, and stock purchase plan shares | 1,658 | 773 | 1,766 | — | |||||||||||||
Weighted-average shares used in computing diluted net income (loss) per share | 100,378 | 87,765 | 93,517 | 86,785 | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Per share information — basic: | |||||||||||||||||
Net income (loss) per share | $ | 1.98 | $ | 1.01 | $ | 3.14 | $ | (2.89 | ) | ||||||||
Per share information — diluted: | |||||||||||||||||
Net income (loss) per share | $ | 1.94 | $ | 1 | $ | 3.08 | $ | (2.89 | ) | ||||||||
The following number of outstanding employee stock options, restricted and performance stock units and stock purchase plan shares were excluded from the computation of diluted net income (loss) per share for the three and nine months ended September 30, 2013 and 2012 as they would have had an anti-dilutive effect (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Anti-dilutive shares | 80 | 1,071 | 98 | 1,907 | |||||||||||||
9_Consolidated_Balance_Sheet_D
9. Consolidated Balance Sheet Details | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Consolidated Balance Sheet Details [Abstract] | ' | ||||||||||||||||
Consolidated Balance Sheet Details | ' | ||||||||||||||||
9. Consolidated Balance Sheet Details | |||||||||||||||||
Accounts receivable trade, net | |||||||||||||||||
Accounts receivable trade, net consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivable trade, gross | $ | 157,650 | $ | 568,070 | |||||||||||||
Allowance for doubtful accounts | (9,909 | ) | (14,503 | ) | |||||||||||||
Accounts receivable trade, net | $ | 147,741 | $ | 553,567 | |||||||||||||
At September 30, 2013 and December 31, 2012, $21.1 million and $104.5 million, respectively, of our accounts receivable trade, net were collateralized by letters of credit, bank guarantees or other forms of financial security issued by credit worthy financial institutions. | |||||||||||||||||
Accounts receivable, unbilled and retainage | |||||||||||||||||
Accounts receivable, unbilled and retainage consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivable, unbilled | $ | 175,581 | $ | 342,587 | |||||||||||||
Retainage | 261,192 | 58,400 | |||||||||||||||
Accounts receivable, unbilled and retainage | $ | 436,773 | $ | 400,987 | |||||||||||||
Accounts receivable, unbilled represents revenue that has been recognized in advance of billing the customer. This is common for long-term construction contracts. For example, we recognize revenue from contracts for the construction and sale of solar power systems which include the sale of project assets over the construction period using applicable accounting methods. One applicable accounting method is the percentage-of-completion method under which sales and gross profit are recognized as construction work is performed based on the relationship between actual costs incurred compared to the total estimated costs for constructing the project. Under this accounting method, revenue can be recognized in advance of billing the customer, resulting in an amount recorded to accounts receivable, unbilled and retainage. Once we meet the billing criteria under a construction contract, we bill our customers accordingly and reclassify the accounts receivable, unbilled and retainage to accounts receivable trade, net. Billing requirements vary by contract, but are generally structured around completion of certain construction milestones. | |||||||||||||||||
Also included within accounts receivable, unbilled and retainage is the current portion of retainage. Retainage refers to the portion of the contract price earned by us for work performed, but held for payment by our customer as a form of security until we reach certain construction milestones. Retainage included within accounts receivable, unbilled and retainage is expected to be billed and collected within the next 12 months. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Raw materials | $ | 166,440 | $ | 184,006 | |||||||||||||
Work in process | 10,837 | 14,868 | |||||||||||||||
Finished goods (solar modules) | 265,234 | 370,422 | |||||||||||||||
Inventories | $ | 442,511 | $ | 569,296 | |||||||||||||
Inventories — current | $ | 311,700 | $ | 434,921 | |||||||||||||
Inventories — noncurrent (1) | $ | 130,811 | $ | 134,375 | |||||||||||||
(1) We purchase a critical raw material that is used in our core production process in quantities that exceed anticipated consumption within our operating cycle (which is 12 months). We classify the raw materials that we do not expect to be consumed within our operating cycle as noncurrent. | |||||||||||||||||
We regularly review the cost of inventories, including noncurrent inventories, against their estimated market value and record a lower of cost or market write-down if any inventories have a cost in excess of their estimated market value as defined by ASC 330, Inventories. We also regularly evaluate the quantities and values of our inventories, including noncurrent inventories, in light of current market conditions and market trends among other factors and record write-downs for any quantities in excess of demand and for any new obsolescence. | |||||||||||||||||
Balance of systems parts | |||||||||||||||||
Balance of systems parts totaling $139.9 million and $98.9 million as of September 30, 2013 and December 31, 2012, respectively, represent mounting, electrical and other construction parts purchased for solar power plants to be constructed or currently under construction, which we hold title to and are not yet installed in a solar power plant. These parts include posts, tilt brackets, tables, harnesses, combiner boxes, inverters, cables, tracker equipment and other parts we purchase or assemble for the solar power plants we construct. Balance of systems parts does not include any solar modules that we manufacture. We carry these parts at the lower of cost or market, with market being based primarily on recoverability through installation in a solar power system. | |||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||
Prepaid expenses and other current assets consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Prepaid expenses | $ | 27,794 | $ | 39,582 | |||||||||||||
Derivative instruments | 2,998 | 7,230 | |||||||||||||||
Deferred costs of goods sold | 1,544 | 96,337 | |||||||||||||||
Other current assets | 54,947 | 64,219 | |||||||||||||||
Prepaid expenses and other current assets | $ | 87,283 | $ | 207,368 | |||||||||||||
Property, plant and equipment, net | |||||||||||||||||
Property, plant and equipment, net consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Buildings and improvements | $ | 341,976 | $ | 446,133 | |||||||||||||
Machinery and equipment | 1,369,539 | 1,415,632 | |||||||||||||||
Office equipment and furniture | 123,203 | 117,228 | |||||||||||||||
Leasehold improvements | 47,370 | 49,367 | |||||||||||||||
Depreciable property, plant and equipment, gross | 1,882,088 | 2,028,360 | |||||||||||||||
Accumulated depreciation | (880,554 | ) | (803,501 | ) | |||||||||||||
Depreciable property, plant and equipment, net | 1,001,534 | 1,224,859 | |||||||||||||||
Land | 10,656 | 22,256 | |||||||||||||||
Construction in progress | 179,106 | 51,133 | |||||||||||||||
Stored assets (1) | 206,488 | 227,134 | |||||||||||||||
Property, plant and equipment, net | $ | 1,397,784 | $ | 1,525,382 | |||||||||||||
-1 | Consists of machinery and equipment (“stored assets”) that were originally purchased for installation in our previously planned manufacturing capacity expansions. We intend to install and place the stored assets into service when such assets are required or beneficial to our existing installed manufacturing capacity or when market demand supports additional or market specific manufacturing capacity. As the stored assets are neither in the condition or location to produce modules as intended, we will not begin depreciation until such assets are placed into service. The stored assets are evaluated for impairment under a held and used impairment model whenever events or changes in business circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of the long-lived assets may not be recoverable. We ceased the capitalization of interest on such stored assets once they were physically received from the related machinery and equipment suppliers. | ||||||||||||||||
Depreciation of property, plant and equipment was $60.0 million and $176.0 million for the three and nine months ended September 30, 2013, respectively, and was $65.6 million and $202.3 million for the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
From time to time, we have received grants for the construction or expansion of our manufacturing facilities. We account for any such grants as a reduction to the carrying value of the property, plant and equipment they fund. During the first quarter of 2013, we repaid the remaining €6.3 million of grants received in 2011, including outstanding interest due, as a result of the closure of our Frankfurt (Oder) manufacturing facility. | |||||||||||||||||
See Note 4. “Restructuring and Asset Impairments,” for more information on the long-lived asset impairments and grant repayments related to our April 2012 European restructuring. | |||||||||||||||||
Capitalized interest | |||||||||||||||||
We capitalized interest costs incurred into property, plant and equipment or project assets as follows during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Interest cost incurred | $ | (2,907 | ) | $ | (4,254 | ) | $ | (9,349 | ) | $ | (20,304 | ) | |||||
Interest cost capitalized —– property, plant and equipment | 836 | 715 | 1,882 | 3,538 | |||||||||||||
Interest cost capitalized —– project assets | 1,796 | 637 | 5,567 | 5,572 | |||||||||||||
Interest expense, net | $ | (275 | ) | $ | (2,902 | ) | $ | (1,900 | ) | $ | (11,194 | ) | |||||
Project assets and deferred project costs | |||||||||||||||||
Project assets consist primarily of costs relating to solar power projects in various stages of development and construction that we capitalize prior to entering into a definitive sales agreement for the solar power project including projects that have begun commercial operation under the project PPAs. These costs include costs for land and costs for developing and constructing a PV solar power system. Development costs can include legal, consulting, permitting, interconnection, and other similar costs. Once we enter into a definitive sales agreement, we reclassify project assets to deferred project costs on our condensed consolidated balance sheet until the sale is completed and we have met all of the criteria to recognize the sale as revenue, which is typically subject to real estate revenue recognition requirements. We expense project assets to cost of sales after each respective project asset is sold to a customer and all revenue recognition criteria have been met (matching the expensing of costs to the underlying revenue recognition method). We classify project assets generally as noncurrent due to the nature of solar power projects (long-lived assets) and the time required to complete all activities to develop, construct, and sell projects, which is typically longer than 12 months. | |||||||||||||||||
Deferred project costs represent (i) costs that we capitalize as project assets for arrangements that we account for as real estate transactions after we have entered into a definitive sales arrangement, but before the sale is completed or before we have met all criteria to recognize the sale as revenue, (ii) recoverable pre-contract costs that we capitalize for arrangements accounted for as long-term construction contracts prior to entering into a definitive sales agreement, or (iii) costs that we capitalize for arrangements accounted for as long-term construction contracts after we have signed a definitive sales agreement, but before all revenue recognition criteria have been met. We classify deferred project costs as current if completion of the sale and the meeting of all revenue recognition criteria is expected within the next 12 months. | |||||||||||||||||
If a project asset is completed and begins commercial operation prior to entering into or the closing of a sales arrangement, the completed project will remain in project assets or deferred project costs until the sale of such project closes. Any income generated by such project while it remains within project assets or deferred project costs is accounted for as a reduction to our basis in the project, which at the time of sale and meeting all revenue recognition criteria will be recorded within cost of sales. | |||||||||||||||||
Project assets and deferred project costs consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Project assets — land | $ | 523 | $ | 9,164 | |||||||||||||
Project assets — development costs including project acquisition costs | 448,490 | 157,489 | |||||||||||||||
Project assets — construction costs | 44,389 | 192,171 | |||||||||||||||
Project assets — projects in commercial operation under project PPAs | 63,925 | — | |||||||||||||||
Project assets | $ | 557,327 | $ | 358,824 | |||||||||||||
Deferred project costs — current | $ | 752,241 | $ | 21,390 | |||||||||||||
Deferred project costs — non-current | 33,570 | 486,654 | |||||||||||||||
Deferred project costs | 785,811 | $ | 508,044 | ||||||||||||||
Total project assets and deferred project costs | $ | 1,343,138 | $ | 866,868 | |||||||||||||
Note Receivable, Affiliate | |||||||||||||||||
In January 2012, we contributed an immaterial amount for a 50% ownership interest in a newly formed limited liability company (“property company”), which was formed for the sole purpose of holding land for use in the development of a certain solar power project. One of our customers also contributed an immaterial amount for the remaining 50% ownership interest in the property company. The activities for the property company were governed by a shareholders agreement. The intent of the shareholders agreement was to outline the parameters of the arrangement with our customer, whereby we would supply solar modules to our customer for the solar power project and our customer would develop, construct, and sell the project. The shareholders agreement also required each party to consent to all decisions made for the most significant activities of the property company. There were no requirements for us to make further contributions to the property company and the proceeds from the sale of the project were to be divided equally between us and our customer after the repayment of all project development related costs including the repayment of the loan discussed further below. | |||||||||||||||||
We also entered into a loan agreement, with a 6% per annum interest rate, with the property company, which is considered an affiliate, which required that the proceeds be used to purchase the project land and to pay for certain land development costs. Construction of the project was substantially completed during September 2012. During the first quarter of 2013, the then outstanding principal balance on this loan of €13.4 million was repaid in full. Additionally, €1.1 million of interest income was received under the terms of the loan, representing the cumulative interest due from the property company since the inception of the loan. | |||||||||||||||||
The property company is considered a variable interest entity and our previous ownership interest in and our loan to the property company were considered variable interests. We accounted for our investment in the property company under the equity method of accounting as we concluded we were not the primary beneficiary as we did not have the power to make decisions for the most significant activities of the property company. We had no remaining ownership interest or equity method investment balance related to the property company as of September 30, 2013. | |||||||||||||||||
Other assets | |||||||||||||||||
Other assets consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Note receivable (1) | $ | 9,485 | $ | 9,260 | |||||||||||||
Income taxes receivable | 7,501 | 7,258 | |||||||||||||||
Deferred rent | 21,274 | 21,570 | |||||||||||||||
Investments in unconsolidated affiliates and joint ventures (2) | 17,382 | 5,073 | |||||||||||||||
Intangible assets, net (3) | 116,649 | 3,735 | |||||||||||||||
Other | 8,388 | 9,556 | |||||||||||||||
Other assets | $ | 180,679 | $ | 56,452 | |||||||||||||
(1) On April 8, 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of €17.5 million to provide financing for a PV solar power system. The credit facility replaced a bridge loan that we had made to this entity. The credit facility bears interest at 8% per annum payable quarterly, with the full amount due on December 31, 2026. As of September 30, 2013 and December 31, 2012, the balance on this credit facility was €7.0 million ($9.5 million and $9.3 million, respectively at the balance sheet dates). | |||||||||||||||||
(2) Joint ventures or other business arrangements with strategic partners are a key part of our Long Term Strategic Plan, and we have begun initiatives in several markets using such arrangements to expedite our penetration of those markets and establish relationships with potential customers and policymakers. Some of these business arrangements have and are expected in the future to involve significant investments or other allocations of capital on our part. Investments in unconsolidated entities over which we have significant influence are accounted for under the equity method of accounting. Investments in entities in which we do not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. We made $3.0 million and $17.9 million of cash investments in unconsolidated entities during the three and nine months ended September 30, 2013 primarily related to furthering our goal of expanding our service and product offerings and developing partnerships in new markets. The following table summarizes our equity and cost method investments as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, 2013 | December 31, | ||||||||||||||||
2012 | |||||||||||||||||
Equity method investments | $ | 12,200 | $ | — | |||||||||||||
Cost method investments | 5,182 | 5,073 | |||||||||||||||
Investments in unconsolidated affiliates and joint ventures | $ | 17,382 | $ | 5,073 | |||||||||||||
(3) Intangible assets includes those assets acquired primarily as part of our GE and TetraSun acquisitions described in Note 5. “Business Acquisitions” and our internally-generated intangible assets, substantially all of which are patents on technologies related to our products and production processes. We record an asset for patents, after the patent has been issued, based on the legal, filing, and other costs incurred to secure them. We amortize intangible assets on a straight-line basis over their estimated useful lives once the intangible assets meet the criteria to be amortized. $112.8 million of the $122.6 million of intangible assets, gross as of September 30, 2013 consists of IPR&D related to assets that were acquired as part of the TetraSun and GE acquisitions. Such assets will be amortized over their estimated useful lives upon successful completion of the project or expensed earlier if impaired. The following table summarizes our intangible assets at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Intangible assets, gross | $ | 122,639 | $ | 9,139 | |||||||||||||
Accumulated amortization | (5,990 | ) | (5,404 | ) | |||||||||||||
Intangible assets, net | $ | 116,649 | $ | 3,735 | |||||||||||||
Goodwill | |||||||||||||||||
Goodwill, summarized by relevant operating segment, consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
Components | Systems | Consolidated | |||||||||||||||
Ending balance December 31, 2012 | $ | — | $ | 65,444 | $ | 65,444 | |||||||||||
Goodwill from acquisitions | 16,152 | 3,389 | 19,541 | ||||||||||||||
Ending balance September 30, 2013 | $ | 16,152 | $ | 68,833 | $ | 84,985 | |||||||||||
Goodwill represents the excess of the purchase price of acquired business over the estimated fair value assigned to the individual assets acquired and liabilities assumed. We do not amortize goodwill, but instead are required to test goodwill for impairment at least annually in the fourth quarter, and if necessary, we would record any impairment in accordance with ASC 350, Intangibles - Goodwill and Other. We will perform an impairment test between scheduled annual tests if facts and circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit that has goodwill is less than its carrying value. | |||||||||||||||||
Accrued expenses | |||||||||||||||||
Accrued expenses consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accrued compensation, benefits and severance | $ | 44,887 | $ | 105,677 | |||||||||||||
Accrued property, plant and equipment | 35,167 | 20,564 | |||||||||||||||
Accrued inventory and balance of systems parts | 49,681 | 52,408 | |||||||||||||||
Accrued project assets and deferred project costs | 72,653 | 76,133 | |||||||||||||||
Product warranty liability (Note 14) | 49,743 | 90,581 | |||||||||||||||
Accrued expenses in excess of normal product warranty liability and related expenses (1) | 48,430 | 75,020 | |||||||||||||||
Other | 63,984 | 134,050 | |||||||||||||||
Accrued expenses | $ | 364,545 | $ | 554,433 | |||||||||||||
(1) Accrued expenses in excess of normal product warranty liability and related expenses consists primarily of commitments to certain customers, each related to the manufacturing excursion occurring during the period between June 2008 to June 2009 (“2008-2009 manufacturing excursion”), whereby certain modules manufactured during that time period may experience premature power loss once installed in the field. Additionally, included in such accrued expenses are commitments to certain customers related to a workmanship issue potentially affecting solar modules manufactured between October 2008 to June 2009, as a limited number of the modules manufactured during that time utilized a new material and process to attach the cord plate (junction box) to the module which may not adhere securely over time. | |||||||||||||||||
Our best estimate for such remediation programs is based on evaluation and consideration of currently available information, including the estimated number of potentially affected modules in the field, historical experience related to our remediation efforts, customer-provided data related to potentially affected systems, the estimated costs of performing the removal, replacement and logistical services and the post-sale expenses covered under our remediation program. If any of our estimates prove incorrect, we could be required to accrue additional expenses. | |||||||||||||||||
Other current liabilities | |||||||||||||||||
Other current liabilities consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred revenue | $ | 373 | $ | 2,056 | |||||||||||||
Derivative instruments | 5,569 | 5,825 | |||||||||||||||
Deferred tax liabilities | — | 2,226 | |||||||||||||||
Billings in excess of costs and estimated earnings (1) | 85,169 | 2,422 | |||||||||||||||
Contingent consideration | 21,705 | — | |||||||||||||||
Other | 19,198 | 21,824 | |||||||||||||||
Other current liabilities | $ | 132,014 | $ | 34,353 | |||||||||||||
(1) Billings in excess of costs and estimated earnings represents billings made or payments received in excess of revenue recognized on contracts accounted for under the percentage-of-completion method. Typically, billings are made based on the completion of certain construction milestones as provided for in the sales arrangement and the timing of revenue recognition may be different from when we can bill or collect from a customer. | |||||||||||||||||
Other liabilities | |||||||||||||||||
Other liabilities consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Product warranty liability (Note 14) | $ | 139,935 | $ | 101,015 | |||||||||||||
Other taxes payable | 116,459 | 102,599 | |||||||||||||||
Billings in excess of costs and estimated earnings (1) | 35,855 | 47,623 | |||||||||||||||
Contingent consideration | 72,801 | — | |||||||||||||||
Other | 48,450 | 40,979 | |||||||||||||||
Other liabilities | $ | 413,500 | $ | 292,216 | |||||||||||||
(1) Billings in excess of costs and estimated earnings represents billings made or payments received in excess of revenue recognized on contracts accounted for under the percentage-of-completion method. Typically, billings are made based on the completion of certain construction milestones as provided for in the sales arrangement and the timing of revenue recognition may be different from when we can bill or collect from a customer. | |||||||||||||||||
Payments and billings for deferred project costs | |||||||||||||||||
Payments and billings for deferred project costs - current totaling $888.1 million and $94.5 million at September 30, 2013 and December 31, 2012, respectively and payments and billings for deferred project costs - noncurrent totaling $10.5 million and $636.5 million at September 30, 2013 and December 31, 2012, respectively represent customer payments received or customer billings made under the terms of solar power project related sales contracts for which all revenue recognition criteria for real estate transactions have not yet been met. The associated solar power project related costs are included as deferred project costs. We classify such amounts as current or non current depending upon when all revenue recognition criteria are expected to be met, consistent with the classification of the associated deferred project costs. | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
In connection with TetraSun and Solar Chile acquisitions we agreed to pay additional amounts to sellers contingent upon achievement by the acquired businesses of certain negotiated goals, such as targeted project and module shipment volume milestones. We have recognized $0.5 million and $22.6 million of current and long-term liabilities, respectively, for these contingent obligations based on their estimated fair value at the date of acquisition. | |||||||||||||||||
As we continue to execute on our Long Term Strategic Plan, we continually seek to make additions to our advance stage project pipeline. We are actively developing our early to mid-stage project pipeline in order to secure PPAs and we are also pursuing opportunities to acquire advance-stage projects, which already have PPAs in place. In connection with these project acquisitions we agreed to pay additional amounts to project sellers upon achievement of project related milestones such as obtaining permits, reaching certain construction stages and project completion. We recognize and accrue for an estimated project acquisition contingent liability when we determine that such liability is both probable and reasonably estimable. As of September 30, 2013, we have recorded $21.2 million and $50.2 million of current and long-term liabilities, respectively, for these contingent obligations. |
10_PercentageofCompletion_Chan
10. Percentage-of-Completion Changes in Estimates (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||||||
Changes in project estimates | ' | ||||||||||||||||
10. Percentage-of-Completion Changes in Estimates | |||||||||||||||||
We recognize revenue for certain systems business sales arrangements under the percentage-of-completion method as discussed further in Note 2. “Summary of Significant Accounting Policies.” The percentage-of-completion method of revenue recognition requires us to prepare estimates of contracted revenues and costs to complete our projects. In making such estimates, management judgments are required to evaluate significant assumptions including the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, the amount of net contract revenues and the impact of any penalties, claims, change orders, or performance incentives. If estimated total costs on any contract are greater than the contract revenues, we recognize the entire estimated loss in the period the loss becomes known. The cumulative effect of the changes in estimates related to contract revenues and costs to complete contracts are recognized in the period in which the revised estimates are identified and can be reasonably estimated. The effect of the changes in estimates on future periods is recognized as if the revised estimates had been used since entering into the sales arrangements. | |||||||||||||||||
Changes in estimates for systems business sales arrangements accounted for under the percentage-of-completion method occur for a variety of reasons including but not limited to (i) changes in estimates to reflect actuals, (ii) construction plan acceleration or delays, (iii) module pricing forecasts, and (iv) change orders from customers. Changes in estimates could have a material effect on our condensed consolidated statements of operations. The table below outlines the impact on gross profit of the aggregate net changes in systems business contract estimates, both increases and (decreases), in the periods presented as well as the number of projects that comprise such aggregate net changes in estimates. For purposes of the below table, we only include projects that have a net impact on gross profit from changes in estimates of at least $1.0 million during a period. Also included in the table below is the net change in estimates as a percentage of the aggregate gross profit for such projects for each period. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Number of projects | 4 | 4 | 6 | 8 | |||||||||||||
Increases (decreases) in gross profit resulting from net changes in estimates (in thousands) | $ | 8,166 | $ | (4,041 | ) | $ | 3,638 | $ | 21,968 | ||||||||
Net change in estimates as percentage of aggregate gross profit for associated projects | 0.4 | % | (0.2 | )% | 0.2 | % | 1.3 | % |
11_Derivative_Financial_Instru
11. Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
11. Derivative Financial Instruments | |||||||||||||||||||||
As a global company, we are exposed in the normal course of business to interest rate and foreign currency risks that could affect our consolidated net assets, financial position, results of operations, and cash flows. We use derivative instruments to hedge against such risks, and we only hold derivative instruments for hedging purposes, not for speculative or trading purposes. | |||||||||||||||||||||
Depending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. As required by ASC 815, Derivatives and Hedging, we report all of our derivative instruments that are within the scope of that accounting standard at fair value. We account for changes in the fair value of derivative instruments within accumulated other comprehensive income (loss) if the derivative instruments qualify for hedge accounting under ASC 815. For those derivative instruments that do not qualify for hedge accounting (“economic hedges”), we record the changes in fair value directly to earnings. See Note 12. “Fair Value Measurements,” to our condensed consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments. | |||||||||||||||||||||
The following tables present the fair value of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Current Liabilities | Other Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | 1,890 | $ | 869 | |||||||||||||||
Cross-currency swap contract | — | 1,495 | 5,983 | ||||||||||||||||||
Interest rate swap contracts | — | 396 | 437 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 3,781 | $ | 7,289 | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,998 | $ | 1,788 | $ | — | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 2,998 | $ | 1,788 | $ | — | |||||||||||||||
Total derivative instruments | $ | 2,998 | $ | 5,569 | $ | 7,289 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Current Liabilities | Other Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,121 | $ | — | $ | — | |||||||||||||||
Cross-currency swap contract | — | 316 | 1,582 | ||||||||||||||||||
Interest rate swap contracts | — | 473 | 994 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 2,121 | $ | 789 | $ | 2,576 | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 5,109 | $ | 5,036 | $ | — | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 5,109 | $ | 5,036 | $ | — | |||||||||||||||
Total derivative instruments | $ | 7,230 | $ | 5,825 | $ | 2,576 | |||||||||||||||
The impact of offsetting balances associated with derivative instruments designated as hedging instruments under ASC 815 is shown below (in thousands): | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Gross Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||||||
Gross Asset (Liability) | Gross Offset in Consolidated Balance Sheet | Net Amount Recognized in Financial Statements | Financial Instruments | Cash Collateral Pledged | Net Amount | ||||||||||||||||
Foreign exchange forward contracts | $ | (2,759 | ) | — | (2,759 | ) | — | — | $ | (2,759 | ) | ||||||||||
Cross-currency swap contracts | $ | (7,478 | ) | — | (7,478 | ) | — | — | $ | (7,478 | ) | ||||||||||
Interest rate swap contracts | $ | (833 | ) | — | (833 | ) | — | — | $ | (833 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||
Gross Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||||||
Gross Asset (Liability) | Gross Offset in Consolidated Balance Sheet | Net Amount Recognized in Financial Statements | Financial Instruments | Cash Collateral Pledged | Net Amount | ||||||||||||||||
Foreign exchange forward contracts | $ | 2,121 | — | 2,121 | — | — | $ | 2,121 | |||||||||||||
Cross-currency swap contracts | $ | (1,898 | ) | — | (1,898 | ) | — | — | $ | (1,898 | ) | ||||||||||
Interest rate swap contracts | $ | (1,467 | ) | — | (1,467 | ) | — | — | $ | (1,467 | ) | ||||||||||
The following tables present the amounts related to derivative instruments designated as cash flow hedges under ASC 815 affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contract | Cross Currency Swap Contract | Total | ||||||||||||||||||
Balance in other comprehensive income (loss) at December 31, 2012 | $ | 8,980 | $ | (1,467 | ) | $ | (8,031 | ) | $ | (518 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | 4,135 | 100 | (1,604 | ) | 2,631 | ||||||||||||||||
Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring | (13,115 | ) | — | — | (13,115 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 1,974 | 1,974 | |||||||||||||||||
Interest expense | — | 209 | 85 | 294 | |||||||||||||||||
Balance in other comprehensive income (loss) at March 31, 2013 | $ | — | $ | (1,158 | ) | $ | (7,576 | ) | $ | (8,734 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | — | 2 | (313 | ) | (311 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 2,912 | 2,912 | |||||||||||||||||
Interest expense | — | 196 | 106 | 302 | |||||||||||||||||
Balance in other comprehensive income (loss) at June 30, 2013 | $ | — | $ | (960 | ) | $ | (4,871 | ) | $ | (5,831 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | (1,753 | ) | (89 | ) | (2,422 | ) | (4,264 | ) | |||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 1,247 | 1,247 | |||||||||||||||||
Interest expense | — | 216 | 129 | 345 | |||||||||||||||||
Balance in other comprehensive income (loss) at September 30, 2013 | $ | (1,753 | ) | $ | (833 | ) | $ | (5,917 | ) | $ | (8,503 | ) | |||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contracts | Cross Currency Swap Contract | Total | ||||||||||||||||||
Balance in other comprehensive income (loss) at December 31, 2011 | $ | 33,751 | $ | (2,571 | ) | $ | (5,899 | ) | $ | 25,281 | |||||||||||
Amounts recognized in other comprehensive income (loss) | (11,341 | ) | (914 | ) | 4,347 | (7,908 | ) | ||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Net sales | (6,710 | ) | — | — | (6,710 | ) | |||||||||||||||
Foreign currency gain | — | — | (5,003 | ) | (5,003 | ) | |||||||||||||||
Interest expense | — | 244 | 71 | 315 | |||||||||||||||||
Balance in other comprehensive income (loss) at March 31, 2012 | $ | 15,700 | $ | (3,241 | ) | $ | (6,484 | ) | $ | 5,975 | |||||||||||
Amounts recognized in other comprehensive income (loss) | 5,825 | (334 | ) | (5,989 | ) | (498 | ) | ||||||||||||||
Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring | (3,385 | ) | — | — | (3,385 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 5,382 | 5,382 | |||||||||||||||||
Interest expense | — | 2,084 | 131 | 2,215 | |||||||||||||||||
Balance in other comprehensive income (loss) at June 30, 2012 | $ | 18,140 | $ | (1,491 | ) | $ | (6,960 | ) | $ | 9,689 | |||||||||||
Amounts recognized in other comprehensive income (loss) | (7,002 | ) | (301 | ) | 3,568 | (3,735 | ) | ||||||||||||||
Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring | (987 | ) | — | — | (987 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Net sales | (1,593 | ) | — | — | (1,593 | ) | |||||||||||||||
Foreign currency gain | — | — | (5,654 | ) | (5,654 | ) | |||||||||||||||
Interest expense | — | 192 | 85 | 277 | |||||||||||||||||
Balance in other comprehensive income (loss) at September 30, 2012 | $ | 8,558 | $ | (1,600 | ) | $ | (8,961 | ) | $ | (2,003 | ) | ||||||||||
We recorded immaterial amounts related to ineffective portions of our derivative instruments designated as cash flow hedges during the three and nine months ended September 30, 2013 and 2012 directly to other income (expense), net. In addition, we recognized unrealized losses of $1.0 million and $1.4 million related to amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as cash flow hedges within other income (expense), net during the three and nine months ended September 30, 2013, respectively. We recognized unrealized losses of $0.2 million and gains of $1.7 million related to amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as cash flow hedges within other income (expense), net during the three and nine months ended and September 30, 2012, respectively. | |||||||||||||||||||||
The following table presents the amounts related to derivative instruments not designated as hedges under ASC 815 affecting our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | Location of Gain (Loss) Recognized in Income on Derivatives | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Foreign exchange forward contracts | Foreign currency gain (loss) | $ | 2,005 | $ | 3,857 | $ | 3,868 | $ | 2,334 | ||||||||||||
Foreign exchange forward contracts | Cost of sales | $ | (1,793 | ) | $ | (257 | ) | $ | (2,566 | ) | $ | (995 | ) | ||||||||
Foreign exchange forward contracts | Net Sales | $ | (342 | ) | $ | — | $ | 5,324 | $ | — | |||||||||||
Interest Rate Risk | |||||||||||||||||||||
We use cross-currency swap and interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with certain of our debt instruments; we do not use such swap contracts for speculative or trading purposes. | |||||||||||||||||||||
On September 30, 2011, we entered into a cross-currency swap contract to hedge the floating rate foreign currency denominated loan under our Malaysian Ringgit Facility Agreement. This swap had an initial notional value of Malaysian Ringgit (“MYR”) MYR 465.0 million and entitles us to receive a three-month floating Kuala Lumpur Interbank Offered Rate (“KLIBOR”) interest rate, and requires us to pay a fixed U.S. dollar rate of 3.495%. Additionally, this swap hedges the foreign currency risk of the Malaysian Ringgit denominated principal and interest payments as we make swap payments in U.S. dollars and receive swap payments in Malaysian Ringgits at a fixed exchange rate 3.19 MYR to USD. The notional amount of the swap is scheduled to decline in correspondence to our scheduled principal payments on the underlying hedged debt. As of September 30, 2013 and December 31, 2012, the notional value of this cross-currency swap agreement was MYR 387.5 million and MYR 465.0 million, respectively. This swap is a derivative instrument that qualifies for accounting as a cash flow hedge in accordance with ASC 815 and we designated it as such. We determined that this swap was highly effective as a cash flow hedge at September 30, 2013 and December 31, 2012. For the three and nine months ended September 30, 2013 and September 30, 2012, there were immaterial amounts of ineffectiveness from this cash flow hedge. | |||||||||||||||||||||
On May 29, 2009, we entered into an interest rate swap contract to hedge a portion of the floating rate loans under our Malaysian Credit Facility, which became effective on September 30, 2009 with an initial notional value of €57.3 million and pursuant to which we are entitled to receive a six-month floating Euro Interbank Offered Rate (“EURIBOR”) interest rate, and are required to pay a fixed rate of 2.80%. The notional amount of the interest rate swap contract is scheduled to decline in correspondence to our scheduled principal payments on the underlying hedged debt. As of September 30, 2013 and December 31, 2012, the notional value of this interest rate swap contract was €19.7 million and €29.1 million, respectively. This derivative instrument qualifies for accounting as a cash flow hedge in accordance with ASC 815, and we designated it as such. We determined that our interest rate swap contract was highly effective as a cash flow hedge at September 30, 2013 and December 31, 2012. For the three and nine months ended September 30, 2013 and September 30, 2012, there were immaterial amounts of ineffectiveness from this cash flow hedge. | |||||||||||||||||||||
In the following 12 months, we expect to reclassify to earnings $1.9 million of net unrealized losses related to swap contracts that are included in accumulated other comprehensive income (loss) at September 30, 2013 as we realize the earnings effect of the underlying loans. The amount we ultimately record to earnings will depend on the actual interest rates and foreign exchange rate when we realize the earnings effect of the underlying loans. | |||||||||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||||||||
Cash Flow Exposure | |||||||||||||||||||||
We expect many of the subsidiaries of our business to have material future cash flows, including net sales and expenses that will be denominated in currencies other than the subsidiaries’ functional currency. Our primary cash flow exposures are net sales and expenses. Changes in the exchange rates between our subsidiaries’ functional currency and the other currencies in which they transact will cause fluctuations in the cash flows we expect to receive or pay when these cash flows are realized or settled. Accordingly, we enter into foreign exchange forward contracts to hedge a portion of these forecasted cash flows. As of September 30, 2013 and December 31, 2012, these foreign exchange forward contracts hedged our forecasted cash flows for up to 1.8 years and 3 months, respectively. These foreign exchange forward contracts qualify for accounting as cash flow hedges in accordance with ASC 815, and we designated them as such. We initially report the effective portion of the derivative’s unrealized gain or loss in accumulated other comprehensive income (loss) and subsequently reclassify amounts into earnings when the hedged transaction occurs and impacts earnings. We determined that these derivative financial instruments were highly effective as cash flow hedges at September 30, 2013 and at December 31, 2012. During the nine months ended September 30, 2013 and 2012, we did not discontinue any cash flow hedges because a hedging relationship was no longer highly effective. | |||||||||||||||||||||
During the three months ended September 30, 2013 we purchased foreign exchange forward contracts to hedge the exchange risk on forecasted cash flows denominated in Australian dollars. As of September 30, 2013 and December 31, 2012, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were as follows (notional amounts and U.S. dollar equivalents in millions): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Australian dollar | AUD 148.9 | $138.70 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Canadian dollar | CAD 192.0 | $195.10 | |||||||||||||||||||
As of September 30, 2013, the net unrealized loss on these contracts was $1.8 million. As of December 31, 2012, the net unrealized gain on these contracts was $9.0 million. | |||||||||||||||||||||
In the following 12 months, we expect to reclassify to earnings $1.2 million of net unrealized losses related to AUD forward contracts that are included in accumulated other comprehensive income (loss) at September 30, 2013 as we realize the earnings effect of the related forecasted transactions. The amount we ultimately record to earnings will depend on the actual exchange rate when we realize the related forecasted transactions. | |||||||||||||||||||||
Transaction Exposure and Economic Hedging | |||||||||||||||||||||
Many subsidiaries of our business have assets and liabilities (primarily receivables, marketable securities and investments, accounts payable, debt, and solar module collection and recycling liabilities) that are denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between our subsidiaries’ functional currencies and the other currencies in which these assets and liabilities are denominated can create fluctuations in our reported condensed consolidated statements of operations, and cash flows. We may enter into foreign exchange forward contracts or other financial instruments to economically hedge assets and liabilities against the effects of currency exchange rate fluctuations. The gains and losses on the foreign exchange forward contracts will economically offset all or part of the transaction gains and losses that we recognize in earnings on the related foreign currency denominated assets and liabilities. | |||||||||||||||||||||
We purchase foreign exchange forward contracts to economically hedge balance sheet and other exposures related to transactions with third parties. Such contracts are considered economic hedges and do not qualify for hedge accounting under ASC 815. We recognize gains or losses from the fluctuation in foreign exchange rates and the fair value of these derivative contracts in “Net sales”, “Cost of sales”, and “Foreign currency gain (loss)” on our condensed consolidated statements of operations, depending on where the gain or loss from the economically hedged item is classified on our condensed consolidated statements of operations. As of September 30, 2013 and December 31, 2012 the total net unrealized gain on our economic hedge foreign exchange forward contracts was $1.2 million and $0.1 million, respectively. As these amounts do not qualify for hedge accounting, changes in fair value related to such derivative instruments are recorded directly to earnings. These contracts have maturities of less than three months. | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting under ASC 815 were as follows (notional amounts and U.S. dollar equivalents in millions): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 85.60 | $116.00 | ||||||||||||||||||
Sell | Euro | € 79.80 | $108.10 | ||||||||||||||||||
Purchase | Australian dollar | AUD 2.4 | $2.20 | ||||||||||||||||||
Sell | Australian dollar | AUD 10.9 | $10.20 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 114.6 | $35.50 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 43.5 | $13.50 | ||||||||||||||||||
Sell | Canadian dollar | CAD 33.0 | $32.00 | ||||||||||||||||||
Purchase | Chinese yuan | CNY 26.0 | $4.20 | ||||||||||||||||||
Sell | Chinese yuan | CNY 13.0 | $2.10 | ||||||||||||||||||
Sell | Japanese yen | JPY 475.0 | $4.80 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 128.70 | $170.20 | ||||||||||||||||||
Sell | Euro | € 134.20 | $177.50 | ||||||||||||||||||
Sell | Australian dollar | AUD 8.5 | $8.80 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 136.4 | $45.00 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 36.0 | $11.90 | ||||||||||||||||||
Purchase | Canadian dollar | CAD 22.4 | $22.60 | ||||||||||||||||||
Sell | Canadian dollar | CAD 15.8 | $16.00 |
12_Fair_Value_Measurements
12. Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements Disclosure | ' | ||||||||||||||||
12. Fair Value Measurements | |||||||||||||||||
The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: | |||||||||||||||||
• | Cash equivalents. At September 30, 2013 and December 31, 2012, our cash equivalents consisted of commercial paper and money market mutual funds. We value our commercial paper cash equivalents using quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as Level 2. We value our money market cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1. | ||||||||||||||||
• | Marketable securities and restricted investments. At September 30, 2013 and December 31, 2012, our marketable securities consisted of commercial paper, corporate debt securities, federal and foreign agency debt, foreign government obligations, supranational debt and U.S. government obligations, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals), and accordingly, we classify the valuation techniques that use these inputs as Level 2. We also consider the effect of our counterparties’ credit standings in these fair value measurements. | ||||||||||||||||
• | Derivative assets and liabilities. At September 30, 2013 and December 31, 2012, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies, interest rate swap contracts involving a benchmark of interest rates, and a cross-currency swap including both. Since our derivative assets and liabilities are not traded on an exchange, we value them using industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify these valuation techniques as Level 2. We consider the effect of our own credit standing and that of our counterparties in our fair value measurements of our derivative assets and liabilities, respectively. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair value measurements of our assets and liabilities that we measure on a recurring basis were as follows (in thousands): | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Fair Value Measurements at Reporting | |||||||||||||||||
Date Using | |||||||||||||||||
Total Fair | Quoted Prices | Significant | |||||||||||||||
Value and | in Active | Other | Significant | ||||||||||||||
Carrying | Markets for | Observable | Unobservable | ||||||||||||||
Value on Our | Identical | Inputs | Inputs | ||||||||||||||
Balance Sheet | Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | $ | — | $ | — | $ | — | $ | — | |||||||||
Money market funds | 64,075 | 64,075 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | 1,699 | — | 1,699 | — | |||||||||||||
Corporate debt securities | 137,033 | — | 137,033 | — | |||||||||||||
Federal agency debt | 22,119 | — | 22,119 | — | |||||||||||||
Foreign agency debt | 110,261 | — | 110,261 | — | |||||||||||||
Foreign government obligations | 25,156 | — | 25,156 | — | |||||||||||||
Supranational debt | 39,466 | — | 39,466 | — | |||||||||||||
U.S. government obligations | 3,502 | — | 3,502 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 278,589 | — | 278,589 | — | |||||||||||||
Derivative assets | 2,998 | — | 2,998 | — | |||||||||||||
Total assets | $ | 684,898 | $ | 64,075 | $ | 620,823 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 12,858 | $ | — | $ | 12,858 | $ | — | |||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value Measurements at Reporting | |||||||||||||||||
Date Using | |||||||||||||||||
Total Fair | Quoted Prices | Significant | |||||||||||||||
Value and | in Active | Other | Significant | ||||||||||||||
Carrying | Markets for | Observable | Unobservable | ||||||||||||||
Value on Our | Identical | Inputs | Inputs | ||||||||||||||
Balance Sheet | Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | $ | 1,500 | $ | — | $ | 1,500 | $ | — | |||||||||
Money market funds | 10,729 | 10,729 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | 1,698 | — | 1,698 | — | |||||||||||||
Corporate debt securities | 23,384 | — | 23,384 | — | |||||||||||||
Federal agency debt | 29,936 | — | 29,936 | — | |||||||||||||
Foreign agency debt | 7,233 | — | 7,233 | — | |||||||||||||
Foreign government obligations | 4,142 | — | 4,142 | — | |||||||||||||
Supranational debt | 34,181 | — | 34,181 | — | |||||||||||||
U.S. government obligations | 2,004 | — | 2,004 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 301,216 | — | 301,216 | — | |||||||||||||
Derivative assets | 7,230 | — | 7,230 | — | |||||||||||||
Total assets | $ | 423,253 | $ | 10,729 | $ | 412,524 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 8,401 | $ | — | $ | 8,401 | $ | — | |||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying values and fair values of our financial and derivative instruments at September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | 339,236 | $ | 339,236 | $ | 102,578 | $ | 102,578 | |||||||||
Foreign exchange forward contract assets | $ | 2,998 | $ | 2,998 | $ | 7,230 | $ | 7,230 | |||||||||
Restricted investments (excluding restricted cash) | $ | 278,589 | $ | 278,589 | $ | 301,216 | $ | 301,216 | |||||||||
Note receivable, affiliate | $ | — | $ | — | $ | 17,725 | $ | 17,723 | |||||||||
Notes receivable — noncurrent | $ | 9,485 | $ | 9,432 | $ | 9,260 | $ | 9,371 | |||||||||
Liabilities: | |||||||||||||||||
Long-term debt, including current maturities | $ | 229,214 | $ | 230,331 | $ | 562,572 | $ | 565,879 | |||||||||
Interest rate swap contract liabilities | $ | 833 | $ | 833 | $ | 1,467 | $ | 1,467 | |||||||||
Cross-currency swap contract liabilities | $ | 7,478 | $ | 7,478 | $ | 1,898 | $ | 1,898 | |||||||||
Foreign exchange forward contract liabilities | $ | 4,547 | $ | 4,547 | $ | 5,036 | $ | 5,036 | |||||||||
The carrying values on our condensed consolidated balance sheets of our cash and cash equivalents, trade accounts receivable, unbilled accounts receivable and retainage, other assets, restricted cash, accounts payable, income taxes payable, and accrued expenses approximate their fair values due to their nature and relatively short maturities; therefore, we exclude them from the foregoing table. | |||||||||||||||||
We estimated the fair value of our long-term debt and notes receivable in accordance with ASC 820 using a discounted cash flows approach (an income approach) using market based observable inputs. We incorporated the credit risk of our counterparty for all asset fair value measurements and our credit risk for all liability fair value measurements. Such fair value measurements are considered Level 2 under the fair value hierarchy. | |||||||||||||||||
Credit Risk | |||||||||||||||||
We have certain financial and derivative instruments that subject us to credit risk. These consist primarily of cash, cash equivalents, marketable securities, restricted investments, interest rate swap and cross-currency swap contracts, and foreign exchange forward contracts. We are exposed to credit losses in the event of nonperformance by the counterparties to our financial and derivative instruments. We place cash, cash equivalents, marketable securities, restricted investments, interest rate swap and cross-currency swap contracts, and foreign exchange forward contracts with various high-quality financial institutions and limit the amount of credit risk from any one counterparty. We continuously evaluate the credit standing of our counterparty financial institutions. |
13_Debt
13. Debt | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Instruments [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
13. Debt | |||||||||||||
Our long-term debt consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||
Balance (USD) | |||||||||||||
Loan Agreement | Maturity | Loan Denomination | September 30, | December 31, | |||||||||
2013 | 2012 | ||||||||||||
Revolving Credit Facility (1) | July 2018 (Tranche A) October 2015 (Tranche B) | USD | $ | — | $ | 270,000 | |||||||
Malaysian Ringgit Facility Agreement | Sep-18 | MYR | 120,064 | 151,901 | |||||||||
Malaysian Euro Facility Agreement | Apr-18 | EUR | 54,248 | 58,255 | |||||||||
Malaysian Facility Agreement | Mar-16 | EUR | 54,657 | 78,657 | |||||||||
Director of Development of the State of Ohio | USD | — | 4,527 | ||||||||||
Capital lease obligations | various | various | 2,156 | 1,955 | |||||||||
Long-term debt principal | $ | 231,125 | $ | 565,295 | |||||||||
Less unamortized discount | (1,911 | ) | (2,723 | ) | |||||||||
Total long-term debt | $ | 229,214 | $ | 562,572 | |||||||||
Less current portion | (60,329 | ) | (62,349 | ) | |||||||||
Noncurrent portion | $ | 168,885 | $ | 500,223 | |||||||||
(1) Maturity dates reflect July 15, 2013 amendment to Revolving Credit Facility | |||||||||||||
Revolving Credit Facility | |||||||||||||
Our credit agreement with several financial institutions as lenders, JPMorgan Securities LLC and Bank of America Securities LLC as joint-lead arrangers and bookrunners and JPMorgan Chase Bank, N.A. as administrative agent (“Revolving Credit Facility”) provides FSI with a senior secured credit facility with an aggregate available amount of $600.0 million, with the right to request an increase up to $750.0 million, subject to certain conditions. Borrowings under the Revolving Credit Facility bear interest at (i) the LIBOR (adjusted for Eurocurrency reserve requirements) plus a margin of 2.25% or (ii) a base rate as defined in the credit agreement plus a margin of 1.25%, depending on the type of borrowing requested by us. These margins are subject to adjustments depending on our consolidated leverage ratio. | |||||||||||||
The facility allows for us to obtain letters of credit of up to $600.0 million denominated in U.S. Dollars, Euros, Canadian Dollars, and British Pound Sterling. The facility also allows for us to obtain letters of credit denominated in currencies other than U.S. Dollars, Euros, Canadian Dollars, and British Pound Sterling with the consent of the applicable issuing lender (as defined in the credit agreement); provided that the dollar equivalent of the aggregate amount of the obligation attributable to letters of credit denominated in such alternative currencies shall not exceed $300.0 million at any time. At September 30, 2013, $0.0 million of borrowings were outstanding and $166.9 million of letters of credit were outstanding, leaving us with availability of $433.1 million. Proceeds from borrowings under the Revolving Credit Facility may be used for working capital including project development and construction costs and other general corporate purposes. | |||||||||||||
The Revolving Credit Facility contains financial covenants including: a leverage ratio covenant, a minimum EBITDA covenant, and a minimum liquidity covenant. We are also subject to customary non-financial covenants. We were in compliance with these covenants as of September 30, 2013. | |||||||||||||
In addition to paying interest on outstanding principal under the Revolving Credit Facility, we are required to pay a commitment fee, currently at the rate of 0.375% per annum, based on the average daily unused commitments under the facility. The commitment fee may also be adjusted due to changes in our consolidated leverage ratio. We also pay a letter of credit fee equal to the applicable margin for Eurocurrency revolving loans on the face amount of each letter of credit and a fronting fee of 0.125%. | |||||||||||||
On July 15, 2013, we entered into the fourth amendment to the amended and restated revolving credit facility (the “Amendment”). The Amendment provides for, among other things, the division of the Revolving Credit Facility into Tranche A commitments in an aggregate amount equal to $450.0 million and Tranche B commitments in an aggregate amount equal to $150.0 million and the extension of the maturity date of the Tranche A loans until July 15, 2018. The maturity date of the Tranche B loans and commitment is October 15, 2015 and is unchanged. The Amendment also effects certain covenant changes. | |||||||||||||
In connection with the Amendment, we entered into an Amended and Restated Guarantee and Collateral Agreement. Loans and letters of credit issued under the Revolving Credit Facility are jointly and severally, unconditionally and irrevocably guaranteed by First Solar Inc., First Solar Electric, LLC, First Solar Electric (California), Inc. and First Solar Development, LLC and are secured by security interest in substantially all of the grantors’ tangible and intangible assets other than certain excluded assets. | |||||||||||||
Malaysian Ringgit Facility Agreement | |||||||||||||
FS Malaysia, our indirect wholly owned subsidiary, has entered into a credit facility agreement (“Malaysian Ringgit Facility Agreement”), among FSI as guarantor, CIMB Investment Bank Berhad, Maybank Investment Bank Berhad, and RHB Investment Bank Berhad as arrangers with CIMB Investment Bank Berhad also acting as facility agent and security agent, and the original lenders party thereto. The loans made to FS Malaysia are secured by, among other things FS Malaysia’s leases over the leased lots on which our fifth and sixth manufacturing plants in Kulim, Malaysia (“Plants 5 and 6”) are located and all plant, machinery and equipment purchased by FS Malaysia with the proceeds of the facility or otherwise installed in or utilized in Plants 5 and 6, to the extent not financed, or subject to a negative pledge under a separate financing facility related to Plants 5 and 6. In addition, FS Malaysia’s obligations under the Malaysian Ringgit Facility Agreement are guaranteed, on an unsecured basis, by First Solar Inc., (“FSI”). At September 30, 2013, buildings, machinery and equipment and land leases with net book values of $228.5 million were pledged as collateral for this loan. | |||||||||||||
Malaysian Euro Facility Agreement | |||||||||||||
FS Malaysia, our indirect wholly owned subsidiary, has entered into a credit facility agreement (“Malaysian Euro Facility Agreement”) with Commerzbank Aktiengesellchaft and Natixis Zweigniederlassung Deutschland as arrangers and original lenders, and Commerzbank Aktiengesellschaft, Luxembourg Branch as facility agent and security agent. In connection with the Malaysian Euro Facility Agreement, FSI concurrently entered into a first demand guarantee agreement in favor of the lenders. Under this agreement, FS Malaysia’s obligations related to the credit facility are guaranteed, on an unsecured basis, by FSI. At the same time FS Malaysia and FSI also entered into a subordination agreement, pursuant to which any payment claims of FSI against FS Malaysia are subordinated to the claims of the lenders. | |||||||||||||
Malaysian Facility Agreement | |||||||||||||
FS Malaysia, our indirect wholly owned subsidiary, has entered into an export financing facility agreement (“Malaysian Facility Agreement”) with a consortium of banks. In connection with the Malaysian Facility Agreement, all of FS Malaysia’s obligations are secured by a first party, first legal charge over the machinery and equipment financed by the credit facilities, and any other documents, contracts and agreements related to that machinery and equipment. Also in connection with the agreement, any payment claims of FSI against FS Malaysia are subordinated to the claims of the lenders. At September 30, 2013, machinery and equipment with a net book value of $63.5 million was pledged as collateral for these loans. | |||||||||||||
Malaysian Long-Term Debt Covenants | |||||||||||||
The Malaysian Ringgit Facility Agreement, Malaysian Euro Facility Agreement, and Malaysian Facility Agreement (the “Malaysia Facilities”) contain negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FS Malaysia to incur indebtedness, create liens, effect asset sales, engage in reorganizations, issue guarantees, and make loans. In addition, the Malaysia Facilities include financial covenants relating to net total leverage ratio, interest coverage ratio, total debt to equity ratio, debt service coverage ratio, and tangible net worth. The Malaysia Facilities also contain certain representations and warranties, affirmative covenants, and events of default provisions. We were in compliance with all covenants associated with each of the Malaysia Facilities as of September 30, 2013. | |||||||||||||
Director of Development of the State of Ohio | |||||||||||||
During the third quarter of 2013, the loan was paid off in full. | |||||||||||||
Variable Interest Rate Risk | |||||||||||||
Certain of our long-term debt agreements bear interest at prime, EURIBOR, KLIBOR, or LIBOR. A disruption of the credit environment, as previously experienced, could negatively impact interbank lending and, therefore, negatively impact these floating rates. An increase in EURIBOR would impact our cost of borrowing under our entire Malaysian Euro Facility Agreement, but would not impact our cost of borrowing of the floating-rate term loan under our Malaysian Facility Agreement as we entered into an interest rate swap contract to mitigate such risk. An increase in KLIBOR would not increase our cost of borrowing under our Malaysian Ringgit Facility Agreement as we entered into a cross-currency swap contract to mitigate such risk. An increase in LIBOR or prime would increase our cost of borrowing under our Revolving Credit Facility. | |||||||||||||
Our long-term debt borrowing rates as of September 30, 2013 were as follows: | |||||||||||||
Loan Agreement | Borrowing Rate at September 30, 2013 | ||||||||||||
Revolving Credit Facility | 2.43% | ||||||||||||
Malaysian Ringgit Facility Agreement | KLIBOR plus 2.00% (2) | ||||||||||||
Malaysian Euro Facility Agreement | EURIBOR plus 1.00% | ||||||||||||
Malaysian Facility Agreement (1) | Fixed rate facility at 4.54% | ||||||||||||
Floating rate facility at EURIBOR plus 0.55% (2) | |||||||||||||
Capital lease obligations | Various | ||||||||||||
-1 | Outstanding balance split equally between fixed and floating rates. | ||||||||||||
-2 | Interest rate hedges have been entered into relating to these variable rates. See Note 11. “Derivative Financial Instruments,” to our condensed consolidated financial statements. | ||||||||||||
Future Principal Payments | |||||||||||||
At September 30, 2013, the future principal payments on our long-term debt, excluding payments related to capital leases, were due as follows (in thousands): | |||||||||||||
Remainder of 2013 | $ | 5,852 | |||||||||||
2014 | 59,806 | ||||||||||||
2015 | 59,806 | ||||||||||||
2016 | 37,973 | ||||||||||||
2017 | 35,300 | ||||||||||||
Thereafter | 30,232 | ||||||||||||
Total long-term debt future payments | $ | 228,969 | |||||||||||
14_Commitments_and_Contingenci
14. Commitments and Contingencies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
14. Commitments and Contingencies | |||||||||||||||||
Financial Guarantees | |||||||||||||||||
In the normal course of business, we occasionally enter into agreements with third parties under which we guarantee the performance or obligations of our wholly owned subsidiaries related to certain contracts, which may include development, engineering, procurement of permits and equipment, construction management, and operating and maintenance services related to solar power plants. These agreements are considered guarantees of our own performance and no liabilities are separately recorded outside of any liabilities recorded by our subsidiaries. | |||||||||||||||||
Loan Guarantees | |||||||||||||||||
At September 30, 2013 and December 31, 2012, our only loan guarantees were guarantees of our own long-term debt, as disclosed in Note 13. “Debt,” to these condensed consolidated financial statements. | |||||||||||||||||
Commercial Commitments | |||||||||||||||||
During the normal course of business, we enter into commercial commitments in the form of letters of credit, surety bonds, and bank guarantees to provide financial and performance assurance to third parties. Our Revolving Credit Facility provides us the capacity to issue up to $600.0 million in letters of credit at a fee equal to the applicable margin for Eurocurrency revolving loans and a fronting fee. As of September 30, 2013, we had $166.9 million in letters of credit issued under the Revolving Credit Facility with a remaining availability of $433.1 million, all of which can be used for the issuance of letters of credit. The substantial majority of these letters of credit were supporting our systems business projects. As of September 30, 2013, we had $41.8 million in bank guarantees and letters of credit issued outside of our Revolving Credit Facility, some of which were posted by certain of our foreign subsidiaries and $118.3 million in surety bonds outstanding primarily for our systems business projects. | |||||||||||||||||
Product Warranties | |||||||||||||||||
When we recognize revenue for module or systems project sales, we accrue a liability for the estimated future costs of meeting our limited warranty obligations for both modules and the balance of the systems. We make and revise these estimates based primarily on the number of our solar modules under warranty installed at customer locations, our historical experience with warranty claims, our monitoring of field installation sites, our internal testing of and the expected future performance of our solar modules and balance of systems (“BoS”) components, and our estimated replacement cost. | |||||||||||||||||
From time to time we have taken remediation actions in respect of affected modules beyond our limited warranty, and we may elect to do so in the future, in which case we would incur additional expenses. Such potential voluntary future remediation actions beyond our limited warranty obligation may be material to our condensed consolidated statements of operations if we commit to any such remediation actions. | |||||||||||||||||
Product warranty activities during the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Product warranty liability, beginning of period | $ | 189,257 | $ | 181,889 | $ | 191,596 | $ | 157,742 | |||||||||
Accruals for new warranties issued | 10,260 | 14,354 | 28,709 | 25,967 | |||||||||||||
Settlements | (11,176 | ) | (24,152 | ) | (30,586 | ) | (40,749 | ) | |||||||||
Changes in estimate of product warranty liability (1) | 1,337 | 5,123 | (41 | ) | 34,254 | ||||||||||||
Product warranty liability, end of period | $ | 189,678 | $ | 177,214 | $ | 189,678 | $ | 177,214 | |||||||||
Current portion of warranty liability | $ | 49,743 | $ | 82,795 | $ | 49,743 | $ | 82,795 | |||||||||
Noncurrent portion of warranty liability | $ | 139,935 | $ | 94,419 | $ | 139,935 | $ | 94,419 | |||||||||
-1 | Changes in estimate of product warranty liability during the nine months ended September 30, 2012 includes increases to our best estimate of $22.6 million partially related to a net increase in the expected number of replacement modules required for certain remediation efforts related to the manufacturing excursion that occurred between June 2008 and June 2009. Such estimated increase was primarily due to the completion of the analysis on certain outstanding claims as of December 31, 2011. Additionally, the remaining increase was primarily related to a change in estimate for the market value of the modules that we estimated would be returned to us under the voluntary remediation efforts that would meet the required performance standards to be re-sold as refurbished modules. | ||||||||||||||||
At September 30, 2013, our accrued liability for product warranty was $189.7 million. We have historically estimated our product warranty liability for power output and defects in materials and workmanship under normal use and service conditions to have an estimated warranty return rate of approximately 3% of modules covered under warranty. A 1 percentage point change in estimated warranty return rate would change our estimated warranty liability by approximately $53.5 million. | |||||||||||||||||
Systems Project Sale Rescission | |||||||||||||||||
From time to time under the sales agreements for a limited number of our solar power projects, we may be required to rescind the sale of such projects if certain events occur, such as not achieving commercial operation of the project within a certain timeframe. As of September 30, 2013 one of our sold projects was subject to such a conditional rescission clause. | |||||||||||||||||
For any sales agreements that have such conditional rescission clauses, in accordance with ASC 360, we will not recognize revenue on such sales agreements until the conditional rescission clauses are of no further force or effect and all other necessary revenue recognition criteria have been met. | |||||||||||||||||
Solar Module Collection and Recycling Liability | |||||||||||||||||
We have established a voluntary module collection and recycling program to collect and recycle modules covered here under such program once these modules have reached the end of their useful lives. We include a description of our module collection and recycling obligations in our customer sales contracts for modules covered under the program. For modules covered under this program, we agree to cover the costs for the collection and recycling of solar modules and the end-users agree to notify us, disassemble their solar power systems, package the solar modules for shipment, and revert ownership rights over the modules back to us at the end of the modules’ service lives. | |||||||||||||||||
At the time of sale, we record our collection and recycling obligation based on the estimated present value of the cost to collect and recycle covered solar modules within cost of sales. We estimate the cost of our collection and recycling obligations based on the present value of the expected probability of weighted future cost of collecting and recycling the solar modules, which includes estimates for the cost of packaging the solar modules for transport, the cost of freight from the solar module installation sites to a recycling center, the material, labor, capital costs, and scale of recycling centers, and an estimated third-party profit margin and return on risk for collection and recycling services. We base this estimate on (i) our experience collecting and recycling our solar modules and on our expectations about future developments in recycling technologies and processes, (ii) economic conditions at the time the solar modules will be collected and recycled, and (iii) the expected timing of when our solar modules will be returned for recycling. In the periods between the time of our sales and the settlement of our collection and recycling obligations, we accrete the carrying amount of the associated liability by applying the discount rate used for its initial measurement. We classify accretion as an operating expense within selling, general and administrative expense on our condensed consolidated statement of operations. We periodically review our estimates of the expected future recycling costs and may adjust our liability accordingly. | |||||||||||||||||
During the third quarter of 2013 we completed an annual cost study of estimated future collection and recycling costs and adjusted our estimates which resulted in a reduction to our end-of-life recycling obligation. We now have high volume operational cost data from our latest recycling technology that provides a longer-term representation of actual costs to compare against our estimates. Based on this actual operational run data and recycling operational improvements made throughout the year, we have reduced our estimated future collection and recycling cost per module. The lower cost was then applied against our previously sold modules, resulting in the lower obligation. As a result, we reduced our module collection and recycling liability which was reflected as a decrease in costs of sales of $43.3 million and a decrease in accretion expense (in selling general and administrative costs) of $4.5 million during the three months ended September 30, 2013. | |||||||||||||||||
Our module collection and recycling liabilities totaled $214.3 million at September 30, 2013 and $212.8 million at December 31, 2012. A 1 percentage point increase in our annualized inflation rate used in our estimated future collection and recycling cost per module would increase our liability by $54.0 million and a 1 percentage point decrease in that rate would decrease our liability by $41.6 million. | |||||||||||||||||
See Note 7. “Restricted Cash and Investments,” to our condensed consolidated financial statements for more information about our arrangements for funding of this liability. | |||||||||||||||||
Legal Proceedings | |||||||||||||||||
Legal Matters | |||||||||||||||||
We are party to legal matters and claims that are normal in the course of our operations. While we believe that the ultimate outcome of these matters will not have a material adverse effect on our financial position, results of operations, or cash flows, the outcome of these matters is not determinable with certainty and negative outcomes may adversely affect us. | |||||||||||||||||
SEC Action | |||||||||||||||||
On September 23, 2011, the Company informed the staff of the Securities and Exchange Commission (the “SEC”) that the Company was commencing an internal investigation regarding a possible violation of Regulation FD. The possible violation arose in connection with disclosures on September 21, 2011, relating to the failure of the Topaz Solar Farm project to meet the statutory deadline to receive a federal loan guarantee from the US Department of Energy. This internal investigation was conducted on behalf of the Company’s board of directors by independent outside counsel. Following completion of the internal investigation, the Company appointed a new Vice President of Investor Relations. The SEC, pursuant to an order dated November 17, 2011, commenced an investigation into the matter, and the Company has cooperated with the SEC during the course of its investigation. On September 3, 2013, the SEC informed the Company that the SEC has concluded its investigation and that the SEC will not be taking any action against the Company. | |||||||||||||||||
Class Action | |||||||||||||||||
On March 15, 2012, a purported class action lawsuit titled Smilovits v. First Solar, Inc., et al., Case No. 2:12-cv-00555-DGC, was filed in the United States District Court for the District of Arizona (hereafter “Arizona District Court”) against the Company and certain of our current and former directors and officers. The complaint was filed on behalf of purchasers of the Company’s securities between April 30, 2008, and February 28, 2012. The complaint generally alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements regarding the Company’s financial performance and prospects. The action includes claims for damages, and an award of costs and expenses to the putative class, including attorneys’ fees. The Company believes it has meritorious defenses and will vigorously defend this action. | |||||||||||||||||
On July 23, 2012, the Arizona District Court issued an order appointing as lead plaintiffs in the class action the Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme (collectively, the “Pension Schemes”). The Pension Schemes filed an amended complaint on August 17, 2012, which contains similar allegations and seeks similar relief as the original complaint. Defendants filed a motion to dismiss on September 14, 2012. On December 17, 2012, the court denied Defendants’ motion to dismiss. On February 26, 2013, the court directed the parties to begin class certification discovery, and ordered a further scheduling conference to set the merit discovery schedule after the issue of class certification has been decided. On June 21, 2013, the Pension Schemes filed a motion for class certification. On October 8, 2013, the Arizona District Court granted the Pension Schemes’ motion for class certification, and scheduled a case management conference to set the fact discovery schedule on November 22, 2013. | |||||||||||||||||
The action is still in the initial stages and there has been no merits discovery. Accordingly, we are not in a position to assess whether any loss or adverse effect on our financial condition is probable or remote or to estimate the range of potential loss, if any. | |||||||||||||||||
Derivative Actions | |||||||||||||||||
On April 3, 2012, a derivative action titled Tsevegmid v. Ahearn, et al., Case No. 1:12-cv-00417-CJB, was filed by a putative stockholder on behalf of the Company in the United States District Court for the District of Delaware (hereafter “Delaware District Court”) against certain current and former directors and officers of the Company, alleging breach of fiduciary duties and unjust enrichment. The complaint generally alleges that from June 1, 2008, to March 7, 2012, the defendants caused or allowed false and misleading statements to be made concerning the Company’s financial performance and prospects. The action includes claims for, among other things, damages in favor of the Company, certain corporate actions to purportedly improve the Company’s corporate governance, and an award of costs and expenses to the putative plaintiff stockholder, including attorneys’ fees. On April 10, 2012, a second derivative complaint was filed in the Delaware District Court. The complaint, titled Brownlee v. Ahearn, et al., Case No. 1:12-cv-00456-CJB, contains similar allegations and seeks similar relief to the Tsevegmid action. By court order on April 30, 2012, pursuant to the parties’ stipulation, the Tsevegmid action and the Brownlee action were consolidated into a single action in the Delaware District Court. On May 15, 2012, defendants filed a motion to challenge Delaware as the appropriate venue for the consolidated action. On March 4, 2013, the magistrate judge issued a Report and Recommendation recommending to the court that defendants’ motion be granted and that the case be transferred to the District of Arizona. On July 12, 2013, the court adopted the magistrate judge’s Report and Recommendation and ordered the case transferred to the District of Arizona. The transfer was completed on July 15, 2013. | |||||||||||||||||
On April 12, 2012, a derivative complaint was filed in the Arizona District Court, titled Tindall v. Ahearn, et al., Case No. 2:12-cv-00769-ROS. In addition to alleging claims and seeking relief similar to the claims and relief asserted in the Tsevegmid and Brownlee actions, the Tindall complaint alleges violations of Sections 14(a) and 20(b) of the Securities Exchange Act of 1934. On April 19, 2012, a second derivative complaint was filed in the Arizona District Court, titled Nederhood v. Ahearn, et al., Case No. 2:12-cv-00819-JWS. The Nederhood complaint contains similar allegations and seeks similar relief to the Tsevegmid and Brownlee actions. On May 17, 2012 and May 30, 2012, respectively, two additional derivative complaints, containing similar allegations and seeking similar relief as the Nederhood complaint, were filed in Arizona District Court: Morris v. Ahearn, et al., Case No. 2:12-cv-01031-JAT and Tan v. Ahearn, et al., 2:12-cv-01144-NVW. | |||||||||||||||||
On July 17, 2012, the Arizona District Court issued an order granting First Solar’s motion to transfer the derivative actions to Judge David Campbell, the judge to whom the Smilovits class action is assigned. On August 8, 2012, the court consolidated the four derivative actions pending in Arizona District Court, and on August 31, 2012, Plaintiffs filed an amended complaint. Defendants filed a motion to stay the action on September 14, 2012. On December 17, 2012, the court granted Defendants’ motion to stay pending resolution of the Smilovits class action. On August 13, 2013, Judge Campbell consolidated the two derivative actions transferred from the Delaware District Court with the stayed Arizona derivative actions. | |||||||||||||||||
On July 16, 2013, a derivative complaint was filed in the Superior Court of Arizona, Maricopa County, titled Bargar et al. v. Ahearn et al., Case No. CV2013-009938, by a putative shareholder against certain current and former directors and officers of the Company. The complaint contains similar allegations to the Delaware and Arizona derivative cases, and includes claims for, among other things, breach of fiduciary duties, insider trading, unjust enrichment, and waste of corporate assets. By court order on October 3, 2013, the Superior Court of Arizona, Maricopa County granted the parties’ stipulation to defer defendents’ response to the compliant, pending resolution of the Smilovits class action or expiration of the stay issued in the consolidated derivative actions in the Arizona District Court. | |||||||||||||||||
The Company believes that plaintiffs in the derivative actions lack standing to pursue litigation on behalf of First Solar. The derivative actions are still in the initial stages and there has been no discovery. Accordingly, we are not in a position to assess whether any loss or adverse effect on our financial condition is probable or remote or to estimate the range of potential loss, if any. |
15_ShareBased_Compensation
15. Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Disclosure | ' | ||||||||||||||||
15. Share-Based Compensation | |||||||||||||||||
We measure share-based compensation cost at the grant date based on the fair value of the award and recognize this cost as share-based compensation expense over the required or estimated service period for awards expected to vest, in accordance with ASC 718, Compensation - Stock Compensation. The share-based compensation expense that we recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Share-based compensation expense included in: | |||||||||||||||||
Cost of sales | $ | 5,213 | $ | 6,941 | $ | 11,036 | $ | 17,536 | |||||||||
Research and development | 1,715 | 734 | 4,636 | 4,869 | |||||||||||||
Selling, general and administrative | 7,331 | 5,460 | 22,257 | (2,663 | ) | ||||||||||||
Production start-up | 34 | 525 | 282 | 356 | |||||||||||||
Restructuring | — | 376 | — | 871 | |||||||||||||
Total share-based compensation expense | $ | 14,293 | $ | 14,036 | $ | 38,211 | $ | 20,969 | |||||||||
The following table presents our share-based compensation expense by type of award for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Stock options | $ | — | $ | 9 | $ | — | $ | 273 | |||||||||
Restricted and performance stock units | 12,277 | 12,256 | 37,957 | 21,214 | |||||||||||||
Unrestricted stock | 322 | 234 | 922 | 595 | |||||||||||||
Stock purchase plan | 268 | 209 | 740 | 580 | |||||||||||||
Net amount absorbed into inventory | 1,426 | 1,328 | (1,408 | ) | (1,693 | ) | |||||||||||
Total share-based compensation expense | $ | 14,293 | $ | 14,036 | $ | 38,211 | $ | 20,969 | |||||||||
Share-based compensation expense capitalized in our inventory was $5.9 million and $4.5 million at September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, we had no unrecognized share-based compensation cost related to unvested stock option awards, and $83.5 million of unrecognized share-based compensation cost related to unvested restricted and performance stock units including our stock purchase plan, which we expect to recognize as an expense over a weighted-average period of approximately 1.9 years. | |||||||||||||||||
The share-based compensation expense that we recognize in our results of operations is based on the number of awards expected to ultimately vest; therefore, amounts used to determine share-based compensation expense have been reduced for estimated forfeitures. ASC 718 requires us to estimate the number of awards that we expect to vest at the time the awards are granted and revise those estimates, if necessary, in subsequent periods. We estimate the number of awards that we expect to vest based on our historical experience with forfeitures, giving consideration to whether future forfeiture behavior might be expected to differ from past behavior. We recognize compensation cost for awards with graded vesting schedules on a straight-line basis over the requisite service periods for each separately vesting portion of the award as if each award was in substance multiple awards. | |||||||||||||||||
Our forfeiture rate assumptions, which estimates the share-based awards that will ultimately vest, requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period of change and could be materially different from share-based compensation expense recorded in prior periods. Additionally, in accordance with ASC 718, when an associate’s employment is terminated, all previously unvested awards granted to such associate are forfeited, which results in a benefit to share-based compensation expense in the period of such associate’s termination equal to the cumulative expense recorded through the termination date for such forfeited unvested awards. | |||||||||||||||||
We increased our estimated forfeiture rate in the second quarter of 2012, which was recorded as a cumulative adjustment in accordance with ASC 718 and resulted in a decrease to share-based compensation expense of $12.7 million in the quarter. The increased forfeiture rate was primarily due to the restructuring activities discussed in Note 4. “Restructuring and Asset Impairments,” which caused us to experience an increase in actual forfeitures during the second quarter of 2012 compared to historical experience prior to such restructuring activities. We expect that our recent forfeiture experience will continue over the remaining term of our outstanding share-based compensation awards. Additionally, primarily as a result of associate terminations, including terminations specifically related to our restructuring activities and reductions in force, we recorded a benefit to share-based compensation expense of $4.9 million and $8.5 million during the second quarter of 2013 and 2012, respectively. Additionally, during the third quarter of 2013 there were no significant benefits to share-based compensation. |
16_Income_Taxes
16. Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes Disclosure | ' |
16. Income Taxes | |
Our effective tax rates were 6.5% and 8.9% for the three and nine months ended September 30, 2013, respectively, and 20.6% and (19.1)% for the three and nine months ended September 30, 2012, respectively. Our effective tax rate was higher during the nine months ended September 30, 2013 compared with the nine months ended September 30, 2012 primarily due to the increase in pre-tax profits during such periods, a greater percentage of profits earned in higher tax jurisdictions, a decrease in losses being generated in jurisdictions for which no tax benefit was recorded, partially offset by a $23.0 million tax benefit from the impairment related to the Mesa facility during the nine months ended September 30, 2013 and an increase in tax expense during the nine months ended September 30, 2012 related to the establishment of a valuation allowance of $12.3 million against previously established deferred tax assets. The provision for income taxes differs from the amount computed by applying the statutory U.S. federal rate primarily due to the benefit associated with foreign income taxed at lower rates including the beneficial impact of our Malaysian tax holiday, and additional tax expense attributable to losses in jurisdictions in which no tax benefits could be recorded, in addition to the establishment of valuation allowances against previously established deferred tax assets. | |
Our Malaysian subsidiary has been granted a long-term tax holiday that expires in 2027. The tax holiday, which generally provides for a 100% exemption from Malaysian income tax, is conditional upon our continued compliance in meeting certain employment and investment thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday in 2027. | |
We account for uncertain tax positions pursuant to the recognition and measurement criteria under ASC 740. It is reasonably possible that approximately $27.8 million of unrecognized tax benefits will be recognized within the next twelve months. |
17_Comprehensive_Income_Loss_N
17. Comprehensive Income (Loss) (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Comprehensive Income (Loss) Note [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note | ' | ||||||||||||||||
17. Comprehensive Income (Loss) | |||||||||||||||||
Comprehensive income (loss), which includes foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities, and unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges, the impact of which, has been excluded from net income (loss) and reflected as components of stockholders’ equity, was as follows for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Net income | $ | 195,038 | $ | 87,917 | |||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||
Foreign currency translation adjustments | 2,781 | 2,600 | |||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments for the period (net of tax of $(611) and $(525), respectively) | (6,314 | ) | 11,009 | ||||||||||||||
Less: reclassification for (gains) included in net income (net of tax of $0 and $0, respectively) | — | — | |||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments | (6,314 | ) | 11,009 | ||||||||||||||
Unrealized (loss) on derivative instruments for the period (net of tax of $539 and $1,813, respectively) | (3,725 | ) | (1,922 | ) | |||||||||||||
Less: reclassification for losses (gains) included in net income (net of tax of $(1) and $0, respectively) | 1,591 | (7,957 | ) | ||||||||||||||
Unrealized (loss) on derivative instruments | (2,134 | ) | (9,879 | ) | |||||||||||||
Other comprehensive (loss) income, net of tax | (5,667 | ) | 3,730 | ||||||||||||||
Comprehensive income | $ | 189,371 | $ | 91,647 | |||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Net income (loss) | $ | 287,778 | $ | (250,516 | ) | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Foreign currency translation adjustments | 1,204 | 6,314 | |||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments for the period (net of tax of $2,852 and $(1,296), respectively) | (33,684 | ) | 19,587 | ||||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $0 and $0, respectively) | — | (16 | ) | ||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments | (33,684 | ) | 19,571 | ||||||||||||||
Unrealized (loss) on derivative instruments for the period (net of tax of $(562) and $2,917, respectively) | (2,505 | ) | (9,225 | ) | |||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $3,475 and $1,774, respectively) | (2,566 | ) | (13,369 | ) | |||||||||||||
Unrealized (loss) on derivative instruments | (5,071 | ) | (22,594 | ) | |||||||||||||
Other comprehensive (loss) income, net of tax | (37,551 | ) | 3,291 | ||||||||||||||
Comprehensive income (loss) | $ | 250,227 | $ | (247,225 | ) | ||||||||||||
Components and details of accumulated other comprehensive income (loss) at September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||
Components of Comprehensive Income (Loss) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Marketable Securities | Unrealized Gain (Loss) on Derivative Instruments | Total | |||||||||||||
Balance as of December 31, 2012 | $ | (38,485 | ) | $ | 51,243 | $ | (2,579 | ) | $ | 10,179 | |||||||
Other comprehensive income (loss) before reclassifications | 1,204 | (33,684 | ) | (2,505 | ) | (34,985 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | (2,566 | ) | (2,566 | ) | |||||||||||
Net other comprehensive income (loss) for the period | 1,204 | (33,684 | ) | (5,071 | ) | (37,551 | ) | ||||||||||
Balance as of September 30, 2013 | $ | (37,281 | ) | $ | 17,559 | $ | (7,650 | ) | $ | (27,372 | ) | ||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Foreign Exchange Forward Contracts | $ | — | $ | 13,115 | Net sales | ||||||||||||
Interest Rate and Cross Currency Swap Contracts | (345 | ) | (941 | ) | Interest expense | ||||||||||||
Cross Currency Swap Contracts | (1,247 | ) | (6,133 | ) | Foreign currency gain (loss) | ||||||||||||
(1,592 | ) | 6,041 | Total before tax | ||||||||||||||
(1 | ) | 3,475 | Tax expense | ||||||||||||||
$ | (1,591 | ) | $ | 2,566 | Total net of tax | ||||||||||||
Components of Comprehensive Income (Loss) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Marketable Securities | Unrealized Gain (Loss) on Derivative Instruments | Total | |||||||||||||
Balance as of December 31, 2011 | $ | (48,381 | ) | $ | 24,431 | $ | 18,913 | $ | (5,037 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 6,315 | 19,587 | (9,225 | ) | 16,677 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (16 | ) | (13,369 | ) | (13,385 | ) | ||||||||||
Net other comprehensive income (loss) for the period | 6,315 | 19,571 | (22,594 | ) | 3,292 | ||||||||||||
Balance as of September 30, 2012 | $ | (42,066 | ) | $ | 44,002 | $ | (3,681 | ) | $ | (1,745 | ) | ||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||
Gains and (losses) on marketable securities and restricted investments | |||||||||||||||||
$ | — | $ | 16 | Other income (expense), net | |||||||||||||
— | — | Tax expense | |||||||||||||||
— | 16 | Total net of tax | |||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Foreign Exchange Forward Contracts | 2,580 | 12,675 | Net sales | ||||||||||||||
Interest Rate and Cross Currency Swap Contracts | (277 | ) | (2,807 | ) | Interest expense | ||||||||||||
Cross Currency Swap Contract | 5,654 | 5,275 | Foreign currency gain (loss) | ||||||||||||||
7,957 | 15,143 | Total before tax | |||||||||||||||
— | 1,774 | Tax expense | |||||||||||||||
$ | 7,957 | $ | 13,369 | Total net of tax | |||||||||||||
18_Statement_of_Cash_Flows
18. Statement of Cash Flows | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Statement of Cash Flows [Abstract] | ' | ||||||||
Statement of Cash Flows | ' | ||||||||
18. Statement of Cash Flows | |||||||||
The following table presents a reconciliation of net income (loss) to net cash provided by operating activities for the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||
Nine Months Ended | |||||||||
September 30, 2013 | September 30, 2012 | ||||||||
Net income (loss) | $ | 287,778 | $ | (250,516 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation, amortization, and accretion | 172,984 | 202,131 | |||||||
Impairment and net loss on disposal of long-lived assets | 68,066 | 355,029 | |||||||
Impairment of project assets | — | 3,217 | |||||||
Share-based compensation | 38,211 | 20,969 | |||||||
Remeasurement of monetary assets and liabilities | (12,090 | ) | 6,967 | ||||||
Deferred income taxes | 45 | 11,174 | |||||||
Excess tax benefit from share-based compensation arrangements | (33,958 | ) | (61,571 | ) | |||||
Provision for doubtful accounts receivable | — | 2,950 | |||||||
Gain on sales of marketable securities, and restricted investments, net | — | (16 | ) | ||||||
Other operating activities | (1,149 | ) | (4,757 | ) | |||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable, trade and unbilled and retainage | 367,841 | (252,574 | ) | ||||||
Prepaid expenses and other current assets | 104,618 | 84,844 | |||||||
Other assets | (239 | ) | 85,083 | ||||||
Inventories and balance of systems parts | 87,210 | (285,628 | ) | ||||||
Project assets and deferred project costs | (373,464 | ) | (76,775 | ) | |||||
Accounts payable | (154,345 | ) | 70,401 | ||||||
Income taxes payable | 31,739 | 51,382 | |||||||
Accrued expenses and other liabilities | 80,152 | 426,123 | |||||||
Accrued solar module collection and recycling liability | 521 | 46,217 | |||||||
Total adjustments | 376,142 | 685,166 | |||||||
Net cash provided by operating activities | $ | 663,920 | $ | 434,650 | |||||
19_Equity_Offering_Notes
19. Equity Offering (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Shareholders' Equity and Share-based Payments | ' |
19. Equity Offering | |
During June 2013, we completed an equity offering of 9,747,000 shares of our common stock at a public offering price of $46.00 per share. Net proceeds from the equity offering were $428.2 million, after deducting $17.9 million of underwriting discounts and offering expenses of $2.2 million. We intend to use the proceeds for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies. |
20_Segment_Reporting
20. Segment Reporting | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
20. Segment Reporting | |||||||||||||||||||||||||
We operate our business in two segments. Our components segment involves the design, manufacture, and sale of solar modules which convert sunlight into electricity. Third-party customers of our components segment include project developers, system integrators, and owners and operators of photovoltaic (“PV”) solar power systems. | |||||||||||||||||||||||||
Our second segment is our fully integrated systems business (“systems segment”), through which we provide a complete turn-key PV solar power systems, or solar solutions that draw upon our capabilities, which include (i) project development, (ii) EPC services, (iii) operating and maintenance (“O&M”) services, and (iv) project finance expertise. We may provide our full EPC service or any combination of individual products and services within our EPC capabilities depending upon the customer and market opportunity. All of our systems segment products and services are for PV solar power systems which use our solar modules, and such products and services are sold directly to investor owned utilities, independent power developers and producers, commercial and industrial companies, and other system owners. | |||||||||||||||||||||||||
In our operating segment financial disclosures, we include an allocation of sales value for all solar modules manufactured by our components segment and installed in projects sold or built by our systems segment in the net sales of our components segment. In the gross profit of our operating segment disclosures, we include the corresponding cost of sales value for the solar modules installed in projects sold or built by our systems segment in the components segment. The cost of solar modules is comprised of the manufactured cost incurred by our components segment. | |||||||||||||||||||||||||
Refer to Note 25. “Segment and Geographical Information,” in our Annual Report on Form 10-K for the year ended December 31, 2012 for a complete discussion of our segment reporting. | |||||||||||||||||||||||||
Financial information about our operating segments during the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 380,726 | $ | 884,861 | $ | 1,265,587 | $ | 281,900 | $ | 557,247 | $ | 839,147 | |||||||||||||
Gross profit | $ | 89,718 | $ | 274,316 | $ | 364,034 | $ | 22,547 | $ | 216,169 | $ | 238,716 | |||||||||||||
(Loss) income before income taxes | $ | (20,277 | ) | $ | 228,965 | $ | 208,688 | $ | (62,949 | ) | $ | 173,710 | $ | 110,761 | |||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | — | $ | 65,444 | $ | 65,444 | |||||||||||||
Total assets | $ | 3,957,081 | $ | 2,905,629 | $ | 6,862,710 | $ | 3,670,783 | $ | 2,310,946 | $ | 5,981,729 | |||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 930,230 | $ | 1,610,322 | $ | 2,540,552 | $ | 737,711 | $ | 1,555,823 | $ | 2,293,534 | |||||||||||||
Gross profit | $ | 93,134 | $ | 580,324 | $ | 673,458 | $ | (10,264 | ) | $ | 569,466 | $ | 559,202 | ||||||||||||
(Loss) income before income taxes | $ | (137,163 | ) | $ | 453,102 | $ | 315,939 | $ | (669,320 | ) | $ | 458,942 | $ | (210,378 | ) | ||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | — | $ | 65,444 | $ | 65,444 | |||||||||||||
Total assets | $ | 3,957,081 | $ | 2,905,629 | $ | 6,862,710 | $ | 3,670,783 | $ | 2,310,946 | $ | 5,981,729 | |||||||||||||
Product Revenue | |||||||||||||||||||||||||
The following table sets forth the total amounts of solar modules and solar power systems net sales recognized for the three and nine months ended September 30, 2013 and 2012. For the purposes of the following table, (i) solar module revenue is composed of total revenues from the sale of solar modules to third parties, which excludes any solar modules installed in our systems segment product or service offerings and (ii) solar power system revenue is composed of total revenues from the sale of our solar power systems and related products and services including the solar modules installed in such solar power systems. | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Solar module revenue | $ | 68,735 | $ | 59,703 | $ | 343,289 | $ | 181,710 | |||||||||||||||||
Solar power system revenue | 1,196,852 | 779,444 | 2,197,263 | 2,111,824 | |||||||||||||||||||||
Net sales | $ | 1,265,587 | $ | 839,147 | $ | 2,540,552 | $ | 2,293,534 | |||||||||||||||||
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and the accompanying notes. Significant estimates in these condensed consolidated financial statements include percentage-of-completion revenue recognition, inventory valuation, recoverability of project assets, estimates of future cash flows from and the economic useful lives of long-lived assets, certain accrued liabilities, income taxes and tax valuation allowances, reportable segment allocations, product warranties and manufacturing excursions, accrued collection and recycling expense, applying the acquisition method of accounting for business combinations and goodwill. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from these estimates and assumptions. | |
Revenue Recognition Long-Term Contracts Policy | ' |
Revenue Recognition — Systems Business. We recognize revenue for arrangements entered into by our systems business generally using two revenue recognition models, following the guidance in Accounting Standards Codification (“ASC”) 605, Accounting for Long-term Construction Contracts or, for arrangements which include land or land rights, ASC 360, Accounting for Sales of Real Estate. | |
For systems business sales arrangements that do not include land or land rights and thus are accounted for under ASC 605, we use the percentage-of-completion method, as described further below, using actual costs incurred over total estimated costs to develop and construct a project (including module costs) as our standard accounting policy, unless we cannot make reasonably dependable estimates of the costs to complete the contract, in which case we would use the completed contract method. | |
For systems business sales arrangements that are accounted for under ASC 360, where we convey control of land or land rights, we record the sale as revenue using one of the following revenue recognition methods, based upon evaluation of the substance and form of the terms and conditions of such real estate sales arrangements: | |
(i) We apply the percentage-of-completion method, as further described below, to certain real estate sales arrangements covered under ASC 360, when a sale has been consummated, we have transferred the usual risks and rewards of ownership to the buyer, the initial and continuing investment criteria have been met, we have the ability to estimate our costs and progress toward completion, and all other revenue recognition criteria have been met. The initial and continuing investment requirements, which demonstrate a buyer’s commitment to honor their obligations for the sales arrangement, can typically be met through the receipt of cash or an irrevocable letter of credit from a highly credit worthy lending institution. When evaluating whether the usual risks and rewards of ownership have transferred to the buyer, we consider whether we have or may be contingently required to have any prohibited forms of continuing involvement with the project. Prohibited forms of continuing involvement in a real estate sales arrangement may include us retaining risks or rewards associated with the project that are not customary with the range of risks or rewards that an engineering, procurement and construction (“EPC”) contractor may assume. | |
(ii) Depending on whether the initial and continuing investment requirements have been met, and whether collectability from the buyer is reasonably assured, we may align our revenue recognition and release of project assets or deferred project costs to cost of sales with the receipt of payment from the buyer if the sale has been consummated and we have transferred the usual risks and rewards of ownership to the buyer. | |
(iii) We may also record revenue for certain sales arrangements after construction of discrete portions of a project or after the entire project is substantially complete, we have transferred the usual risks and rewards of ownership to the buyer, and we have received substantially all payments due from the buyer or the initial and continuing investment criteria have been met. | |
For any systems business sales arrangements containing multiple deliverables (including our solar modules) not required to be accounted for under ASC 360 (real estate) or ASC 605 (long-term construction contracts), we analyze each activity within the sales arrangement to ensure that we adhere to the separation guidelines of ASC 605 for multiple-element arrangements. We allocate revenue for any transactions involving multiple elements to each unit of accounting based on its relative selling price, and recognize revenue for each unit of accounting when all revenue recognition criteria for a unit of accounting have been met. | |
Revenue Recognition - Percentage-of-Completion. In applying the percentage-of-completion method, we use the actual costs incurred relative to estimated costs to complete (including module costs) in order to estimate the progress towards completion to determine the amount of revenue and profit to recognize. Incurred costs include all installed direct materials, installed solar modules, labor, subcontractor costs, and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. We recognize direct material and solar module costs as incurred costs when the direct materials and solar modules have been installed in the project. When contracts specify that title to direct materials and solar modules transfers to the customer before installation has been performed, we will not recognize revenue or associated costs until those materials are installed and have met all other revenue recognition requirements. We consider direct materials and solar modules to be installed when they are permanently placed or affixed to a solar power system as required by engineering designs. Solar modules manufactured by us that will be used in our solar power systems, which we still hold title to, remain within inventory until such modules are installed in a solar power system. | |
The percentage-of-completion method of revenue recognition requires us to make estimates of contract revenues and costs to complete our projects. In making such estimates, management judgments are required to evaluate significant assumptions including the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, the amount of net contract revenues and the impact of any penalties, claims, change orders, or performance incentives. | |
If estimated total costs on any contract are greater than the contract revenues, we recognize the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to contract revenues and costs to complete contracts, including penalties, incentive awards, claims, change orders, anticipated losses and others are recorded in the period in which the revisions to estimates are identified and can be reasonably estimated. The effect of the changes on future periods are recognized as if the revised estimates had been used since revenue was initially recognized under the contract. Such revisions could occur in any reporting period and the effects may be material depending on the size of the contracts or changes in estimate. | |
Revenue Recognition - Components Business. Our components business sells solar modules directly to third party solar power system integrators and operators. We recognize revenue for module sales when persuasive evidence of an arrangement exists, delivery of the module has occurred and title and risk of loss have passed to the customer, the sales price is fixed or determinable, and the collectability of the resulting receivable is reasonably assured. Under this policy, we record a trade receivable for the selling price of our module and reduce inventory for the cost of goods sold when delivery occurs in accordance with the terms of the sales contracts. Our customers typically do not have extended payment terms or rights of return for our products. We account for rebates or other customer incentives as a reduction to the selling price of our solar modules at the time of sale; and therefore, as a reduction to revenue. | |
Ventures and Variable Interest Entities | ' |
Ventures and Variable Interest Entities. In the normal course of business we establish wholly owned project companies which may be considered variable interest entities. We consolidate wholly owned variable interest entities, even if there are other variable interests in such entities, as we are considered the primary beneficiary of such entities. Additionally, we have and may in the future form joint venture type arrangements (“ventures”), including partnerships and partially owned limited liability companies or similar legal structures, with one or more third parties primarily to develop and build specific or a pipeline of solar power projects. These types of ventures are core to our business and long-term strategy related to providing solar photovoltaic (“PV”) generation solutions using our modules to sustainable geographic markets. In accordance with ASC 810, Consolidations, we analyze all of our ventures and classify them into two groups: (i) ventures that must be consolidated because they are either not variable interest entities (“VIEs”) and we hold the majority voting interest, or because they are VIEs and we are the primary beneficiary; and (ii) ventures that do not need to be consolidated and are accounted for under either the equity or cost methods of accounting because they are either not VIEs and we hold a minority voting interest, or because they are VIEs and we are not the primary beneficiary. | |
Ventures are considered VIEs if (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (ii) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns; or (iii) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. Our venture agreements typically require some form of project development capital or project equity ranging from amounts necessary to obtain a power purchase agreements (“PPA”) (or similar power off-take agreement) to a pro-rata portion of the total equity required to develop and complete construction of a project, depending upon the opportunity and the market our ventures are in. Our limited number of ventures as of September 30, 2013 and future ventures of a similar nature are typically VIEs because the total equity investment at risk is not sufficient to permit the ventures to finance their activities without additional financial support. | |
We are considered the primary beneficiary of and are required to consolidate a VIE if we have the power to direct the activities that most significantly impact that VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of that VIE that could potentially be significant to the VIE. If we determine that we do not have the power to direct the activities that most significantly impact the venture, then we are not primary beneficiary of the VIE. | |
We account for our unconsolidated ventures using either the equity or cost methods of accounting depending upon whether we have the ability to exercise significant influence over a venture. We consider the participating and protective rights we have as well as the legal form of the venture when evaluating whether we have the ability to exercise significant influence, which requires us to apply the equity method of accounting. |
4_Restructuring_Tables
4. Restructuring (Tables) (April 2012 European Restructuring Plan [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
April 2012 European Restructuring Plan [Member] | ' | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||
The following table summarizes the April 2012 European restructuring amounts remaining as of December 31, 2012, amounts recorded to restructuring expense during the three and nine months ended September 30, 2013, and the remaining balance at September 30, 2013 (in thousands): | |||||||||||||||||
April 2012 European Restructuring | Asset Impairments and Related Costs | Severance and Termination Related Costs | Grant Repayments | Total | |||||||||||||
Ending Balance at December 31, 2012 | $ | 16,625 | $ | 25,717 | $ | 8,400 | $ | 50,742 | |||||||||
Charges to Income | — | 2,347 | — | 2,347 | |||||||||||||
Change in Estimates | — | — | — | — | |||||||||||||
Cash Payments | (7,193 | ) | (6,720 | ) | (8,315 | ) | (22,228 | ) | |||||||||
Non-Cash Amounts Including Foreign Exchange Impact | (304 | ) | (718 | ) | (85 | ) | (1,107 | ) | |||||||||
Ending Balance at March 31, 2013 | 9,128 | 20,626 | — | 29,754 | |||||||||||||
Charges to Income | 2,170 | 1,185 | — | 3,355 | |||||||||||||
Change in Estimates | (945 | ) | (29 | ) | — | (974 | ) | ||||||||||
Cash Payments | (6,597 | ) | (13,563 | ) | — | (20,160 | ) | ||||||||||
Non-Cash Amounts Including Foreign Exchange Impact | (771 | ) | 316 | — | (455 | ) | |||||||||||
Ending Balance at June 30, 2013 | 2,985 | 8,535 | — | 11,520 | |||||||||||||
Charges to Income | 1,981 | 28 | — | 2,009 | |||||||||||||
Change in Estimates | (1,320 | ) | (23 | ) | — | (1,343 | ) | ||||||||||
Cash Payments | (866 | ) | (4,820 | ) | — | (5,686 | ) | ||||||||||
Non-Cash Amounts Including Foreign Exchange Impact | (1,882 | ) | 281 | — | (1,601 | ) | |||||||||||
Ending Balance at September 30, 2013 | $ | 898 | $ | 4,001 | $ | — | $ | 4,899 | |||||||||
6_Cash_Cash_Equivalents_Market1
6. Cash, Cash Equivalents, Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Cash, Marketable Securities And Investments Note [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Marketable Securities | ' | ||||||||||||||||||||||||
Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cash: | |||||||||||||||||||||||||
Cash | $ | 1,128,573 | $ | 889,065 | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Commercial paper | — | 1,500 | |||||||||||||||||||||||
Money market funds | 64,075 | 10,729 | |||||||||||||||||||||||
Total cash and cash equivalents | 1,192,648 | 901,294 | |||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Commercial paper | 1,699 | 1,698 | |||||||||||||||||||||||
Corporate debt securities | 137,033 | 23,384 | |||||||||||||||||||||||
Federal agency debt | 22,119 | 29,936 | |||||||||||||||||||||||
Foreign agency debt | 110,261 | 7,233 | |||||||||||||||||||||||
Foreign government obligations | 25,156 | 4,142 | |||||||||||||||||||||||
Supranational debt | 39,466 | 34,181 | |||||||||||||||||||||||
U.S. government obligations | 3,502 | 2,004 | |||||||||||||||||||||||
Total marketable securities | 339,236 | 102,578 | |||||||||||||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 1,531,884 | $ | 1,003,872 | |||||||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||||||
The following tables summarize the unrealized gains and losses related to our marketable securities, by major security type, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Commercial paper | $ | 1,699 | $ | — | $ | — | $ | 1,699 | |||||||||||||||||
Corporate debt securities | 137,181 | 13 | 161 | 137,033 | |||||||||||||||||||||
Federal agency debt | 22,108 | 16 | 5 | 22,119 | |||||||||||||||||||||
Foreign agency debt | 110,302 | 18 | 59 | 110,261 | |||||||||||||||||||||
Foreign government obligations | 25,148 | 8 | — | 25,156 | |||||||||||||||||||||
Supranational debt | 39,481 | 28 | 43 | 39,466 | |||||||||||||||||||||
U.S. government obligations | 3,498 | 4 | — | 3,502 | |||||||||||||||||||||
Total | $ | 339,417 | $ | 87 | $ | 268 | $ | 339,236 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Commercial paper | $ | 1,697 | $ | 1 | $ | — | $ | 1,698 | |||||||||||||||||
Corporate debt securities | 23,358 | 26 | — | 23,384 | |||||||||||||||||||||
Federal agency debt | 29,888 | 49 | 1 | 29,936 | |||||||||||||||||||||
Foreign agency debt | 7,266 | — | 33 | 7,233 | |||||||||||||||||||||
Foreign government obligations | 4,138 | 4 | — | 4,142 | |||||||||||||||||||||
Supranational debt | 34,110 | 71 | — | 34,181 | |||||||||||||||||||||
U.S. government obligations | 2,000 | 4 | — | 2,004 | |||||||||||||||||||||
Total | $ | 102,457 | $ | 155 | $ | 34 | $ | 102,578 | |||||||||||||||||
Available-for-sale Securities by Maturity | ' | ||||||||||||||||||||||||
Contractual maturities of our marketable securities as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 83,696 | $ | 37 | $ | 33 | $ | 83,700 | |||||||||||||||||
One year to two years | 246,998 | 47 | 232 | 246,813 | |||||||||||||||||||||
Two years to three years | 8,723 | 3 | 3 | 8,723 | |||||||||||||||||||||
Total | $ | 339,417 | $ | 87 | $ | 268 | $ | 339,236 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 71,225 | $ | 67 | $ | 32 | $ | 71,260 | |||||||||||||||||
One year to two years | 30,707 | 88 | 1 | 30,794 | |||||||||||||||||||||
Two years to three years | 525 | — | 1 | 524 | |||||||||||||||||||||
Total | $ | 102,457 | $ | 155 | $ | 34 | $ | 102,578 | |||||||||||||||||
Available-for-sale Securities Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table shows gross unrealized losses and estimated fair values for those marketable securities that were in an unrealized loss position as of September 30, 2013 and December 31, 2012, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands): | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
In Loss Position for | In Loss Position for | Total | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Corporate debt securities | $ | 105,519 | $ | 161 | $ | — | $ | — | $ | 105,519 | $ | 161 | |||||||||||||
Federal agency debt | 6,006 | 5 | — | — | 6,006 | 5 | |||||||||||||||||||
Foreign agency debt | 87,914 | 59 | — | — | 87,914 | 59 | |||||||||||||||||||
Foreign government obligations | — | — | — | — | — | — | |||||||||||||||||||
Supranational debt | 20,687 | 43 | — | — | 20,687 | 43 | |||||||||||||||||||
U.S. government obligations | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 220,126 | $ | 268 | $ | — | $ | — | $ | 220,126 | $ | 268 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
In Loss Position for | In Loss Position for | Total | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Federal agency debt | $ | 524 | $ | 1 | $ | — | $ | — | $ | 524 | $ | 1 | |||||||||||||
Foreign agency debt | — | — | 5,970 | 33 | 5,970 | 33 | |||||||||||||||||||
Total | $ | 524 | $ | 1 | $ | 5,970 | $ | 33 | $ | 6,494 | $ | 34 | |||||||||||||
7_Restricted_Cash_and_Investme1
7. Restricted Cash and Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restricted Cash And Investments Note [Abstract] | ' | ||||||||||||||||
Restricted Cash And Investments | ' | ||||||||||||||||
Restricted cash and investments consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Restricted cash (1) | $ | 164 | $ | 184 | |||||||||||||
Restricted investments | 278,589 | 301,216 | |||||||||||||||
Restricted cash and investments | $ | 278,753 | $ | 301,400 | |||||||||||||
-1 | There was $5.1 million of restricted cash included within prepaid expenses and other current assets at December 31, 2012 primarily related to required cash collateral for certain letters of credit provided for projects under development in foreign jurisdictions. | ||||||||||||||||
Restricted Available For Sale Securities | ' | ||||||||||||||||
The following table summarizes unrealized gains and losses related to our restricted investments by major security type as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 199,605 | $ | 24,331 | $ | 476 | $ | 223,460 | |||||||||
U.S. government obligations | 55,270 | 2,496 | 2,637 | 55,129 | |||||||||||||
Total | $ | 254,875 | $ | 26,827 | $ | 3,113 | $ | 278,589 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 188,350 | $ | 47,921 | $ | — | $ | 236,271 | |||||||||
U.S. government obligations | 53,368 | 11,577 | — | 64,945 | |||||||||||||
Total | $ | 241,718 | $ | 59,498 | $ | — | $ | 301,216 | |||||||||
8_Net_Income_Loss_Per_Share_Ta
8. Net Income (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The calculation of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Basic net income (loss) per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 195,038 | $ | 87,917 | $ | 287,778 | $ | (250,516 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 98,720 | 86,992 | 91,751 | 86,785 | |||||||||||||
Diluted net income (loss) per share | |||||||||||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 98,720 | 86,992 | 91,751 | 86,785 | |||||||||||||
Effect of stock options, restricted and performance stock units, and stock purchase plan shares | 1,658 | 773 | 1,766 | — | |||||||||||||
Weighted-average shares used in computing diluted net income (loss) per share | 100,378 | 87,765 | 93,517 | 86,785 | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Per share information — basic: | |||||||||||||||||
Net income (loss) per share | $ | 1.98 | $ | 1.01 | $ | 3.14 | $ | (2.89 | ) | ||||||||
Per share information — diluted: | |||||||||||||||||
Net income (loss) per share | $ | 1.94 | $ | 1 | $ | 3.08 | $ | (2.89 | ) | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||||||
The following number of outstanding employee stock options, restricted and performance stock units and stock purchase plan shares were excluded from the computation of diluted net income (loss) per share for the three and nine months ended September 30, 2013 and 2012 as they would have had an anti-dilutive effect (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Anti-dilutive shares | 80 | 1,071 | 98 | 1,907 | |||||||||||||
9_Consolidated_Balance_Sheet_D1
9. Consolidated Balance Sheet Details (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Consolidated Balance Sheet Details [Abstract] | ' | ||||||||||||||||
Schedule of Accounts Receivable | ' | ||||||||||||||||
Accounts receivable trade, net consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivable trade, gross | $ | 157,650 | $ | 568,070 | |||||||||||||
Allowance for doubtful accounts | (9,909 | ) | (14,503 | ) | |||||||||||||
Accounts receivable trade, net | $ | 147,741 | $ | 553,567 | |||||||||||||
At September 30, 2013 and December 31, 2012, $21.1 million and $104.5 million, respectively, of our accounts receivable trade, net were collateralized by letters of credit, bank guarantees or other forms of financial security issued by credit worthy financial institutions. | |||||||||||||||||
Accounts receivable, unbilled and retainage | |||||||||||||||||
Accounts receivable, unbilled and retainage consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accounts receivable, unbilled | $ | 175,581 | $ | 342,587 | |||||||||||||
Retainage | 261,192 | 58,400 | |||||||||||||||
Accounts receivable, unbilled and retainage | $ | 436,773 | $ | 400,987 | |||||||||||||
Schedule of Inventory, Current and Noncurrent | ' | ||||||||||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Raw materials | $ | 166,440 | $ | 184,006 | |||||||||||||
Work in process | 10,837 | 14,868 | |||||||||||||||
Finished goods (solar modules) | 265,234 | 370,422 | |||||||||||||||
Inventories | $ | 442,511 | $ | 569,296 | |||||||||||||
Inventories — current | $ | 311,700 | $ | 434,921 | |||||||||||||
Inventories — noncurrent (1) | $ | 130,811 | $ | 134,375 | |||||||||||||
(1) We purchase a critical raw material that is used in our core production process in quantities that exceed anticipated consumption within our operating cycle (which is 12 months). We classify the raw materials that we do not expect to be consumed within our operating cycle as noncurrent. | |||||||||||||||||
Prepaid expenses and other current assets | ' | ||||||||||||||||
Prepaid expenses and other current assets consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Prepaid expenses | $ | 27,794 | $ | 39,582 | |||||||||||||
Derivative instruments | 2,998 | 7,230 | |||||||||||||||
Deferred costs of goods sold | 1,544 | 96,337 | |||||||||||||||
Other current assets | 54,947 | 64,219 | |||||||||||||||
Prepaid expenses and other current assets | $ | 87,283 | $ | 207,368 | |||||||||||||
Property, plant and equipment, net | ' | ||||||||||||||||
Property, plant and equipment, net consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Buildings and improvements | $ | 341,976 | $ | 446,133 | |||||||||||||
Machinery and equipment | 1,369,539 | 1,415,632 | |||||||||||||||
Office equipment and furniture | 123,203 | 117,228 | |||||||||||||||
Leasehold improvements | 47,370 | 49,367 | |||||||||||||||
Depreciable property, plant and equipment, gross | 1,882,088 | 2,028,360 | |||||||||||||||
Accumulated depreciation | (880,554 | ) | (803,501 | ) | |||||||||||||
Depreciable property, plant and equipment, net | 1,001,534 | 1,224,859 | |||||||||||||||
Land | 10,656 | 22,256 | |||||||||||||||
Construction in progress | 179,106 | 51,133 | |||||||||||||||
Stored assets (1) | 206,488 | 227,134 | |||||||||||||||
Property, plant and equipment, net | $ | 1,397,784 | $ | 1,525,382 | |||||||||||||
-1 | Consists of machinery and equipment (“stored assets”) that were originally purchased for installation in our previously planned manufacturing capacity expansions. We intend to install and place the stored assets into service when such assets are required or beneficial to our existing installed manufacturing capacity or when market demand supports additional or market specific manufacturing capacity. As the stored assets are neither in the condition or location to produce modules as intended, we will not begin depreciation until such assets are placed into service. The stored assets are evaluated for impairment under a held and used impairment model whenever events or changes in business circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of the long-lived assets may not be recoverable. We ceased the capitalization of interest on such stored assets once they were physically received from the related machinery and equipment suppliers. | ||||||||||||||||
Schedule of Capitalized Interest | ' | ||||||||||||||||
We capitalized interest costs incurred into property, plant and equipment or project assets as follows during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Interest cost incurred | $ | (2,907 | ) | $ | (4,254 | ) | $ | (9,349 | ) | $ | (20,304 | ) | |||||
Interest cost capitalized —– property, plant and equipment | 836 | 715 | 1,882 | 3,538 | |||||||||||||
Interest cost capitalized —– project assets | 1,796 | 637 | 5,567 | 5,572 | |||||||||||||
Interest expense, net | $ | (275 | ) | $ | (2,902 | ) | $ | (1,900 | ) | $ | (11,194 | ) | |||||
Schedule of Project Assets Noncurrent | ' | ||||||||||||||||
Project assets and deferred project costs consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Project assets — land | $ | 523 | $ | 9,164 | |||||||||||||
Project assets — development costs including project acquisition costs | 448,490 | 157,489 | |||||||||||||||
Project assets — construction costs | 44,389 | 192,171 | |||||||||||||||
Project assets — projects in commercial operation under project PPAs | 63,925 | — | |||||||||||||||
Project assets | $ | 557,327 | $ | 358,824 | |||||||||||||
Deferred project costs — current | $ | 752,241 | $ | 21,390 | |||||||||||||
Deferred project costs — non-current | 33,570 | 486,654 | |||||||||||||||
Deferred project costs | 785,811 | $ | 508,044 | ||||||||||||||
Total project assets and deferred project costs | $ | 1,343,138 | $ | 866,868 | |||||||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||||||||||||
Other assets consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Note receivable (1) | $ | 9,485 | $ | 9,260 | |||||||||||||
Income taxes receivable | 7,501 | 7,258 | |||||||||||||||
Deferred rent | 21,274 | 21,570 | |||||||||||||||
Investments in unconsolidated affiliates and joint ventures (2) | 17,382 | 5,073 | |||||||||||||||
Intangible assets, net (3) | 116,649 | 3,735 | |||||||||||||||
Other | 8,388 | 9,556 | |||||||||||||||
Other assets | $ | 180,679 | $ | 56,452 | |||||||||||||
Equity and cost method investments | ' | ||||||||||||||||
The following table summarizes our equity and cost method investments as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, 2013 | December 31, | ||||||||||||||||
2012 | |||||||||||||||||
Equity method investments | $ | 12,200 | $ | — | |||||||||||||
Cost method investments | 5,182 | 5,073 | |||||||||||||||
Investments in unconsolidated affiliates and joint ventures | $ | 17,382 | $ | 5,073 | |||||||||||||
Intangible Assets | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Intangible assets, gross | $ | 122,639 | $ | 9,139 | |||||||||||||
Accumulated amortization | (5,990 | ) | (5,404 | ) | |||||||||||||
Intangible assets, net | $ | 116,649 | $ | 3,735 | |||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||
Goodwill, summarized by relevant operating segment, consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
Components | Systems | Consolidated | |||||||||||||||
Ending balance December 31, 2012 | $ | — | $ | 65,444 | $ | 65,444 | |||||||||||
Goodwill from acquisitions | 16,152 | 3,389 | 19,541 | ||||||||||||||
Ending balance September 30, 2013 | $ | 16,152 | $ | 68,833 | $ | 84,985 | |||||||||||
Schedule of Accrued Liabilities | ' | ||||||||||||||||
Accrued expenses consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Accrued compensation, benefits and severance | $ | 44,887 | $ | 105,677 | |||||||||||||
Accrued property, plant and equipment | 35,167 | 20,564 | |||||||||||||||
Accrued inventory and balance of systems parts | 49,681 | 52,408 | |||||||||||||||
Accrued project assets and deferred project costs | 72,653 | 76,133 | |||||||||||||||
Product warranty liability (Note 14) | 49,743 | 90,581 | |||||||||||||||
Accrued expenses in excess of normal product warranty liability and related expenses (1) | 48,430 | 75,020 | |||||||||||||||
Other | 63,984 | 134,050 | |||||||||||||||
Accrued expenses | $ | 364,545 | $ | 554,433 | |||||||||||||
(1) Accrued expenses in excess of normal product warranty liability and related expenses consists primarily of commitments to certain customers, each related to the manufacturing excursion occurring during the period between June 2008 to June 2009 (“2008-2009 manufacturing excursion”), whereby certain modules manufactured during that time period may experience premature power loss once installed in the field. Additionally, included in such accrued expenses are commitments to certain customers related to a workmanship issue potentially affecting solar modules manufactured between October 2008 to June 2009, as a limited number of the modules manufactured during that time utilized a new material and process to attach the cord plate (junction box) to the module which may not adhere securely over time. | |||||||||||||||||
Our best estimate for such remediation programs is based on evaluation and consideration of currently available information, including the estimated number of potentially affected modules in the field, historical experience related to our remediation efforts, customer-provided data related to potentially affected systems, the estimated costs of performing the removal, replacement and logistical services and the post-sale expenses covered under our remediation program. If any of our estimates prove incorrect, we could be required to accrue additional expenses. | |||||||||||||||||
Schedule of Other Liabilities | ' | ||||||||||||||||
Other current liabilities consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred revenue | $ | 373 | $ | 2,056 | |||||||||||||
Derivative instruments | 5,569 | 5,825 | |||||||||||||||
Deferred tax liabilities | — | 2,226 | |||||||||||||||
Billings in excess of costs and estimated earnings (1) | 85,169 | 2,422 | |||||||||||||||
Contingent consideration | 21,705 | — | |||||||||||||||
Other | 19,198 | 21,824 | |||||||||||||||
Other current liabilities | $ | 132,014 | $ | 34,353 | |||||||||||||
(1) Billings in excess of costs and estimated earnings represents billings made or payments received in excess of revenue recognized on contracts accounted for under the percentage-of-completion method. Typically, billings are made based on the completion of certain construction milestones as provided for in the sales arrangement and the timing of revenue recognition may be different from when we can bill or collect from a customer. | |||||||||||||||||
Other liabilities | |||||||||||||||||
Other liabilities consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Product warranty liability (Note 14) | $ | 139,935 | $ | 101,015 | |||||||||||||
Other taxes payable | 116,459 | 102,599 | |||||||||||||||
Billings in excess of costs and estimated earnings (1) | 35,855 | 47,623 | |||||||||||||||
Contingent consideration | 72,801 | — | |||||||||||||||
Other | 48,450 | 40,979 | |||||||||||||||
Other liabilities | $ | 413,500 | $ | 292,216 | |||||||||||||
(1) Billings in excess of costs and estimated earnings represents billings made or payments received in excess of revenue recognized on contracts accounted for under the percentage-of-completion method. Typically, billings are made based on the completion of certain construction milestones as provided for in the sales arrangement and the timing of revenue recognition may be different from when we can bill or collect from a customer. |
10_PercentageofCompletion_Chan1
10. Percentage-of-Completion Changes in Estimates (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Changes in Estimates for Systems Business [Abstract] | ' | ||||||||||||||||
Changes in Estimates Systems Business [Table Text Block] | ' | ||||||||||||||||
For purposes of the below table, we only include projects that have a net impact on gross profit from changes in estimates of at least $1.0 million during a period. Also included in the table below is the net change in estimates as a percentage of the aggregate gross profit for such projects for each period. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Number of projects | 4 | 4 | 6 | 8 | |||||||||||||
Increases (decreases) in gross profit resulting from net changes in estimates (in thousands) | $ | 8,166 | $ | (4,041 | ) | $ | 3,638 | $ | 21,968 | ||||||||
Net change in estimates as percentage of aggregate gross profit for associated projects | 0.4 | % | (0.2 | )% | 0.2 | % | 1.3 | % |
11_Derivative_Financial_Instru1
11. Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||||
The following tables present the fair value of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Current Liabilities | Other Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | 1,890 | $ | 869 | |||||||||||||||
Cross-currency swap contract | — | 1,495 | 5,983 | ||||||||||||||||||
Interest rate swap contracts | — | 396 | 437 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 3,781 | $ | 7,289 | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,998 | $ | 1,788 | $ | — | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 2,998 | $ | 1,788 | $ | — | |||||||||||||||
Total derivative instruments | $ | 2,998 | $ | 5,569 | $ | 7,289 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Current Liabilities | Other Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,121 | $ | — | $ | — | |||||||||||||||
Cross-currency swap contract | — | 316 | 1,582 | ||||||||||||||||||
Interest rate swap contracts | — | 473 | 994 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 2,121 | $ | 789 | $ | 2,576 | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 5,109 | $ | 5,036 | $ | — | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 5,109 | $ | 5,036 | $ | — | |||||||||||||||
Total derivative instruments | $ | 7,230 | $ | 5,825 | $ | 2,576 | |||||||||||||||
Offsetting Derivatives | ' | ||||||||||||||||||||
The impact of offsetting balances associated with derivative instruments designated as hedging instruments under ASC 815 is shown below (in thousands): | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Gross Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||||||
Gross Asset (Liability) | Gross Offset in Consolidated Balance Sheet | Net Amount Recognized in Financial Statements | Financial Instruments | Cash Collateral Pledged | Net Amount | ||||||||||||||||
Foreign exchange forward contracts | $ | (2,759 | ) | — | (2,759 | ) | — | — | $ | (2,759 | ) | ||||||||||
Cross-currency swap contracts | $ | (7,478 | ) | — | (7,478 | ) | — | — | $ | (7,478 | ) | ||||||||||
Interest rate swap contracts | $ | (833 | ) | — | (833 | ) | — | — | $ | (833 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||
Gross Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||||||
Gross Asset (Liability) | Gross Offset in Consolidated Balance Sheet | Net Amount Recognized in Financial Statements | Financial Instruments | Cash Collateral Pledged | Net Amount | ||||||||||||||||
Foreign exchange forward contracts | $ | 2,121 | — | 2,121 | — | — | $ | 2,121 | |||||||||||||
Cross-currency swap contracts | $ | (1,898 | ) | — | (1,898 | ) | — | — | $ | (1,898 | ) | ||||||||||
Interest rate swap contracts | $ | (1,467 | ) | — | (1,467 | ) | — | — | $ | (1,467 | ) | ||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following tables present the amounts related to derivative instruments designated as cash flow hedges under ASC 815 affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contract | Cross Currency Swap Contract | Total | ||||||||||||||||||
Balance in other comprehensive income (loss) at December 31, 2012 | $ | 8,980 | $ | (1,467 | ) | $ | (8,031 | ) | $ | (518 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | 4,135 | 100 | (1,604 | ) | 2,631 | ||||||||||||||||
Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring | (13,115 | ) | — | — | (13,115 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 1,974 | 1,974 | |||||||||||||||||
Interest expense | — | 209 | 85 | 294 | |||||||||||||||||
Balance in other comprehensive income (loss) at March 31, 2013 | $ | — | $ | (1,158 | ) | $ | (7,576 | ) | $ | (8,734 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | — | 2 | (313 | ) | (311 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 2,912 | 2,912 | |||||||||||||||||
Interest expense | — | 196 | 106 | 302 | |||||||||||||||||
Balance in other comprehensive income (loss) at June 30, 2013 | $ | — | $ | (960 | ) | $ | (4,871 | ) | $ | (5,831 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | (1,753 | ) | (89 | ) | (2,422 | ) | (4,264 | ) | |||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 1,247 | 1,247 | |||||||||||||||||
Interest expense | — | 216 | 129 | 345 | |||||||||||||||||
Balance in other comprehensive income (loss) at September 30, 2013 | $ | (1,753 | ) | $ | (833 | ) | $ | (5,917 | ) | $ | (8,503 | ) | |||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contracts | Cross Currency Swap Contract | Total | ||||||||||||||||||
Balance in other comprehensive income (loss) at December 31, 2011 | $ | 33,751 | $ | (2,571 | ) | $ | (5,899 | ) | $ | 25,281 | |||||||||||
Amounts recognized in other comprehensive income (loss) | (11,341 | ) | (914 | ) | 4,347 | (7,908 | ) | ||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Net sales | (6,710 | ) | — | — | (6,710 | ) | |||||||||||||||
Foreign currency gain | — | — | (5,003 | ) | (5,003 | ) | |||||||||||||||
Interest expense | — | 244 | 71 | 315 | |||||||||||||||||
Balance in other comprehensive income (loss) at March 31, 2012 | $ | 15,700 | $ | (3,241 | ) | $ | (6,484 | ) | $ | 5,975 | |||||||||||
Amounts recognized in other comprehensive income (loss) | 5,825 | (334 | ) | (5,989 | ) | (498 | ) | ||||||||||||||
Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring | (3,385 | ) | — | — | (3,385 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | 5,382 | 5,382 | |||||||||||||||||
Interest expense | — | 2,084 | 131 | 2,215 | |||||||||||||||||
Balance in other comprehensive income (loss) at June 30, 2012 | $ | 18,140 | $ | (1,491 | ) | $ | (6,960 | ) | $ | 9,689 | |||||||||||
Amounts recognized in other comprehensive income (loss) | (7,002 | ) | (301 | ) | 3,568 | (3,735 | ) | ||||||||||||||
Amounts reclassified to net sales as a result of forecasted transactions being probable of not occurring | (987 | ) | — | — | (987 | ) | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Net sales | (1,593 | ) | — | — | (1,593 | ) | |||||||||||||||
Foreign currency gain | — | — | (5,654 | ) | (5,654 | ) | |||||||||||||||
Interest expense | — | 192 | 85 | 277 | |||||||||||||||||
Balance in other comprehensive income (loss) at September 30, 2012 | $ | 8,558 | $ | (1,600 | ) | $ | (8,961 | ) | $ | (2,003 | ) | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||||
The following table presents the amounts related to derivative instruments not designated as hedges under ASC 815 affecting our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | Location of Gain (Loss) Recognized in Income on Derivatives | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Foreign exchange forward contracts | Foreign currency gain (loss) | $ | 2,005 | $ | 3,857 | $ | 3,868 | $ | 2,334 | ||||||||||||
Foreign exchange forward contracts | Cost of sales | $ | (1,793 | ) | $ | (257 | ) | $ | (2,566 | ) | $ | (995 | ) | ||||||||
Foreign exchange forward contracts | Net Sales | $ | (342 | ) | $ | — | $ | 5,324 | $ | — | |||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were as follows (notional amounts and U.S. dollar equivalents in millions): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Australian dollar | AUD 148.9 | $138.70 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Canadian dollar | CAD 192.0 | $195.10 | |||||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting under ASC 815 were as follows (notional amounts and U.S. dollar equivalents in millions): | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 85.60 | $116.00 | ||||||||||||||||||
Sell | Euro | € 79.80 | $108.10 | ||||||||||||||||||
Purchase | Australian dollar | AUD 2.4 | $2.20 | ||||||||||||||||||
Sell | Australian dollar | AUD 10.9 | $10.20 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 114.6 | $35.50 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 43.5 | $13.50 | ||||||||||||||||||
Sell | Canadian dollar | CAD 33.0 | $32.00 | ||||||||||||||||||
Purchase | Chinese yuan | CNY 26.0 | $4.20 | ||||||||||||||||||
Sell | Chinese yuan | CNY 13.0 | $2.10 | ||||||||||||||||||
Sell | Japanese yen | JPY 475.0 | $4.80 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 128.70 | $170.20 | ||||||||||||||||||
Sell | Euro | € 134.20 | $177.50 | ||||||||||||||||||
Sell | Australian dollar | AUD 8.5 | $8.80 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 136.4 | $45.00 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 36.0 | $11.90 | ||||||||||||||||||
Purchase | Canadian dollar | CAD 22.4 | $22.60 | ||||||||||||||||||
Sell | Canadian dollar | CAD 15.8 | $16.00 |
12_Fair_Value_Measurements_Tab
12. Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair value measurements of our assets and liabilities that we measure on a recurring basis were as follows (in thousands): | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Fair Value Measurements at Reporting | |||||||||||||||||
Date Using | |||||||||||||||||
Total Fair | Quoted Prices | Significant | |||||||||||||||
Value and | in Active | Other | Significant | ||||||||||||||
Carrying | Markets for | Observable | Unobservable | ||||||||||||||
Value on Our | Identical | Inputs | Inputs | ||||||||||||||
Balance Sheet | Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | $ | — | $ | — | $ | — | $ | — | |||||||||
Money market funds | 64,075 | 64,075 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | 1,699 | — | 1,699 | — | |||||||||||||
Corporate debt securities | 137,033 | — | 137,033 | — | |||||||||||||
Federal agency debt | 22,119 | — | 22,119 | — | |||||||||||||
Foreign agency debt | 110,261 | — | 110,261 | — | |||||||||||||
Foreign government obligations | 25,156 | — | 25,156 | — | |||||||||||||
Supranational debt | 39,466 | — | 39,466 | — | |||||||||||||
U.S. government obligations | 3,502 | — | 3,502 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 278,589 | — | 278,589 | — | |||||||||||||
Derivative assets | 2,998 | — | 2,998 | — | |||||||||||||
Total assets | $ | 684,898 | $ | 64,075 | $ | 620,823 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 12,858 | $ | — | $ | 12,858 | $ | — | |||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value Measurements at Reporting | |||||||||||||||||
Date Using | |||||||||||||||||
Total Fair | Quoted Prices | Significant | |||||||||||||||
Value and | in Active | Other | Significant | ||||||||||||||
Carrying | Markets for | Observable | Unobservable | ||||||||||||||
Value on Our | Identical | Inputs | Inputs | ||||||||||||||
Balance Sheet | Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | $ | 1,500 | $ | — | $ | 1,500 | $ | — | |||||||||
Money market funds | 10,729 | 10,729 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | 1,698 | — | 1,698 | — | |||||||||||||
Corporate debt securities | 23,384 | — | 23,384 | — | |||||||||||||
Federal agency debt | 29,936 | — | 29,936 | — | |||||||||||||
Foreign agency debt | 7,233 | — | 7,233 | — | |||||||||||||
Foreign government obligations | 4,142 | — | 4,142 | — | |||||||||||||
Supranational debt | 34,181 | — | 34,181 | — | |||||||||||||
U.S. government obligations | 2,004 | — | 2,004 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 301,216 | — | 301,216 | — | |||||||||||||
Derivative assets | 7,230 | — | 7,230 | — | |||||||||||||
Total assets | $ | 423,253 | $ | 10,729 | $ | 412,524 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 8,401 | $ | — | $ | 8,401 | $ | — | |||||||||
Fair value by balance sheet grouping | ' | ||||||||||||||||
The carrying values and fair values of our financial and derivative instruments at September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | 339,236 | $ | 339,236 | $ | 102,578 | $ | 102,578 | |||||||||
Foreign exchange forward contract assets | $ | 2,998 | $ | 2,998 | $ | 7,230 | $ | 7,230 | |||||||||
Restricted investments (excluding restricted cash) | $ | 278,589 | $ | 278,589 | $ | 301,216 | $ | 301,216 | |||||||||
Note receivable, affiliate | $ | — | $ | — | $ | 17,725 | $ | 17,723 | |||||||||
Notes receivable — noncurrent | $ | 9,485 | $ | 9,432 | $ | 9,260 | $ | 9,371 | |||||||||
Liabilities: | |||||||||||||||||
Long-term debt, including current maturities | $ | 229,214 | $ | 230,331 | $ | 562,572 | $ | 565,879 | |||||||||
Interest rate swap contract liabilities | $ | 833 | $ | 833 | $ | 1,467 | $ | 1,467 | |||||||||
Cross-currency swap contract liabilities | $ | 7,478 | $ | 7,478 | $ | 1,898 | $ | 1,898 | |||||||||
Foreign exchange forward contract liabilities | $ | 4,547 | $ | 4,547 | $ | 5,036 | $ | 5,036 | |||||||||
13_Debt_Tables
13. Debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||
Our long-term debt consisted of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||
Balance (USD) | |||||||||||||
Loan Agreement | Maturity | Loan Denomination | September 30, | December 31, | |||||||||
2013 | 2012 | ||||||||||||
Revolving Credit Facility (1) | July 2018 (Tranche A) October 2015 (Tranche B) | USD | $ | — | $ | 270,000 | |||||||
Malaysian Ringgit Facility Agreement | Sep-18 | MYR | 120,064 | 151,901 | |||||||||
Malaysian Euro Facility Agreement | Apr-18 | EUR | 54,248 | 58,255 | |||||||||
Malaysian Facility Agreement | Mar-16 | EUR | 54,657 | 78,657 | |||||||||
Director of Development of the State of Ohio | USD | — | 4,527 | ||||||||||
Capital lease obligations | various | various | 2,156 | 1,955 | |||||||||
Long-term debt principal | $ | 231,125 | $ | 565,295 | |||||||||
Less unamortized discount | (1,911 | ) | (2,723 | ) | |||||||||
Total long-term debt | $ | 229,214 | $ | 562,572 | |||||||||
Less current portion | (60,329 | ) | (62,349 | ) | |||||||||
Noncurrent portion | $ | 168,885 | $ | 500,223 | |||||||||
Schedule of borrowing rate on debt [Table Text Block] | ' | ||||||||||||
Our long-term debt borrowing rates as of September 30, 2013 were as follows: | |||||||||||||
Loan Agreement | Borrowing Rate at September 30, 2013 | ||||||||||||
Revolving Credit Facility | 2.43% | ||||||||||||
Malaysian Ringgit Facility Agreement | KLIBOR plus 2.00% (2) | ||||||||||||
Malaysian Euro Facility Agreement | EURIBOR plus 1.00% | ||||||||||||
Malaysian Facility Agreement (1) | Fixed rate facility at 4.54% | ||||||||||||
Floating rate facility at EURIBOR plus 0.55% (2) | |||||||||||||
Capital lease obligations | Various | ||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||
At September 30, 2013, the future principal payments on our long-term debt, excluding payments related to capital leases, were due as follows (in thousands): | |||||||||||||
Remainder of 2013 | $ | 5,852 | |||||||||||
2014 | 59,806 | ||||||||||||
2015 | 59,806 | ||||||||||||
2016 | 37,973 | ||||||||||||
2017 | 35,300 | ||||||||||||
Thereafter | 30,232 | ||||||||||||
Total long-term debt future payments | $ | 228,969 | |||||||||||
14_Commitments_and_Contingenci1
14. Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability | ' | ||||||||||||||||
Product warranty activities during the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Product warranty liability, beginning of period | $ | 189,257 | $ | 181,889 | $ | 191,596 | $ | 157,742 | |||||||||
Accruals for new warranties issued | 10,260 | 14,354 | 28,709 | 25,967 | |||||||||||||
Settlements | (11,176 | ) | (24,152 | ) | (30,586 | ) | (40,749 | ) | |||||||||
Changes in estimate of product warranty liability (1) | 1,337 | 5,123 | (41 | ) | 34,254 | ||||||||||||
Product warranty liability, end of period | $ | 189,678 | $ | 177,214 | $ | 189,678 | $ | 177,214 | |||||||||
Current portion of warranty liability | $ | 49,743 | $ | 82,795 | $ | 49,743 | $ | 82,795 | |||||||||
Noncurrent portion of warranty liability | $ | 139,935 | $ | 94,419 | $ | 139,935 | $ | 94,419 | |||||||||
-1 | Changes in estimate of product warranty liability during the nine months ended September 30, 2012 includes increases to our best estimate of $22.6 million partially related to a net increase in the expected number of replacement modules required for certain remediation efforts related to the manufacturing excursion that occurred between June 2008 and June 2009. Such estimated increase was primarily due to the completion of the analysis on certain outstanding claims as of December 31, 2011. Additionally, the remaining increase was primarily related to a change in estimate for the market value of the modules that we estimated would be returned to us under the voluntary remediation efforts that would meet the required performance standards to be re-sold as refurbished modules. |
15_ShareBased_Compensation_Tab
15. Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ||||||||||||||||
The following table presents our share-based compensation expense by type of award for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Stock options | $ | — | $ | 9 | $ | — | $ | 273 | |||||||||
Restricted and performance stock units | 12,277 | 12,256 | 37,957 | 21,214 | |||||||||||||
Unrestricted stock | 322 | 234 | 922 | 595 | |||||||||||||
Stock purchase plan | 268 | 209 | 740 | 580 | |||||||||||||
Net amount absorbed into inventory | 1,426 | 1,328 | (1,408 | ) | (1,693 | ) | |||||||||||
Total share-based compensation expense | $ | 14,293 | $ | 14,036 | $ | 38,211 | $ | 20,969 | |||||||||
The share-based compensation expense that we recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Share-based compensation expense included in: | |||||||||||||||||
Cost of sales | $ | 5,213 | $ | 6,941 | $ | 11,036 | $ | 17,536 | |||||||||
Research and development | 1,715 | 734 | 4,636 | 4,869 | |||||||||||||
Selling, general and administrative | 7,331 | 5,460 | 22,257 | (2,663 | ) | ||||||||||||
Production start-up | 34 | 525 | 282 | 356 | |||||||||||||
Restructuring | — | 376 | — | 871 | |||||||||||||
Total share-based compensation expense | $ | 14,293 | $ | 14,036 | $ | 38,211 | $ | 20,969 | |||||||||
17_Comprehensive_Income_Loss_T
17. Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Comprehensive Income (Loss) Note [Abstract] | ' | ||||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Comprehensive income (loss), which includes foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities, and unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges, the impact of which, has been excluded from net income (loss) and reflected as components of stockholders’ equity, was as follows for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Net income | $ | 195,038 | $ | 87,917 | |||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||
Foreign currency translation adjustments | 2,781 | 2,600 | |||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments for the period (net of tax of $(611) and $(525), respectively) | (6,314 | ) | 11,009 | ||||||||||||||
Less: reclassification for (gains) included in net income (net of tax of $0 and $0, respectively) | — | — | |||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments | (6,314 | ) | 11,009 | ||||||||||||||
Unrealized (loss) on derivative instruments for the period (net of tax of $539 and $1,813, respectively) | (3,725 | ) | (1,922 | ) | |||||||||||||
Less: reclassification for losses (gains) included in net income (net of tax of $(1) and $0, respectively) | 1,591 | (7,957 | ) | ||||||||||||||
Unrealized (loss) on derivative instruments | (2,134 | ) | (9,879 | ) | |||||||||||||
Other comprehensive (loss) income, net of tax | (5,667 | ) | 3,730 | ||||||||||||||
Comprehensive income | $ | 189,371 | $ | 91,647 | |||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Net income (loss) | $ | 287,778 | $ | (250,516 | ) | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Foreign currency translation adjustments | 1,204 | 6,314 | |||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments for the period (net of tax of $2,852 and $(1,296), respectively) | (33,684 | ) | 19,587 | ||||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $0 and $0, respectively) | — | (16 | ) | ||||||||||||||
Unrealized (loss) gain on marketable securities and restricted investments | (33,684 | ) | 19,571 | ||||||||||||||
Unrealized (loss) on derivative instruments for the period (net of tax of $(562) and $2,917, respectively) | (2,505 | ) | (9,225 | ) | |||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $3,475 and $1,774, respectively) | (2,566 | ) | (13,369 | ) | |||||||||||||
Unrealized (loss) on derivative instruments | (5,071 | ) | (22,594 | ) | |||||||||||||
Other comprehensive (loss) income, net of tax | (37,551 | ) | 3,291 | ||||||||||||||
Comprehensive income (loss) | $ | 250,227 | $ | (247,225 | ) | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Components and details of accumulated other comprehensive income (loss) at September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||
Components of Comprehensive Income (Loss) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Marketable Securities | Unrealized Gain (Loss) on Derivative Instruments | Total | |||||||||||||
Balance as of December 31, 2012 | $ | (38,485 | ) | $ | 51,243 | $ | (2,579 | ) | $ | 10,179 | |||||||
Other comprehensive income (loss) before reclassifications | 1,204 | (33,684 | ) | (2,505 | ) | (34,985 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | (2,566 | ) | (2,566 | ) | |||||||||||
Net other comprehensive income (loss) for the period | 1,204 | (33,684 | ) | (5,071 | ) | (37,551 | ) | ||||||||||
Balance as of September 30, 2013 | $ | (37,281 | ) | $ | 17,559 | $ | (7,650 | ) | $ | (27,372 | ) | ||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Foreign Exchange Forward Contracts | $ | — | $ | 13,115 | Net sales | ||||||||||||
Interest Rate and Cross Currency Swap Contracts | (345 | ) | (941 | ) | Interest expense | ||||||||||||
Cross Currency Swap Contracts | (1,247 | ) | (6,133 | ) | Foreign currency gain (loss) | ||||||||||||
(1,592 | ) | 6,041 | Total before tax | ||||||||||||||
(1 | ) | 3,475 | Tax expense | ||||||||||||||
$ | (1,591 | ) | $ | 2,566 | Total net of tax | ||||||||||||
Components of Comprehensive Income (Loss) | Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Marketable Securities | Unrealized Gain (Loss) on Derivative Instruments | Total | |||||||||||||
Balance as of December 31, 2011 | $ | (48,381 | ) | $ | 24,431 | $ | 18,913 | $ | (5,037 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 6,315 | 19,587 | (9,225 | ) | 16,677 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (16 | ) | (13,369 | ) | (13,385 | ) | ||||||||||
Net other comprehensive income (loss) for the period | 6,315 | 19,571 | (22,594 | ) | 3,292 | ||||||||||||
Balance as of September 30, 2012 | $ | (42,066 | ) | $ | 44,002 | $ | (3,681 | ) | $ | (1,745 | ) | ||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||
Gains and (losses) on marketable securities and restricted investments | |||||||||||||||||
$ | — | $ | 16 | Other income (expense), net | |||||||||||||
— | — | Tax expense | |||||||||||||||
— | 16 | Total net of tax | |||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Foreign Exchange Forward Contracts | 2,580 | 12,675 | Net sales | ||||||||||||||
Interest Rate and Cross Currency Swap Contracts | (277 | ) | (2,807 | ) | Interest expense | ||||||||||||
Cross Currency Swap Contract | 5,654 | 5,275 | Foreign currency gain (loss) | ||||||||||||||
7,957 | 15,143 | Total before tax | |||||||||||||||
— | 1,774 | Tax expense | |||||||||||||||
$ | 7,957 | $ | 13,369 | Total net of tax | |||||||||||||
18_Statement_of_Cash_Flows_Tab
18. Statement of Cash Flows (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Statement of Cash Flows [Abstract] | ' | ||||||||
Reconciliation of Net Income to Cash Provided By (Used In) Operating Activities | ' | ||||||||
The following table presents a reconciliation of net income (loss) to net cash provided by operating activities for the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||
Nine Months Ended | |||||||||
September 30, 2013 | September 30, 2012 | ||||||||
Net income (loss) | $ | 287,778 | $ | (250,516 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation, amortization, and accretion | 172,984 | 202,131 | |||||||
Impairment and net loss on disposal of long-lived assets | 68,066 | 355,029 | |||||||
Impairment of project assets | — | 3,217 | |||||||
Share-based compensation | 38,211 | 20,969 | |||||||
Remeasurement of monetary assets and liabilities | (12,090 | ) | 6,967 | ||||||
Deferred income taxes | 45 | 11,174 | |||||||
Excess tax benefit from share-based compensation arrangements | (33,958 | ) | (61,571 | ) | |||||
Provision for doubtful accounts receivable | — | 2,950 | |||||||
Gain on sales of marketable securities, and restricted investments, net | — | (16 | ) | ||||||
Other operating activities | (1,149 | ) | (4,757 | ) | |||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable, trade and unbilled and retainage | 367,841 | (252,574 | ) | ||||||
Prepaid expenses and other current assets | 104,618 | 84,844 | |||||||
Other assets | (239 | ) | 85,083 | ||||||
Inventories and balance of systems parts | 87,210 | (285,628 | ) | ||||||
Project assets and deferred project costs | (373,464 | ) | (76,775 | ) | |||||
Accounts payable | (154,345 | ) | 70,401 | ||||||
Income taxes payable | 31,739 | 51,382 | |||||||
Accrued expenses and other liabilities | 80,152 | 426,123 | |||||||
Accrued solar module collection and recycling liability | 521 | 46,217 | |||||||
Total adjustments | 376,142 | 685,166 | |||||||
Net cash provided by operating activities | $ | 663,920 | $ | 434,650 | |||||
20_Segment_Reporting_Tables
20. Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||
Financial information about our operating segments during the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 380,726 | $ | 884,861 | $ | 1,265,587 | $ | 281,900 | $ | 557,247 | $ | 839,147 | |||||||||||||
Gross profit | $ | 89,718 | $ | 274,316 | $ | 364,034 | $ | 22,547 | $ | 216,169 | $ | 238,716 | |||||||||||||
(Loss) income before income taxes | $ | (20,277 | ) | $ | 228,965 | $ | 208,688 | $ | (62,949 | ) | $ | 173,710 | $ | 110,761 | |||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | — | $ | 65,444 | $ | 65,444 | |||||||||||||
Total assets | $ | 3,957,081 | $ | 2,905,629 | $ | 6,862,710 | $ | 3,670,783 | $ | 2,310,946 | $ | 5,981,729 | |||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 930,230 | $ | 1,610,322 | $ | 2,540,552 | $ | 737,711 | $ | 1,555,823 | $ | 2,293,534 | |||||||||||||
Gross profit | $ | 93,134 | $ | 580,324 | $ | 673,458 | $ | (10,264 | ) | $ | 569,466 | $ | 559,202 | ||||||||||||
(Loss) income before income taxes | $ | (137,163 | ) | $ | 453,102 | $ | 315,939 | $ | (669,320 | ) | $ | 458,942 | $ | (210,378 | ) | ||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | — | $ | 65,444 | $ | 65,444 | |||||||||||||
Total assets | $ | 3,957,081 | $ | 2,905,629 | $ | 6,862,710 | $ | 3,670,783 | $ | 2,310,946 | $ | 5,981,729 | |||||||||||||
Revenue from External Customers by Products and Services | ' | ||||||||||||||||||||||||
Product Revenue | |||||||||||||||||||||||||
The following table sets forth the total amounts of solar modules and solar power systems net sales recognized for the three and nine months ended September 30, 2013 and 2012. For the purposes of the following table, (i) solar module revenue is composed of total revenues from the sale of solar modules to third parties, which excludes any solar modules installed in our systems segment product or service offerings and (ii) solar power system revenue is composed of total revenues from the sale of our solar power systems and related products and services including the solar modules installed in such solar power systems. | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Solar module revenue | $ | 68,735 | $ | 59,703 | $ | 343,289 | $ | 181,710 | |||||||||||||||||
Solar power system revenue | 1,196,852 | 779,444 | 2,197,263 | 2,111,824 | |||||||||||||||||||||
Net sales | $ | 1,265,587 | $ | 839,147 | $ | 2,540,552 | $ | 2,293,534 | |||||||||||||||||
1_Basis_of_Presentation_Detail
1. Basis of Presentation (Details) | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | |
Overstatement [Member] | Overstatement [Member] | Overstatement [Member] | Overstatement [Member] | Overstatement [Member] | Overstatement [Member] | Overstatement [Member] | Understatement [Member] | Understatement [Member] | |
Net Income (loss) [Member] | First Error [Member] | First Error [Member] | First Error [Member] | First Error [Member] | Second Error [Member] | Third Error [Member] | Net Income (loss) [Member] | First Error [Member] | |
Net Income (loss) [Member] | Net Sales [Member] | Income Tax [Member] | Inventory [Domain] | Net Income (loss) [Member] | Operating Expense [Member] | Cost of Sales [Member] | |||
Immaterial Error Correction | '$7.8 million | '$4.9 million | '$13.6 million | '$0.3 million | '$8.4 million | '$2.5 million | '$0.4 million | '$7.8 million | '$8.4 million |
4_Restructuring_Details
4. Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | 3 Months Ended | 21 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Asset Impairment Related Costs [Member] | February 2012 Manufacturing Restructuring [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | FRANCE | GERMANY | MALAYSIA | OHIO | |||||
Asset Impairment and Related Costs [Member] | Asset Impairment Related Costs [Member] | Asset Impairment Related Costs [Member] | Asset Impairment Related Costs [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Grant Repayments [Member] | Grant Repayments [Member] | Grant Repayments [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | |||||||||||
production_line | production_line | production_line | production_line | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | $115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges to Income | 57,276,000 | 24,197,000 | 62,004,000 | 444,262,000 | 56,600,000 | ' | 2,009,000 | 3,355,000 | 2,347,000 | 5,400,000 | 1,900,000 | 1,981,000 | 2,170,000 | 0 | 28,000 | 1,185,000 | 2,347,000 | 3,500,000 | 0 | 0 | 0 | ' | ' | ' | ' |
Number of Production Lines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 8 | 24 | 4 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | ' | 5,100,000 | 11,520,000 | 29,754,000 | 50,742,000 | 50,742,000 | ' | 2,985,000 | 9,128,000 | 16,625,000 | 8,535,000 | 20,626,000 | 25,717,000 | ' | 0 | 0 | 8,400,000 | ' | ' | ' | ' |
Charges to Income | 57,276,000 | 24,197,000 | 62,004,000 | 444,262,000 | 56,600,000 | ' | 2,009,000 | 3,355,000 | 2,347,000 | 5,400,000 | 1,900,000 | 1,981,000 | 2,170,000 | 0 | 28,000 | 1,185,000 | 2,347,000 | 3,500,000 | 0 | 0 | 0 | ' | ' | ' | ' |
Changes to Estimates | ' | ' | ' | ' | ' | ' | -1,343,000 | -974,000 | 0 | ' | ' | -1,320,000 | -945,000 | 0 | -23,000 | -29,000 | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Cash Payments | ' | ' | ' | ' | ' | ' | -5,686,000 | -20,160,000 | -22,228,000 | ' | ' | -866,000 | -6,597,000 | -7,193,000 | -4,820,000 | -13,563,000 | -6,720,000 | ' | 0 | 0 | -8,315,000 | ' | ' | ' | ' |
Non-cash Amounts including foreign exchange impact | ' | ' | ' | ' | ' | ' | -1,601,000 | -455,000 | -1,107,000 | ' | ' | -1,882,000 | -771,000 | -304,000 | 281,000 | 316,000 | -718,000 | ' | 0 | 0 | -85,000 | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' | ' | $5,100,000 | $4,899,000 | $11,520,000 | $29,754,000 | $4,899,000 | ' | $898,000 | $2,985,000 | $9,128,000 | $4,001,000 | $8,535,000 | $20,626,000 | $4,001,000 | $0 | $0 | $0 | ' | ' | ' | ' |
5_Acquistions_Details
5. Acquistions (Details) (USD $) | 9 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Solar Chile [Member] | TetraSun [Member] | In Process Research and Development [Member] | In Process Research and Development [Member] | Goodwill [Member] | Goodwill [Member] | Goods and Services Exchanged for Equity Instrument [Member] | |||
General Electric [Member] | TetraSun [Member] | General Electric [Member] | TetraSun [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,000 |
Stock Issued During Period, Value, Acquisitions | $83,755,000 | $0 | ' | ' | ' | ' | ' | ' | $83,800,000 |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Purchase Price Allocation | ' | ' | ' | ' | $73,700,000 | $39,100,000 | $10,100,000 | $6,100,000 | ' |
6_Cash_Cash_Equivalents_Market2
6. Cash, Cash Equivalents, Marketable Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,192,648 | $901,294 | $614,699 | $605,619 |
Marketable securities | 339,236 | 102,578 | ' | ' |
Total cash, cash equivalents, and marketable securities | 1,531,884 | 1,003,872 | ' | ' |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 1,699 | 1,698 | ' | ' |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 137,033 | 23,384 | ' | ' |
Federal Agency Debt [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 22,119 | 29,936 | ' | ' |
Foreign Agency Debt [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 110,261 | 7,233 | ' | ' |
Foreign Government Obligations [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 25,156 | 4,142 | ' | ' |
Supranational Debt [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 39,466 | 34,181 | ' | ' |
US Government Debt Securities [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 3,502 | 2,004 | ' | ' |
Cash [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,128,573 | 889,065 | ' | ' |
Commercial Paper [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 1,500 | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 64,075 | 10,729 | ' | ' |
Available For Sale Securities Debt Maturities Within One Year [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 83,700 | 71,260 | ' | ' |
Available For Sale Securities Debt Maturities Over One Year To Two Years [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | 246,813 | 30,794 | ' | ' |
Available For Sale Securities Debt Maturities Over Two Years To Three Years [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Marketable securities | $8,723 | $524 | ' | ' |
6_Cash_Cash_Equivalents_Market3
6. Cash, Cash Equivalents, Marketable Securities (Details) - Available For Sale (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | $339,417,000 | $102,457,000 |
Available-for-sale securities, gross unrealized gains | 87,000 | 155,000 |
Available-for-sale securities, gross unrealized losses | 268,000 | 34,000 |
Available-for-sale Securities, Net Unrealized Gain (Loss) | -200,000 | 100,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 220,126,000 | 524,000 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 268,000 | 1,000 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | 5,970,000 |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | 33,000 |
Marketable securities, in loss position, estimated fair value | 220,126,000 | 6,494,000 |
Marketable securities, in loss position, gross unrealized losses | 268,000 | 34,000 |
Available For Sale Securities Debt Maturities Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 83,696,000 | 71,225,000 |
Available-for-sale securities, gross unrealized gains | 37,000 | 67,000 |
Available-for-sale securities, gross unrealized losses | 33,000 | 32,000 |
Available For Sale Securities Debt Maturities Over One Year To Two Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 246,998,000 | 30,707,000 |
Available-for-sale securities, gross unrealized gains | 47,000 | 88,000 |
Available-for-sale securities, gross unrealized losses | 232,000 | 1,000 |
Available For Sale Securities Debt Maturities Over Two Years To Three Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 8,723,000 | 525,000 |
Available-for-sale securities, gross unrealized gains | 3,000 | 0 |
Available-for-sale securities, gross unrealized losses | 3,000 | 1,000 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 1,699,000 | 1,697,000 |
Available-for-sale securities, gross unrealized gains | 0 | 1,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 137,181,000 | 23,358,000 |
Available-for-sale securities, gross unrealized gains | 13,000 | 26,000 |
Available-for-sale securities, gross unrealized losses | 161,000 | 0 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 105,519,000 | ' |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 161,000 | ' |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | ' |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | ' |
Marketable securities, in loss position, estimated fair value | 105,519,000 | ' |
Marketable securities, in loss position, gross unrealized losses | 161,000 | ' |
Federal Agency Debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 22,108,000 | 29,888,000 |
Available-for-sale securities, gross unrealized gains | 16,000 | 49,000 |
Available-for-sale securities, gross unrealized losses | 5,000 | 1,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 6,006,000 | 524,000 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 5,000 | 1,000 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | 0 |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | 0 |
Marketable securities, in loss position, estimated fair value | 6,006,000 | 524,000 |
Marketable securities, in loss position, gross unrealized losses | 5,000 | 1,000 |
Foreign Agency Debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 110,302,000 | 7,266,000 |
Available-for-sale securities, gross unrealized gains | 18,000 | 0 |
Available-for-sale securities, gross unrealized losses | 59,000 | 33,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 87,914,000 | 0 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 59,000 | 0 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | 5,970,000 |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | 33,000 |
Marketable securities, in loss position, estimated fair value | 87,914,000 | 5,970,000 |
Marketable securities, in loss position, gross unrealized losses | 59,000 | 33,000 |
Foreign Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 25,148,000 | 4,138,000 |
Available-for-sale securities, gross unrealized gains | 8,000 | 4,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 0 | ' |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 0 | ' |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | ' |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | ' |
Marketable securities, in loss position, estimated fair value | 0 | ' |
Marketable securities, in loss position, gross unrealized losses | 0 | ' |
Supranational Debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 39,481,000 | 34,110,000 |
Available-for-sale securities, gross unrealized gains | 28,000 | 71,000 |
Available-for-sale securities, gross unrealized losses | 43,000 | 0 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 20,687,000 | ' |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 43,000 | ' |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | ' |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | ' |
Marketable securities, in loss position, estimated fair value | 20,687,000 | ' |
Marketable securities, in loss position, gross unrealized losses | 43,000 | ' |
US Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 3,498,000 | 2,000,000 |
Available-for-sale securities, gross unrealized gains | 4,000 | 4,000 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 0 | ' |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 0 | ' |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | ' |
Marketable securities, in loss position for 12 months or greater, gross unrealized losses | 0 | ' |
Marketable securities, in loss position, estimated fair value | 0 | ' |
Marketable securities, in loss position, gross unrealized losses | $0 | ' |
7_Restricted_Cash_and_Investme2
7. Restricted Cash and Investments (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | |
Restricted securities, gross unrealized losses | $268,000 | $34,000 | |
Restricted Cash, Current | ' | 5,100,000 | |
Restricted Cash, Noncurrent | 164,000 | 184,000 | [1] |
Restricted Investments, Noncurrent | 278,589,000 | 301,216,000 | |
Restricted cash and investments | 278,753,000 | 301,400,000 | |
Solar Module Collection And Recycling Custodial Account | '90 days | ' | |
Product Minimum Service Life | '25 years | ' | |
Restricted Investments [Member] | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | |
Restricted securities, gross unrealized losses | $3,113,000 | $0 | |
[1] | There was $5.1 million of restricted cash included within prepaid expenses and other current assets at DecemberB 31, 2012 primarily related to required cash collateral for certain letters of credit provided for projects under development in foreign jurisdictions. |
7_Restricted_Cash_and_Investme3
7. Restricted Cash and Investments (Details) - Restricted Securities (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | $339,417 | $102,457 |
Available-for-sale securities, gross unrealized gains | 87 | 155 |
Restricted securities, gross unrealized losses | 268 | 34 |
Available-for-sale Securities, estimated fair value | 339,236 | 102,578 |
Foreign Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 25,148 | 4,138 |
Available-for-sale securities, gross unrealized gains | 8 | 4 |
Restricted securities, gross unrealized losses | 0 | 0 |
Available-for-sale Securities, estimated fair value | 25,156 | 4,142 |
US Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 3,498 | 2,000 |
Available-for-sale securities, gross unrealized gains | 4 | 4 |
Restricted securities, gross unrealized losses | 0 | 0 |
Available-for-sale Securities, estimated fair value | 3,502 | 2,004 |
Restricted Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 254,875 | 241,718 |
Available-for-sale securities, gross unrealized gains | 26,827 | 59,498 |
Restricted securities, gross unrealized losses | 3,113 | 0 |
Available-for-sale Securities, estimated fair value | 278,589 | 301,216 |
Contractual Maturities Of Available-For-Sale Marketable Securities, Range Start | '14 years | '15 years |
Contractual Maturities Of Available-For-Sale Marketable Securities, Range End | '23 years | '24 years |
Restricted Investments [Member] | Foreign Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 199,605 | 188,350 |
Available-for-sale securities, gross unrealized gains | 24,331 | 47,921 |
Restricted securities, gross unrealized losses | 476 | 0 |
Available-for-sale Securities, estimated fair value | 223,460 | 236,271 |
Restricted Investments [Member] | US Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, amortized cost | 55,270 | 53,368 |
Available-for-sale securities, gross unrealized gains | 2,496 | 11,577 |
Restricted securities, gross unrealized losses | 2,637 | 0 |
Available-for-sale Securities, estimated fair value | $55,129 | $64,945 |
8_Net_Income_Loss_Per_Share_De
8. Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | $195,038 | $87,917 | $287,778 | ($250,516) |
Denominator, basic: | ' | ' | ' | ' |
Weighted-average common stock outstanding | 98,720 | 86,992 | 91,751 | 86,785 |
Net income (loss) per share, basic | $1.98 | $1.01 | $3.14 | ($2.89) |
Denominator, diluted: | ' | ' | ' | ' |
Weighted-average common stock outstanding | 98,720 | 86,992 | 91,751 | 86,785 |
Effect of stock options, restricted and performance stock units, and stock purchase shares | 1,658 | 773 | 1,766 | 0 |
Weighted-average shares used in computing diluted net income (loss) per share | 100,378 | 87,765 | 93,517 | 86,785 |
Net income (loss) per share, diluted | $1.94 | $1 | $3.08 | ($2.89) |
Anti-dilutive shares | 80 | 1,071 | 98 | 1,907 |
9_Consolidated_Balance_Sheet_D2
9. Consolidated Balance Sheet Details (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 08, 2009 | Jan. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | Project Assets And Deferred Project Costs [Member] | Project Assets And Deferred Project Costs [Member] | Project Assets And Deferred Project Costs [Member] | Project Assets And Deferred Project Costs [Member] | Depreciable Assets [Member] | Depreciable Assets [Member] | Depreciable Assets [Member] | Depreciable Assets [Member] | Depreciable Assets [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Office equipment and furniture [Member] | Office equipment and furniture [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Land [Member] | Land [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Stored Machinery and Equipment [Member] | Stored Machinery and Equipment [Member] | Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | Property Company [Member] | Property Company [Member] | Property Company [Member] | In Process Research and Development [Member] | Components Segment [Member] | Components Segment [Member] | Systems Segment [Member] | Systems Segment [Member] | TetraSun and Solar Chile [Member] | project acquisitions [Member] | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Unsecured Loan Agreement [Member] | Unsecured Loan Agreement [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||
EUR (€) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments and billings for deferred project costs, noncurrent | $10,502,000 | ' | $10,502,000 | ' | ' | ' | $636,518,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance of systems parts | 139,937,000 | ' | 139,937,000 | ' | ' | ' | 98,903,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Equity Method Investments and Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Equity Method Investments | 12,200,000 | ' | 12,200,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cost Method Investments | 5,182,000 | ' | 5,182,000 | ' | ' | ' | 5,073,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 17,382,000 | ' | 17,382,000 | ' | ' | ' | 5,073,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivable trade, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivable trade, gross | 157,650,000 | ' | 157,650,000 | ' | ' | ' | 568,070,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Allowance for doubtful accounts | -9,909,000 | ' | -9,909,000 | ' | ' | ' | -14,503,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivable trade, net | 147,741,000 | ' | 147,741,000 | ' | ' | ' | 553,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Secured Accounts Receivables | 21,100,000 | ' | 21,100,000 | ' | ' | ' | 104,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts Receivable, Unbilled | 175,581,000 | ' | 175,581,000 | ' | ' | ' | 342,587,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Retainage | 261,192,000 | ' | 261,192,000 | ' | ' | ' | 58,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts Receivable, Unbilled and Retainage | 436,773,000 | ' | 436,773,000 | ' | ' | ' | 400,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Inventories: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Raw materials | 166,440,000 | ' | 166,440,000 | ' | ' | ' | 184,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Work in process | 10,837,000 | ' | 10,837,000 | ' | ' | ' | 14,868,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Finished goods (solar modules) | 265,234,000 | ' | 265,234,000 | ' | ' | ' | 370,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total inventories | 442,511,000 | ' | 442,511,000 | ' | ' | ' | 569,296,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Inventories - current | 311,700,000 | ' | 311,700,000 | ' | ' | ' | 434,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Inventories - noncurrent | 130,811,000 | [1] | ' | 130,811,000 | [1] | ' | ' | ' | 134,375,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Prepaid expenses and other current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Prepaid expenses | 27,794,000 | ' | 27,794,000 | ' | ' | ' | 39,582,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative instruments | 2,998,000 | ' | 2,998,000 | ' | ' | ' | 7,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred Costs, Current | 1,544,000 | ' | 1,544,000 | ' | ' | ' | 96,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Assets Held-for-sale | 164,358,000 | ' | 164,358,000 | ' | ' | ' | 49,521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other assets - current | 54,947,000 | ' | 54,947,000 | ' | ' | ' | 64,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Prepaid expenses and other current assets | 87,283,000 | ' | 87,283,000 | ' | ' | ' | 207,368,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property, plant and equipment, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property, plant and equipment, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,882,088,000 | ' | 1,882,088,000 | ' | 2,028,360,000 | 341,976,000 | 446,133,000 | 1,369,539,000 | 1,415,632,000 | 123,203,000 | 117,228,000 | 47,370,000 | 49,367,000 | 10,656,000 | 22,256,000 | 179,106,000 | 51,133,000 | 206,488,000 | [2] | 227,134,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated depreciation | -880,554,000 | ' | -880,554,000 | ' | ' | ' | -803,501,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property, plant and equipment, net | 1,397,784,000 | ' | 1,397,784,000 | ' | ' | ' | 1,525,382,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,001,534,000 | ' | 1,001,534,000 | ' | 1,224,859,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 65,600,000 | 176,000,000 | 202,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest Costs Incurred [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest cost incurred | -2,907,000 | -4,254,000 | -9,349,000 | ' | -20,304,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest costs, capitalized during period | ' | ' | ' | ' | ' | ' | ' | 836,000 | 715,000 | 1,882,000 | 3,538,000 | 1,796,000 | 637,000 | 5,567,000 | 5,572,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest expense, net | -275,000 | -2,902,000 | -1,900,000 | ' | -11,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Project Assets - Noncurrent: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Project assets - land | 523,000 | ' | 523,000 | ' | ' | ' | 9,164,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Project assets - development costs including project acquisition costs | 448,490,000 | ' | 448,490,000 | ' | ' | ' | 157,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Project assets - construction costs | 44,389,000 | ' | 44,389,000 | ' | ' | ' | 192,171,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
project assets, projects in commercial operation under project PPAs | 63,925,000 | ' | 63,925,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Project Assets Noncurrent | 557,327,000 | ' | 557,327,000 | ' | ' | ' | 358,824,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred Project Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred Project Costs, Current | 752,241,000 | ' | 752,241,000 | ' | ' | ' | 21,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred Project Costs, Noncurrent | 33,570,000 | ' | 33,570,000 | ' | ' | ' | 486,654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total deferred project costs | 785,811,000 | ' | 785,811,000 | ' | ' | ' | 508,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
total project assets and deferred project costs | 1,343,138,000 | ' | 1,343,138,000 | ' | ' | ' | 866,868,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Note Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Notes receivable initial available amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Note receivable, percentage bearing fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Employee-related Liabilities, Current | 44,887,000 | ' | 44,887,000 | ' | ' | ' | 105,677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued property, plant, and equipment | 35,167,000 | ' | 35,167,000 | ' | ' | ' | 20,564,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued inventory and balance of system parts | 49,681,000 | ' | 49,681,000 | ' | ' | ' | 52,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued Project Assets and Deferred Project Costs | 72,653,000 | ' | 72,653,000 | ' | ' | ' | 76,133,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Product warranty liability | 49,743,000 | ' | 49,743,000 | ' | ' | ' | 90,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued expenses in excess of normal product warranty liability and related expenses | 48,430,000 | [3] | ' | 48,430,000 | [3] | ' | ' | ' | 75,020,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other accrued expenses | 63,984,000 | ' | 63,984,000 | ' | ' | ' | 134,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued expenses | 364,545,000 | ' | 364,545,000 | ' | ' | ' | 554,433,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred Revenue | 373,000 | ' | 373,000 | ' | ' | ' | 2,056,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative instruments | 5,569,000 | ' | 5,569,000 | ' | ' | ' | 5,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred tax liabilities | 0 | ' | 0 | ' | ' | ' | 2,226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Billings in Excess of Cost, Current | 85,169,000 | [4] | ' | 85,169,000 | [4] | ' | ' | ' | 2,422,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contingent consideration, current | 21,705,000 | ' | 21,705,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 21,200,000 | ||||||
Other liabilities - current | 19,198,000 | ' | 19,198,000 | ' | ' | ' | 21,824,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other current liabilities | 132,014,000 | ' | 132,014,000 | ' | ' | ' | 34,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Product warranty liability | ' | ' | ' | ' | ' | 139,935,000 | 101,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other taxes payable | ' | ' | ' | ' | ' | 116,459,000 | 102,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Billings in Excess of Cost, Noncurrent | ' | ' | ' | ' | ' | 35,855,000 | [4] | 47,623,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Contingent consideration, non-current | ' | ' | ' | ' | ' | 72,801,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,600,000 | 50,200,000 | ||||||
Other Liabilities, Noncurrent | ' | ' | ' | ' | ' | 48,450,000 | 40,979,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other liabilities | 413,500,000 | ' | 413,500,000 | ' | ' | 413,500,000 | 292,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payments to Acquire Cost and Equity Method Investments | 3,000,000 | ' | 17,871,000 | ' | -5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Repayment of Economic Development Funding | ' | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Equity Method Investment, Ownership Percentage by Third Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Note receivable affiliate | 0 | ' | 0 | ' | ' | ' | 17,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Proceeds from Interest Received | ' | ' | 4,874,000 | ' | 3,644,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Intangible Assets, Gross | 122,639,000 | ' | 122,639,000 | ' | ' | ' | 9,139,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,800,000 | ' | ' | ' | ' | ' | ' | ||||||
Intangible Assets, Accumulated Amortization | -5,990,000 | ' | -5,990,000 | ' | ' | ' | -5,404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Intangible Assets, Net | 116,649,000 | ' | 116,649,000 | ' | ' | ' | 3,735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill, Beginning of Period | ' | ' | 65,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 65,444,000 | 65,444,000 | ' | ' | ||||||
Goodwill, Acquired During Period | ' | ' | 19,541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,152,000 | ' | 3,389,000 | ' | ' | ' | ||||||
Goodwill, End of Period | 84,985,000 | 65,444,000 | 84,985,000 | ' | 65,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,152,000 | 0 | 68,833,000 | 65,444,000 | ' | ' | ||||||
Other Assets, Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Notes receivable balance included in other assets | 9,485,000 | ' | 9,485,000 | ' | ' | ' | 9,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Income Taxes Receivable | 7,501,000 | ' | 7,501,000 | ' | ' | ' | 7,258,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred Rent Receivables, Net | 21,274,000 | ' | 21,274,000 | ' | ' | ' | 21,570,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 17,382,000 | ' | 17,382,000 | ' | ' | ' | 5,073,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Intangible Assets, Net | 116,649,000 | ' | 116,649,000 | ' | ' | ' | 3,735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other Assets | 8,388,000 | ' | 8,388,000 | ' | ' | ' | 9,556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other Assets, Noncurrent | $180,679,000 | ' | $180,679,000 | ' | ' | ' | $56,452,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | We purchase a critical raw material that is used in our core production process in quantities that exceed anticipated consumption within our operating cycle (which is 12 months). We classify the raw materials that we do not expect to be consumed within our operating cycle as noncurrent. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Consists of machinery and equipment (bstored assetsb) that were originally purchased for installation in our previously planned manufacturing capacity expansions. We intend to install and place the stored assets into service when such assets are required or beneficial to our existing installed manufacturing capacity or when market demand supports additional or market specific manufacturing capacity. As the stored assets are neither in the condition or location to produce modules as intended, we will not begin depreciation until such assets are placed into service. The stored assets are evaluated for impairment under a held and used impairment model whenever events or changes in business circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of the long-lived assets may not be recoverable. We ceased the capitalization of interest on such stored assets once they were physically received from the related machinery and equipment suppliers. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Accrued expenses in excess of normal product warranty liability and related expenses consists primarily of commitments to certain customers, each related to the manufacturing excursion occurring during the period between June 2008 to June 2009 (b2008-2009 manufacturing excursionb), whereby certain modules manufactured during that time period may experience premature power loss once installed in the field. Additionally, included in such accrued expenses are commitments to certain customers related to a workmanship issue potentially affecting solar modules manufactured between October 2008 to June 2009, as a limited number of the modules manufactured during that time utilized a new material and process to attach the cord plate (junction box) to the module which may not adhere securely over time. Our best estimate for such remediation programs is based on evaluation and consideration of currently available information, including the estimated number of potentially affected modules in the field, historical experience related to our remediation efforts, customer-provided data related to potentially affected systems, the estimated costs of performing the removal, replacement and logistical services and the post-sale expenses covered under our remediation program. If any of our estimates prove incorrect, we could be required to accrue additional expenses. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Billings in excess of costs and estimated earnings represents billings made or payments received in excess of revenue recognized on contracts accounted for under the percentage-of-completion method. Typically, billings are made based on the completion of certain construction milestones as provided for in the sales arrangement and the timing of revenue recognition may be different from when we can bill or collect from a customer. |
10_PercentageofCompletion_Chan2
10. Percentage-of-Completion Changes in Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of projects | '4 | '4 | '6 | '8 |
Increases (decreases) resulting from net changes in estimates | $8,166 | ($4,041) | $3,638 | $21,968 |
Net change in estimate as percentage of aggregate gross profit for associated projects | 0.40% | -0.20% | 0.20% | 1.30% |
11_Derivative_Financial_Instru2
11. Derivative Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | $2,998 | $7,230 |
Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | -5,569 | -5,825 |
Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | -7,289 | -2,576 |
Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 0 | 2,121 |
Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -3,781 | -789 |
Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -7,289 | -2,576 |
Not Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 2,998 | 5,109 |
Not Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -1,788 | -5,036 |
Not Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | 0 | 0 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | ' | 2,121 |
Derivative liability, fair value | -2,759 | ' |
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 |
Derivative assets (liabilities), at fair value, net | -2,759 | 2,121 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Potential net amount of derivative asset (liability) | -2,759 | 2,121 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 0 | 2,121 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -1,890 | 0 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -869 | 0 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 2,998 | 5,109 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -1,788 | -5,036 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -833 | -1,467 |
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 |
Derivative assets (liabilities), at fair value, net | -833 | -1,467 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Potential net amount of derivative asset (liability) | -833 | -1,467 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -396 | -473 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -437 | -994 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -7,478 | -1,898 |
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 |
Derivative assets (liabilities), at fair value, net | -7,478 | -1,898 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Potential net amount of derivative asset (liability) | -7,478 | -1,898 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value | 0 | 0 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -1,495 | -316 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | ($5,983) | ($1,582) |
11_Derivative_Financial_Instru3
11. Derivative Financial Instruments (Details) - Hedging Relationship (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Net Sales [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Sales [Member] | Net Sales [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Sales [Member] | Net Sales [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | |||||||||||||||||||||||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | ($5,831,000) | ($8,734,000) | ($518,000) | $9,689,000 | $5,975,000 | $25,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $8,980,000 | $18,140,000 | $15,700,000 | $33,751,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($960,000) | ($1,158,000) | ($1,467,000) | ($1,491,000) | ($3,241,000) | ($2,571,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($4,871,000) | ($7,576,000) | ($8,031,000) | ($6,960,000) | ($6,484,000) | ($5,899,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts recognized in other comprehensive income (loss) | ' | ' | ' | ' | -4,264,000 | -311,000 | 2,631,000 | -3,735,000 | -498,000 | -7,908,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,753,000 | 0 | 4,135,000 | -7,002,000 | 5,825,000 | -11,341,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -89,000 | 2,000 | 100,000 | -301,000 | -334,000 | -914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,422,000 | -313,000 | -1,604,000 | 3,568,000 | -5,989,000 | 4,347,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,115,000 | -987,000 | -3,385,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,115,000 | -987,000 | -3,385,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss reclassified to earnings | 1,592,000 | -7,957,000 | -6,041,000 | -15,143,000 | ' | ' | ' | ' | ' | ' | 0 | -2,580,000 | -13,115,000 | -12,675,000 | ' | -1,593,000 | ' | -6,710,000 | 1,247,000 | -5,654,000 | 6,133,000 | -5,275,000 | 1,247,000 | 2,912,000 | 1,974,000 | -5,654,000 | 5,382,000 | -5,003,000 | 345,000 | 277,000 | 941,000 | 2,807,000 | 345,000 | 302,000 | 294,000 | 277,000 | 2,215,000 | 315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,593,000 | ' | -6,710,000 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216,000 | 196,000 | 209,000 | 192,000 | 2,084,000 | 244,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,247,000 | 2,912,000 | 1,974,000 | -5,654,000 | 5,382,000 | -5,003,000 | 129,000 | 106,000 | 85,000 | 85,000 | 131,000 | 71,000 |
Balance at end of period | ' | ' | ' | ' | -8,503,000 | -5,831,000 | -8,734,000 | -2,003,000 | 9,689,000 | 5,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,753,000 | 0 | 0 | 8,558,000 | 18,140,000 | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -833,000 | -960,000 | -1,158,000 | -1,600,000 | -1,491,000 | -3,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,917,000 | -4,871,000 | -7,576,000 | -8,961,000 | -6,960,000 | -6,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -200,000 | -1,400,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($342,000) | $0 | $5,324,000 | $0 | ' | ' | ' | ' | ' | ' | $2,005,000 | $3,857,000 | $3,868,000 | $2,334,000 | ' | ' | ' | ' | ' | ' | ($1,793,000) | ($257,000) | ($2,566,000) | ($995,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
11_Derivative_Financial_Instru4
11. Derivative Financial Instruments (Details) - Risk Management | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | 29-May-09 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Malaysian Ringgit Facility Agreement [Member] | Malaysian Ringgit Facility Agreement [Member] | Malaysian Ringgit Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] |
USD ($) | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Canada, Dollars | Canada, Dollars | Australia, Dollars | Australia, Dollars | |||
MYR | MYR | MYR | EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |||||
USD ($) | CAD | USD ($) | AUD | |||||||||||||
Interest Rate Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, inception date | ' | ' | ' | ' | 30-Sep-11 | ' | ' | 29-May-09 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | 465 | 387.5 | 465 | € 57.30 | € 19.70 | € 29.10 | ' | ' | $195.10 | 192 | $138.70 | 148.9 |
Derivative, type of interest rate paid on swap | ' | ' | ' | ' | ' | 'fixed U.S. dollar rate | ' | ' | 'fixed rate | ' | ' | ' | ' | ' | ' | ' |
Derivative fixed interest rate paid on swap | ' | ' | ' | ' | ' | 3.50% | ' | ' | 2.80% | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fxed Currency Exchange Rate | ' | ' | ' | ' | ' | '3.19 MYR to USD | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | -1.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length of time hedged in foreign currency cash flow hedge | ' | '1 year 9 months | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedging instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.8 | 9 | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.2 | ' | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives not designated as hedging instruments | ' | ' | $0.10 | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
11_Derivative_Financial_Instru5
11. Derivative Financial Instruments (Details) - Transaction Exposure (Foreign Exchange Forward [Member], Not Designated as Hedging Instrument [Member]) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Euro Member Countries, Euro | Euro Member Countries, Euro | Australia, Dollars | Australia, Dollars | Malaysia, Ringgits | Malaysia, Ringgits | Canada, Dollars | Canada, Dollars | China, Yuan Renminbi | Japan, Yen | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Purchase Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | Sales Contract [Member] | |
Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | Australia, Dollars | Australia, Dollars | Malaysia, Ringgits | Malaysia, Ringgits | Malaysia, Ringgits | Malaysia, Ringgits | Canada, Dollars | Canada, Dollars | China, Yuan Renminbi | China, Yuan Renminbi | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | Australia, Dollars | Australia, Dollars | Australia, Dollars | Australia, Dollars | Malaysia, Ringgits | Malaysia, Ringgits | Malaysia, Ringgits | Malaysia, Ringgits | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | China, Yuan Renminbi | China, Yuan Renminbi | Japan, Yen | Japan, Yen | |||||||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | MYR | USD ($) | MYR | USD ($) | CAD | USD ($) | CNY | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | AUD | USD ($) | MYR | USD ($) | MYR | USD ($) | CAD | USD ($) | CAD | USD ($) | CNY | USD ($) | JPY (¥) | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, currency bought | 'Euro | 'Euro | 'Australian dollar | ' | 'Malaysian ringgit | 'Malaysian ringgit | ' | 'Canadian dollar | 'Chinese yuan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, currency sold | 'Euro | 'Euro | 'Australian dollar | 'Australian dollar | 'Malaysian ringgit | 'Malaysian ringgit | 'Canadian dollar | 'Canadian dollar | 'Chinese yuan | 'Japanese yen | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $116 | € 85.60 | $170.20 | € 128.70 | $2.20 | 2.4 | $35.50 | 114.6 | $45 | 136.4 | $22.60 | 22.4 | $4.20 | 26 | $108.10 | € 79.80 | $177.50 | € 134.20 | $10.20 | 10.9 | $8.80 | 8.5 | $13.50 | 43.5 | $11.90 | 36 | $32 | 33 | $16 | 15.8 | $2.10 | 13 | $4.80 | ¥ 475 |
12_Fair_Value_Measurements_Det
12. Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Marketable securities | $339,236 | $102,578 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 1,699 | 1,698 |
Corporate Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 137,033 | 23,384 |
Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 22,119 | 29,936 |
Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 110,261 | 7,233 |
Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 25,156 | 4,142 |
Supranational Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 39,466 | 34,181 |
US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 3,502 | 2,004 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets: | ' | ' |
Restricted investments (excluding restricted cash) | 278,589 | 301,216 |
Derivative assets | 2,998 | 7,230 |
Total assets | 684,898 | 423,253 |
Liabilities: | ' | ' |
Derivative liabilities | 12,858 | 8,401 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 1,699 | 1,698 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 137,033 | 23,384 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 22,119 | 29,936 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 110,261 | 7,233 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 25,156 | 4,142 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Supranational Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 39,466 | 34,181 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 3,502 | 2,004 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 1,500 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 64,075 | 10,729 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Restricted investments (excluding restricted cash) | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 64,075 | 10,729 |
Liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Supranational Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 64,075 | 10,729 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Restricted investments (excluding restricted cash) | 278,589 | 301,216 |
Derivative assets | 2,998 | 7,230 |
Total assets | 620,823 | 412,524 |
Liabilities: | ' | ' |
Derivative liabilities | 12,858 | 8,401 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 1,699 | 1,698 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 137,033 | 23,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 22,119 | 29,936 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 110,261 | 7,233 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 25,156 | 4,142 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Supranational Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 39,466 | 34,181 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 3,502 | 2,004 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 1,500 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Restricted investments (excluding restricted cash) | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Supranational Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | $0 | $0 |
12_Fair_Value_Measurements_Det1
12. Fair Value Measurements (Details) - Balance Sheet Grouping (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Marketable securities | $339,236 | $102,578 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Marketable securities | 339,236 | 102,578 |
Foreign exchange forward contract assets | 2,998 | 7,230 |
Restricted investments (excluding restricted cash) | 278,589 | 301,216 |
Note receivable, affiliate | 0 | 17,725 |
Notes receivable - noncurrent | 9,485 | 9,260 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt, including current maturities | 229,214 | 562,572 |
Foreign exchange forward contract liabilities | 4,547 | 5,036 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Marketable securities | 339,236 | 102,578 |
Foreign exchange forward contract assets | 2,998 | 7,230 |
Restricted investments (excluding restricted cash) | 278,589 | 301,216 |
Note receivable, affiliate | 0 | 17,723 |
Notes receivable - noncurrent | 9,432 | 9,371 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt, including current maturities | 230,331 | 565,879 |
Foreign exchange forward contract liabilities | 4,547 | 5,036 |
Interest Rate Swap [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | 833 | 1,467 |
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | 833 | 1,467 |
Cross Currency Interest Rate Contract [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | 7,478 | 1,898 |
Cross Currency Interest Rate Contract [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | $7,478 | $1,898 |
13_Debt_Details
13. Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||
Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Malaysian Euro Facility Agreement [Member] | Malaysian Euro Facility Agreement [Member] | Malaysian Euro Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Ringgit Facility Agreement [Member] | Malaysian Ringgit Facility Agreement [Member] | Malaysian Ringgit Facility Agreement [Member] | Director of Development of the State of Ohio [Member] | Director of Development of the State of Ohio [Member] | Director of Development of the State of Ohio [Member] | Letter of Credit [Member] | |||||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans Payable [Member] | Loans Payable [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | $750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity Alternative Currencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 5,852,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,900,000 | ||
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | 'various | 'July 2018 (Tranche A) October 2015 (Tranche B) | ' | ' | 'April 2018 | ' | ' | 'March 2016 | ' | ' | 'September 2018 | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Currency | ' | ' | ' | ' | 'various | 'USD | ' | ' | 'EUR | ' | ' | 'EUR | ' | ' | 'MYR | ' | ' | 'USD | ' | ' | ' | ||
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | '.0242885 | ' | ' | 'EURIBOR plus 1.00% | ' | ' | 'Floating rate facility at EURIBOR plus 0.55% (2) | [1],[2] | ' | ' | 'KLIBOR plus 2.00% (2) | [1] | ' | ' | ' | ' | ' | ' |
Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term debt | 231,125,000 | 565,295,000 | 2,156,000 | 1,955,000 | ' | ' | 0 | 270,000,000 | ' | 54,248,000 | 58,255,000 | ' | 54,657,000 | 78,657,000 | ' | 120,064,000 | 151,901,000 | ' | 0 | 4,527,000 | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.54% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Less unamortized discount | -1,911,000 | -2,723,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total long-term debt | 229,214,000 | 562,572,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Less current portion | -60,329,000 | -62,349,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Noncurrent portion | 168,885,000 | 500,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | 433,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 59,806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 59,806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 37,973,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 35,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 30,232,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long Term Debt Excluding Capital Lease Obligation | 228,969,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
fronting fee | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Current Borrowing Capacity, Tranche A | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Current Borrowing Capacity, Tranche B | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Assets Pledged As Collateral, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,500,000 | ' | ' | $228,500,000 | ' | ' | ' | ' | ' | ' | ||
[1] | Interest rate hedges have been entered into relating to these variable rates. See Note 11. bDerivative Financial Instruments,b to our condensed consolidated financial statements. | ||||||||||||||||||||||
[2] | Outstanding balance split equally between fixed and floating rates. |
14_Commitments_and_Contingenci2
14. Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Foreign Subsidiaries [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, amount outstanding | $41.80 |
Surety Bonds for Foreign Subsidiaries [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Surety Bonds | 118.3 |
Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Current Borrowing Capacity | 600 |
Line of credit facility, amount outstanding | 0 |
Line of credit facility, remaining borrowing capacity | 433.1 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Current Borrowing Capacity | 600 |
Letters of Credit Outstanding, Amount | $166.90 |
14_Commitments_and_Contingenci3
14. Commitments and Contingencies (Details) - Product Warranties (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Product Liability Contingency [Line Items] | ' | ' | ' | ' | ' | ||
Change in estimate of product warranty liability primarily as a result of the manufacturing excursion | ' | ' | ' | $22,600,000 | ' | ||
estimated rate or return product warranty | 3.00% | ' | 3.00% | ' | ' | ||
percentage point change in estimated rate of return of product warranty | 0.01 | ' | 0.01 | ' | ' | ||
Change in warranty liability resulting from hypothetical one percent change in warranty return rate | 53,500,000 | ' | 53,500,000 | ' | ' | ||
Other Increase (Decrease) in Environmental Liabilities | ' | ' | 521,000 | 46,217,000 | ' | ||
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' | ' | ||
Product warranty liability, beginning of period | 189,257,000 | 181,889,000 | 191,596,000 | 157,742,000 | ' | ||
Accruals for new warranties issued | 10,260,000 | 14,354,000 | 28,709,000 | 25,967,000 | ' | ||
Change in estimate of product warranty liability (1) | 1,337,000 | 5,123,000 | [1] | -41,000 | 34,254,000 | [1] | ' |
Settlements | -11,176,000 | -24,152,000 | -30,586,000 | -40,749,000 | ' | ||
Product warranty liability, end of period | 189,678,000 | 177,214,000 | 189,678,000 | 177,214,000 | ' | ||
Current portion of warranty liability | 49,743,000 | 82,795,000 | 49,743,000 | 82,795,000 | ' | ||
Noncurrent portion of warranty liability | 139,935,000 | 94,419,000 | 139,935,000 | 94,419,000 | ' | ||
Accrued solar module collection and recycling liability | 214,262,000 | ' | 214,262,000 | ' | 212,835,000 | ||
Change in module collection and recycling liability resulting from a hypothetical one percentage point increase in annualized inflation | 54,000,000 | ' | 54,000,000 | ' | ' | ||
Change in module collection and recycling liability resulting from a hypothetical one percentage point decrease in annualized inflation | 41,600,000 | ' | 41,600,000 | ' | ' | ||
Cost of Sales [Member] | ' | ' | ' | ' | ' | ||
Product Liability Contingency [Line Items] | ' | ' | ' | ' | ' | ||
Other Increase (Decrease) in Environmental Liabilities | -43,300,000 | ' | ' | ' | ' | ||
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' | ||
Product Liability Contingency [Line Items] | ' | ' | ' | ' | ' | ||
Other Increase (Decrease) in Environmental Liabilities | ($4,500,000) | ' | ' | ' | ' | ||
[1] | Changes in estimate of product warranty liability during the nine months ended SeptemberB 30, 2012 includes increases to our best estimate of $22.6 million partially related to a net increase in the expected number of replacement modules required for certain remediation efforts related to the manufacturing excursion that occurred between June 2008 and June 2009. Such estimated increase was primarily due to the completion of the analysis on certain outstanding claims as of December 31, 2011. Additionally, the remaining increase was primarily related to a change in estimate for the market value of the modules that we estimated would be returned to us under the voluntary remediation efforts that would meet the required performance standards to be re-sold as refurbished modules. |
15_ShareBased_Compensation_Det
15. Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $14,293,000 | ' | $14,036,000 | ' | $38,211,000 | $20,969,000 | ' |
Employee service share-based compensation, capitalized in inventory | 5,900,000 | ' | ' | ' | 5,900,000 | ' | 4,500,000 |
Employee Service Share-Based Compensation, Benefit from change in Forfeiture Rate | ' | ' | ' | 12,700,000 | ' | ' | ' |
Employee Service Share-Based Compensation, Benefit from Restructuring Activities | ' | 4,900,000 | ' | 8,500,000 | ' | ' | ' |
Cost of Sales [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 5,213,000 | ' | 6,941,000 | ' | 11,036,000 | 17,536,000 | ' |
Research and Development Expense [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,715,000 | ' | 734,000 | ' | 4,636,000 | 4,869,000 | ' |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 7,331,000 | ' | 5,460,000 | ' | 22,257,000 | -2,663,000 | ' |
Production Startup [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 34,000 | ' | 525,000 | ' | 282,000 | 356,000 | ' |
Restructuring Charges [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 0 | ' | 376,000 | ' | 0 | 871,000 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 0 | ' | 9,000 | ' | 0 | 273,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 12,277,000 | ' | 12,256,000 | ' | 37,957,000 | 21,214,000 | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | 83,500,000 | ' | ' | ' | 83,500,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '1 year 11 months | ' | ' |
Unrestricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 322,000 | ' | 234,000 | ' | 922,000 | 595,000 | ' |
Employee Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 268,000 | ' | 209,000 | ' | 740,000 | 580,000 | ' |
Unallocated Share-based Compensation Absorbed Into Inventory [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,426,000 | ' | $1,328,000 | ' | ($1,408,000) | ($1,693,000) | ' |
16_Income_Taxes_Details
16. Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Unrecognized Tax Benefits | $27,800,000 | ' | $27,800,000 | ' |
Effective Income Tax Rate, Continuing Operations | 6.50% | 20.60% | 8.90% | -19.10% |
Income Tax Benefit from Impairment | ' | ' | 23,000,000 | ' |
Valuation Allowance, Amount | ' | $12,300,000 | ' | $12,300,000 |
16_Income_Taxes_Details_Income
16. Income Taxes (Details) - Income Tax Holiday (MALAYSIA) | 9 Months Ended |
Sep. 30, 2013 | |
MALAYSIA | ' |
Income Tax Holiday [Line Items] | ' |
Income Tax Holiday, Termination Date | '2027 |
Income Tax Holiday, Description | '100% exemption |
17_Comprehensive_Income_Loss_D
17. Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($611) | $525 | ($2,852) | $1,296 | ' | ' | ' |
Net income (loss) | 195,038 | 87,917 | 287,778 | -250,516 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -37,281 | ' | -37,281 | ' | -38,485 | -42,066 | -48,381 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -7,650 | ' | -7,650 | ' | -2,579 | -3,681 | 18,913 |
Other comprehensive income before reclassifications | ' | ' | -34,985 | 16,677 | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -2,566 | -13,385 | ' | ' | ' |
Net other comprehensive income | ' | ' | -37,551 | 3,292 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 17,559 | ' | 17,559 | ' | 51,243 | 44,002 | 24,431 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -27,372 | ' | -27,372 | ' | 10,179 | -1,745 | -5,037 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 0 | 0 | 0 | 0 | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -539 | -1,813 | 562 | -2,917 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -1,592 | 7,957 | 6,041 | 15,143 | ' | ' | ' |
Foreign Currency Transaction and Translation Adjustment | 2,781 | 2,600 | 1,204 | 6,314 | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -6,314 | 11,009 | -33,684 | 19,587 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 0 | 0 | 0 | -16 | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | -6,314 | 11,009 | -33,684 | 19,571 | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -3,725 | -1,922 | -2,505 | -9,225 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 1,591 | -7,957 | -2,566 | -13,369 | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | -2,134 | -9,879 | -5,071 | -22,594 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -5,667 | 3,730 | -37,551 | 3,291 | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 189,371 | 91,647 | 250,227 | -247,225 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | -1 | 0 | 3,475 | 1,774 | ' | ' | ' |
Other Income [Member] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | ' | 0 | ' | 16 | ' | ' | ' |
Income Tax [Member] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ' | 0 | ' | 0 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | -1 | 0 | 3,475 | 1,774 | ' | ' | ' |
Net Sales [Member] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 0 | 2,580 | 13,115 | 12,675 | ' | ' | ' |
Interest Expense [Member] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -345 | -277 | -941 | -2,807 | ' | ' | ' |
Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -1,247 | 5,654 | -6,133 | 5,275 | ' | ' | ' |
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | -33,684 | 19,587 | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | -16 | ' | ' | ' |
Net other comprehensive income | ' | ' | -33,684 | 19,571 | ' | ' | ' |
Available-for-sale Securities [Member] | Total net of tax [Member] | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | 0 | ' | 16 | ' | ' | ' |
Derivative [Member] | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | -2,505 | -9,225 | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -2,566 | -13,369 | ' | ' | ' |
Net other comprehensive income | ' | ' | -5,071 | -22,594 | ' | ' | ' |
Derivative [Member] | Total net of tax [Member] | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -1,591 | 7,957 | 2,566 | 13,369 | ' | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | 1,204 | 6,315 | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 | ' | ' | ' |
Net other comprehensive income | ' | ' | $1,204 | $6,315 | ' | ' | ' |
18_Statement_of_Cash_Flows_Det
18. Statement of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $287,778 | ($250,516) |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | ' | ' |
Depreciation, amortization, and accretion | 172,984 | 202,131 |
Impairment and net loss on disposal of long-lived assets | 68,066 | 355,029 |
Impairment of project assets | 0 | 3,217 |
Share-based compensation | 38,211 | 20,969 |
Remeasurement of monetary assets and liabilities | -12,090 | 6,967 |
Deferred income taxes | 45 | 11,174 |
Excess tax benefit from share-based compensation arrangements | -33,958 | -61,571 |
Provision for doubtful accounts receivable | 0 | 2,950 |
Gain on sales of marketable securities, and restricted investments, net | 0 | -16 |
Other operating activities | -1,149 | -4,757 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, trade and unbilled and retainage | 367,841 | -252,574 |
Prepaid expenses and other current assets | 104,618 | 84,844 |
Other assets | -239 | 85,083 |
Inventories and balance of systems parts | 87,210 | -285,628 |
Project assets and deferred project costs | -373,464 | -76,775 |
Accounts payable | -154,345 | 70,401 |
Income taxes payable | 31,739 | 51,382 |
Accrued expenses and other liabilities | 80,152 | 426,123 |
Accrued solar module collection and recycling liability | 521 | 46,217 |
Total adjustments | 376,142 | 685,166 |
Net cash provided by operating activities | $663,920 | $434,650 |
19_Equity_Offering_Details
19. Equity Offering (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Jun. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Capital Unit [Line Items] | ' | ' | ' | ' |
Common Stock, Shares, Issued | 9,747,000 | 99,438,507 | ' | 87,145,323 |
Share Price | $46 | ' | ' | ' |
Proceeds from Issuance of Common Stock | $428,200,000 | $428,190,000 | $0 | ' |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 17,900,000 | ' | ' | ' |
Deferred Offering Costs | $2,200,000 | ' | ' | ' |
20_Segment_Reporting_Details
20. Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
segments | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 2 | ' | ' |
Net sales | $1,265,587 | $839,147 | $2,540,552 | $2,293,534 | ' |
Gross profit | 364,034 | 238,716 | 673,458 | 559,202 | ' |
Income (loss) before income taxes | 208,688 | 110,761 | 315,939 | -210,378 | ' |
Goodwill | 84,985 | 65,444 | 84,985 | 65,444 | 65,444 |
Total assets | 6,862,710 | 5,981,729 | 6,862,710 | 5,981,729 | 6,348,692 |
Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 380,726 | 281,900 | 930,230 | 737,711 | ' |
Gross profit | 89,718 | 22,547 | 93,134 | -10,264 | ' |
Income (loss) before income taxes | -20,277 | -62,949 | -137,163 | -669,320 | ' |
Goodwill | 16,152 | 0 | 16,152 | 0 | 0 |
Total assets | 3,957,081 | 3,670,783 | 3,957,081 | 3,670,783 | ' |
Systems Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 884,861 | 557,247 | 1,610,322 | 1,555,823 | ' |
Gross profit | 274,316 | 216,169 | 580,324 | 569,466 | ' |
Income (loss) before income taxes | 228,965 | 173,710 | 453,102 | 458,942 | ' |
Goodwill | 68,833 | 65,444 | 68,833 | 65,444 | 65,444 |
Total assets | 2,905,629 | 2,310,946 | 2,905,629 | 2,310,946 | ' |
Solar Module [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 68,735 | 59,703 | 343,289 | 181,710 | ' |
Solar Power System [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $1,196,852 | $779,444 | $2,197,263 | $2,111,824 | ' |