Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'FIRST SOLAR, INC. | ' |
Entity Central Index Key | '0001274494 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 100,193,196 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $544,353 | $519,760 | $1,494,511 | $1,274,965 |
Cost of sales | 451,628 | 379,662 | 1,165,075 | 965,541 |
Gross profit | 92,725 | 140,098 | 329,436 | 309,424 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 32,659 | 30,964 | 71,432 | 60,895 |
Selling, general and administrative | 57,667 | 66,265 | 116,331 | 140,730 |
Production start-up | 491 | 1,392 | 491 | 2,768 |
Restructuring and asset impairments | 0 | 2,381 | 0 | 4,728 |
Total operating expenses | 90,817 | 101,002 | 188,254 | 209,121 |
Operating income | 1,908 | 39,096 | 141,182 | 100,303 |
Foreign currency gain (loss) | 21 | -1,068 | -558 | 550 |
Interest income | 4,533 | 3,405 | 8,854 | 8,352 |
Interest expense, net | -930 | -875 | -1,340 | -1,625 |
Other (expense) income, net | -3,170 | 504 | -4,916 | -329 |
Income before income taxes | 2,362 | 41,062 | 143,222 | 107,251 |
Income tax (benefit) expense | -2,166 | 7,464 | 26,687 | 14,511 |
Net income | $4,528 | $33,598 | $116,535 | $92,740 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.05 | $0.38 | $1.17 | $1.05 |
Diluted | $0.04 | $0.37 | $1.14 | $1.03 |
Weighted-average number of shares used in per share calculations: | ' | ' | ' | ' |
Basic | 100,148 | 89,201 | 99,871 | 88,209 |
Diluted | 101,814 | 91,142 | 101,820 | 90,265 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $4,528 | $33,598 | $116,535 | $92,740 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,721 | 1,500 | -1,661 | -1,577 |
Unrealized gain (loss) on marketable securities and restricted investments | 18,445 | -17,029 | 38,621 | -27,370 |
Unrealized (loss) gain on derivative instruments | -1,410 | 2,909 | -3,755 | -2,937 |
Other comprehensive income (loss), net of tax | 15,314 | -12,620 | 33,205 | -31,884 |
Comprehensive income | $19,842 | $20,978 | $149,740 | $60,856 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $851,346 | $1,325,072 | ||
Marketable securities | 497,521 | 439,102 | ||
Accounts receivable trade, net | 237,924 | 136,383 | ||
Accounts receivable, unbilled and retainage | 564,887 | 521,323 | ||
Inventories | 385,247 | 388,951 | ||
Balance of systems parts | 58,816 | 133,731 | ||
Deferred project costs | 312,065 | 556,957 | ||
Deferred tax assets, net | 107,265 | 63,899 | ||
Assets held-for-sale | 20,728 | 132,626 | ||
Prepaid expenses and other current assets | 134,470 | 94,720 | ||
Total current assets | 3,170,269 | 3,792,764 | ||
Property, plant and equipment, net | 1,369,659 | 1,385,084 | ||
PV Solar Power Systems, Net | 48,547 | 0 | ||
Project assets and deferred project costs | 1,002,494 | 720,916 | ||
Deferred tax assets, net | 245,080 | 296,603 | ||
Restricted cash and investments | 370,594 | 279,441 | ||
Goodwill | 84,985 | 84,985 | ||
Other intangible assets, net | 116,935 | 117,416 | ||
Inventories | 124,520 | [1] | 129,664 | [1] |
Other assets | 78,932 | 76,629 | ||
Total assets | 6,612,015 | 6,883,502 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 187,530 | 261,333 | ||
Income taxes payable | 40,708 | 6,707 | ||
Accrued expenses | 294,668 | 320,077 | ||
Current portion of long-term debt | 60,838 | 60,543 | ||
Payments and billings for deferred project costs | 425,654 | 642,214 | ||
Other current liabilities | 201,845 | 297,187 | ||
Total current liabilities | 1,211,243 | 1,588,061 | ||
Accrued solar module collection and recycling liability | 249,990 | 225,163 | ||
Long-term debt | 133,836 | 162,780 | ||
Other liabilities | 348,991 | 404,381 | ||
Total liabilities | 1,944,060 | 2,380,385 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 100,177,488 and 99,506,941 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 100 | 100 | ||
Additional paid-in capital | 2,661,120 | 2,646,022 | ||
Accumulated earnings | 1,999,306 | 1,882,771 | ||
Accumulated other comprehensive income (loss) | 7,429 | -25,776 | ||
Total stockholders' equity | 4,667,955 | 4,503,117 | ||
Total liabilities and stockholders' equity | $6,612,015 | $6,883,502 | ||
[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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 100,177,488 | 99,506,941 |
Common Stock, Shares, Outstanding | 100,177,488 | 99,506,941 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $1,138,461 | $2,050,622 |
Cash paid to suppliers and associates | -1,315,185 | -1,709,914 |
Interest received | 6,519 | 3,724 |
Interest paid | -3,791 | -5,974 |
Income tax (payments) refunds | -7,753 | 5,976 |
Excess tax benefits from share-based compensation arrangements | -16,165 | -55,695 |
Other operating activities | -1,882 | 89 |
Net cash (used in) provided by operating activities | -199,796 | 288,828 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -113,221 | -156,856 |
Purchases of marketable securities | -226,087 | -316,285 |
Proceeds from maturities and sales of marketable securities | 164,259 | 60,766 |
Payments received on note receivable, affiliate | 0 | 17,108 |
Change in restricted cash | -72,405 | 5,136 |
Acquisitions, net of cash acquired | 0 | -30,745 |
Purchase of equity and cost method investments | -910 | -14,894 |
Other investing activities | -1,480 | -1,850 |
Net cash used in investing activities | -249,844 | -437,620 |
Cash flows from financing activities: | ' | ' |
Repayments of long-term debt | -30,761 | -636,147 |
Proceeds from borrowings under long-term debt, net of discount and issuance costs | 0 | 335,000 |
Excess tax benefit from share-based compensation arrangements | 16,165 | 55,695 |
Repayment of economic development funding | 0 | -8,315 |
Proceeds from Issuance of Common Stock | 0 | 430,368 |
Contingent consideration payments and other financing activities | -12,058 | 620 |
Net cash (used in) provided by financing activities | -26,654 | 177,221 |
Effect of exchange rate changes on cash and cash equivalents | 2,568 | -1,066 |
Net (decrease) increase in cash and cash equivalents | -473,726 | 27,363 |
Cash and cash equivalents, beginning of the period | 1,325,072 | 901,294 |
Cash and cash equivalents, end of the period | 851,346 | 928,657 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' |
Property, plant and equipment acquisitions currently and previously funded by liabilities | 48,667 | 57,681 |
Acquisitions currently or previously funded by liabilities and contingent consideration | $84,320 | $70,780 |
1_Basis_of_Presentation
1. Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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 six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or for any other period. The condensed consolidated balance sheet at December 31, 2013 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 audited financial statements and notes thereto for the year ended December 31, 2013 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. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 6 Months Ended | ||
Jun. 30, 2014 | |||
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, asset retirement obligations, 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 where we convey control of land or land rights, 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 the 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 the loss 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 estimates. | |||
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. | |||
Revenue Recognition — Operations and Maintenance. Our operations and maintenance revenue is billed and recognized as services are performed. Costs of these revenues are expensed in the period in which they are incurred. | |||
Ventures and Variable Interest Entities. In the normal course of business we establish wholly owned project companies which may be considered variable interest entities (“VIEs”). We consolidate wholly owned variable interest entities when 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. We analyze all of our ventures and classify them into two groups: (i) ventures that must be consolidated because they are either not 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 agreement (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 June 30, 2014 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 the 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 months ended June 30, 2014 was immaterial to the condensed consolidated statements of operations. | |||
Property, Plant and Equipment. We report our property, plant and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value of or substantially extends the useful life of an existing asset. We expense repair and maintenance costs at the time we incur them. | |||
We begin depreciation for such assets when they are placed into service. We consider an asset to be placed into service when the asset is both in the location and condition for its intended use. | |||
We compute depreciation expense using the straight-line method over the estimated useful lives of assets, as presented in the table below. We depreciate leasehold improvements over the shorter of their estimated useful lives or the remaining term of the lease. The estimated useful life of an asset is reassessed whenever applicable facts and circumstances indicate a change in the estimated useful life of such asset has occurred. | |||
Useful Lives | |||
in Years | |||
Buildings and building improvements | 25 – 40 | ||
Manufacturing machinery and equipment | 5 – 7 | ||
Furniture, fixtures, computer hardware, and computer software | 3 – 7 | ||
Leasehold improvements | up to 15 | ||
PV solar power systems. PV solar power systems represent solar systems that we intend to hold and operate once placed in service. We report our PV solar power systems at cost, less accumulated depreciation. | |||
We begin depreciation for such PV solar power system assets when they are placed into service. We consider a PV solar power system to be placed into service when management determines that we will own and operate the system for a period of time. We compute depreciation expense for power generating assets using the straight-line method over the life of the lesser of the power purchase agreement (“PPA”) or the lease on the land. | |||
For these systems we earn revenue associated with the energy generated by the system. For the six months ended June 30, 2014, the revenue recorded was immaterial to the condensed consolidated statement 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, 2013 for a more complete summary of our significant accounting policies. |
3_Recent_Accounting_Pronouncem
3. Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
3. Recent Accounting Pronouncements | |
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. The adoption of ASU 2013-15 in the first quarter of 2014 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. The adoption of ASU 2013-11, in the first quarter of 2014 resulted in netting impacts on our consolidated statement of financial position. See Note 14. “Income Taxes,” for further discussion of the impacts to the consolidated statement of financial position. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard states that a strategic shift could include a disposal of: a major geographic area of operations; a major line of business; a major equity investment; or other major parts of an entity. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. We are currently analyzing the impact of ASU 2014-08, which will be effective in the first quarter of 2015, on our consolidated financial position, results of operations, or cash flows. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles of recognizing revenue and create common revenue recognition guidance between US GAAP and International Financial Reporting Standards. An entity has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. We are currently analyzing the impact of ASU 2014-09, which will be effective in the first quarter of 2017, on our consolidated financial position, results of operations, or cash flows. | |
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718) -Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 provides guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. ASU 2014-12 is effective for fiscal years and interim periods within those years beginning after December 15, 2015. We do not expect the adoption of ASU 2014-12, in the first quarter of 2016, to have an impact on our consolidated financial position, results of operations, or cash flows. |
4_Restructuring_and_Asset_Impa
4. Restructuring and Asset Impairment | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring | ' | ||||
4. Restructuring and Asset Impairments | |||||
In April 2012, our executive management approved a set of restructuring initiatives intended to reduce costs, which was done through a reduction in our European operations. | |||||
The following table summarizes the April 2012 European restructuring amounts remaining as of December 31, 2013, amounts recorded to restructuring expense during the three and six months ended June 30, 2014, and the remaining balance at June 30, 2014 (in thousands): | |||||
April 2012 European Restructuring | Severance and Termination Related Costs | ||||
Ending Balance at December 31, 2013 | $ | 1,940 | |||
Cash Payments | (915 | ) | |||
Non-Cash Amounts Including Foreign Exchange Impact | (15 | ) | |||
Ending Balance at March 31, 2014 | 1,010 | ||||
Charges to Income | — | ||||
Change in Estimates | (619 | ) | |||
Cash Payments | (187 | ) | |||
Non-Cash Amounts Including Foreign Exchange Impact | (2 | ) | |||
Ending Balance at June 30, 2014 | $ | 202 | |||
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. We do not expect to incur any additional expenses for the April 2012 European restructuring initiatives. | |||||
Separately, as of June 30, 2014, $5.8 million remains accrued for charges related to other long-term tax liabilities and a land remediation accrual and are included within “Other Liabilities.” |
5_Cash_Cash_Equivalents_Market
5. Cash, Cash Equivalents, Marketable Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Cash, Marketable Securities And Investments Note [Abstract] | ' | ||||||||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities | ' | ||||||||||||||||||||||||
5. Cash, Cash Equivalents, and Marketable Securities | |||||||||||||||||||||||||
Cash, cash equivalents, and marketable securities consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Cash: | |||||||||||||||||||||||||
Cash | $ | 838,255 | $ | 1,322,183 | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Money market funds | 3,091 | 2,889 | |||||||||||||||||||||||
Time deposits | 10,000 | — | |||||||||||||||||||||||
Total cash and cash equivalents | 851,346 | 1,325,072 | |||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Foreign debt | 455,903 | 364,046 | |||||||||||||||||||||||
Foreign government obligations | — | 25,115 | |||||||||||||||||||||||
Time deposits | 30,000 | — | |||||||||||||||||||||||
U.S. debt | 8,114 | 46,439 | |||||||||||||||||||||||
U.S. government obligations | 3,504 | 3,502 | |||||||||||||||||||||||
Total marketable securities | 497,521 | 439,102 | |||||||||||||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 1,348,867 | $ | 1,764,174 | |||||||||||||||||||||
During the three and six months ended June 30, 2014 and 2013, we realized $0.2 million gains on the sale or maturities of our marketable securities. See Note 9. “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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
The following tables summarize the unrealized gains and losses related to our marketable securities, by major security type, as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Foreign debt | $ | 456,262 | $ | 69 | $ | 428 | $ | 455,903 | |||||||||||||||||
Time deposits | 30,000 | — | — | 30,000 | |||||||||||||||||||||
U.S. debt | 8,108 | 6 | — | 8,114 | |||||||||||||||||||||
U.S. government obligations | 3,499 | 5 | — | 3,504 | |||||||||||||||||||||
Total | $ | 497,869 | $ | 80 | $ | 428 | $ | 497,521 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Foreign debt | $ | 364,568 | $ | 127 | $ | 649 | $ | 364,046 | |||||||||||||||||
Foreign government obligations | 25,125 | — | 10 | 25,115 | |||||||||||||||||||||
U.S. debt | 46,430 | 12 | 3 | 46,439 | |||||||||||||||||||||
U.S. government obligations | 3,498 | 4 | — | 3,502 | |||||||||||||||||||||
Total | $ | 439,621 | $ | 143 | $ | 662 | $ | 439,102 | |||||||||||||||||
Contractual maturities of our marketable securities as of June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 295,673 | $ | 64 | $ | 126 | $ | 295,611 | |||||||||||||||||
One year to two years | 166,801 | 13 | 287 | 166,527 | |||||||||||||||||||||
Two years to three years | 35,395 | 3 | 15 | 35,383 | |||||||||||||||||||||
Total | $ | 497,869 | $ | 80 | $ | 428 | $ | 497,521 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 161,752 | $ | 57 | $ | 84 | $ | 161,725 | |||||||||||||||||
One year to two years | 270,149 | 81 | 578 | 269,652 | |||||||||||||||||||||
Two years to three years | 7,720 | 5 | — | 7,725 | |||||||||||||||||||||
Total | $ | 439,621 | $ | 143 | $ | 662 | $ | 439,102 | |||||||||||||||||
The net unrealized loss of $0.3 million and $0.5 million as of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands): | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Foreign debt | $ | 350,850 | $ | 428 | $ | — | $ | — | $ | 350,850 | $ | 428 | |||||||||||||
Total | $ | 350,850 | $ | 428 | $ | — | $ | — | $ | 350,850 | $ | 428 | |||||||||||||
As of December 31, 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 | |||||||||||||||||||
Foreign debt | $ | 212,655 | $ | 649 | $ | — | $ | — | $ | 212,655 | $ | 649 | |||||||||||||
Foreign government obligations | 25,161 | 10 | — | — | 25,161 | 10 | |||||||||||||||||||
U.S. debt | 21,465 | 3 | — | — | 21,465 | 3 | |||||||||||||||||||
Total | $ | 259,281 | $ | 662 | $ | — | $ | — | $ | 259,281 | $ | 662 | |||||||||||||
6_Restricted_Cash_and_Investme
6. Restricted Cash and Investments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restricted Cash And Investments Note [Abstract] | ' | ||||||||||||||||
Restricted Cash and Investments Disclosure | ' | ||||||||||||||||
6. Restricted Cash and Investments | |||||||||||||||||
Restricted cash and investments consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Restricted cash (1) | $ | 46,868 | $ | 167 | |||||||||||||
Restricted investments | 323,726 | 279,274 | |||||||||||||||
Restricted cash and investments | $ | 370,594 | $ | 279,441 | |||||||||||||
-1 | There was $26.2 million and zero of restricted cash included within prepaid expenses and other current assets at June 30, 2014 and December 31, 2013, respectively, primarily related to required cash collateral for certain letters of credit. | ||||||||||||||||
At June 30, 2014, our restricted cash consisted of deposits held by various banks to secure certain of our letters of credit. See Note 12. “Commitments and Contingencies,” for further discussion of restricted cash relating to letters of credit. | |||||||||||||||||
At June 30, 2014 and December 31, 2013, our restricted investments consisted of long-term marketable securities that we hold through a custodial account to fund the estimated future costs of our 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. 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. (“FSI”), 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 will be required during 2014 for all historical covered module sales through December 31, 2013. | |||||||||||||||||
The following table summarizes unrealized gains and losses related to our restricted investments by major security type as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 207,555 | $ | 53,803 | $ | — | $ | 261,358 | |||||||||
U.S. government obligations | 57,196 | 5,172 | — | 62,368 | |||||||||||||
Total | $ | 264,751 | $ | 58,975 | $ | — | $ | 323,726 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 205,484 | $ | 22,295 | $ | 1,489 | $ | 226,290 | |||||||||
U.S. government obligations | 55,916 | 1,372 | 4,304 | 52,984 | |||||||||||||
Total | $ | 261,400 | $ | 23,667 | $ | 5,793 | $ | 279,274 | |||||||||
As of June 30, 2014 and December 31, 2013, the contractual maturities of these restricted investments were between 14 years and 23 years. |
7_Consolidated_Balance_Sheet_D
7. Consolidated Balance Sheet Details | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Details [Abstract] | ' | ||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Details | ' | ||||||||||||||||||||||||||||||||
7. Consolidated Balance Sheet Details | |||||||||||||||||||||||||||||||||
Accounts receivable trade, net | |||||||||||||||||||||||||||||||||
Accounts receivable trade, net consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Accounts receivable trade, gross | $ | 246,021 | $ | 148,693 | |||||||||||||||||||||||||||||
Allowance for doubtful accounts | (8,097 | ) | (12,310 | ) | |||||||||||||||||||||||||||||
Accounts receivable trade, net | $ | 237,924 | $ | 136,383 | |||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, $31.5 million and $25.2 million, respectively, of our accounts receivable trade, net, were secured 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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Accounts receivable, unbilled | $ | 51,446 | $ | 102,953 | |||||||||||||||||||||||||||||
Retainage | 513,441 | 418,370 | |||||||||||||||||||||||||||||||
Accounts receivable, unbilled and retainage | $ | 564,887 | $ | 521,323 | |||||||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Raw materials | $ | 160,686 | $ | 165,805 | |||||||||||||||||||||||||||||
Work in process | 17,569 | 11,874 | |||||||||||||||||||||||||||||||
Finished goods | 331,512 | 340,936 | |||||||||||||||||||||||||||||||
Inventories | $ | 509,767 | $ | 518,615 | |||||||||||||||||||||||||||||
Inventories — current | $ | 385,247 | $ | 388,951 | |||||||||||||||||||||||||||||
Inventories — noncurrent (1) | $ | 124,520 | $ | 129,664 | |||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||
Balance of systems parts | |||||||||||||||||||||||||||||||||
Balance of systems parts, which totaled $58.8 million and $133.7 million as of June 30, 2014 and December 31, 2013, respectively, represent mounting, third-party modules, 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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Prepaid expenses | $ | 39,640 | $ | 24,572 | |||||||||||||||||||||||||||||
Derivative instruments | 2,211 | 7,996 | |||||||||||||||||||||||||||||||
Deferred costs of goods sold | — | 753 | |||||||||||||||||||||||||||||||
Other current assets | 92,619 | 61,399 | |||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 134,470 | $ | 94,720 | |||||||||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Buildings and improvements | $ | 364,283 | $ | 360,504 | |||||||||||||||||||||||||||||
Machinery and equipment | 1,495,305 | 1,445,939 | |||||||||||||||||||||||||||||||
Office equipment and furniture | 128,568 | 124,332 | |||||||||||||||||||||||||||||||
Leasehold improvements | 48,204 | 47,833 | |||||||||||||||||||||||||||||||
Depreciable property, plant and equipment, gross | 2,036,360 | 1,978,608 | |||||||||||||||||||||||||||||||
Accumulated depreciation | (1,021,857 | ) | (940,730 | ) | |||||||||||||||||||||||||||||
Depreciable property, plant and equipment, net | 1,014,503 | 1,037,878 | |||||||||||||||||||||||||||||||
Land | 10,525 | 10,714 | |||||||||||||||||||||||||||||||
Construction in progress | 146,175 | 133,223 | |||||||||||||||||||||||||||||||
Stored assets (1) | 198,456 | 203,269 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 1,369,659 | $ | 1,385,084 | |||||||||||||||||||||||||||||
-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 our 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 vendors. | ||||||||||||||||||||||||||||||||
Depreciation of property, plant and equipment was $62.6 million and $123.4 million for the three and six months ended June 30, 2014, respectively, and was $57.8 million and $116.0 million for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||||||||||
PV solar power systems, net | |||||||||||||||||||||||||||||||||
PV solar power systems, net consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
PV solar power systems, gross | $ | 48,623 | $ | — | |||||||||||||||||||||||||||||
Accumulated depreciation | (76 | ) | — | ||||||||||||||||||||||||||||||
PV solar power systems, net | $ | 48,547 | $ | — | |||||||||||||||||||||||||||||
Depreciation of PV solar power systems was $0.1 million for the three and six months ended June 30, 2014, respectively, and was zero for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||||||||||
Capitalized interest | |||||||||||||||||||||||||||||||||
The cost of constructing facilities, equipment and project assets includes interest costs incurred during the asset’s construction period. The components of interest expense and capitalized interest are as follows during the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest cost incurred | $ | (2,385 | ) | $ | (3,167 | ) | $ | (5,036 | ) | $ | (6,442 | ) | |||||||||||||||||||||
Interest cost capitalized —– property, plant and equipment | 444 | 736 | 1,022 | 1,046 | |||||||||||||||||||||||||||||
Interest cost capitalized —– project assets | 1,011 | 1,556 | 2,674 | 3,771 | |||||||||||||||||||||||||||||
Interest expense, net | $ | (930 | ) | $ | (875 | ) | $ | (1,340 | ) | $ | (1,625 | ) | |||||||||||||||||||||
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. From time to time we may determine it necessary to hold projects based on the economics of such projects. In those cases, where we deem it necessary to hold such projects we reclassify the project assets to PV solar power systems. | |||||||||||||||||||||||||||||||||
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 until the sale of such project closes or we decide to hold such project. | |||||||||||||||||||||||||||||||||
Project assets and deferred project costs consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Project assets — land | $ | 9,075 | $ | 4,150 | |||||||||||||||||||||||||||||
Project assets — development costs including project acquisition costs | 561,133 | 465,316 | |||||||||||||||||||||||||||||||
Project assets — construction costs | 389,327 | 156,824 | |||||||||||||||||||||||||||||||
Project assets — projects in pre-COD operation under project PPAs | — | 66,240 | |||||||||||||||||||||||||||||||
Project assets | $ | 959,535 | $ | 692,530 | |||||||||||||||||||||||||||||
Deferred project costs — current | $ | 312,065 | $ | 556,957 | |||||||||||||||||||||||||||||
Deferred project costs — non-current | 42,959 | 28,386 | |||||||||||||||||||||||||||||||
Deferred project costs | $ | 355,024 | $ | 585,343 | |||||||||||||||||||||||||||||
Total project assets and deferred project costs | $ | 1,314,559 | $ | 1,277,873 | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||
Other assets consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Note receivable (1) | $ | 9,541 | $ | 9,655 | |||||||||||||||||||||||||||||
Income taxes receivable | 7,912 | 7,656 | |||||||||||||||||||||||||||||||
Deferred rent | 20,977 | 21,175 | |||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates and joint ventures (2) | 16,419 | 17,321 | |||||||||||||||||||||||||||||||
Retainage | — | 992 | |||||||||||||||||||||||||||||||
Other | 24,083 | 19,830 | |||||||||||||||||||||||||||||||
Other assets | $ | 78,932 | $ | 76,629 | |||||||||||||||||||||||||||||
(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 June 30, 2014 and December 31, 2013, the balance on this credit facility was €7.0 million ($9.5 million and $9.7 million, respectively). | |||||||||||||||||||||||||||||||||
(2) We have joint ventures or other business arrangements with strategic partners 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. The following table summarizes our equity and cost method investments as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, | ||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Equity method investments | $ | 10,650 | $ | 12,148 | |||||||||||||||||||||||||||||
Cost method investments | 5,769 | 5,173 | |||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates and joint ventures | $ | 16,419 | $ | 17,321 | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
Goodwill, summarized by relevant reporting unit, consisted of the following as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Reporting Unit | December 31, | Acquisitions | June 30, 2014 | ||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
CdTe Components | $ | 403,420 | $ | — | $ | 403,420 | |||||||||||||||||||||||||||
Crystalline Silicon Components | 6,097 | — | 6,097 | ||||||||||||||||||||||||||||||
Systems | 68,833 | — | 68,833 | ||||||||||||||||||||||||||||||
Accumulated impairment losses | (393,365 | ) | — | (393,365 | ) | ||||||||||||||||||||||||||||
Total | $ | 84,985 | $ | — | $ | 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. | |||||||||||||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||||||||||||
Intangible assets includes those assets acquired primarily as part of our GE and TetraSun 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 $118.6 million of intangible assets, gross as of June 30, 2014 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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Gross Intangible Assets | Accumulated Amortization | ||||||||||||||||||||||||||||||||
December 31, 2013 | Write-off of fully amortized intangibles | June 30, 2014 | December 31, 2013 | Additions Charged to Expense | Write-off of fully amortized intangibles | June 30, 2014 | Net Intangibles June 30, 2014 | ||||||||||||||||||||||||||
Patents | $ | 10,180 | $ | (5,086 | ) | $ | 5,094 | $ | (5,797 | ) | $ | (306 | ) | $ | 5,086 | $ | (1,017 | ) | $ | 4,077 | |||||||||||||
Trade names | 700 | — | 700 | (467 | ) | (175 | ) | — | (642 | ) | 58 | ||||||||||||||||||||||
In-process research and development | 112,800 | — | 112,800 | — | — | — | — | 112,800 | |||||||||||||||||||||||||
Total | $ | 123,680 | $ | (5,086 | ) | $ | 118,594 | $ | (6,264 | ) | $ | (481 | ) | $ | 5,086 | $ | (1,659 | ) | $ | 116,935 | |||||||||||||
Accrued expenses | |||||||||||||||||||||||||||||||||
Accrued expenses consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Accrued compensation and benefits | $ | 29,195 | $ | 50,148 | |||||||||||||||||||||||||||||
Accrued property, plant and equipment | 27,766 | 19,834 | |||||||||||||||||||||||||||||||
Accrued inventory | 40,218 | 43,966 | |||||||||||||||||||||||||||||||
Accrued project assets and deferred project costs | 66,547 | 80,528 | |||||||||||||||||||||||||||||||
Product warranty liability (1) | 68,214 | 67,097 | |||||||||||||||||||||||||||||||
Accrued expenses in excess of normal product warranty liability and related expenses (1) | 8,827 | 12,516 | |||||||||||||||||||||||||||||||
Other | 53,901 | 45,988 | |||||||||||||||||||||||||||||||
Accrued expenses | $ | 294,668 | $ | 320,077 | |||||||||||||||||||||||||||||
(1) See Note 12. “Commitments and Contingencies,” for further discussion of “Product warranty liability” and “Accrued expenses in excess of normal product warranty liability and related expenses.” | |||||||||||||||||||||||||||||||||
Other current liabilities | |||||||||||||||||||||||||||||||||
Other current liabilities consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Deferred revenue | $ | 522 | $ | 1,193 | |||||||||||||||||||||||||||||
Derivative instruments | 8,201 | 8,096 | |||||||||||||||||||||||||||||||
Deferred tax liabilities | 229 | 138 | |||||||||||||||||||||||||||||||
Billings in excess of costs and estimated earnings (1) | 127,342 | 117,766 | |||||||||||||||||||||||||||||||
Contingent consideration (2) | 29,965 | 37,775 | |||||||||||||||||||||||||||||||
Other (3) | 35,586 | 132,219 | |||||||||||||||||||||||||||||||
Other current liabilities | $ | 201,845 | $ | 297,187 | |||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||
(2) See Note 12. “Commitments and Contingencies,” for further discussion on “Contingent consideration.” | |||||||||||||||||||||||||||||||||
(3) December 31, 2013 balance consists primarily of proceeds received for our Mesa facility that were classified as “Assets held for sale” on the condensed consolidated balance sheet. Due to our continuing involvement with the Mesa facility, we deferred recognition of the sale transaction until certain risks and rewards of ownership were fully transferred to the buyer, which occurred in the first quarter of 2014. | |||||||||||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||||
Other liabilities consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Product warranty liability (1) | $ | 142,613 | $ | 130,944 | |||||||||||||||||||||||||||||
Other taxes payable | 66,221 | 119,124 | |||||||||||||||||||||||||||||||
Contingent consideration (1) | 54,115 | 58,969 | |||||||||||||||||||||||||||||||
Liability in excess of normal product warranty liability and related expenses (1) | 36,771 | 39,565 | |||||||||||||||||||||||||||||||
Other (1) | 49,271 | 55,779 | |||||||||||||||||||||||||||||||
Other liabilities | $ | 348,991 | $ | 404,381 | |||||||||||||||||||||||||||||
(1) See Note 12. “Commitments and Contingencies,” for further discussion on “Product warranty liability,” “Contingent consideration,” “Energy test guarantees,” and “Liability in excess of normal product warranty liability and related expenses.” | |||||||||||||||||||||||||||||||||
Payments and billings for deferred project costs | |||||||||||||||||||||||||||||||||
Payments and billings for deferred project costs - current totaling $425.7 million and $642.2 million at June 30, 2014 and December 31, 2013, 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 noncurrent depending upon when all revenue recognition criteria are expected to be met, consistent with the classification of the associated deferred project costs. |
8_Derivative_Financial_Instrum
8. Derivative Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
8. 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 consolidated balance sheet date. We report all of our derivative instruments at fair value and 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. 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 9. “Fair Value Measurements,” for information about the techniques we use to measure the fair value of our derivative instruments. | |||||||||||||||||||||
The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Current Liabilities | Other Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | 3,269 | $ | — | |||||||||||||||
Cross-currency swap contract | — | 1,239 | 4,338 | ||||||||||||||||||
Interest rate swap contracts | — | 275 | 165 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 4,783 | $ | 4,503 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,211 | $ | 3,418 | $ | — | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 2,211 | $ | 3,418 | $ | — | |||||||||||||||
Total derivative instruments | $ | 2,211 | $ | 8,201 | $ | 4,503 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Assets | Other Current Liabilities | Other Liabilities | ||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,357 | $ | 282 | $ | — | $ | — | |||||||||||||
Cross-currency swap contract | — | — | 1,934 | 7,739 | |||||||||||||||||
Interest rate swap contracts | — | — | 334 | 369 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 2,357 | $ | 282 | $ | 2,268 | $ | 8,108 | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 5,639 | $ | — | $ | 5,828 | $ | — | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 5,639 | $ | — | $ | 5,828 | $ | — | |||||||||||||
Total derivative instruments | $ | 7,996 | $ | 282 | $ | 8,096 | $ | 8,108 | |||||||||||||
The impact of offsetting balances associated with derivative instruments designated as hedging instruments is shown below (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
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 | $ | (3,269 | ) | — | (3,269 | ) | — | — | $ | (3,269 | ) | ||||||||||
Cross-currency swap contracts | $ | (5,577 | ) | — | (5,577 | ) | — | — | $ | (5,577 | ) | ||||||||||
Interest rate swap contracts | $ | (440 | ) | — | (440 | ) | — | — | $ | (440 | ) | ||||||||||
December 31, 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 | $ | 2,639 | — | 2,639 | — | — | $ | 2,639 | |||||||||||||
Cross-currency swap contracts | $ | (9,673 | ) | — | (9,673 | ) | — | — | $ | (9,673 | ) | ||||||||||
Interest rate swap contracts | $ | (703 | ) | — | (703 | ) | — | — | $ | (703 | ) | ||||||||||
The following tables present the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) before tax and our condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contract | Cross Currency Swap Contract | Total | ||||||||||||||||||
Balance in other comprehensive income (loss) at December 31, 2013 | $ | 4,351 | $ | (703 | ) | $ | (5,820 | ) | $ | (2,172 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | (4,878 | ) | (8 | ) | 1,552 | (3,334 | ) | ||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency gain | — | — | (732 | ) | (732 | ) | |||||||||||||||
Interest expense | — | 164 | 95 | 259 | |||||||||||||||||
Balance in other comprehensive income (loss) at March 31, 2014 | $ | (527 | ) | $ | (547 | ) | $ | (4,905 | ) | $ | (5,979 | ) | |||||||||
Amounts recognized in other comprehensive income (loss) | (1,689 | ) | (18 | ) | 2,073 | 366 | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | (2,016 | ) | (2,016 | ) | |||||||||||||||
Interest expense | — | 124 | 65 | 189 | |||||||||||||||||
Balance in other comprehensive income (loss) at June 30, 2014 | $ | (2,216 | ) | $ | (441 | ) | $ | (4,783 | ) | $ | (7,440 | ) | |||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contracts | 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 | ) | ||||||||||
We recorded immaterial amounts related to ineffective portions of our derivative instruments designated as cash flow hedges during the three and six months ended June 30, 2014 and 2013 directly to other income (expense), net. In addition, we recognized unrealized gains of $0.2 million and $0.1 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 six months ended June 30, 2014, respectively. We recognized unrealized losses of $0.4 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 six months ended June 30, 2013, respectively. | |||||||||||||||||||||
The following table presents the amounts related to derivative instruments not designated as hedges affecting our condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | Location of Gain (Loss) Recognized in Income on Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Foreign exchange forward contracts | Foreign currency gain (loss) | $ | (2,371 | ) | $ | 746 | $ | (3,040 | ) | $ | 1,863 | ||||||||||
Foreign exchange forward contracts | Cost of sales | $ | 840 | $ | (685 | ) | $ | 1,343 | $ | (773 | ) | ||||||||||
Foreign exchange forward contracts | Net Sales | $ | — | $ | 5,666 | $ | — | $ | 5,666 | ||||||||||||
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 U.S. dollar fixed 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 June 30, 2014 and December 31, 2013, the notional value of this cross-currency swap agreement was MYR 348.8 million and MYR 387.5 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 June 30, 2014 and December 31, 2013. For the three and six months ended June 30, 2014 and 2013, 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 June 30, 2014 and December 31, 2013, the notional value of this interest rate swap contract was €15.0 million and €19.7 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 June 30, 2014 and December 31, 2013. For the three and six months ended June 30, 2014 and 2013, there were immaterial amounts of ineffectiveness from this cash flow hedge. | |||||||||||||||||||||
In the following 12 months, we expect to reclassify to earnings $1.5 million of net unrealized losses related to swap contracts that are included in accumulated other comprehensive income (loss) at June 30, 2014 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 a subsidiary’s functional currency. Our primary cash flow exposures are net sales and expenses. Changes in the exchange rates between the functional currency of our subsidiaries 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 June 30, 2014 and December 31, 2013, these foreign exchange forward contracts hedged our forecasted cash flows for up to 12 and 18 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 June 30, 2014 and at December 31, 2013. During the six months ended June 30, 2014 and 2013, we did not discontinue any cash flow hedges because a hedging relationship was no longer highly effective. | |||||||||||||||||||||
During the three months ended June 30, 2014 we purchased foreign exchange forward contracts to hedge the exchange risk on forecasted cash flows denominated in Australian dollars. As of June 30, 2014 and December 31, 2013, 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-Jun-14 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Australian dollar | AUD 113.0 | $106.30 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Australian dollar | AUD 148.9 | $132.40 | |||||||||||||||||||
As of June 30, 2014, the net unrealized loss on these contracts was $2.2 million. As of December 31, 2013, the net unrealized gain on these contracts was $4.4 million. | |||||||||||||||||||||
In the following 12 months, we expect to reclassify to earnings $2.2 million of net unrealized losses related to these forward contracts that are included in accumulated other comprehensive income (loss) at June 30, 2014 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. 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 June 30, 2014 and December 31, 2013 the total net unrealized loss on our economic hedge foreign exchange forward contracts was $1.2 million and $0.2 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 June 30, 2014 and December 31, 2013, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions): | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 54.20 | $73.90 | ||||||||||||||||||
Sell | Euro | € 79.90 | $108.90 | ||||||||||||||||||
Purchase | Australian dollar | AUD 17.4 | $16.40 | ||||||||||||||||||
Sell | Australian dollar | AUD 58.4 | $55.00 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 169.4 | $52.50 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 44.4 | $13.80 | ||||||||||||||||||
Purchase | Canadian dollar | CAD 7.2 | $6.80 | ||||||||||||||||||
Sell | Canadian dollar | CAD 16.4 | $15.40 | ||||||||||||||||||
Purchase | Japanese yen | JPY 354.9 | $3.50 | ||||||||||||||||||
Sell | Japanese yen | JPY 1,848.5 | $18.50 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 108.20 | $149.20 | ||||||||||||||||||
Sell | Euro | € 116.70 | $161.00 | ||||||||||||||||||
Purchase | Australian dollar | AUD 7.3 | $6.50 | ||||||||||||||||||
Sell | Australian dollar | AUD 14.6 | $13.00 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 185.1 | $55.50 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 95.0 | $28.50 | ||||||||||||||||||
Purchase | Canadian dollar | CAD 24.0 | $22.60 | ||||||||||||||||||
Sell | Canadian dollar | CAD 40.3 | $37.90 | ||||||||||||||||||
Sell | Japanese yen | JPY 775.0 | $5.90 |
9_Fair_Value_Measurements
9. Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements Disclosure | ' | ||||||||||||||||
9. 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. Our cash equivalents consisted of money market funds and time deposits and money market funds at June 30, 2014 and December 31, 2013, respectively. 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. Our marketable securities consisted of foreign debt, time deposits, U.S. debt and U.S. government obligations and foreign debt, foreign government obligations, U.S. debt and U.S. government obligations at June 30, 2014 and December 31, 2013, respectively. At June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, the fair value measurements of our assets and liabilities that we measure on a recurring basis were as follows (in thousands): | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Money market funds | $ | 3,091 | $ | 3,091 | $ | — | $ | — | |||||||||
Time deposits | 10,000 | 10,000 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Foreign debt | 455,903 | — | 455,903 | — | |||||||||||||
Time deposits | 30,000 | 30,000 | — | — | |||||||||||||
U.S. debt | 8,114 | — | 8,114 | — | |||||||||||||
U.S. government obligations | 3,504 | — | 3,504 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 323,726 | — | 323,726 | — | |||||||||||||
Derivative assets | 2,211 | — | 2,211 | — | |||||||||||||
Total assets | $ | 836,549 | $ | 43,091 | $ | 793,458 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 12,704 | $ | — | $ | 12,704 | $ | — | |||||||||
December 31, 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: | |||||||||||||||||
Money market funds | $ | 2,889 | $ | 2,889 | $ | — | $ | — | |||||||||
Marketable securities: | |||||||||||||||||
Foreign debt | 364,046 | — | 364,046 | — | |||||||||||||
Foreign government obligations | 25,115 | — | 25,115 | — | |||||||||||||
U.S. debt | 46,439 | — | 46,439 | — | |||||||||||||
U.S. government obligations | 3,502 | — | 3,502 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 279,274 | — | 279,274 | — | |||||||||||||
Derivative assets | 8,278 | — | 8,278 | — | |||||||||||||
Total assets | $ | 729,543 | $ | 2,889 | $ | 726,654 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 16,204 | $ | — | $ | 16,204 | $ | — | |||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying values and fair values of our financial and derivative instruments at June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | 497,521 | $ | 497,521 | $ | 439,102 | $ | 439,102 | |||||||||
Foreign exchange forward contract assets | $ | 2,211 | $ | 2,211 | $ | 8,278 | $ | 8,278 | |||||||||
Restricted investments (excluding restricted cash) | $ | 323,726 | $ | 323,726 | $ | 279,274 | $ | 279,274 | |||||||||
Notes receivable — noncurrent | $ | 9,541 | $ | 9,721 | $ | 9,655 | $ | 9,633 | |||||||||
Liabilities: | |||||||||||||||||
Long-term debt, including current maturities | $ | 194,674 | $ | 194,910 | $ | 223,323 | $ | 224,435 | |||||||||
Interest rate swap contract liabilities | $ | 440 | $ | 440 | $ | 703 | $ | 703 | |||||||||
Cross-currency swap contract liabilities | $ | 5,577 | $ | 5,577 | $ | 9,673 | $ | 9,673 | |||||||||
Foreign exchange forward contract liabilities | $ | 6,687 | $ | 6,687 | $ | 5,828 | $ | 5,828 | |||||||||
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 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. |
10_PercentageofCompletion_Chan
10. Percentage-of-Completion Changes in Estimates (Notes) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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. 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. | |||||||||||||||||
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 actual costs, (ii) construction plan acceleration or delays, (iii) module cost forecast changes, and (iv) change orders. 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) for the three and six months ended June 30, 2014 and 2013 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 June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Number of projects | 8 | 5 | 10 | 6 | |||||||||||||
Increase (decrease) in gross profit resulting from net changes in estimates (in thousands): | $ | 4,502 | $ | 7,609 | $ | (3,484 | ) | $ | (4,530 | ) | |||||||
Net change in estimates as percentage of aggregate gross profit for associated projects | 0.4 | % | 0.4 | % | (0.1 | )% | (0.2 | )% |
11_Debt
11. Debt | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Instruments [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
11. Debt | |||||||||||||
Our long-term debt consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||
Balance (USD) | |||||||||||||
Loan Agreement | Maturity | Loan Denomination | June 30, | December 31, | |||||||||
2014 | 2013 | ||||||||||||
Revolving Credit Facility (1) | July 2018 (Tranche A) October 2015 (Tranche B) | USD | $ | — | $ | — | |||||||
Malaysian Ringgit Facility Agreement | Sep-18 | MYR | 108,548 | 117,630 | |||||||||
Malaysian Euro Facility Agreement | Apr-18 | EUR | 43,655 | 49,699 | |||||||||
Malaysian Facility Agreement | Mar-16 | EUR | 41,945 | 55,637 | |||||||||
Capital lease obligations | various | various | 1,798 | 2,041 | |||||||||
Long-term debt principal | $ | 195,946 | $ | 225,007 | |||||||||
Less unamortized discount | (1,272 | ) | (1,684 | ) | |||||||||
Total long-term debt | $ | 194,674 | $ | 223,323 | |||||||||
Less current portion | (60,838 | ) | (60,543 | ) | |||||||||
Noncurrent portion | $ | 133,836 | $ | 162,780 | |||||||||
(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 us 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. We had no borrowings under our Revolving Credit Facility, as of June 30, 2014 and December 31, 2013, respectively. We had $126.3 million and $158.6 million of letters of credit using availability under our Revolving Credit Facility, leaving $473.7 million and $441.4 million of availability at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
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 June 30, 2014. | |||||||||||||
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 provided 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 contained 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 FSI. At June 30, 2014, buildings, machinery and equipment and land leases with net book values of $265.0 million were pledged as collateral for this loan. | |||||||||||||
The Malaysian Ringgit Facility Agreement contains 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 agreement includes financial covenants relating to net total leverage ratio, interest coverage ratio, total debt to equity ratio, debt service coverage ratio, and tangible net worth. It also contains certain representations and warranties, affirmative covenants, and events of default provisions. We were in compliance with all covenants associated with the Malaysian Ringgit Facility Agreement through June 30, 2014. | |||||||||||||
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. | |||||||||||||
The Malaysian Euro Facility Agreement contains negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FS Malaysia to grant liens over the equipment financed by the facilities, effect asset sales, provide guarantees, change its business, engage in mergers, consolidations and restructurings, and enter into contracts with FSI and its subsidiaries. In addition, the agreement includes the following financial covenants: maximum total debt to equity ratio, maximum total leverage ratio, minimum interest coverage ratio and minimum debt service coverage ratio. It also contains certain representations and warranties, affirmative covenants, and events of default provisions. We were in compliance with all covenants associated with the Malaysian Euro Facility Agreement through June 30, 2014. | |||||||||||||
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. FS Malaysia’s obligations related to the agreement are guaranteed, on an unsecured basis, by FSI. 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 June 30, 2014, machinery and equipment with a net book value of $38.6 million was pledged as collateral for these loans. | |||||||||||||
The Malaysian Facility Agreement contains 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 Malaysian Facility Agreement includes 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 Malaysian Facility Agreement 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 Malaysian Facility Agreement as of June 30, 2014. | |||||||||||||
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 June 30, 2014 were as follows: | |||||||||||||
Loan Agreement | Borrowing Rate at June 30, 2014 | ||||||||||||
Revolving Credit Facility | 2.41% | ||||||||||||
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 8. “Derivative Financial Instruments,” to our condensed consolidated financial statements. | ||||||||||||
Future Principal Payments | |||||||||||||
At June 30, 2014, the future principal payments on our long-term debt, excluding payments related to capital leases, were due as follows (in thousands): | |||||||||||||
Remainder of 2014 | $ | 32,122 | |||||||||||
2015 | 57,376 | ||||||||||||
2016 | 40,998 | ||||||||||||
2017 | 34,559 | ||||||||||||
2018 | 29,093 | ||||||||||||
Total long-term debt future payments | $ | 194,148 | |||||||||||
12_Commitments_and_Contingenci
12. Commitments and Contingencies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
12. 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 June 30, 2014 and December 31, 2013, our only loan guarantees were guarantees of our own long-term debt, as disclosed in Note 11. “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, subject to certain limits depending on the currencies of the letters of credit, at a fee equal to the applicable margin for Eurocurrency revolving loans and a fronting fee. As of June 30, 2014, we had $126.3 million in letters of credit issued under the Revolving Credit Facility with a remaining availability of $473.7 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 June 30, 2014, we had $1.1 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, $62.9 million of letters of credit issued under a bi-lateral facility secured with cash and $166.5 million in surety bonds outstanding primarily for our systems business projects. The available bonding capacity under our surety lines was $626.2 million as of June 30, 2014. | |||||||||||||||||
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 this estimate 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 six months ended June 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product warranty liability, beginning of period | $ | 208,294 | $ | 185,630 | $ | 198,041 | $ | 191,596 | |||||||||
Accruals for new warranties issued | 8,242 | 7,916 | 19,511 | 18,449 | |||||||||||||
Settlements | (3,498 | ) | (8,447 | ) | (7,577 | ) | (19,410 | ) | |||||||||
Changes in estimate of product warranty liability | (2,211 | ) | 4,158 | 852 | (1,378 | ) | |||||||||||
Product warranty liability, end of period | $ | 210,827 | $ | 189,257 | $ | 210,827 | $ | 189,257 | |||||||||
Current portion of warranty liability | $ | 68,214 | $ | 62,989 | $ | 68,214 | $ | 62,989 | |||||||||
Noncurrent portion of warranty liability | $ | 142,613 | $ | 126,268 | $ | 142,613 | $ | 126,268 | |||||||||
At June 30, 2014, our accrued liability for product warranty was $210.8 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% change in estimated warranty return rate would change our estimated warranty liability by approximately $59.1 million. | |||||||||||||||||
Accrued Expenses in Excess of Product Warranty | |||||||||||||||||
During the period from June 2008 to June 2009, a manufacturing excursion occurred whereby certain modules manufactured during that time period may experience premature power loss once installed in the field. We initiated a voluntary remediation program beyond our standard limited warranty pursuant to which we made commitments to customers with systems containing modules manufactured during the relevant period that we would cover certain costs of remediation efforts. These remediation efforts included module removal, replacement and logistical services and additional compensation payments to customers under certain circumstances. As of each fiscal period in question, we have estimated our voluntary remediation program accrual based on evaluation and consideration of the then-currently available information, including the estimated number of affected modules in the field, historical experience related to our voluntary remediation efforts, customer-provided data related to potentially affected systems and the estimated costs of performing the logistical services covered under our remediation program. In 2013 and during the six months ended June 30, 2014, we recorded no additional expenses associated with our voluntary remediation program. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, accrued expenses in excess of normal product warranty liability were $45.6 million and $52.1 million, of which $8.8 million and $12.5 million, respectively, was classified as current and $36.8 million and $39.6 million, respectively, was classified as noncurrent and included in “Accrued expenses” and “Other liabilities,” in the accompanying condensed consolidated balance sheets. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, $38.8 million and $42.7 million of accrued expenses in excess of normal product warranty liability related to the manufacturing excursion during the period between June 2008 and June 2009, whereby certain modules manufactured during that time period may experience premature power loss once installed in the field. The accrued expenses consist primarily of estimated compensation payments to customers, under certain circumstances, for power lost prior to remediation of the customer’s system under our remediation program, and to a lesser extent, remediation efforts related to module removal, replacement and logistical services committed to by us beyond the normal product warranty. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, $6.8 million and $9.4 million of accrued expenses in excess of normal product warranty liability and related expenses include commitments to certain customers related to a workmanship issue potentially affecting a limited number of solar modules manufactured between October 2008 to June 2009. 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. We know the serial numbers of the affected modules and have proactively contacted the system owners to repair or replace the potentially impaired modules currently in service in a manner consistent with our normal workmanship warranty. For roof-mounted systems, we will also remove and replace the affected modules at no cost to the system owner, which remediation is in excess of our limited workmanship warranty obligation. | |||||||||||||||||
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. | |||||||||||||||||
Performance Guarantees | |||||||||||||||||
As part of our systems business, we conduct performance testing of the solar power plant prior to substantial completion to confirm the power plant meets operational and capacity expectations noted in the EPC agreement. In addition, we may provide an energy generation performance test during the first year of the solar power plant’s operation. Such a test is designed to demonstrate that the actual energy generation for the first year meets or exceeds the modeled energy expectation, after certain adjustments and exclusions. If there is an underperformance event, determined at the end of the first year after substantial completion, we may incur liquidated damages as a percentage of the EPC contract price. In some instances, a bonus payment may be received at the end of the first year if the power plant performs above a certain level. | |||||||||||||||||
Under our O&M service offering, we typically include an effective availability guarantee when we provide long term total asset management services. In limited cases, a form of energy generation performance test is offered in lieu of the availability guarantee up to a maximum of five years. In such cases, liquidated damages are incurred at the lost energy price noted in the PPA. Additionally, as part of our O&M service guarantees there is potential for bonus payments. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, we recorded $2.8 million and $11.5 million, respectively, of estimated obligations under such arrangements, which are classified as other liabilities in our condensed consolidated balance sheets. | |||||||||||||||||
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. | |||||||||||||||||
For any sales agreements that have such conditional rescission clauses 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. | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
In connection with the 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 $11.5 million and $16.5 million of current liabilities and $14.5 million and $11.7 million of long-term liabilities for these contingent obligations based on their estimated fair value as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
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 a purchase price agreement, obtaining financing and selling to a new owner. We recognize an estimated project acquisition contingent liability when we determine that such liability is both probable and reasonably estimable and the carrying amount of the related project asset is correspondingly increased. As of June 30, 2014 and December 31, 2013, we have recorded $18.5 million and $21.3 million of current liabilities, respectively, and $39.6 million and $47.3 million of long-term liabilities, respectively, for such contingent obligations. Any future differences between the acquisition-date contingent obligation estimate and the ultimate settlement of the obligations will be recognized primarily as an adjustment to project assets as contingent payments are considered direct and incremental to the underlying value of the related projects. | |||||||||||||||||
Solar Module Collection and Recycling Liability | |||||||||||||||||
We established a voluntary module collection and recycling program to collect and recycle modules sold and covered 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. | |||||||||||||||||
For modules covered under this program, 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 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. | |||||||||||||||||
Our module collection and recycling liabilities at June 30, 2014 and December 31, 2013, was $250.0 million and $225.2 million, respectively. A 1% increase in our annualized inflation rate used in our estimated future collection and recycling cost per module would increase our liability by $61.9 million and a 1% decrease in that rate would decrease our liability by $50.1 million. | |||||||||||||||||
75% of our modules sold during the quarter ended June 30, 2014 were subject to the solar module collection and recycling liability, which is a reduction from the prior quarter and is consistent with our ongoing transition to being a provider of adaptable solar energy solutions for our power plant customers. | |||||||||||||||||
See Note 6. “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. | |||||||||||||||||
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 “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. The deadline to complete merits discovery is December 30, 2014. The deadline to file motion(s) for summary judgment is January 20, 2015. | |||||||||||||||||
Merits discovery is continuing. 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 defendants’ response to the complaint pending resolution of the Smilovits class action or expiration of the stay issued in the consolidated derivative actions in the Arizona District Court. On November 5, 2013, the matter was placed on the court’s inactive calendar until March 31, 2014. On March 28, 2014, the court continued the matter on its inactive calendar until August 29, 2014. On June 30, 2014, the parties jointly moved to keep the matter on the court’s inactive calendar until November 28, 2014. The court has not yet acted on the joint motion. | |||||||||||||||||
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. |
13_ShareBased_Compensation
13. Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Disclosure | ' | ||||||||||||||||
13. 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. The share-based compensation expense that we recognized in our condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation expense included in: | |||||||||||||||||
Cost of sales | $ | 680 | $ | 1,307 | $ | 5,990 | $ | 5,823 | |||||||||
Research and development | 1,013 | 988 | 2,265 | 2,921 | |||||||||||||
Selling, general and administrative | 6,458 | 5,207 | 13,194 | 14,926 | |||||||||||||
Production start-up | 3 | (72 | ) | 3 | 248 | ||||||||||||
Total share-based compensation expense | $ | 8,154 | $ | 7,430 | $ | 21,452 | $ | 23,918 | |||||||||
The following table presents our share-based compensation expense by type of award for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restricted and performance stock units | $ | 9,411 | $ | 7,244 | $ | 21,931 | $ | 25,680 | |||||||||
Unrestricted stock | 332 | 300 | 663 | 600 | |||||||||||||
Stock purchase plan | 151 | 235 | 400 | 472 | |||||||||||||
Net amount released from (absorbed into) inventory | (1,740 | ) | (349 | ) | (1,542 | ) | (2,834 | ) | |||||||||
Total share-based compensation expense | $ | 8,154 | $ | 7,430 | $ | 21,452 | $ | 23,918 | |||||||||
Share-based compensation expense capitalized in our inventory was $5.1 million and $3.6 million at June 30, 2014 and December 31, 2013, respectively. As of June 30, 2014, we had no unrecognized share-based compensation cost related to unvested stock option awards, and $64.3 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 1.8 years. | |||||||||||||||||
The estimated forfeiture rate used to record compensation expense is based on historical forfeitures and is adjusted periodically based on actual results. At June 30, 2014 and 2013, our forfeiture rates were 9.5% and 9.0%, respectively. |
14_Income_Taxes
14. Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes Disclosure | ' |
14. Income Taxes | |
Our effective tax rates were (91.7)% and 18.6% for the three and six months ended June 30, 2014, respectively, and 18.2% and 13.5% for the three and six months ended June 30, 2013, respectively. Our effective tax rate was higher during the six months ended June 30, 2014 compared with the six months ended June 30, 2013 primarily due to the benefit of the R&D credit being renewed during Q1 2013 and a greater percentage of profits earned in higher tax jurisdictions during 2014. The provision for income taxes differs from the amount computed by applying the statutory U.S. federal rate of 35.0% 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 which no tax benefits could be recorded. | |
We account for our investment tax credits using the “deferred method” of accounting under which the tax benefit generated from an investment tax credit is recorded as a reduction to the GAAP fixed asset basis. As a result of a project being placed into service in the second quarter of 2014 we generated $20.7 million of investment tax credit. | |
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 $30.1 million of unrecognized tax benefits will be recognized within the next twelve months. | |
The Internal Revenue Service (“the IRS”) is currently examining the year 2011. In addition, the Company is subject to audits by state, local, and foreign tax authorities. Management believes that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes. | |
The impact of implementing ASU 2013-11, which was effective for the period ended March 31, 2014, resulted in a decrease to our “Deferred tax assets, net (noncurrent)” and decrease to “Other liabilities” in the amount of $50.6 million. |
15_Net_Income_Per_Share
15. Net Income Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income per Share | ' | ||||||||||||||||
15. Net Income per Share | |||||||||||||||||
Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income 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 per share for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic net income per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 4,528 | $ | 33,598 | $ | 116,535 | $ | 92,740 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 100,148 | 89,201 | 99,871 | 88,209 | |||||||||||||
Diluted net income per share | |||||||||||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 100,148 | 89,201 | 99,871 | 88,209 | |||||||||||||
Effect of stock options, restricted and performance stock units, and stock purchase plan shares | 1,666 | 1,941 | 1,949 | 2,056 | |||||||||||||
Weighted-average shares used in computing diluted net income per share | 101,814 | 91,142 | 101,820 | 90,265 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Per share information — basic: | |||||||||||||||||
Net income per share | $ | 0.05 | $ | 0.38 | $ | 1.17 | $ | 1.05 | |||||||||
Per share information — diluted: | |||||||||||||||||
Net income per share | $ | 0.04 | $ | 0.37 | $ | 1.14 | $ | 1.03 | |||||||||
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 per share for the three and six months ended June 30, 2014 and 2013 as they would have had an anti-dilutive effect (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Anti-dilutive shares | 50 | 91 | 107 | 107 | |||||||||||||
16_Comprehensive_Income_Notes
16. Comprehensive Income (Notes) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Comprehensive Income (Loss) Note [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
16. Comprehensive Income | |||||||||||||||||
Comprehensive income, 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 and reflected as components of stockholders’ equity, was as follows for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income | $ | 4,528 | $ | 33,598 | |||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||
Foreign currency translation adjustments | (1,721 | ) | 1,500 | ||||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments for the period (net of tax of $(1,295) and $1,307, respectively) | 18,572 | (17,029 | ) | ||||||||||||||
Less: reclassification for (gains) included in net income (net of tax of $83 and $0, respectively) | (127 | ) | — | ||||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments | 18,445 | (17,029 | ) | ||||||||||||||
Unrealized gain (loss) on derivative instruments for the period (net of tax of $677 and $5, respectively) | 417 | (305 | ) | ||||||||||||||
Less: reclassification for (gain) loss included in net income (net of tax of $0 and $0, respectively) | (1,827 | ) | 3,214 | ||||||||||||||
Unrealized (loss) gain on derivative instruments | (1,410 | ) | 2,909 | ||||||||||||||
Other comprehensive income (loss), net of tax | 15,314 | (12,620 | ) | ||||||||||||||
Comprehensive income | $ | 19,842 | $ | 20,978 | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income | $ | 116,535 | $ | 92,740 | |||||||||||||
Other comprehensive (loss), net of tax: | |||||||||||||||||
Foreign currency translation adjustments | (1,661 | ) | (1,577 | ) | |||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments for the period (net of tax of $(2,957) and $2,241, respectively) | 38,748 | (27,370 | ) | ||||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $83 and $0, respectively) | (127 | ) | — | ||||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments | 38,621 | (27,370 | ) | ||||||||||||||
Unrealized (loss) gain on derivative instruments for the period (net of tax of $2,140 and $(1,101), respectively) | (1,455 | ) | 1,220 | ||||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $0 and $3,476, respectively) | (2,300 | ) | (4,157 | ) | |||||||||||||
Unrealized (loss) on derivative instruments | (3,755 | ) | (2,937 | ) | |||||||||||||
Other comprehensive income (loss), net of tax | 33,205 | (31,884 | ) | ||||||||||||||
Comprehensive income | $ | 149,740 | $ | 60,856 | |||||||||||||
Components and details of accumulated other comprehensive income (loss) at June 30, 2014 and 2013 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, 2013 | $ | (34,190 | ) | $ | 11,558 | $ | (3,144 | ) | $ | (25,776 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (1,661 | ) | 38,748 | (1,455 | ) | 35,632 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (127 | ) | (2,300 | ) | (2,427 | ) | ||||||||||
Net other comprehensive (loss) income | (1,661 | ) | 38,621 | (3,755 | ) | 33,205 | |||||||||||
Balance as of June 30, 2014 | $ | (35,851 | ) | $ | 50,179 | $ | (6,899 | ) | $ | 7,429 | |||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||
Gains on marketable securities | |||||||||||||||||
$ | 210 | $ | 210 | Other income, net | |||||||||||||
83 | 83 | Tax expense | |||||||||||||||
127 | 127 | Net of tax | |||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Interest Rate and Cross Currency Swap Contracts | $ | (189 | ) | (448 | ) | Interest expense | |||||||||||
Cross Currency Swap Contracts | 2,016 | 2,748 | Foreign currency gain | ||||||||||||||
1,827 | 2,300 | Total before tax | |||||||||||||||
— | — | Tax expense | |||||||||||||||
$ | 1,827 | $ | 2,300 | 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, 2012 | $ | (38,485 | ) | $ | 51,243 | $ | (2,579 | ) | $ | 10,179 | |||||||
Other comprehensive (loss) income before reclassifications | (1,577 | ) | (27,370 | ) | 1,220 | (27,727 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (4,157 | ) | (4,157 | ) | |||||||||||
Net other comprehensive (loss) | (1,577 | ) | (27,370 | ) | (2,937 | ) | (31,884 | ) | |||||||||
Balance as of June 30, 2013 | $ | (40,062 | ) | $ | 23,873 | $ | (5,516 | ) | $ | (21,705 | ) | ||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Foreign Exchange Forward Contracts | $ | — | 13,115 | Net sales | |||||||||||||
Interest Rate and Cross Currency Swap Contracts | (302 | ) | (596 | ) | Interest expense | ||||||||||||
Cross Currency Swap Contract | (2,912 | ) | (4,886 | ) | Foreign currency (loss) | ||||||||||||
(3,214 | ) | 7,633 | Total before tax | ||||||||||||||
— | 3,476 | Tax expense | |||||||||||||||
$ | (3,214 | ) | $ | 4,157 | Total net of tax | ||||||||||||
17_Statement_of_Cash_Flows
17. Statement of Cash Flows | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Statement of Cash Flows [Abstract] | ' | ||||||||
Statement of Cash Flows | ' | ||||||||
17. Statement of Cash Flows | |||||||||
The following table presents a reconciliation of net income to net cash provided by operating activities for the six months ended June 30, 2014 and 2013 (in thousands): | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 116,535 | $ | 92,740 | |||||
Adjustments to reconcile net income to cash (used in) provided by operating activities: | |||||||||
Depreciation, amortization, and accretion | 123,312 | 113,060 | |||||||
Impairment and net loss on disposal of long-lived assets | 4,773 | 4,300 | |||||||
Impairment of project assets | — | — | |||||||
Share-based compensation | 21,452 | 23,918 | |||||||
Remeasurement of monetary assets and liabilities | 4,416 | (6,935 | ) | ||||||
Deferred income tax expense (benefit) | (20,217 | ) | (7,769 | ) | |||||
Excess tax benefits from share-based compensation arrangements | (16,165 | ) | (55,695 | ) | |||||
Gain on sales of marketable securities, and restricted investments, net | (210 | ) | — | ||||||
Other operating activities | 2,016 | 121 | |||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable, trade, unbilled and retainage | (145,478 | ) | 341,357 | ||||||
Prepaid expenses and other current assets | (856 | ) | 93,438 | ||||||
Other assets | (2,573 | ) | 449 | ||||||
Inventories and balance of systems parts | 85,958 | 75,120 | |||||||
Project assets and deferred project costs | (92,826 | ) | (670,456 | ) | |||||
Accounts payable | (72,423 | ) | (129,314 | ) | |||||
Income taxes payable | 39,151 | 28,256 | |||||||
Accrued expenses and other liabilities | (271,970 | ) | 350,203 | ||||||
Accrued solar module collection and recycling liability | 25,309 | 36,035 | |||||||
Total adjustments | (316,331 | ) | 196,088 | ||||||
Net cash (used in) provided by operating activities | $ | (199,796 | ) | $ | 288,828 | ||||
18_Segment_Reporting
18. Segment Reporting | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
18. 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. We manufacture cadmium telluride (“CdTe”) modules and we also expect to begin manufacturing high-efficiency crystalline silicon modules by the end of 2014. 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 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. Additionally within our systems segment we hold our PV solar power systems. | |||||||||||||||||||||||||
In our reportable 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 reportable 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 23. “Segment and Geographical Information,” in our Annual Report on Form 10-K for the year ended December 31, 2013 for a complete discussion of our segment reporting. | |||||||||||||||||||||||||
Financial information about our reportable segments during the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 194,061 | $ | 350,292 | $ | 544,353 | $ | 192,908 | $ | 326,852 | $ | 519,760 | |||||||||||||
Gross profit | $ | 686 | $ | 92,039 | $ | 92,725 | $ | (8,193 | ) | $ | 148,291 | $ | 140,098 | ||||||||||||
(Loss) income before income taxes | $ | (44,559 | ) | $ | 46,921 | $ | 2,362 | $ | (67,348 | ) | $ | 108,410 | $ | 41,062 | |||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | 6,097 | $ | 68,833 | $ | 74,930 | |||||||||||||
Total assets | $ | 4,007,064 | $ | 2,604,951 | $ | 6,612,015 | $ | 4,140,842 | $ | 2,727,284 | $ | 6,868,126 | |||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 510,919 | $ | 983,592 | $ | 1,494,511 | $ | 549,504 | $ | 725,461 | $ | 1,274,965 | |||||||||||||
Gross profit | $ | 25,774 | $ | 303,662 | $ | 329,436 | $ | 3,416 | $ | 306,008 | $ | 309,424 | |||||||||||||
(Loss) income before income taxes | $ | (73,985 | ) | $ | 217,207 | $ | 143,222 | $ | (116,886 | ) | $ | 224,137 | $ | 107,251 | |||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | 6,097 | $ | 68,833 | $ | 74,930 | |||||||||||||
Total assets | $ | 4,007,064 | $ | 2,604,951 | $ | 6,612,015 | $ | 4,140,842 | $ | 2,727,284 | $ | 6,868,126 | |||||||||||||
Product Revenue | |||||||||||||||||||||||||
The following table sets forth the total amounts of solar modules and solar power systems net sales recognized for the three and six months ended June 30, 2014 and 2013. 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 does not include any 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 along with revenue generated from our PV solar power systems. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Solar module revenue | $ | 65,397 | $ | 81,304 | $ | 106,398 | $ | 274,554 | |||||||||||||||||
Solar power system revenue | 478,956 | 438,456 | 1,388,113 | 1,000,411 | |||||||||||||||||||||
Net sales | $ | 544,353 | $ | 519,760 | $ | 1,494,511 | $ | 1,274,965 | |||||||||||||||||
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
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, asset retirement obligations, 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 | ' | ||
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 where we convey control of land or land rights, 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 the 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 the loss 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 estimates. | |||
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. | |||
Revenue Recognition — Operations and Maintenance. Our operations and maintenance revenue is billed and recognized as services are performed. Costs of these revenues are expensed in the period in which they are incurred. | |||
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 (“VIEs”). We consolidate wholly owned variable interest entities when 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. We analyze all of our ventures and classify them into two groups: (i) ventures that must be consolidated because they are either not 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 agreement (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 June 30, 2014 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 the 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 months ended June 30, 2014 was immaterial to the condensed consolidated statements of operations. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment. We report our property, plant and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value of or substantially extends the useful life of an existing asset. We expense repair and maintenance costs at the time we incur them. | |||
We begin depreciation for such assets when they are placed into service. We consider an asset to be placed into service when the asset is both in the location and condition for its intended use. | |||
We compute depreciation expense using the straight-line method over the estimated useful lives of assets, as presented in the table below. We depreciate leasehold improvements over the shorter of their estimated useful lives or the remaining term of the lease. The estimated useful life of an asset is reassessed whenever applicable facts and circumstances indicate a change in the estimated useful life of such asset has occurred. | |||
Useful Lives | |||
in Years | |||
Buildings and building improvements | 25 – 40 | ||
Manufacturing machinery and equipment | 5 – 7 | ||
Furniture, fixtures, computer hardware, and computer software | 3 – 7 | ||
Leasehold improvements | up to 15 | ||
Schedule of Property, Plant and Equipment, Useful Lives | ' | ||
We compute depreciation expense using the straight-line method over the estimated useful lives of assets, as presented in the table below. We depreciate leasehold improvements over the shorter of their estimated useful lives or the remaining term of the lease. The estimated useful life of an asset is reassessed whenever applicable facts and circumstances indicate a change in the estimated useful life of such asset has occurred. | |||
Useful Lives | |||
in Years | |||
Buildings and building improvements | 25 – 40 | ||
Manufacturing machinery and equipment | 5 – 7 | ||
Furniture, fixtures, computer hardware, and computer software | 3 – 7 | ||
Leasehold improvements | up to 15 | ||
PV Solar Power Systems | ' | ||
PV solar power systems. PV solar power systems represent solar systems that we intend to hold and operate once placed in service. We report our PV solar power systems at cost, less accumulated depreciation. | |||
We begin depreciation for such PV solar power system assets when they are placed into service. We consider a PV solar power system to be placed into service when management determines that we will own and operate the system for a period of time. We compute depreciation expense for power generating assets using the straight-line method over the life of the lesser of the power purchase agreement (“PPA”) or the lease on the land. | |||
For these systems we earn revenue associated with the energy generated by the system. For the six months ended June 30, 2014, the revenue recorded was immaterial to the condensed consolidated statement of operations. |
4_Restructuring_and_Asset_Impa1
4. Restructuring and Asset Impairment (Tables) (April 2012 European Restructuring Plan [Member]) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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, 2013, amounts recorded to restructuring expense during the three and six months ended June 30, 2014, and the remaining balance at June 30, 2014 (in thousands): | |||||
April 2012 European Restructuring | Severance and Termination Related Costs | ||||
Ending Balance at December 31, 2013 | $ | 1,940 | |||
Cash Payments | (915 | ) | |||
Non-Cash Amounts Including Foreign Exchange Impact | (15 | ) | |||
Ending Balance at March 31, 2014 | 1,010 | ||||
Charges to Income | — | ||||
Change in Estimates | (619 | ) | |||
Cash Payments | (187 | ) | |||
Non-Cash Amounts Including Foreign Exchange Impact | (2 | ) | |||
Ending Balance at June 30, 2014 | $ | 202 | |||
5_Cash_Cash_Equivalents_Market1
5. Cash, Cash Equivalents, Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Cash: | |||||||||||||||||||||||||
Cash | $ | 838,255 | $ | 1,322,183 | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Money market funds | 3,091 | 2,889 | |||||||||||||||||||||||
Time deposits | 10,000 | — | |||||||||||||||||||||||
Total cash and cash equivalents | 851,346 | 1,325,072 | |||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Foreign debt | 455,903 | 364,046 | |||||||||||||||||||||||
Foreign government obligations | — | 25,115 | |||||||||||||||||||||||
Time deposits | 30,000 | — | |||||||||||||||||||||||
U.S. debt | 8,114 | 46,439 | |||||||||||||||||||||||
U.S. government obligations | 3,504 | 3,502 | |||||||||||||||||||||||
Total marketable securities | 497,521 | 439,102 | |||||||||||||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 1,348,867 | $ | 1,764,174 | |||||||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||||||
The following tables summarize the unrealized gains and losses related to our marketable securities, by major security type, as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Foreign debt | $ | 456,262 | $ | 69 | $ | 428 | $ | 455,903 | |||||||||||||||||
Time deposits | 30,000 | — | — | 30,000 | |||||||||||||||||||||
U.S. debt | 8,108 | 6 | — | 8,114 | |||||||||||||||||||||
U.S. government obligations | 3,499 | 5 | — | 3,504 | |||||||||||||||||||||
Total | $ | 497,869 | $ | 80 | $ | 428 | $ | 497,521 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||||||||||
Foreign debt | $ | 364,568 | $ | 127 | $ | 649 | $ | 364,046 | |||||||||||||||||
Foreign government obligations | 25,125 | — | 10 | 25,115 | |||||||||||||||||||||
U.S. debt | 46,430 | 12 | 3 | 46,439 | |||||||||||||||||||||
U.S. government obligations | 3,498 | 4 | — | 3,502 | |||||||||||||||||||||
Total | $ | 439,621 | $ | 143 | $ | 662 | $ | 439,102 | |||||||||||||||||
Available-for-sale Securities by Maturity | ' | ||||||||||||||||||||||||
Contractual maturities of our marketable securities as of June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 295,673 | $ | 64 | $ | 126 | $ | 295,611 | |||||||||||||||||
One year to two years | 166,801 | 13 | 287 | 166,527 | |||||||||||||||||||||
Two years to three years | 35,395 | 3 | 15 | 35,383 | |||||||||||||||||||||
Total | $ | 497,869 | $ | 80 | $ | 428 | $ | 497,521 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Maturity | Gains | Losses | Value | ||||||||||||||||||||||
One year or less | $ | 161,752 | $ | 57 | $ | 84 | $ | 161,725 | |||||||||||||||||
One year to two years | 270,149 | 81 | 578 | 269,652 | |||||||||||||||||||||
Two years to three years | 7,720 | 5 | — | 7,725 | |||||||||||||||||||||
Total | $ | 439,621 | $ | 143 | $ | 662 | $ | 439,102 | |||||||||||||||||
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 June 30, 2014 and December 31, 2013, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands): | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Foreign debt | $ | 350,850 | $ | 428 | $ | — | $ | — | $ | 350,850 | $ | 428 | |||||||||||||
Total | $ | 350,850 | $ | 428 | $ | — | $ | — | $ | 350,850 | $ | 428 | |||||||||||||
As of December 31, 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 | |||||||||||||||||||
Foreign debt | $ | 212,655 | $ | 649 | $ | — | $ | — | $ | 212,655 | $ | 649 | |||||||||||||
Foreign government obligations | 25,161 | 10 | — | — | 25,161 | 10 | |||||||||||||||||||
U.S. debt | 21,465 | 3 | — | — | 21,465 | 3 | |||||||||||||||||||
Total | $ | 259,281 | $ | 662 | $ | — | $ | — | $ | 259,281 | $ | 662 | |||||||||||||
6_Restricted_Cash_and_Investme1
6. Restricted Cash and Investments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restricted Cash And Investments Note [Abstract] | ' | ||||||||||||||||
Restricted Cash And Investments | ' | ||||||||||||||||
Restricted cash and investments consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Restricted cash (1) | $ | 46,868 | $ | 167 | |||||||||||||
Restricted investments | 323,726 | 279,274 | |||||||||||||||
Restricted cash and investments | $ | 370,594 | $ | 279,441 | |||||||||||||
-1 | There was $26.2 million and zero of restricted cash included within prepaid expenses and other current assets at June 30, 2014 and December 31, 2013, | ||||||||||||||||
Restricted Available For Sale Securities | ' | ||||||||||||||||
The following table summarizes unrealized gains and losses related to our restricted investments by major security type as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 207,555 | $ | 53,803 | $ | — | $ | 261,358 | |||||||||
U.S. government obligations | 57,196 | 5,172 | — | 62,368 | |||||||||||||
Total | $ | 264,751 | $ | 58,975 | $ | — | $ | 323,726 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Security Type | Gains | Losses | Value | ||||||||||||||
Foreign government obligations | $ | 205,484 | $ | 22,295 | $ | 1,489 | $ | 226,290 | |||||||||
U.S. government obligations | 55,916 | 1,372 | 4,304 | 52,984 | |||||||||||||
Total | $ | 261,400 | $ | 23,667 | $ | 5,793 | $ | 279,274 | |||||||||
7_Consolidated_Balance_Sheet_D1
7. Consolidated Balance Sheet Details (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Details [Abstract] | ' | ||||||||||||||||||||||||||||||||
PV Solar Power Systems [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
PV solar power systems, net consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
PV solar power systems, gross | $ | 48,623 | $ | — | |||||||||||||||||||||||||||||
Accumulated depreciation | (76 | ) | — | ||||||||||||||||||||||||||||||
PV solar power systems, net | $ | 48,547 | $ | — | |||||||||||||||||||||||||||||
Schedule of Accounts Receivable | ' | ||||||||||||||||||||||||||||||||
Accounts receivable trade, net consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Accounts receivable trade, gross | $ | 246,021 | $ | 148,693 | |||||||||||||||||||||||||||||
Allowance for doubtful accounts | (8,097 | ) | (12,310 | ) | |||||||||||||||||||||||||||||
Accounts receivable trade, net | $ | 237,924 | $ | 136,383 | |||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, $31.5 million and $25.2 million, respectively, of our accounts receivable trade, net, were secured 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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Accounts receivable, unbilled | $ | 51,446 | $ | 102,953 | |||||||||||||||||||||||||||||
Retainage | 513,441 | 418,370 | |||||||||||||||||||||||||||||||
Accounts receivable, unbilled and retainage | $ | 564,887 | $ | 521,323 | |||||||||||||||||||||||||||||
Schedule of Inventory, Current and Noncurrent | ' | ||||||||||||||||||||||||||||||||
Inventories consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Raw materials | $ | 160,686 | $ | 165,805 | |||||||||||||||||||||||||||||
Work in process | 17,569 | 11,874 | |||||||||||||||||||||||||||||||
Finished goods | 331,512 | 340,936 | |||||||||||||||||||||||||||||||
Inventories | $ | 509,767 | $ | 518,615 | |||||||||||||||||||||||||||||
Inventories — current | $ | 385,247 | $ | 388,951 | |||||||||||||||||||||||||||||
Inventories — noncurrent (1) | $ | 124,520 | $ | 129,664 | |||||||||||||||||||||||||||||
(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 June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Prepaid expenses | $ | 39,640 | $ | 24,572 | |||||||||||||||||||||||||||||
Derivative instruments | 2,211 | 7,996 | |||||||||||||||||||||||||||||||
Deferred costs of goods sold | — | 753 | |||||||||||||||||||||||||||||||
Other current assets | 92,619 | 61,399 | |||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 134,470 | $ | 94,720 | |||||||||||||||||||||||||||||
Property, plant and equipment, net | ' | ||||||||||||||||||||||||||||||||
Property, plant and equipment, net consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Buildings and improvements | $ | 364,283 | $ | 360,504 | |||||||||||||||||||||||||||||
Machinery and equipment | 1,495,305 | 1,445,939 | |||||||||||||||||||||||||||||||
Office equipment and furniture | 128,568 | 124,332 | |||||||||||||||||||||||||||||||
Leasehold improvements | 48,204 | 47,833 | |||||||||||||||||||||||||||||||
Depreciable property, plant and equipment, gross | 2,036,360 | 1,978,608 | |||||||||||||||||||||||||||||||
Accumulated depreciation | (1,021,857 | ) | (940,730 | ) | |||||||||||||||||||||||||||||
Depreciable property, plant and equipment, net | 1,014,503 | 1,037,878 | |||||||||||||||||||||||||||||||
Land | 10,525 | 10,714 | |||||||||||||||||||||||||||||||
Construction in progress | 146,175 | 133,223 | |||||||||||||||||||||||||||||||
Stored assets (1) | 198,456 | 203,269 | |||||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 1,369,659 | $ | 1,385,084 | |||||||||||||||||||||||||||||
-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 our 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 vendors. | ||||||||||||||||||||||||||||||||
Schedule of Capitalized Interest | ' | ||||||||||||||||||||||||||||||||
The cost of constructing facilities, equipment and project assets includes interest costs incurred during the asset’s construction period. The components of interest expense and capitalized interest are as follows during the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest cost incurred | $ | (2,385 | ) | $ | (3,167 | ) | $ | (5,036 | ) | $ | (6,442 | ) | |||||||||||||||||||||
Interest cost capitalized —– property, plant and equipment | 444 | 736 | 1,022 | 1,046 | |||||||||||||||||||||||||||||
Interest cost capitalized —– project assets | 1,011 | 1,556 | 2,674 | 3,771 | |||||||||||||||||||||||||||||
Interest expense, net | $ | (930 | ) | $ | (875 | ) | $ | (1,340 | ) | $ | (1,625 | ) | |||||||||||||||||||||
Schedule of Project Assets and Deferred Project Costs | ' | ||||||||||||||||||||||||||||||||
Project assets and deferred project costs consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Project assets — land | $ | 9,075 | $ | 4,150 | |||||||||||||||||||||||||||||
Project assets — development costs including project acquisition costs | 561,133 | 465,316 | |||||||||||||||||||||||||||||||
Project assets — construction costs | 389,327 | 156,824 | |||||||||||||||||||||||||||||||
Project assets — projects in pre-COD operation under project PPAs | — | 66,240 | |||||||||||||||||||||||||||||||
Project assets | $ | 959,535 | $ | 692,530 | |||||||||||||||||||||||||||||
Deferred project costs — current | $ | 312,065 | $ | 556,957 | |||||||||||||||||||||||||||||
Deferred project costs — non-current | 42,959 | 28,386 | |||||||||||||||||||||||||||||||
Deferred project costs | $ | 355,024 | $ | 585,343 | |||||||||||||||||||||||||||||
Total project assets and deferred project costs | $ | 1,314,559 | $ | 1,277,873 | |||||||||||||||||||||||||||||
Schedule of Other Assets, Noncurrent | ' | ||||||||||||||||||||||||||||||||
Other assets consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Note receivable (1) | $ | 9,541 | $ | 9,655 | |||||||||||||||||||||||||||||
Income taxes receivable | 7,912 | 7,656 | |||||||||||||||||||||||||||||||
Deferred rent | 20,977 | 21,175 | |||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates and joint ventures (2) | 16,419 | 17,321 | |||||||||||||||||||||||||||||||
Retainage | — | 992 | |||||||||||||||||||||||||||||||
Other | 24,083 | 19,830 | |||||||||||||||||||||||||||||||
Other assets | $ | 78,932 | $ | 76,629 | |||||||||||||||||||||||||||||
(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 June 30, 2014 and December 31, 2013, the balance on this credit facility was €7.0 million ($9.5 million and $9.7 million, respectively). | |||||||||||||||||||||||||||||||||
Equity and cost method investments | ' | ||||||||||||||||||||||||||||||||
The following table summarizes our equity and cost method investments as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, | ||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Equity method investments | $ | 10,650 | $ | 12,148 | |||||||||||||||||||||||||||||
Cost method investments | 5,769 | 5,173 | |||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates and joint ventures | $ | 16,419 | $ | 17,321 | |||||||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||||||||||
The following table summarizes our intangible assets at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Gross Intangible Assets | Accumulated Amortization | ||||||||||||||||||||||||||||||||
December 31, 2013 | Write-off of fully amortized intangibles | June 30, 2014 | December 31, 2013 | Additions Charged to Expense | Write-off of fully amortized intangibles | June 30, 2014 | Net Intangibles June 30, 2014 | ||||||||||||||||||||||||||
Patents | $ | 10,180 | $ | (5,086 | ) | $ | 5,094 | $ | (5,797 | ) | $ | (306 | ) | $ | 5,086 | $ | (1,017 | ) | $ | 4,077 | |||||||||||||
Trade names | 700 | — | 700 | (467 | ) | (175 | ) | — | (642 | ) | 58 | ||||||||||||||||||||||
In-process research and development | 112,800 | — | 112,800 | — | — | — | — | 112,800 | |||||||||||||||||||||||||
Total | $ | 123,680 | $ | (5,086 | ) | $ | 118,594 | $ | (6,264 | ) | $ | (481 | ) | $ | 5,086 | $ | (1,659 | ) | $ | 116,935 | |||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||||||||||
Goodwill, summarized by relevant reporting unit, consisted of the following as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Reporting Unit | December 31, | Acquisitions | June 30, 2014 | ||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
CdTe Components | $ | 403,420 | $ | — | $ | 403,420 | |||||||||||||||||||||||||||
Crystalline Silicon Components | 6,097 | — | 6,097 | ||||||||||||||||||||||||||||||
Systems | 68,833 | — | 68,833 | ||||||||||||||||||||||||||||||
Accumulated impairment losses | (393,365 | ) | — | (393,365 | ) | ||||||||||||||||||||||||||||
Total | $ | 84,985 | $ | — | $ | 84,985 | |||||||||||||||||||||||||||
Schedule of Accrued Liabilities | ' | ||||||||||||||||||||||||||||||||
Accrued expenses consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Accrued compensation and benefits | $ | 29,195 | $ | 50,148 | |||||||||||||||||||||||||||||
Accrued property, plant and equipment | 27,766 | 19,834 | |||||||||||||||||||||||||||||||
Accrued inventory | 40,218 | 43,966 | |||||||||||||||||||||||||||||||
Accrued project assets and deferred project costs | 66,547 | 80,528 | |||||||||||||||||||||||||||||||
Product warranty liability (1) | 68,214 | 67,097 | |||||||||||||||||||||||||||||||
Accrued expenses in excess of normal product warranty liability and related expenses (1) | 8,827 | 12,516 | |||||||||||||||||||||||||||||||
Other | 53,901 | 45,988 | |||||||||||||||||||||||||||||||
Accrued expenses | $ | 294,668 | $ | 320,077 | |||||||||||||||||||||||||||||
(1) See Note 12. “Commitments and Contingencies,” for further discussion of “Product warranty liability” and “Accrued expenses in excess of normal product warranty liability and related expenses.” | |||||||||||||||||||||||||||||||||
Schedule of Other Liabilities | ' | ||||||||||||||||||||||||||||||||
Other current liabilities consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Deferred revenue | $ | 522 | $ | 1,193 | |||||||||||||||||||||||||||||
Derivative instruments | 8,201 | 8,096 | |||||||||||||||||||||||||||||||
Deferred tax liabilities | 229 | 138 | |||||||||||||||||||||||||||||||
Billings in excess of costs and estimated earnings (1) | 127,342 | 117,766 | |||||||||||||||||||||||||||||||
Contingent consideration (2) | 29,965 | 37,775 | |||||||||||||||||||||||||||||||
Other (3) | 35,586 | 132,219 | |||||||||||||||||||||||||||||||
Other current liabilities | $ | 201,845 | $ | 297,187 | |||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||
(2) See Note 12. “Commitments and Contingencies,” for further discussion on “Contingent consideration.” | |||||||||||||||||||||||||||||||||
(3) December 31, 2013 balance consists primarily of proceeds received for our Mesa facility that were classified as “Assets held for sale” on the condensed consolidated balance sheet. Due to our continuing involvement with the Mesa facility, we deferred recognition of the sale transaction until certain risks and rewards of ownership were fully transferred to the buyer, which occurred in the first quarter of 2014. | |||||||||||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||||
Other liabilities consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Product warranty liability (1) | $ | 142,613 | $ | 130,944 | |||||||||||||||||||||||||||||
Other taxes payable | 66,221 | 119,124 | |||||||||||||||||||||||||||||||
Contingent consideration (1) | 54,115 | 58,969 | |||||||||||||||||||||||||||||||
Liability in excess of normal product warranty liability and related expenses (1) | 36,771 | 39,565 | |||||||||||||||||||||||||||||||
Other (1) | 49,271 | 55,779 | |||||||||||||||||||||||||||||||
Other liabilities | $ | 348,991 | $ | 404,381 | |||||||||||||||||||||||||||||
(1) See Note 12. “Commitments and Contingencies,” for further discussion on “Product warranty liability,” “Contingent consideration,” “Energy test guarantees,” and “Liability in excess of normal product warranty liability and related expenses.” |
8_Derivative_Financial_Instrum1
8. Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||||
The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Current Liabilities | Other Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | 3,269 | $ | — | |||||||||||||||
Cross-currency swap contract | — | 1,239 | 4,338 | ||||||||||||||||||
Interest rate swap contracts | — | 275 | 165 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 4,783 | $ | 4,503 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,211 | $ | 3,418 | $ | — | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 2,211 | $ | 3,418 | $ | — | |||||||||||||||
Total derivative instruments | $ | 2,211 | $ | 8,201 | $ | 4,503 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Other Assets | Other Current Liabilities | Other Liabilities | ||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 2,357 | $ | 282 | $ | — | $ | — | |||||||||||||
Cross-currency swap contract | — | — | 1,934 | 7,739 | |||||||||||||||||
Interest rate swap contracts | — | — | 334 | 369 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 2,357 | $ | 282 | $ | 2,268 | $ | 8,108 | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Foreign exchange forward contracts | $ | 5,639 | $ | — | $ | 5,828 | $ | — | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 5,639 | $ | — | $ | 5,828 | $ | — | |||||||||||||
Total derivative instruments | $ | 7,996 | $ | 282 | $ | 8,096 | $ | 8,108 | |||||||||||||
Offsetting Derivatives | ' | ||||||||||||||||||||
The impact of offsetting balances associated with derivative instruments designated as hedging instruments is shown below (in thousands): | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
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 | $ | (3,269 | ) | — | (3,269 | ) | — | — | $ | (3,269 | ) | ||||||||||
Cross-currency swap contracts | $ | (5,577 | ) | — | (5,577 | ) | — | — | $ | (5,577 | ) | ||||||||||
Interest rate swap contracts | $ | (440 | ) | — | (440 | ) | — | — | $ | (440 | ) | ||||||||||
December 31, 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 | $ | 2,639 | — | 2,639 | — | — | $ | 2,639 | |||||||||||||
Cross-currency swap contracts | $ | (9,673 | ) | — | (9,673 | ) | — | — | $ | (9,673 | ) | ||||||||||
Interest rate swap contracts | $ | (703 | ) | — | (703 | ) | — | — | $ | (703 | ) | ||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following tables present the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) before tax and our condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contract | Cross Currency Swap Contract | Total | ||||||||||||||||||
Balance in other comprehensive income (loss) at December 31, 2013 | $ | 4,351 | $ | (703 | ) | $ | (5,820 | ) | $ | (2,172 | ) | ||||||||||
Amounts recognized in other comprehensive income (loss) | (4,878 | ) | (8 | ) | 1,552 | (3,334 | ) | ||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency gain | — | — | (732 | ) | (732 | ) | |||||||||||||||
Interest expense | — | 164 | 95 | 259 | |||||||||||||||||
Balance in other comprehensive income (loss) at March 31, 2014 | $ | (527 | ) | $ | (547 | ) | $ | (4,905 | ) | $ | (5,979 | ) | |||||||||
Amounts recognized in other comprehensive income (loss) | (1,689 | ) | (18 | ) | 2,073 | 366 | |||||||||||||||
Amounts reclassified to earnings impacting: | |||||||||||||||||||||
Foreign currency loss | — | — | (2,016 | ) | (2,016 | ) | |||||||||||||||
Interest expense | — | 124 | 65 | 189 | |||||||||||||||||
Balance in other comprehensive income (loss) at June 30, 2014 | $ | (2,216 | ) | $ | (441 | ) | $ | (4,783 | ) | $ | (7,440 | ) | |||||||||
Foreign Exchange Forward Contracts | Interest Rate Swap Contracts | 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 | ) | ||||||||||
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 affecting our condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | Location of Gain (Loss) Recognized in Income on Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Foreign exchange forward contracts | Foreign currency gain (loss) | $ | (2,371 | ) | $ | 746 | $ | (3,040 | ) | $ | 1,863 | ||||||||||
Foreign exchange forward contracts | Cost of sales | $ | 840 | $ | (685 | ) | $ | 1,343 | $ | (773 | ) | ||||||||||
Foreign exchange forward contracts | Net Sales | $ | — | $ | 5,666 | $ | — | $ | 5,666 | ||||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, 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-Jun-14 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Australian dollar | AUD 113.0 | $106.30 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Currency | Notional Amount | USD Equivalent | |||||||||||||||||||
Australian dollar | AUD 148.9 | $132.40 | |||||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions): | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 54.20 | $73.90 | ||||||||||||||||||
Sell | Euro | € 79.90 | $108.90 | ||||||||||||||||||
Purchase | Australian dollar | AUD 17.4 | $16.40 | ||||||||||||||||||
Sell | Australian dollar | AUD 58.4 | $55.00 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 169.4 | $52.50 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 44.4 | $13.80 | ||||||||||||||||||
Purchase | Canadian dollar | CAD 7.2 | $6.80 | ||||||||||||||||||
Sell | Canadian dollar | CAD 16.4 | $15.40 | ||||||||||||||||||
Purchase | Japanese yen | JPY 354.9 | $3.50 | ||||||||||||||||||
Sell | Japanese yen | JPY 1,848.5 | $18.50 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Transaction | Currency | Notional Amount | USD Equivalent | ||||||||||||||||||
Purchase | Euro | € 108.20 | $149.20 | ||||||||||||||||||
Sell | Euro | € 116.70 | $161.00 | ||||||||||||||||||
Purchase | Australian dollar | AUD 7.3 | $6.50 | ||||||||||||||||||
Sell | Australian dollar | AUD 14.6 | $13.00 | ||||||||||||||||||
Purchase | Malaysian ringgit | MYR 185.1 | $55.50 | ||||||||||||||||||
Sell | Malaysian ringgit | MYR 95.0 | $28.50 | ||||||||||||||||||
Purchase | Canadian dollar | CAD 24.0 | $22.60 | ||||||||||||||||||
Sell | Canadian dollar | CAD 40.3 | $37.90 | ||||||||||||||||||
Sell | Japanese yen | JPY 775.0 | $5.90 |
9_Fair_Value_Measurements_Tabl
9. Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||||||
At June 30, 2014 and December 31, 2013, the fair value measurements of our assets and liabilities that we measure on a recurring basis were as follows (in thousands): | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Money market funds | $ | 3,091 | $ | 3,091 | $ | — | $ | — | |||||||||
Time deposits | 10,000 | 10,000 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Foreign debt | 455,903 | — | 455,903 | — | |||||||||||||
Time deposits | 30,000 | 30,000 | — | — | |||||||||||||
U.S. debt | 8,114 | — | 8,114 | — | |||||||||||||
U.S. government obligations | 3,504 | — | 3,504 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 323,726 | — | 323,726 | — | |||||||||||||
Derivative assets | 2,211 | — | 2,211 | — | |||||||||||||
Total assets | $ | 836,549 | $ | 43,091 | $ | 793,458 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 12,704 | $ | — | $ | 12,704 | $ | — | |||||||||
December 31, 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: | |||||||||||||||||
Money market funds | $ | 2,889 | $ | 2,889 | $ | — | $ | — | |||||||||
Marketable securities: | |||||||||||||||||
Foreign debt | 364,046 | — | 364,046 | — | |||||||||||||
Foreign government obligations | 25,115 | — | 25,115 | — | |||||||||||||
U.S. debt | 46,439 | — | 46,439 | — | |||||||||||||
U.S. government obligations | 3,502 | — | 3,502 | — | |||||||||||||
Restricted investments (excluding restricted cash) | 279,274 | — | 279,274 | — | |||||||||||||
Derivative assets | 8,278 | — | 8,278 | — | |||||||||||||
Total assets | $ | 729,543 | $ | 2,889 | $ | 726,654 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities | $ | 16,204 | $ | — | $ | 16,204 | $ | — | |||||||||
Fair value by balance sheet grouping | ' | ||||||||||||||||
The carrying values and fair values of our financial and derivative instruments at June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | 497,521 | $ | 497,521 | $ | 439,102 | $ | 439,102 | |||||||||
Foreign exchange forward contract assets | $ | 2,211 | $ | 2,211 | $ | 8,278 | $ | 8,278 | |||||||||
Restricted investments (excluding restricted cash) | $ | 323,726 | $ | 323,726 | $ | 279,274 | $ | 279,274 | |||||||||
Notes receivable — noncurrent | $ | 9,541 | $ | 9,721 | $ | 9,655 | $ | 9,633 | |||||||||
Liabilities: | |||||||||||||||||
Long-term debt, including current maturities | $ | 194,674 | $ | 194,910 | $ | 223,323 | $ | 224,435 | |||||||||
Interest rate swap contract liabilities | $ | 440 | $ | 440 | $ | 703 | $ | 703 | |||||||||
Cross-currency swap contract liabilities | $ | 5,577 | $ | 5,577 | $ | 9,673 | $ | 9,673 | |||||||||
Foreign exchange forward contract liabilities | $ | 6,687 | $ | 6,687 | $ | 5,828 | $ | 5,828 | |||||||||
10_PercentageofCompletion_Chan1
10. Percentage-of-Completion Changes in Estimates (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Changes in Estimates for Systems Business [Abstract] | ' | ||||||||||||||||
Changes in Estimates Systems Business | ' | ||||||||||||||||
The table below outlines the impact on gross profit of the aggregate net changes in systems business contract estimates (both increases and decreases) for the three and six months ended June 30, 2014 and 2013 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 June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Number of projects | 8 | 5 | 10 | 6 | |||||||||||||
Increase (decrease) in gross profit resulting from net changes in estimates (in thousands): | $ | 4,502 | $ | 7,609 | $ | (3,484 | ) | $ | (4,530 | ) | |||||||
Net change in estimates as percentage of aggregate gross profit for associated projects | 0.4 | % | 0.4 | % | (0.1 | )% | (0.2 | )% |
11_Debt_Tables
11. Debt (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||
Our long-term debt consisted of the following at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||
Balance (USD) | |||||||||||||
Loan Agreement | Maturity | Loan Denomination | June 30, | December 31, | |||||||||
2014 | 2013 | ||||||||||||
Revolving Credit Facility (1) | July 2018 (Tranche A) October 2015 (Tranche B) | USD | $ | — | $ | — | |||||||
Malaysian Ringgit Facility Agreement | Sep-18 | MYR | 108,548 | 117,630 | |||||||||
Malaysian Euro Facility Agreement | Apr-18 | EUR | 43,655 | 49,699 | |||||||||
Malaysian Facility Agreement | Mar-16 | EUR | 41,945 | 55,637 | |||||||||
Capital lease obligations | various | various | 1,798 | 2,041 | |||||||||
Long-term debt principal | $ | 195,946 | $ | 225,007 | |||||||||
Less unamortized discount | (1,272 | ) | (1,684 | ) | |||||||||
Total long-term debt | $ | 194,674 | $ | 223,323 | |||||||||
Less current portion | (60,838 | ) | (60,543 | ) | |||||||||
Noncurrent portion | $ | 133,836 | $ | 162,780 | |||||||||
(1) Maturity dates reflect July 15, 2013 amendment to Revolving Credit Facility | |||||||||||||
Schedule of Borrowing Rate on Debt | ' | ||||||||||||
Our long-term debt borrowing rates as of June 30, 2014 were as follows: | |||||||||||||
Loan Agreement | Borrowing Rate at June 30, 2014 | ||||||||||||
Revolving Credit Facility | 2.41% | ||||||||||||
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 8. “Derivative Financial Instruments,” to our condensed consolidated financial statements. | ||||||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||||||
At June 30, 2014, the future principal payments on our long-term debt, excluding payments related to capital leases, were due as follows (in thousands): | |||||||||||||
Remainder of 2014 | $ | 32,122 | |||||||||||
2015 | 57,376 | ||||||||||||
2016 | 40,998 | ||||||||||||
2017 | 34,559 | ||||||||||||
2018 | 29,093 | ||||||||||||
Total long-term debt future payments | $ | 194,148 | |||||||||||
12_Commitments_and_Contingenci1
12. Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability | ' | ||||||||||||||||
Product warranty activities during the three and six months ended June 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product warranty liability, beginning of period | $ | 208,294 | $ | 185,630 | $ | 198,041 | $ | 191,596 | |||||||||
Accruals for new warranties issued | 8,242 | 7,916 | 19,511 | 18,449 | |||||||||||||
Settlements | (3,498 | ) | (8,447 | ) | (7,577 | ) | (19,410 | ) | |||||||||
Changes in estimate of product warranty liability | (2,211 | ) | 4,158 | 852 | (1,378 | ) | |||||||||||
Product warranty liability, end of period | $ | 210,827 | $ | 189,257 | $ | 210,827 | $ | 189,257 | |||||||||
Current portion of warranty liability | $ | 68,214 | $ | 62,989 | $ | 68,214 | $ | 62,989 | |||||||||
Noncurrent portion of warranty liability | $ | 142,613 | $ | 126,268 | $ | 142,613 | $ | 126,268 | |||||||||
13_ShareBased_Compensation_Tab
13. Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restricted and performance stock units | $ | 9,411 | $ | 7,244 | $ | 21,931 | $ | 25,680 | |||||||||
Unrestricted stock | 332 | 300 | 663 | 600 | |||||||||||||
Stock purchase plan | 151 | 235 | 400 | 472 | |||||||||||||
Net amount released from (absorbed into) inventory | (1,740 | ) | (349 | ) | (1,542 | ) | (2,834 | ) | |||||||||
Total share-based compensation expense | $ | 8,154 | $ | 7,430 | $ | 21,452 | $ | 23,918 | |||||||||
The share-based compensation expense that we recognized in our condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation expense included in: | |||||||||||||||||
Cost of sales | $ | 680 | $ | 1,307 | $ | 5,990 | $ | 5,823 | |||||||||
Research and development | 1,013 | 988 | 2,265 | 2,921 | |||||||||||||
Selling, general and administrative | 6,458 | 5,207 | 13,194 | 14,926 | |||||||||||||
Production start-up | 3 | (72 | ) | 3 | 248 | ||||||||||||
Total share-based compensation expense | $ | 8,154 | $ | 7,430 | $ | 21,452 | $ | 23,918 | |||||||||
15_Net_Income_Per_Share_Tables
15. Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The calculation of basic and diluted net income per share for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic net income per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 4,528 | $ | 33,598 | $ | 116,535 | $ | 92,740 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 100,148 | 89,201 | 99,871 | 88,209 | |||||||||||||
Diluted net income per share | |||||||||||||||||
Denominator: | |||||||||||||||||
Weighted-average common stock outstanding | 100,148 | 89,201 | 99,871 | 88,209 | |||||||||||||
Effect of stock options, restricted and performance stock units, and stock purchase plan shares | 1,666 | 1,941 | 1,949 | 2,056 | |||||||||||||
Weighted-average shares used in computing diluted net income per share | 101,814 | 91,142 | 101,820 | 90,265 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Per share information — basic: | |||||||||||||||||
Net income per share | $ | 0.05 | $ | 0.38 | $ | 1.17 | $ | 1.05 | |||||||||
Per share information — diluted: | |||||||||||||||||
Net income per share | $ | 0.04 | $ | 0.37 | $ | 1.14 | $ | 1.03 | |||||||||
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 per share for the three and six months ended June 30, 2014 and 2013 as they would have had an anti-dilutive effect (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Anti-dilutive shares | 50 | 91 | 107 | 107 | |||||||||||||
16_Comprehensive_Income_Tables
16. Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Comprehensive Income (Loss) Note [Abstract] | ' | ||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | ||||||||||||||||
Comprehensive income, 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 and reflected as components of stockholders’ equity, was as follows for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income | $ | 4,528 | $ | 33,598 | |||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||
Foreign currency translation adjustments | (1,721 | ) | 1,500 | ||||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments for the period (net of tax of $(1,295) and $1,307, respectively) | 18,572 | (17,029 | ) | ||||||||||||||
Less: reclassification for (gains) included in net income (net of tax of $83 and $0, respectively) | (127 | ) | — | ||||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments | 18,445 | (17,029 | ) | ||||||||||||||
Unrealized gain (loss) on derivative instruments for the period (net of tax of $677 and $5, respectively) | 417 | (305 | ) | ||||||||||||||
Less: reclassification for (gain) loss included in net income (net of tax of $0 and $0, respectively) | (1,827 | ) | 3,214 | ||||||||||||||
Unrealized (loss) gain on derivative instruments | (1,410 | ) | 2,909 | ||||||||||||||
Other comprehensive income (loss), net of tax | 15,314 | (12,620 | ) | ||||||||||||||
Comprehensive income | $ | 19,842 | $ | 20,978 | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income | $ | 116,535 | $ | 92,740 | |||||||||||||
Other comprehensive (loss), net of tax: | |||||||||||||||||
Foreign currency translation adjustments | (1,661 | ) | (1,577 | ) | |||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments for the period (net of tax of $(2,957) and $2,241, respectively) | 38,748 | (27,370 | ) | ||||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $83 and $0, respectively) | (127 | ) | — | ||||||||||||||
Unrealized gain (loss) on marketable securities and restricted investments | 38,621 | (27,370 | ) | ||||||||||||||
Unrealized (loss) gain on derivative instruments for the period (net of tax of $2,140 and $(1,101), respectively) | (1,455 | ) | 1,220 | ||||||||||||||
Less: reclassification for (gains) included in net income (loss) (net of tax of $0 and $3,476, respectively) | (2,300 | ) | (4,157 | ) | |||||||||||||
Unrealized (loss) on derivative instruments | (3,755 | ) | (2,937 | ) | |||||||||||||
Other comprehensive income (loss), net of tax | 33,205 | (31,884 | ) | ||||||||||||||
Comprehensive income | $ | 149,740 | $ | 60,856 | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Components and details of accumulated other comprehensive income (loss) at June 30, 2014 and 2013 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, 2013 | $ | (34,190 | ) | $ | 11,558 | $ | (3,144 | ) | $ | (25,776 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (1,661 | ) | 38,748 | (1,455 | ) | 35,632 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (127 | ) | (2,300 | ) | (2,427 | ) | ||||||||||
Net other comprehensive (loss) income | (1,661 | ) | 38,621 | (3,755 | ) | 33,205 | |||||||||||
Balance as of June 30, 2014 | $ | (35,851 | ) | $ | 50,179 | $ | (6,899 | ) | $ | 7,429 | |||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||
Gains on marketable securities | |||||||||||||||||
$ | 210 | $ | 210 | Other income, net | |||||||||||||
83 | 83 | Tax expense | |||||||||||||||
127 | 127 | Net of tax | |||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Interest Rate and Cross Currency Swap Contracts | $ | (189 | ) | (448 | ) | Interest expense | |||||||||||
Cross Currency Swap Contracts | 2,016 | 2,748 | Foreign currency gain | ||||||||||||||
1,827 | 2,300 | Total before tax | |||||||||||||||
— | — | Tax expense | |||||||||||||||
$ | 1,827 | $ | 2,300 | 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, 2012 | $ | (38,485 | ) | $ | 51,243 | $ | (2,579 | ) | $ | 10,179 | |||||||
Other comprehensive (loss) income before reclassifications | (1,577 | ) | (27,370 | ) | 1,220 | (27,727 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (4,157 | ) | (4,157 | ) | |||||||||||
Net other comprehensive (loss) | (1,577 | ) | (27,370 | ) | (2,937 | ) | (31,884 | ) | |||||||||
Balance as of June 30, 2013 | $ | (40,062 | ) | $ | 23,873 | $ | (5,516 | ) | $ | (21,705 | ) | ||||||
Details of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified | Income Statement Line Item | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||||||
Gains and (losses) on derivative contracts | |||||||||||||||||
Foreign Exchange Forward Contracts | $ | — | 13,115 | Net sales | |||||||||||||
Interest Rate and Cross Currency Swap Contracts | (302 | ) | (596 | ) | Interest expense | ||||||||||||
Cross Currency Swap Contract | (2,912 | ) | (4,886 | ) | Foreign currency (loss) | ||||||||||||
(3,214 | ) | 7,633 | Total before tax | ||||||||||||||
— | 3,476 | Tax expense | |||||||||||||||
$ | (3,214 | ) | $ | 4,157 | Total net of tax | ||||||||||||
17_Statement_of_Cash_Flows_Tab
17. Statement of Cash Flows (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Statement of Cash Flows [Abstract] | ' | ||||||||
Reconciliation of Net Income to Cash (Used In) Provided By Operating Activities | ' | ||||||||
The following table presents a reconciliation of net income to net cash provided by operating activities for the six months ended June 30, 2014 and 2013 (in thousands): | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 116,535 | $ | 92,740 | |||||
Adjustments to reconcile net income to cash (used in) provided by operating activities: | |||||||||
Depreciation, amortization, and accretion | 123,312 | 113,060 | |||||||
Impairment and net loss on disposal of long-lived assets | 4,773 | 4,300 | |||||||
Impairment of project assets | — | — | |||||||
Share-based compensation | 21,452 | 23,918 | |||||||
Remeasurement of monetary assets and liabilities | 4,416 | (6,935 | ) | ||||||
Deferred income tax expense (benefit) | (20,217 | ) | (7,769 | ) | |||||
Excess tax benefits from share-based compensation arrangements | (16,165 | ) | (55,695 | ) | |||||
Gain on sales of marketable securities, and restricted investments, net | (210 | ) | — | ||||||
Other operating activities | 2,016 | 121 | |||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable, trade, unbilled and retainage | (145,478 | ) | 341,357 | ||||||
Prepaid expenses and other current assets | (856 | ) | 93,438 | ||||||
Other assets | (2,573 | ) | 449 | ||||||
Inventories and balance of systems parts | 85,958 | 75,120 | |||||||
Project assets and deferred project costs | (92,826 | ) | (670,456 | ) | |||||
Accounts payable | (72,423 | ) | (129,314 | ) | |||||
Income taxes payable | 39,151 | 28,256 | |||||||
Accrued expenses and other liabilities | (271,970 | ) | 350,203 | ||||||
Accrued solar module collection and recycling liability | 25,309 | 36,035 | |||||||
Total adjustments | (316,331 | ) | 196,088 | ||||||
Net cash (used in) provided by operating activities | $ | (199,796 | ) | $ | 288,828 | ||||
18_Segment_Reporting_Tables
18. Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||
Financial information about our reportable segments during the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 194,061 | $ | 350,292 | $ | 544,353 | $ | 192,908 | $ | 326,852 | $ | 519,760 | |||||||||||||
Gross profit | $ | 686 | $ | 92,039 | $ | 92,725 | $ | (8,193 | ) | $ | 148,291 | $ | 140,098 | ||||||||||||
(Loss) income before income taxes | $ | (44,559 | ) | $ | 46,921 | $ | 2,362 | $ | (67,348 | ) | $ | 108,410 | $ | 41,062 | |||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | 6,097 | $ | 68,833 | $ | 74,930 | |||||||||||||
Total assets | $ | 4,007,064 | $ | 2,604,951 | $ | 6,612,015 | $ | 4,140,842 | $ | 2,727,284 | $ | 6,868,126 | |||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Components | Systems | Total | Components | Systems | Total | ||||||||||||||||||||
Net sales | $ | 510,919 | $ | 983,592 | $ | 1,494,511 | $ | 549,504 | $ | 725,461 | $ | 1,274,965 | |||||||||||||
Gross profit | $ | 25,774 | $ | 303,662 | $ | 329,436 | $ | 3,416 | $ | 306,008 | $ | 309,424 | |||||||||||||
(Loss) income before income taxes | $ | (73,985 | ) | $ | 217,207 | $ | 143,222 | $ | (116,886 | ) | $ | 224,137 | $ | 107,251 | |||||||||||
Goodwill | $ | 16,152 | $ | 68,833 | $ | 84,985 | $ | 6,097 | $ | 68,833 | $ | 74,930 | |||||||||||||
Total assets | $ | 4,007,064 | $ | 2,604,951 | $ | 6,612,015 | $ | 4,140,842 | $ | 2,727,284 | $ | 6,868,126 | |||||||||||||
Revenue from External Customers by Products and Services | ' | ||||||||||||||||||||||||
The following table sets forth the total amounts of solar modules and solar power systems net sales recognized for the three and six months ended June 30, 2014 and 2013. 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 does not include any 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 along with revenue generated from our PV solar power systems. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Solar module revenue | $ | 65,397 | $ | 81,304 | $ | 106,398 | $ | 274,554 | |||||||||||||||||
Solar power system revenue | 478,956 | 438,456 | 1,388,113 | 1,000,411 | |||||||||||||||||||||
Net sales | $ | 544,353 | $ | 519,760 | $ | 1,494,511 | $ | 1,274,965 | |||||||||||||||||
Note_2_Summary_of_Significant_
Note 2. Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Building and Building Improvements [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '25 years |
Building and Building Improvements [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Furniture Fixtures Computer Hardware And Computer Software [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Furniture Fixtures Computer Hardware And Computer Software [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '0 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
4_Restructuring_and_Asset_Impa2
4. Restructuring and Asset Impairment (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | April 2012 European Restructuring Plan [Member] | |||||
Asset Impairment Related Costs [Member] | Employee Severance [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ($619) | ' |
Charges to Income | 0 | 2,381 | 0 | 4,728 | ' | 0 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | 5,800 | 1,010 | 1,940 |
Charges to Income | 0 | 2,381 | 0 | 4,728 | ' | 0 | ' |
Cash Payments | ' | ' | ' | ' | ' | -187 | -915 |
Non-cash Amounts including foreign exchange impact | ' | ' | ' | ' | ' | -2 | -15 |
Balance at end of period | ' | ' | ' | ' | $5,800 | $202 | $1,010 |
5_Cash_Cash_Equivalents_Market2
5. Cash, Cash Equivalents, Marketable Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | $200,000 | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 428,000 | 662,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 | ' | ' |
Cash and cash equivalents | 851,346,000 | 1,325,072,000 | 928,657,000 | 901,294,000 |
Marketable securities | 497,521,000 | 439,102,000 | ' | ' |
Total cash, cash equivalents, and marketable securities | 1,348,867,000 | 1,764,174,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 497,869,000 | 439,621,000 | ' | ' |
Foreign Agency Debt [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 428,000 | 649,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 | ' | ' |
Marketable securities | 455,903,000 | 364,046,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 456,262,000 | 364,568,000 | ' | ' |
Foreign Government Obligations [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | ' | 10,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | 0 | ' | ' |
Marketable securities | 0 | 25,115,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | 25,125,000 | ' | ' |
Federal Agency Debt [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 3,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | 0 | ' | ' |
Marketable securities | 8,114,000 | 46,439,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 8,108,000 | 46,430,000 | ' | ' |
Bank Time Deposits [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 0 | ' | ' | ' |
Marketable securities | 30,000,000 | 0 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 30,000,000 | ' | ' | ' |
US Government Debt Securities [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | ' | ' |
Marketable securities | 3,504,000 | 3,502,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,499,000 | 3,498,000 | ' | ' |
Cash [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 838,255,000 | 1,322,183,000 | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3,091,000 | 2,889,000 | ' | ' |
Bank Time Deposits [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 10,000,000 | 0 | ' | ' |
Available For Sale Securities Debt Maturities Within One Year [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 126,000 | 84,000 | ' | ' |
Marketable securities | 295,611,000 | 161,725,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 295,673,000 | 161,752,000 | ' | ' |
Available For Sale Securities Debt Maturities Over One Year To Two Years [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 287,000 | 578,000 | ' | ' |
Marketable securities | 166,527,000 | 269,652,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 166,801,000 | 270,149,000 | ' | ' |
Available For Sale Securities Debt Maturities Over Two Years To Three Years [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss | 15,000 | 0 | ' | ' |
Marketable securities | 35,383,000 | 7,725,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $35,395,000 | $7,720,000 | ' | ' |
5_Cash_Cash_Equivalents_Market3
5. Cash, Cash Equivalents, Marketable Securities (Details) - Available For Sale (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $497,869,000 | $439,621,000 |
Available-for-sale securities, gross unrealized gains | 80,000 | 143,000 |
Available-for-sale Securities, Gross Unrealized Loss | 428,000 | 662,000 |
Marketable securities | 497,521,000 | 439,102,000 |
Available-for-sale Securities, Net Unrealized Gain (Loss) | -300,000 | -500,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 350,850,000 | 259,281,000 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 428,000 | 662,000 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Marketable securities, in loss position, estimated fair value | 350,850,000 | 259,281,000 |
Marketable securities, in loss position, gross unrealized losses | 428,000 | 662,000 |
Available For Sale Securities Debt Maturities Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 295,673,000 | 161,752,000 |
Available-for-sale securities, gross unrealized gains | 64,000 | 57,000 |
Available-for-sale Securities, Gross Unrealized Loss | 126,000 | 84,000 |
Marketable securities | 295,611,000 | 161,725,000 |
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 Basis | 166,801,000 | 270,149,000 |
Available-for-sale securities, gross unrealized gains | 13,000 | 81,000 |
Available-for-sale Securities, Gross Unrealized Loss | 287,000 | 578,000 |
Marketable securities | 166,527,000 | 269,652,000 |
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 Basis | 35,395,000 | 7,720,000 |
Available-for-sale securities, gross unrealized gains | 3,000 | 5,000 |
Available-for-sale Securities, Gross Unrealized Loss | 15,000 | 0 |
Marketable securities | 35,383,000 | 7,725,000 |
Federal Agency Debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 8,108,000 | 46,430,000 |
Available-for-sale securities, gross unrealized gains | 6,000 | 12,000 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 3,000 |
Marketable securities | 8,114,000 | 46,439,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | ' | 21,465,000 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | ' | 3,000 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | 0 |
Marketable securities, in loss position, estimated fair value | ' | 21,465,000 |
Marketable securities, in loss position, gross unrealized losses | ' | 3,000 |
Foreign Agency Debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 456,262,000 | 364,568,000 |
Available-for-sale securities, gross unrealized gains | 69,000 | 127,000 |
Available-for-sale Securities, Gross Unrealized Loss | 428,000 | 649,000 |
Marketable securities | 455,903,000 | 364,046,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | 350,850,000 | 212,655,000 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | 428,000 | 649,000 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Marketable securities, in loss position, estimated fair value | 350,850,000 | 212,655,000 |
Marketable securities, in loss position, gross unrealized losses | 428,000 | 649,000 |
Foreign Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | 25,125,000 |
Available-for-sale securities, gross unrealized gains | ' | 0 |
Available-for-sale Securities, Gross Unrealized Loss | ' | 10,000 |
Marketable securities | 0 | 25,115,000 |
Marketable securities, continuous unrealized loss position: | ' | ' |
Marketable securities, in loss position for less than 12 months, estimated fair value | ' | 25,161,000 |
Marketable securities, in loss position for less than 12 months, gross unrealized losses | ' | 10,000 |
Marketable securities, in loss position for 12 months or greater, estimated fair value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | ' | 0 |
Marketable securities, in loss position, estimated fair value | ' | 25,161,000 |
Marketable securities, in loss position, gross unrealized losses | ' | 10,000 |
Bank Time Deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 30,000,000 | ' |
Available-for-sale securities, gross unrealized gains | 0 | ' |
Available-for-sale Securities, Gross Unrealized Loss | 0 | ' |
Marketable securities | $30,000,000 | $0 |
6_Restricted_Cash_and_Investme2
6. Restricted Cash and Investments (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ||
Restricted Cash, Noncurrent | $46,868,000 | [1] | $167,000 | [1] |
Restricted securities, gross unrealized losses | 428,000 | 662,000 | ||
Restricted Cash, Current | 26,200,000 | 0 | ||
Restricted Investments, Noncurrent | 323,726,000 | 279,274,000 | ||
Restricted cash and investments | 370,594,000 | 279,441,000 | ||
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 | $0 | $5,793,000 | ||
[1] | There was $26.2 million and zero of restricted cash included within prepaid expenses and other current assets at JuneB 30, 2014 and DecemberB 31, 2013, respectively, primarily related to required cash collateral for certain letters of credit |
6_Restricted_Cash_and_Investme3
6. Restricted Cash and Investments (Details) - Restricted Securities (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $497,869 | $439,621 |
Available-for-sale securities, gross unrealized gains | 80 | 143 |
Restricted securities, gross unrealized losses | 428 | 662 |
Marketable securities | 497,521 | 439,102 |
Foreign Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | 25,125 |
Available-for-sale securities, gross unrealized gains | ' | 0 |
Restricted securities, gross unrealized losses | ' | 10 |
Marketable securities | 0 | 25,115 |
US Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,499 | 3,498 |
Available-for-sale securities, gross unrealized gains | 5 | 4 |
Restricted securities, gross unrealized losses | 0 | 0 |
Marketable securities | 3,504 | 3,502 |
Restricted Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 264,751 | 261,400 |
Available-for-sale securities, gross unrealized gains | 58,975 | 23,667 |
Restricted securities, gross unrealized losses | 0 | 5,793 |
Marketable securities | 323,726 | 279,274 |
Contractual Maturities Of Available-For-Sale Marketable Securities, Range Start | '14 years | '14 years |
Contractual Maturities Of Available-For-Sale Marketable Securities, Range End | '23 years | '23 years |
Restricted Investments [Member] | Foreign Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 207,555 | 205,484 |
Available-for-sale securities, gross unrealized gains | 53,803 | 22,295 |
Restricted securities, gross unrealized losses | 0 | 1,489 |
Marketable securities | 261,358 | 226,290 |
Restricted Investments [Member] | US Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 57,196 | 55,916 |
Available-for-sale securities, gross unrealized gains | 5,172 | 1,372 |
Restricted securities, gross unrealized losses | 0 | 4,304 |
Marketable securities | $62,368 | $52,984 |
7_Consolidated_Balance_Sheet_D2
7. Consolidated Balance Sheet Details (Details) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Apr. 08, 2009 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | ||||||
USD ($) | USD ($) | USD ($) | 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] | Patents [Member] | Patents [Member] | Trade Names [Member] | Trade Names [Member] | In Process Research and Development [Member] | In Process Research and Development [Member] | CdTe Components Segment [Member] | Systems Segment [Member] | Systems Segment [Member] | Crystalline Silicon Components Segment [Member] | TetraSun and Solar Chile [Member] | TetraSun and Solar Chile [Member] | project acquisitions [Member] | project acquisitions [Member] | Depreciable Assets [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 ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
PV Solar Power Systems, Gross | $48,623,000 | ' | $48,623,000 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accumulated Depreciation, PV Solar Power Systems | -76,000 | ' | -76,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Document Period End Date | ' | ' | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Contract Receivable Retainage, Due after Next Twelve Months | 0 | ' | 0 | ' | 992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | -393,365,000 | ' | -393,365,000 | ' | -393,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Balance of systems parts | 58,816,000 | ' | 58,816,000 | ' | 133,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investments and Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investments | 10,650,000 | ' | 10,650,000 | ' | 12,148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cost Method Investments | 5,769,000 | ' | 5,769,000 | ' | 5,173,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 16,419,000 | ' | 16,419,000 | ' | 17,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable trade, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable trade, gross | 246,021,000 | ' | 246,021,000 | ' | 148,693,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Allowance for doubtful accounts | -8,097,000 | ' | -8,097,000 | ' | -12,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable trade, net | 237,924,000 | ' | 237,924,000 | ' | 136,383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Secured Accounts Receivables | 31,500,000 | ' | 31,500,000 | ' | 25,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts Receivable, Unbilled | 51,446,000 | ' | 51,446,000 | ' | 102,953,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Retainage | 513,441,000 | ' | 513,441,000 | ' | 418,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts Receivable, Unbilled and Retainage | 564,887,000 | ' | 564,887,000 | ' | 521,323,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Inventories: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Raw materials | 160,686,000 | ' | 160,686,000 | ' | 165,805,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Work in process | 17,569,000 | ' | 17,569,000 | ' | 11,874,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Finished goods (solar modules) | 331,512,000 | ' | 331,512,000 | ' | 340,936,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total inventories | 509,767,000 | ' | 509,767,000 | ' | 518,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Inventories - current | 385,247,000 | ' | 385,247,000 | ' | 388,951,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Inventories - noncurrent | 124,520,000 | [1] | ' | 124,520,000 | [1] | ' | 129,664,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Prepaid expenses and other current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Prepaid expenses | 39,640,000 | ' | 39,640,000 | ' | 24,572,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Derivative instruments | 2,211,000 | ' | 2,211,000 | ' | 7,996,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred Costs, Current | 0 | ' | 0 | ' | 753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other assets - current | 92,619,000 | ' | 92,619,000 | ' | 61,399,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Prepaid expenses and other current assets | 134,470,000 | ' | 134,470,000 | ' | 94,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,036,360,000 | ' | 2,036,360,000 | ' | 1,978,608,000 | 364,283,000 | 360,504,000 | 1,495,305,000 | 1,445,939,000 | 128,568,000 | 124,332,000 | 48,204,000 | 47,833,000 | 10,525,000 | 10,714,000 | 146,175,000 | 133,223,000 | 198,456,000 | [2] | 203,269,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated depreciation | -1,021,857,000 | ' | -1,021,857,000 | ' | -940,730,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, net | 1,369,659,000 | ' | 1,369,659,000 | ' | 1,385,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,014,503,000 | ' | 1,014,503,000 | ' | 1,037,878,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,600,000 | 57,800,000 | 123,400,000 | 116,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | |||||
Interest Costs Incurred [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest cost incurred | -2,385,000 | -3,167,000 | -5,036,000 | -6,442,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest costs, capitalized during period | ' | ' | ' | ' | ' | 444,000 | 736,000 | 1,022,000 | 1,046,000 | 1,011,000 | 1,556,000 | 2,674,000 | 3,771,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest expense, net | -930,000 | -875,000 | -1,340,000 | -1,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Project Assets - Noncurrent: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Project assets - land | 9,075,000 | ' | 9,075,000 | ' | 4,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Project assets - development costs including project acquisition costs | 561,133,000 | ' | 561,133,000 | ' | 465,316,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Project assets - construction costs | 389,327,000 | ' | 389,327,000 | ' | 156,824,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Project assets- projects in pre-COD operation under project PPAs | 0 | ' | 0 | ' | 66,240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Project Assets Noncurrent | 959,535,000 | ' | 959,535,000 | ' | 692,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred Project Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred Project Costs, Current | 312,065,000 | ' | 312,065,000 | ' | 556,957,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred Project Costs, Noncurrent | 42,959,000 | ' | 42,959,000 | ' | 28,386,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total deferred project costs | 355,024,000 | ' | 355,024,000 | ' | 585,343,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
total project assets and deferred project costs | 1,314,559,000 | ' | 1,314,559,000 | ' | 1,277,873,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Note Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Notes receivable initial available amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Note receivable, percentage bearing fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accrued Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Employee-related Liabilities, Current | 29,195,000 | ' | 29,195,000 | ' | 50,148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accrued property, plant, and equipment | 27,766,000 | ' | 27,766,000 | ' | 19,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accrued inventory and balance of system parts | 40,218,000 | ' | 40,218,000 | ' | 43,966,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accrued Project Assets and Deferred Project Costs | 66,547,000 | ' | 66,547,000 | ' | 80,528,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Product warranty liability | 68,214,000 | ' | 68,214,000 | ' | 67,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accrued expenses in excess of normal product warranty liability and related expenses | 8,827,000 | [3] | ' | 8,827,000 | [3] | ' | 12,516,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other accrued expenses | 53,901,000 | ' | 53,901,000 | ' | 45,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accrued expenses | 294,668,000 | ' | 294,668,000 | ' | 320,077,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred Revenue | 522,000 | ' | 522,000 | ' | 1,193,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Derivative instruments | 8,201,000 | ' | 8,201,000 | ' | 8,096,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred tax liabilities | 229,000 | ' | 229,000 | ' | 138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Billings in Excess of Cost, Current | 127,342,000 | [4] | ' | 127,342,000 | [4] | ' | 117,766,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Contingent Consideration, Liability | 29,965,000 | [5] | ' | 29,965,000 | [5] | ' | 37,775,000 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | 16,500,000 | 18,500,000 | 21,300,000 | ' | ||
Other liabilities - current | 35,586,000 | ' | 35,586,000 | ' | 132,219,000 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other current liabilities | 201,845,000 | ' | 201,845,000 | ' | 297,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Product warranty liability | 142,613,000 | [7] | ' | 142,613,000 | [7] | ' | 130,944,000 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other taxes payable | 66,221,000 | ' | 66,221,000 | ' | 119,124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Contingent consideration, non-current | 54,115,000 | [7] | ' | 54,115,000 | [7] | ' | 58,969,000 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,500,000 | 11,700,000 | 39,600,000 | 47,300,000 | ' | ||
Product Warranty Accrual in Excess of Normal Product Warranty Noncurrent Liability | 36,771,000 | ' | 36,771,000 | ' | 39,565,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other Liabilities, Noncurrent | 49,271,000 | [7] | ' | 49,271,000 | [7] | ' | 55,779,000 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other liabilities | 348,991,000 | ' | 348,991,000 | ' | 404,381,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments to Acquire Cost and Equity Method Investments | ' | ' | 910,000 | 14,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Proceeds from Interest Received | ' | ' | 6,519,000 | 3,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Intangible Assets, Gross | 118,594,000 | ' | 118,594,000 | ' | 123,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,094,000 | 10,180,000 | 700,000 | 700,000 | 112,800,000 | 112,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
intangibles assets, Write-off of Fully Amortized Intangibles | ' | ' | -5,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,086,000 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Intangible Assets, Accumulated Amortization | -1,659,000 | ' | -1,659,000 | ' | -6,264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,017,000 | -5,797,000 | -642,000 | -467,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Finite Lived Intangible Assets, Accumulated Amortization Charged to Expense During Period | ' | ' | -481,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -306,000 | ' | -175,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Beginning of Period | ' | ' | 84,985,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,420,000 | 68,833,000 | 68,833,000 | 6,097,000 | ' | ' | ' | ' | ' | |||||
Goodwill, Acquired During Period | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | |||||
Goodwill, End of Period | 84,985,000 | 74,930,000 | 84,985,000 | 74,930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,420,000 | 68,833,000 | 68,833,000 | 6,097,000 | ' | ' | ' | ' | ' | |||||
Other Assets, Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Notes receivable balance included in other assets | 9,541,000 | ' | 9,541,000 | ' | 9,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income Taxes Receivable | 7,912,000 | ' | 7,912,000 | ' | 7,656,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred Rent Receivables, Net | 20,977,000 | ' | 20,977,000 | ' | 21,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 16,419,000 | ' | 16,419,000 | ' | 17,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Intangible Assets, Net | 116,935,000 | ' | 116,935,000 | ' | 117,416,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,077,000 | ' | 58,000 | ' | 112,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other Assets | 24,083,000 | ' | 24,083,000 | ' | 19,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other Assets, Noncurrent | 78,932,000 | ' | 78,932,000 | ' | 76,629,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Impairment Loss | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
PV Solar Power Systems, Net | $48,547,000 | ' | $48,547,000 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[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 our 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 vendors. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See Note 12. bCommitments and Contingencies,b for further discussion of bProduct warranty liabilityb and bAccrued expenses in excess of normal product warranty liability and related expenses.b | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | See Note 12. bCommitments and Contingencies,b for further discussion on bContingent consideration.b | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | DecemberB 31, 2013 balance consists primarily of proceeds received for our Mesa facility that were classified as bAssets held for saleb on the condensed consolidated balance sheet. Due to our continuing involvement with the Mesa facility, we deferred recognition of the sale transaction until certain risks and rewards of ownership were fully transferred to the buyer, which occurred in the first quarter of 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | See Note 12. bCommitments and Contingencies,b for further discussion on bProduct warranty liability,b bContingent consideration,b bEnergy test guarantees,b and bLiability in excess of normal product warranty liability and related expenses.b |
8_Derivative_Financial_Instrum2
8. Derivative Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | $2,211 | $7,996 |
Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -8,201 | -8,096 |
Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -4,503 | -8,108 |
Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 2,357 |
Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -4,783 | -2,268 |
Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -4,503 | -8,108 |
Not Designated as Hedging Instrument [Member] | Prepiad Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,211 | 5,639 |
Not Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -3,418 | -5,828 |
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, Gross Asset | ' | 2,639 |
Derivative liability, fair value | -3,269 | ' |
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -3,269 | 2,639 |
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) | -3,269 | 2,639 |
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, Gross Asset | 0 | 2,357 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -3,269 | 0 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | 0 | 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, Gross Asset | 2,211 | 5,639 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -3,418 | -5,828 |
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 | -440 | -703 |
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -440 | -703 |
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) | -440 | -703 |
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, Gross Asset | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -275 | -334 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -165 | -369 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | -5,577 | -9,673 |
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -5,577 | -9,673 |
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) | -5,577 | -9,673 |
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, Gross Asset | 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 | -1,239 | -1,934 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities Noncurrent [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, fair value | ($4,338) | ($7,739) |
8_Derivative_Financial_Instrum3
8. Derivative Financial Instruments (Details) - Hedging Relationship (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
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] | 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] | 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] | 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] | Other Assets Noncurrent [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | 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] | 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] | 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] | 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] | 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] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [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] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Other Assets Noncurrent [Member] | Other Assets Noncurrent [Member] | Other Assets Noncurrent [Member] | Other Assets Noncurrent [Member] | Other Assets Noncurrent [Member] | Other Assets Noncurrent [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] | 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] | 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] | Foreign Exchange Forward [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Forward [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $282,000 | ($3,269,000) | $2,639,000 | ($440,000) | ($703,000) | ($5,577,000) | ($9,673,000) | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,639,000 | ' | ' | ' | ' | 282,000 | 282,000 | 0 | 0 | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | -5,979,000 | -2,172,000 | -8,734,000 | -518,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -527,000 | 4,351,000 | 0 | 8,980,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -547,000 | -703,000 | -1,158,000 | -1,467,000 | ' | ' | ' | ' | ' | ' | ' | ' | -4,905,000 | -5,820,000 | -7,576,000 | -8,031,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts recognized in other comprehensive income (loss) | ' | ' | ' | ' | 366,000 | -3,334,000 | -311,000 | 2,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,689,000 | -4,878,000 | 0 | 4,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,000 | -8,000 | 2,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,073,000 | 1,552,000 | -313,000 | -1,604,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss reclassified to earnings | -1,827,000 | 3,214,000 | -2,300,000 | -7,633,000 | ' | ' | ' | ' | 0 | -13,115,000 | ' | -2,016,000 | 2,912,000 | -2,748,000 | 4,886,000 | -2,016,000 | -732,000 | 2,912,000 | 1,974,000 | 189,000 | 302,000 | 448,000 | 596,000 | 189,000 | 259,000 | 302,000 | 294,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 124,000 | 164,000 | 196,000 | 209,000 | ' | ' | ' | ' | -2,016,000 | -732,000 | 2,912,000 | 1,974,000 | 65,000 | 95,000 | 106,000 | 85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' | -7,440,000 | -5,979,000 | -5,831,000 | -8,734,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,216,000 | -527,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -441,000 | -547,000 | -960,000 | -1,158,000 | ' | ' | ' | ' | ' | ' | ' | ' | -4,783,000 | -4,905,000 | -4,871,000 | -7,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | -400,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $5,666,000 | $0 | $5,666,000 | ' | ' | ' | ' | ($2,371,000) | $746,000 | ($3,040,000) | $1,863,000 | ' | ' | ' | ' | $840,000 | ($685,000) | $1,343,000 | ($773,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
8_Derivative_Financial_Instrum4
8. Derivative Financial Instruments (Details) - Risk Management | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | 29-May-09 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | 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] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [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] | Australia, Dollars | Australia, Dollars | Australia, Dollars | Australia, Dollars | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||
MYR | MYR | MYR | EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | 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] | ||||
USD ($) | AUD | USD ($) | AUD | USD ($) | USD ($) | USD ($) | ||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.20) | ($0.40) | $0.10 |
Interest Rate Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, inception date | ' | ' | ' | 30-Sep-11 | ' | ' | 29-May-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | 465 | 348.8 | 387.5 | 57.3 | 15 | 19.7 | ' | ' | 106.3 | 113 | 132.4 | 148.9 | ' | ' | ' |
Derivative, type of interest rate paid on swap | ' | ' | ' | ' | 'U.S. dollar fixed 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 | -1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length of time hedged in foreign currency cash flow hedge | ' | '12 months | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedging instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.2 | 4.4 | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives not designated as hedging instruments | ' | ($1.20) | ($0.20) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
8_Derivative_Financial_Instrum5
8. Derivative Financial Instruments (Details) - Transaction Exposure (Foreign Exchange Forward [Member], Not Designated as Hedging Instrument [Member]) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 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] | 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 | Australia, Dollars | Australia, Dollars | Malaysia, Ringgits | Malaysia, Ringgits | Malaysia, Ringgits | Malaysia, Ringgits | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Japan, Yen | Japan, Yen | 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 | Japan, Yen | Japan, Yen | Japan, Yen | Japan, Yen | |||||||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | AUD | USD ($) | MYR | USD ($) | MYR | USD ($) | CAD | 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 | 'Australian dollar | 'Malaysian ringgit | 'Malaysian ringgit | 'Canadian dollar | 'Canadian dollar | 'Japanese yen | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, currency sold | 'Euro | 'Euro | 'Australian dollar | 'Australian dollar | 'Malaysian ringgit | 'Malaysian ringgit | 'Canadian dollar | 'Canadian dollar | 'Japanese yen | 'Japanese yen | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73.90 | € 54.20 | $149.20 | € 108.20 | $16.40 | 17.4 | $6.50 | 7.3 | $52.50 | 169.4 | $55.50 | 185.1 | $6.80 | 7.2 | $22.60 | 24 | $3.50 | 354.9 | $108.90 | € 79.90 | $161 | € 116.70 | $55 | 58.4 | $13 | 14.6 | $13.80 | 44.4 | $28.50 | 95 | $15.40 | 16.4 | $0 | 40.3 | $18.50 | 1,848.50 | $0 | ¥ 775 |
9_Fair_Value_Measurements_Deta
9. Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Marketable securities | $497,521 | $439,102 |
Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 8,114 | 46,439 |
Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 455,903 | 364,046 |
Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 0 | 25,115 |
US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 3,504 | 3,502 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets: | ' | ' |
Restricted investments (excluding restricted cash) | 323,726 | 279,274 |
Derivative assets | 2,211 | 8,278 |
Total assets | 836,549 | 729,543 |
Liabilities: | ' | ' |
Derivative liabilities | 12,704 | 16,204 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 8,114 | 46,439 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 455,903 | 364,046 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | ' | 25,115 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 3,504 | 3,502 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 3,091 | 2,889 |
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 | 43,091 | 2,889 |
Liabilities: | ' | ' |
Derivative liabilities | 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 |
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] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 3,091 | 2,889 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Restricted investments (excluding restricted cash) | 323,726 | 279,274 |
Derivative assets | 2,211 | 8,278 |
Total assets | 793,458 | 726,654 |
Liabilities: | ' | ' |
Derivative liabilities | 12,704 | 16,204 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Federal Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 8,114 | 46,439 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Agency Debt [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 455,903 | 364,046 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Obligations [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | ' | 25,115 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities | 3,504 | 3,502 |
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] | 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 |
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] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | $0 | $0 |
9_Fair_Value_Measurements_Deta1
9. Fair Value Measurements (Details) - Balance Sheet Grouping (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Marketable securities | $497,521 | $439,102 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Marketable securities | 497,521 | 439,102 |
Foreign exchange forward contract assets | 2,211 | 8,278 |
Restricted investments (excluding restricted cash) | 323,726 | 279,274 |
Notes receivable - noncurrent | 9,541 | 9,655 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt, including current maturities | 194,674 | 223,323 |
Foreign exchange forward contract liabilities | 6,687 | 5,828 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Marketable securities | 497,521 | 439,102 |
Foreign exchange forward contract assets | 2,211 | 8,278 |
Restricted investments (excluding restricted cash) | 323,726 | 279,274 |
Notes receivable - noncurrent | 9,721 | 9,633 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt, including current maturities | 194,910 | 224,435 |
Foreign exchange forward contract liabilities | 6,687 | 5,828 |
Interest Rate Swap [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | 440 | 703 |
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | 440 | 703 |
Cross Currency Interest Rate Contract [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Swap contract liabilities | 5,577 | 9,673 |
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 | $5,577 | $9,673 |
10_PercentageofCompletion_Chan2
10. Percentage-of-Completion Changes in Estimates (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of projects | '8 | '5 | '10 | '6 |
Decrease in gross profit resulting from net changes in estimates (in thousands) | $4,502 | $7,609 | ($3,484) | ($4,530) |
Net change in estimate as percentage of aggregate gross profit for associated projects | 0.40% | 0.40% | -0.10% | -0.20% |
11_Debt_Details
11. Debt (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $32,122,000 | ' | |
Long-term Debt [Abstract] | ' | ' | |
Long-term debt | 195,946,000 | 225,007,000 | |
Less unamortized discount | -1,272,000 | -1,684,000 | |
Total long-term debt | 194,674,000 | 223,323,000 | |
Less current portion | -60,838,000 | -60,543,000 | |
Noncurrent portion | 133,836,000 | 162,780,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 57,376,000 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 40,998,000 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 34,559,000 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 29,093,000 | ' | |
Long Term Debt Excluding Capital Lease Obligation | 194,148,000 | ' | |
Capital Lease Obligations [Member] | ' | ' | |
Long-term Debt [Abstract] | ' | ' | |
Long-term debt | 1,798,000 | 2,041,000 | |
Capital Lease Obligations [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt Instrument, Maturity Date, Description | 'various | ' | |
Debt Instrument, Currency | 'various | ' | |
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 | ' | |
Debt Instrument, Maturity Date, Description | 'July 2018 (Tranche A) October 2015 (Tranche B) | [1] | ' |
Debt Instrument, Currency | 'USD | ' | |
Debt Instrument, Description of Variable Rate Basis | '.024052 | ' | |
Long-term Debt [Abstract] | ' | ' | |
Line of credit facility, remaining borrowing capacity | 473,700,000 | 441,400,000 | |
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 | ' | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ' | ' | |
Long-term Debt [Abstract] | ' | ' | |
Long-term debt | 0 | 0 | |
Malaysian Euro Facility Agreement [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt Instrument, Maturity Date, Description | 'April 2018 | ' | |
Debt Instrument, Currency | 'EUR | ' | |
Debt Instrument, Description of Variable Rate Basis | 'EURIBOR plus 1.00% | ' | |
Malaysian Euro Facility Agreement [Member] | Line of Credit [Member] | ' | ' | |
Long-term Debt [Abstract] | ' | ' | |
Long-term debt | 43,655,000 | 49,699,000 | |
Malaysian Facility Agreement [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt Instrument, Maturity Date, Description | 'March 2016 | ' | |
Debt Instrument, Currency | 'EUR | ' | |
Debt Instrument, Description of Variable Rate Basis | 'Floating rate facility at EURIBOR plus 0.55% (2) | [2],[3] | ' |
Long-term Debt [Abstract] | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | [2] | ' |
Line of Credit Facility, Assets Pledged As Collateral, Amount | 38,600,000 | ' | |
Malaysian Facility Agreement [Member] | Line of Credit [Member] | ' | ' | |
Long-term Debt [Abstract] | ' | ' | |
Long-term debt | 41,945,000 | 55,637,000 | |
Malaysian Ringgit Facility Agreement [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt Instrument, Maturity Date, Description | 'September 2018 | ' | |
Debt Instrument, Currency | 'MYR | ' | |
Debt Instrument, Description of Variable Rate Basis | 'KLIBOR plus 2.00% (2) | [3] | ' |
Long-term Debt [Abstract] | ' | ' | |
Line of Credit Facility, Assets Pledged As Collateral, Amount | 265,000,000 | ' | |
Malaysian Ringgit Facility Agreement [Member] | Line of Credit [Member] | ' | ' | |
Long-term Debt [Abstract] | ' | ' | |
Long-term debt | 108,548,000 | 117,630,000 | |
Letter of Credit [Member] | Revolving Credit Facility [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Letters of Credit Outstanding, Amount | $126,300,000 | $158,600,000 | |
[1] | (1) Maturity dates reflect July 15, 2013 amendment to Revolving Credit Facility | ||
[2] | Outstanding balance split equally between fixed and floating rates. | ||
[3] | Interest rate hedges have been entered into relating to these variable rates. See Note 8. bDerivative Financial Instruments,b to our condensed consolidated financial statements. |
12_Commitments_and_Contingenci2
12. Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Letters of credit issued under a bi-lateral facility secured by cash | $62.90 | ' |
Foreign Subsidiaries [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, amount outstanding | 1.1 | ' |
Surety Bonds for Foreign Subsidiaries [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Surety Bonds | 166.5 | ' |
Surety Bond Capacity | 626.2 | ' |
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 600 | ' |
Line of credit facility, remaining borrowing capacity | 473.7 | 441.4 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $126.30 | $158.60 |
12_Commitments_and_Contingenci3
12. Commitments and Contingencies (Details) - Product Warranties (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Product Liability Contingency [Line Items] | ' | ' | ' | ' | ' |
Estimated Rate of Return for Product Warranty | 3.00% | ' | 3.00% | ' | ' |
percentage point change in estimated rate of return of product warranty | 0 | ' | 0 | ' | ' |
Range of Change in Estimated Product Warranty Liability | $59,100,000 | ' | $59,100,000 | ' | ' |
Other Increase (Decrease) in Environmental Liabilities | ' | ' | 25,309,000 | 36,035,000 | ' |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' | ' |
Product warranty liability, beginning of period | 208,294,000 | 185,630,000 | 198,041,000 | 191,596,000 | ' |
Accruals for new warranties issued | 8,242,000 | 7,916,000 | 19,511,000 | 18,449,000 | ' |
Change in estimate of product warranty liability (1) | -2,211,000 | 4,158,000 | 852,000 | -1,378,000 | ' |
Settlements | -3,498,000 | -8,447,000 | -7,577,000 | -19,410,000 | ' |
Product warranty liability, end of period | 210,827,000 | 189,257,000 | 210,827,000 | 189,257,000 | ' |
Current portion of warranty liability | 68,214,000 | 62,989,000 | 68,214,000 | 62,989,000 | ' |
Noncurrent portion of warranty liability | 142,613,000 | 126,268,000 | 142,613,000 | 126,268,000 | ' |
Accrued solar module collection and recycling liability | 249,990,000 | ' | 249,990,000 | ' | 225,163,000 |
Change in module collection and recycling liability resulting from a hypothetical one percentage point increase in annualized inflation | 61,900,000 | ' | 61,900,000 | ' | ' |
Change in module collection and recycling liability resulting from a hypothetical one percentage point decrease in annualized inflation | $50,100,000 | ' | $50,100,000 | ' | ' |
12_Commitments_and_Contingenci4
12. Commitments and Contingencies (Details) - Accrual in Excess of Normal Warranty (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability [Line Items] | ' | ' | ||
Total Product Warranty Accrual in Excess of Normal Product Warranty Liability | $45,600,000 | $52,100,000 | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability | 8,827,000 | [1] | 12,516,000 | [1] |
Product Warranty Accrual in Excess of Normal Product Warranty Noncurrent Liability | 36,771,000 | 39,565,000 | ||
Product Warranty Expenses From Manufacturing Excursion [Member] | ' | ' | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability [Line Items] | ' | ' | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability | 38,800,000 | 42,700,000 | ||
Product Warranty Expenses from Cord Plate Malfunction [Member] | ' | ' | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability [Line Items] | ' | ' | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability | $6,800,000 | $9,400,000 | ||
[1] | See Note 12. bCommitments and Contingencies,b for further discussion of bProduct warranty liabilityb and bAccrued expenses in excess of normal product warranty liability and related expenses.b |
12_Commitments_and_Contingenci5
12. Commitments and Contingencies (Details) - Energy Test Guarantees (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Estimated Test Guarantees Liability | $2.80 | $11.50 |
12_Commitments_and_Contingenci6
12. Commitments and Contingencies (Details) - Contingent Consideration (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ||
Product Warranty Accrual in Excess of Normal Product Warranty Liability | $8,827 | [1] | $12,516 | [1] |
Business Combination, Contingent Consideration, Liability | 29,965 | [2] | 37,775 | [2] |
Contingent consideration, non-current | 54,115 | [3] | 58,969 | [3] |
TetraSun and Solar Chile [Member] | ' | ' | ||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ||
Business Combination, Contingent Consideration, Liability | 11,500 | 16,500 | ||
Contingent consideration, non-current | 14,500 | 11,700 | ||
project acquisitions [Member] | ' | ' | ||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ||
Business Combination, Contingent Consideration, Liability | 18,500 | 21,300 | ||
Contingent consideration, non-current | $39,600 | $47,300 | ||
[1] | See Note 12. bCommitments and Contingencies,b for further discussion of bProduct warranty liabilityb and bAccrued expenses in excess of normal product warranty liability and related expenses.b | |||
[2] | See Note 12. bCommitments and Contingencies,b for further discussion on bContingent consideration.b | |||
[3] | See Note 12. bCommitments and Contingencies,b for further discussion on bProduct warranty liability,b bContingent consideration,b bEnergy test guarantees,b and bLiability in excess of normal product warranty liability and related expenses.b |
12_Commitments_and_Contingenci7
12. Commitments and Contingencies (Details) - Solar Module Collection and Recycling (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Solar Module Collection And Recycling Liability [Line Items] | ' | ' |
Percent of modules sold which are subject to EOL | 75.00% | ' |
Other Increase (Decrease) in Environmental Liabilities | $25,309 | $36,035 |
13_ShareBased_Compensation_Det
13. Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $8,154,000 | $7,430,000 | $21,452,000 | $23,918,000 | ' |
Employee service share-based compensation, capitalized in inventory | 5,100,000 | ' | 5,100,000 | ' | 3,600,000 |
Employee Service Share-Based Compensation, Forfeiture Rate | 9.50% | 9.00% | 9.50% | 9.00% | ' |
Cost of Sales [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 680,000 | 1,307,000 | 5,990,000 | 5,823,000 | ' |
Research and Development Expense [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,013,000 | 988,000 | 2,265,000 | 2,921,000 | ' |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 6,458,000 | 5,207,000 | 13,194,000 | 14,926,000 | ' |
Production Startup [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,000 | -72,000 | 3,000 | 248,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 9,411,000 | 7,244,000 | 21,931,000 | 25,680,000 | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | 64,300,000 | ' | 64,300,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 10 months | ' | ' |
Unrestricted Stock [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 332,000 | 300,000 | 663,000 | 600,000 | ' |
Employee Stock [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 151,000 | 235,000 | 400,000 | 472,000 | ' |
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 | ($1,740,000) | ($349,000) | ($1,542,000) | ($2,834,000) | ' |
14_Income_Taxes_Details
14. Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Unrecognized Tax Benefits | $30.10 | ' | $30.10 | ' |
Effective Income Tax Rate, Continuing Operations | -91.70% | 18.20% | 18.60% | 13.50% |
Statutory U.S. federal tax rate | 35.00% | ' | 35.00% | ' |
Impact of Implementing ASU 2013-11 | $50.60 | ' | $50.60 | ' |
14_Income_Taxes_Details_Income
14. Income Taxes (Details) - Income Tax Holiday (MALAYSIA) | 6 Months Ended |
Jun. 30, 2014 | |
MALAYSIA | ' |
Income Tax Holiday [Line Items] | ' |
Income Tax Holiday, Termination Date | '2027 |
Income Tax Holiday, Description | '100% exemption |
15_Net_Income_Per_Share_Detail
15. Net Income Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $4,528 | $33,598 | $116,535 | $92,740 |
Denominator, basic: | ' | ' | ' | ' |
Weighted-average common stock outstanding | 100,148 | 89,201 | 99,871 | 88,209 |
Net income per share, basic | $0.05 | $0.38 | $1.17 | $1.05 |
Denominator, diluted: | ' | ' | ' | ' |
Weighted-average common stock outstanding | 100,148 | 89,201 | 99,871 | 88,209 |
Effect of stock options, restricted and performance stock units, and stock purchase plan shares | 1,666 | 1,941 | 1,949 | 2,056 |
Weighted-average shares used in computing diluted net income per share | 101,814 | 91,142 | 101,820 | 90,265 |
Net income per share, diluted | $0.04 | $0.37 | $1.14 | $1.03 |
Anti-dilutive shares | 50 | 91 | 107 | 107 |
16_Comprehensive_Income_Detail
16. Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $1,295 | ($1,307) | ' | ' | ' | ' |
Net income | 4,528 | 33,598 | 116,535 | 92,740 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -35,851 | -40,062 | -35,851 | -40,062 | -34,190 | -38,485 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -6,899 | -5,516 | -6,899 | -5,516 | -3,144 | -2,579 |
Other comprehensive income before reclassifications | ' | ' | 35,632 | -27,727 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -2,427 | -4,157 | ' | ' |
Net other comprehensive income | ' | ' | 33,205 | -31,884 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 50,179 | 23,873 | 50,179 | 23,873 | 11,558 | 51,243 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 7,429 | -21,705 | 7,429 | -21,705 | -25,776 | 10,179 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 83 | 0 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -677 | -5 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 1,827 | -3,214 | 2,300 | 7,633 | ' | ' |
Foreign Currency Transaction and Translation Adjustment | -1,721 | 1,500 | -1,661 | -1,577 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 18,572 | -17,029 | 38,748 | -27,370 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | -127 | 0 | -127 | 0 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 18,445 | -17,029 | 38,621 | -27,370 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 417 | -305 | -1,455 | 1,220 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -1,827 | 3,214 | -2,300 | -4,157 | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | -1,410 | 2,909 | -3,755 | -2,937 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 15,314 | -12,620 | 33,205 | -31,884 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 19,842 | 20,978 | 149,740 | 60,856 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 0 | 0 | ' | ' | ' | ' |
Other Income [Member] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 210 | ' | 210 | ' | ' | ' |
Income Tax [Member] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 83 | ' | 83 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 0 | 0 | 0 | 3,476 | ' | ' |
Net Sales [Member] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | ' | 0 | ' | 13,115 | ' | ' |
Interest Expense [Member] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -189 | -302 | -448 | -596 | ' | ' |
Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 2,016 | -2,912 | 2,748 | -4,886 | ' | ' |
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | 38,748 | -27,370 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -127 | 0 | ' | ' |
Net other comprehensive income | ' | ' | 38,621 | -27,370 | ' | ' |
Derivative [Member] | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | -1,455 | 1,220 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -2,300 | -4,157 | ' | ' |
Net other comprehensive income | ' | ' | -3,755 | -2,937 | ' | ' |
Derivative [Member] | Total net of tax [Member] | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 1,827 | -3,214 | 2,300 | 4,157 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | -1,661 | -1,577 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 0 | 0 | ' | ' |
Net other comprehensive income | ' | ' | ($1,661) | ($1,577) | ' | ' |
17_Statement_of_Cash_Flows_Det
17. Statement of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $116,535 | $92,740 |
Adjustments to reconcile net income to cash (used in) provided by operating activities: | ' | ' |
Depreciation, amortization, and accretion | 123,312 | 113,060 |
Impairment and net loss on disposal of long-lived assets | 4,773 | 4,300 |
Impairment of project assets | 0 | 0 |
Share-based compensation | 21,452 | 23,918 |
Remeasurement of monetary assets and liabilities | 4,416 | -6,935 |
Deferred income tax expense (benefit) | -20,217 | -7,769 |
Excess tax benefits from share-based compensation arrangements | -16,165 | -55,695 |
Gain on sales of marketable securities, and restricted investments, net | 210 | 0 |
Other operating activities | 2,016 | 121 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, trade, unbilled and retainage | -145,478 | 341,357 |
Prepaid expenses and other current assets | -856 | 93,438 |
Other assets | -2,573 | 449 |
Inventories and balance of systems parts | 85,958 | 75,120 |
Project assets and deferred project costs | -92,826 | -670,456 |
Accounts payable | -72,423 | -129,314 |
Income taxes payable | 39,151 | 28,256 |
Accrued expenses and other liabilities | -271,970 | 350,203 |
Accrued solar module collection and recycling liability | 25,309 | 36,035 |
Total adjustments | -316,331 | 196,088 |
Net cash (used in) provided by operating activities | ($199,796) | $288,828 |
18_Segment_Reporting_Details
18. Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
segments | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 2 | ' | ' |
Net sales | $544,353 | $519,760 | $1,494,511 | $1,274,965 | ' |
Gross profit | 92,725 | 140,098 | 329,436 | 309,424 | ' |
Income (loss) before income taxes | 2,362 | 41,062 | 143,222 | 107,251 | ' |
Goodwill | 84,985 | 74,930 | 84,985 | 74,930 | 84,985 |
Total assets | 6,612,015 | 6,868,126 | 6,612,015 | 6,868,126 | 6,883,502 |
Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 194,061 | 192,908 | 510,919 | 549,504 | ' |
Gross profit | 686 | -8,193 | 25,774 | 3,416 | ' |
Income (loss) before income taxes | -44,559 | -67,348 | -73,985 | -116,886 | ' |
Goodwill | 16,152 | 6,097 | 16,152 | 6,097 | ' |
Total assets | 4,007,064 | 4,140,842 | 4,007,064 | 4,140,842 | ' |
Systems Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 350,292 | 326,852 | 983,592 | 725,461 | ' |
Gross profit | 92,039 | 148,291 | 303,662 | 306,008 | ' |
Income (loss) before income taxes | 46,921 | 108,410 | 217,207 | 224,137 | ' |
Goodwill | 68,833 | 68,833 | 68,833 | 68,833 | 68,833 |
Total assets | 2,604,951 | 2,727,284 | 2,604,951 | 2,727,284 | ' |
Solar Module [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 65,397 | 81,304 | 106,398 | 274,554 | ' |
Solar Power System [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $478,956 | $438,456 | $1,388,113 | $1,000,411 | ' |