Document
Document - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | FIRST SOLAR, INC. | |
Entity Central Index Key | 1,274,494 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Par Value Per Share | $ 0.001 | |
Entity Common Stock Shares Outstanding | 100,920,115 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales | $ 1,271,245 | $ 890,288 | $ 2,636,671 | $ 2,383,194 |
Cost of sales | 786,880 | 700,886 | 1,948,842 | 1,866,635 |
Gross profit | 484,365 | 189,402 | 687,829 | 516,559 |
Operating expenses: | ||||
Research and development | 29,630 | 37,593 | 93,865 | 109,025 |
Selling, general and administrative | 53,716 | 66,528 | 192,305 | 182,859 |
Production start-up | 3,198 | 1,406 | 16,818 | 1,897 |
Total operating expenses | 86,544 | 105,527 | 302,988 | 293,781 |
Operating income | 397,821 | 83,875 | 384,841 | 222,778 |
Foreign currency (loss) gain, net | (1,803) | 905 | (4,981) | (192) |
Interest income | 5,322 | 4,297 | 16,444 | 13,151 |
Interest expense, net | (1,775) | (89) | (2,795) | (1,429) |
Other expense, net | (1,678) | (1,758) | (3,729) | (4,698) |
Income before taxes and equity in earnings of unconsolidated affiliates | 397,887 | 87,230 | 389,780 | 229,610 |
Income tax (expense) benefit | (48,454) | 6,948 | (9,134) | (20,643) |
Equity in earnings of unconsolidated affiliates, net of tax | (115) | (4,345) | 1,640 | (6,321) |
Net income | $ 349,318 | $ 89,833 | $ 382,286 | $ 202,646 |
Net income per share: | ||||
Basic | $ 3.46 | $ 0.90 | $ 3.80 | $ 2.03 |
Diluted | $ 3.41 | $ 0.89 | $ 3.75 | $ 1.99 |
Weighted-average number of shares used in per share calculations: | ||||
Basic | 100,906 | 100,197 | 100,713 | 99,981 |
Diluted | 102,299 | 101,415 | 101,845 | 101,686 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 349,318 | $ 89,833 | $ 382,286 | $ 202,646 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (1,103) | (9,887) | (14,001) | (11,548) |
Unrealized gain (loss) on marketable securities and restricted investments | 17,944 | 19,847 | (4,409) | 58,468 |
Unrealized (loss) gain on derivative instruments | (1,338) | 5,798 | (3,239) | 2,043 |
Other comprehensive income (loss), net of tax | 15,503 | 15,758 | (21,649) | 48,963 |
Comprehensive income | $ 364,821 | $ 105,591 | $ 360,637 | $ 251,609 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,189,703 | $ 1,482,054 |
Marketable securities | 619,814 | 509,032 |
Accounts receivable trade, net | 328,927 | 135,434 |
Accounts receivable, unbilled and retainage | 241,119 | 76,971 |
Inventories | 379,183 | 505,088 |
Balance of systems parts | 104,392 | 125,083 |
Deferred project costs | 98,421 | 29,354 |
Deferred tax assets, net | 78,092 | 91,565 |
Notes receivable, affiliate | 1,279 | 12,487 |
Prepaid expenses and other current assets | 210,399 | 202,151 |
Total current assets | 3,251,329 | 3,169,219 |
Property, plant and equipment, net | 1,330,054 | 1,419,988 |
PV solar power systems, net | 93,420 | 46,393 |
Project assets and deferred project costs | 1,030,436 | 810,348 |
Deferred tax assets, net | 264,200 | 222,326 |
Restricted cash and investments | 403,160 | 407,053 |
Investments in unconsolidated affiliates and joint ventures | 299,103 | 255,029 |
Goodwill | 84,985 | 84,985 |
Other intangibles, net | 112,470 | 119,236 |
Inventories | 108,558 | 115,617 |
Notes receivable, affiliates | 17,754 | 9,127 |
Other assets | 65,173 | 61,670 |
Total assets | 7,060,642 | 6,720,991 |
Current liabilities: | ||
Accounts payable | 303,593 | 214,656 |
Income taxes payable | 2,028 | 1,727 |
Accrued expenses | 412,167 | 388,156 |
Current portion of long-term debt | 38,663 | 51,399 |
Billings in excess of costs and estimated earnings | 74,102 | 195,346 |
Payments and billings for deferred project costs | 22,699 | 60,591 |
Other current liabilities | 43,035 | 88,702 |
Total current liabilities | 896,287 | 1,000,577 |
Accrued solar module collection and recycling liability | 164,304 | 246,307 |
Long-term debt | 246,814 | 162,074 |
Other liabilities | 364,509 | 320,546 |
Total liabilities | $ 1,671,914 | $ 1,729,504 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 100,919,021 and 100,288,942 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | $ 101 | $ 100 |
Additional paid-in capital | 2,734,161 | 2,697,558 |
Accumulated earnings | 2,625,975 | 2,243,689 |
Accumulated other comprehensive income | 28,491 | 50,140 |
Total stockholders' equity | 5,388,728 | 4,991,487 |
Total liabilities and stockholders' equity | $ 7,060,642 | $ 6,720,991 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 100,919,021 | 100,288,942 |
Common Stock, Shares, Outstanding | 100,919,021 | 100,288,942 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 382,286 | $ 202,646 |
Adjustments to reconcile net income to cash used in operating activities: | ||
Depreciation, amortization and accretion | 193,923 | 183,139 |
Share-based compensation | 33,146 | 32,069 |
Remeasurement of monetary assets and liabilities | (10,341) | 8,159 |
Deferred income taxes | (7,050) | 38,351 |
Excess tax benefits from share-based compensation arrangements | (23,333) | (27,849) |
Other, net | 7,140 | 12,248 |
Changes in operating assets and liabilities: | ||
Accounts receivable, trade, unbilled and retainage | (351,320) | (150,950) |
Prepaid expenses and other current assets | (37,282) | 3,638 |
Other assets | (2,299) | (5,472) |
Inventories and balance of systems parts | 147,271 | (8,103) |
Project assets and deferred project costs | (642,835) | 30,809 |
Accounts payable | 108,742 | (39,535) |
Income taxes payable | (19,169) | (28,079) |
Accrued expenses and other liabilities | (113,905) | (523,635) |
Accrued solar module collection and recycling liability | (78,990) | 25,557 |
Net cash used in operating activities | (414,016) | (247,007) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (139,270) | (184,249) |
Purchases of marketable securities | (429,352) | (226,087) |
Proceeds from sales and maturities of marketable securities | 313,359 | 166,809 |
Purchases of equity and cost method investments | (12,066) | (2,025) |
Distributions received from equity method investments | 238,980 | 0 |
Investments in notes receivable, affiliates | (53,199) | (7,926) |
Payments received on notes receivable, affiliate | 57,866 | 0 |
Change in restricted cash | 21,360 | (189,995) |
Other investing activities | (83) | (5,325) |
Net cash used in investing activities | (2,405) | (448,798) |
Cash flows from financing activities: | ||
Repayment of long-term debt | (42,332) | (54,839) |
Proceeds from borrowings under long-term debt, net of discounts and issuance costs | 138,639 | 53,137 |
Repayment of sale-leaseback financing | (2,708) | 0 |
Proceeds from sale-leaseback financing | 44,718 | 0 |
Excess tax benefit from share-based compensation arrangements | 23,333 | 27,849 |
Contingent consideration payments and other financing activities | (19,155) | (22,557) |
Net cash provided by financing activities | 142,495 | 3,590 |
Effect of exchange rate changes on cash and cash equivalents | (18,425) | (10,334) |
Net decrease in cash and cash equivalents | (292,351) | (702,549) |
Cash and cash equivalents, beginning of the period | 1,482,054 | 1,325,072 |
Cash and cash equivalents, end of the period | 1,189,703 | 622,523 |
Supplemental disclosure of noncash investing and financing activities: | ||
Equity interests retained from the partial sale of project assets | 270,799 | 0 |
Property, plant and equipment acquisitions funded by liabilities | 24,266 | 53,601 |
Acquisitions currently or previously funded by liabilities and contingent consideration | $ 11,367 | $ 73,509 |
1. Basis of Presentation
1. Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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 First Solar management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or for any other period. The condensed consolidated balance sheet at December 31, 2014 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 interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2014 included in our Annual Report on Form 10-K, which has been filed with the SEC. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the interim financial statements. In addition, the method of reporting the condensed consolidated statements of cash flows was changed from the direct to the indirect method. 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. Revision of Previously Issued Financial Statements We are revising our previously issued financial statements for periods presented in this Quarterly Report on Form 10-Q to properly record a liability associated with an uncertain tax position, including penalties, related to income of a foreign subsidiary along with corresponding adjustments in each successive period for the effect of changes in foreign currency exchange rates associated with the liability. Additional revisions were made for previously identified errors related to sales taxes, use taxes, share-based compensation, and miscellaneous items that were corrected in a period subsequent to the period in which the error originated. As several of these errors affected the estimated costs for systems business sales arrangements accounted for under the percentage-of-completion method , we also recorded adjustments to revenue for the changes in the percentage completion of the affected projects. We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Report on Form 10-K for the year ended December 31, 2014 or for any quarterly periods included therein or through our most recent Quarterly Report on Form 10-Q. As part of this evaluation, we considered a number of qualitative factors, including, among others, that the errors did not change a net loss into net income or vice versa, did not have an impact on our long-term debt covenant compliance, and did not mask a change in earnings or other trends when considering the overall competitive and economic environment within the industry during the periods. However, the cumulative effect of the errors, including the uncertain tax position matter identified during the three months ended September 30, 2015 , is expected to be significant to our financial results for the year ending December 31, 2015. Accordingly, we are revising our historical financial statements, which resulted in a $36.0 million decrease to our accumulated earnings as of December 31, 2014. All financial information presented in the accompanying notes to these condensed consolidated financial statements was revised to reflect the correction of these errors. Periods not presented herein will be revised, as applicable, as they are included in future filings. The following table presents the effect of the aforementioned revisions on our condensed consolidated balance sheet as of December 31, 2014 (in thousands): December 31, 2014 As Reported Adjustment As Revised Other liabilities $ 284,546 $ 36,000 $ 320,546 Total liabilities 1,693,504 36,000 1,729,504 Accumulated earnings 2,279,689 (36,000 ) 2,243,689 Total stockholders’ equity 5,027,487 (36,000 ) 4,991,487 The following tables present the effect of the aforementioned revisions on our condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in thousands, except per share amounts): Three Months Ended September 30, 2014 As Reported Adjustment As Revised Net sales $ 889,310 $ 978 $ 890,288 Cost of sales 700,023 863 700,886 Gross profit 189,287 115 189,402 Operating income 83,760 115 83,875 Foreign currency gain, net 169 736 905 Other expense, net (2,476 ) 718 (1,758 ) Income before taxes and equity in earnings of unconsolidated affiliates 85,661 1,569 87,230 Income tax benefit 7,108 (160 ) 6,948 Net income 88,424 1,409 89,833 Comprehensive income 104,182 1,409 105,591 Basic net income per share $ 0.88 $ 0.02 $ 0.90 Diluted net income per share $ 0.87 $ 0.02 $ 0.89 Nine Months Ended September 30, 2014 As Reported Adjustment As Revised Net sales $ 2,383,821 $ (627 ) $ 2,383,194 Cost of sales 1,865,098 1,537 1,866,635 Gross profit 518,723 (2,164 ) 516,559 Operating income 224,942 (2,164 ) 222,778 Foreign currency loss, net (389 ) 197 (192 ) Other expense, net (5,416 ) 718 (4,698 ) Income before taxes and equity in earnings of unconsolidated affiliates 230,859 (1,249 ) 229,610 Income tax expense (19,579 ) (1,064 ) (20,643 ) Net income 204,959 (2,313 ) 202,646 Comprehensive income 253,922 (2,313 ) 251,609 Basic net income per share $ 2.05 $ (0.02 ) $ 2.03 Diluted net income per share $ 2.02 $ (0.03 ) $ 1.99 The following table presents the effect of the aforementioned revisions on our condensed consolidated statement of cash flows for the nine months ended September 30, 2014 (in thousands): Nine Months Ended September 30, 2014 As Reported Adjustment As Revised Net income $ 204,959 $ (2,313 ) $ 202,646 Adjustments to reconcile net income to cash used in operating activities: Remeasurement of monetary assets and liabilities 8,356 (197 ) 8,159 Changes in operating assets and liabilities: Accounts receivable, trade, unbilled and retainage (159,754 ) 8,804 (150,950 ) Prepaid expenses and other current assets 20,496 (16,858 ) 3,638 Project assets and deferred project costs 29,670 1,139 30,809 Accounts payable (38,817 ) (718 ) (39,535 ) Income taxes payable (27,937 ) (142 ) (28,079 ) Accrued expenses and other liabilities (533,920 ) 10,285 (523,635 ) Net cash used in operating activities (247,007 ) — (247,007 ) |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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. On an ongoing basis, we evaluate our estimates, including those related to percentage-of-completion revenue recognition, inventory valuation, recoverability of project assets and photovoltaic (“PV”) solar power systems, 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, and 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”) 605-35, Construction-Type and Production-Type Contracts , or ASC 360-20, Real Estate Sales , for arrangements which include land or land rights . For systems business sales arrangements that do not include land or land rights and thus are accounted for under ASC 605-35, 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. For systems business sales arrangements that are accounted for under ASC 360-20 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. 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. The initial and continuing investment requirements, which demonstrate a buyer’s commitment to honor its obligations for the sales arrangement, can typically be met through the receipt of cash or an irrevocable letter of credit from a highly creditworthy lending institution. (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. For any systems business sales arrangements containing multiple deliverables (including our solar modules) not required to be accounted for under ASC 605-35 (long-term construction contracts) or ASC 360-20 (real estate), we analyze each activity within the sales arrangement to 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 the total estimated costs (including module costs) in order to determine the progress towards completion and calculate the corresponding amount of revenue and profit to recognize. Costs incurred include direct materials, solar modules, labor, subcontractor costs, and those indirect costs related to contract performance, such as indirect labor and supplies. We recognize direct material and solar module costs as incurred 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 the associated costs until those materials are installed and have met all other revenue recognition requirements. We consider direct materials and solar modules to be installed when they are permanently placed or affixed to a PV solar power system as required by engineering designs. Solar modules manufactured and owned by us that will be used in our systems remain within inventory until such modules are installed in a system. The percentage-of-completion method of revenue recognition requires us to make estimates of net contract revenues and costs to complete our projects. In making such estimates, management judgments are required to evaluate significant assumptions including the amount of net contract revenues, the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, and the impact of any penalties, claims, change orders, or performance incentives. If estimated total costs on any contract are greater than the net contract revenues, we recognize the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to net contract revenues and costs to complete contracts, including penalties, claims, change orders, performance incentives, anticipated losses, and others are recorded in the period in which the revisions to estimates are identified and the amounts 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 the changes in estimates. Revenue Recognition — Operations and Maintenance. Our operations and maintenance (“O&M”) revenue is billed and recognized as services are performed. Costs of these revenues are expensed in the period in which they are incurred. 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 contract. Our customers typically do not have extended payment terms or rights of return for our products. 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, including partnerships and partially owned limited liability companies or similar legal structures, with one or more third parties primarily to develop, construct, own, and/or sell solar power projects. These types of ventures are core to our business and long-term strategy related to providing solar PV generation solutions using our modules to key 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 a 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 cost or equity method 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 subordinated 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 conducted on behalf of that investor. Our venture agreements typically require us to fund some form of capital for the development and construction of a project, depending upon the opportunity and the market in which our ventures are located. 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 the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the entity. If we determine that we do not have the power to direct the activities that most significantly impact the entity, then we are not the primary beneficiary of the VIE. Cost and Equity Method Investments. We account for our unconsolidated ventures using either the cost or equity method of accounting depending upon whether we have the ability to exercise significant influence over the venture. As part of this evaluation, we consider our participating and protective rights in the venture as well as its legal form. We record our cost method investments at their historical cost and subsequently record any dividends received from the net accumulated earnings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reductions in the cost of the investment. We use the equity method of accounting for our investments when we have the ability to significantly influence the operations or financial activities of the investee. We record our equity method investments at cost and subsequently adjust their carrying amount each period for our share of the earnings or losses of the investee and other adjustments required by the equity method of accounting. Dividends received from our equity method investments are recorded as reductions in the cost of such investments. We monitor our investments, which are included in “ Investments in unconsolidated affiliates and joint ventures ” in the accompanying condensed consolidated balance sheets, for impairment and record reductions in their carrying values if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when such impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, we consider our ability and intent to hold the investment until the carrying amount is fully recovered. Circumstances that indicate an other-than-temporary impairment may have occurred include factors such as decreases in quoted market prices or declines in the operations of the investee. The evaluation of an investment for potential impairment requires us to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment losses related to our cost and equity method investments were recorded during the three and nine months ended September 30, 2015 . We recorded impairment losses related to our cost and equity method investments of $5.0 million and $7.1 million during the three and nine months ended September 30, 2014 , respectively. See 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, 2014 for a more complete summary of our significant accounting policies. |
3. Recent Accounting Pronouncem
3. Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements 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 U.S. 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, 2017, and early adoption is permitted for periods beginning after December 15, 2016. We are currently evaluating the method of adoption and the impact ASU 2014-09 will have on our consolidated financial statements and associated disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis . ASU 2015-02 modifies existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements and associated disclosures. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 simplifies the presentation of debt issuance costs by requiring such costs to be presented in the balance sheet as a reduction to the carrying amount of the corresponding debt liability, consistent with debt discounts, rather than as a deferred charge. The adoption of ASU 2015-03 in the second quarter of 2015 resulted in a reclassification of $0.4 million in unamortized debt issuance costs from “Prepaid expenses and other current assets” to “Current portion of long-term debt” and $2.6 million in unamortized debt issuance costs from “Other assets” to “Long-term debt” on our condensed consolidated balance sheet as of June 30, 2015. In addition, $0.5 million in unamortized debt issuance costs was reclassified from “Prepaid expenses and other current assets” to “Current portion of long-term debt,” and $2.9 million in unamortized debt issuance costs was reclassified from “Other assets” to “Long-term debt” on our condensed consolidated balance sheet as of December 31, 2014 . In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the subsequent measurement of inventory by replacing the current lower of cost or market test with a lower of cost or net realizable value test. ASU 2015-11 is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and early adoption is permitted. We do not expect that ASU 2015-11 will have a significant impact on the subsequent measurement of inventory included in our consolidated financial statements. |
4. Cash, Cash Equivalents, and
4. Cash, Cash Equivalents, and Marketable Securities | 9 Months Ended |
Sep. 30, 2015 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities | 4. Cash, Cash Equivalents, and Marketable Securities Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Cash and cash equivalents: Cash $ 1,103,684 $ 1,480,452 Cash equivalents: Money market funds 86,019 1,602 Total cash and cash equivalents 1,189,703 1,482,054 Marketable securities: Foreign debt 579,814 462,731 Time deposits 40,000 40,000 U.S. debt — 2,800 U.S. government obligations — 3,501 Total marketable securities 619,814 509,032 Total cash, cash equivalents, and marketable securities $ 1,809,517 $ 1,991,086 We classify our marketable securities as available-for-sale. Accordingly, we record them at fair value and account for the net unrealized gains and losses as part of “ Accumulated other comprehensive income ” until realized. We record realized gains and losses on the sale or maturity of our marketable securities in “ Other expense, net ” computed using the specific identification method. During the three and nine months ended September 30, 2015 we realized no gains or losses on the sale or maturity of our marketable securities. During the three and nine months ended September 30, 2014 , we realized zero and $0.2 million of gains on the sale or maturity of our marketable securities. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities. As of September 30, 2015 , we identified two investments totaling $26.6 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $0.1 million . As of December 31, 2014 , we identified two investments totaling $41.1 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of less than $0.1 million . The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we do not intend to sell these securities prior to the recovery of our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired. All of our available-for-sale marketable securities are subject to a periodic impairment review. We did not identify any of our marketable securities as other-than-temporarily impaired as of September 30, 2015 and December 31, 2014 . The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2015 and December 31, 2014 (in thousands): As of September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign debt $ 580,282 $ 224 $ 692 $ 579,814 Time deposits 40,000 — — 40,000 Total $ 620,282 $ 224 $ 692 $ 619,814 As of December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign debt $ 463,466 $ 18 $ 753 $ 462,731 Time deposits 40,000 — — 40,000 U.S. debt 2,800 — — 2,800 U.S. government obligations 3,500 1 — 3,501 Total $ 509,766 $ 19 $ 753 $ 509,032 The contractual maturities of our marketable securities as of September 30, 2015 and December 31, 2014 were as follows (in thousands): As of September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value One year or less $ 240,447 $ 15 $ 216 $ 240,246 One year to two years 271,445 29 439 271,035 Two years to three years 108,390 180 37 108,533 Total $ 620,282 $ 224 $ 692 $ 619,814 As of December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value One year or less $ 329,974 $ 14 $ 174 $ 329,814 One year to two years 125,892 5 380 125,517 Two years to three years 53,900 — 199 53,701 Total $ 509,766 $ 19 $ 753 $ 509,032 The net unrealized losses of $0.5 million and $0.7 million as of September 30, 2015 and December 31, 2014 , respectively, on our marketable securities were primarily the result of increases in interest rates relative to rates at the time of purchase. 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 tables show gross unrealized losses and estimated fair values for those marketable securities that were in an unrealized loss position as of September 30, 2015 and December 31, 2014 , aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands): As of September 30, 2015 In Loss Position for Less Than 12 Months In Loss Position for 12 Months or Greater Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Foreign debt $ 359,106 $ 588 $ 26,594 $ 104 $ 385,700 $ 692 Total $ 359,106 $ 588 $ 26,594 $ 104 $ 385,700 $ 692 As of December 31, 2014 In Loss Position for Less Than 12 Months In Loss Position for 12 Months or Greater Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Foreign debt $ 391,840 $ 740 $ 41,060 $ 13 $ 432,900 $ 753 Total $ 391,840 $ 740 $ 41,060 $ 13 $ 432,900 $ 753 |
5. Restricted Cash and Investme
5. Restricted Cash and Investments | 9 Months Ended |
Sep. 30, 2015 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash and Investments Disclosure | 5. Restricted Cash and Investments Restricted cash and investments consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Restricted cash $ 63,234 $ 49,818 Restricted investments 339,926 357,235 Restricted cash and investments (1) $ 403,160 $ 407,053 (1) There was an additional $39.8 million and $74.7 million of restricted cash included within prepaid expenses and other current assets at September 30, 2015 and December 31, 2014 , respectively. At September 30, 2015 , our restricted cash consisted of deposits held by various banks to secure certain of our letters of credit and deposits designated for the construction of systems projects and payment of amounts related to project construction credit facilities. Restricted cash for our letters of credit is classified as current or noncurrent based on the maturity date of the corresponding letter of credit. See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion relating to letters of credit. Restricted cash for project construction and financing is classified as current or noncurrent based on the projected use of the restricted funds. At September 30, 2015 and December 31, 2014 , our restricted investments consisted of long-term marketable securities that were held in custodial accounts to fund the estimated future costs of collecting and recycling modules covered under our solar module collection and recycling program. We classify our restricted investments as available-for-sale. Accordingly, we record them at fair value and account for the net unrealized gains and losses as a part of “ Accumulated other comprehensive income ” until realized. We record realized gains and losses on the sale or maturity of our restricted investments in “ Other 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. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations within 90 days of the end of each year. We determine the funding requirement, if any, based on estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted investments, and an estimated solar module life of 25 years less amounts already funded in prior years. To ensure that these funds will be available in the future regardless of any potential adverse changes in our financial condition (even in the case of our own insolvency), we have established a trust under which estimated funds are put into custodial accounts with an established and reputable bank, 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 performing the required collection and recycling services. Investments in these custodial accounts must meet certain investment quality criteria comparable to 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 that are not currently at risk of default. During the nine months ended September 30, 2015 , no incremental funding was required. The following tables summarize the unrealized gains and losses related to our restricted investments, by major security type, as of September 30, 2015 and December 31, 2014 (in thousands): As of September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign government obligations $ 180,461 $ 85,314 $ — $ 265,775 U.S. government obligations 60,480 13,671 — 74,151 Total $ 240,941 $ 98,985 $ — $ 339,926 As of December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign government obligations $ 189,455 $ 93,280 $ — $ 282,735 U.S. government obligations 58,510 15,990 — 74,500 Total $ 247,965 $ 109,270 $ — $ 357,235 As of September 30, 2015 the contractual maturities of these restricted investments were between 12 years and 21 years . As of December 31, 2014 , the contractual maturities of these restricted investments were between 13 years and 22 years . |
6. Consolidated Balance Sheet D
6. Consolidated Balance Sheet Details | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Disclosures | 6. Consolidated Balance Sheet Details Accounts receivable trade, net Accounts receivable trade, net consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Accounts receivable trade, gross $ 328,929 $ 142,542 Allowance for doubtful accounts (2 ) (7,108 ) Accounts receivable trade, net $ 328,927 $ 135,434 At September 30, 2015 and December 31, 2014 , $20.6 million and $21.4 million , respectively, of our accounts receivable trade, net were secured by letters of credit, bank guarantees, or other forms of financial security issued by creditworthy financial institutions. Accounts receivable, unbilled and retainage Accounts receivable, unbilled and retainage consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Accounts receivable, unbilled $ 219,455 $ 41,868 Retainage 21,664 35,103 Accounts receivable, unbilled and retainage $ 241,119 $ 76,971 Accounts receivable, unbilled represents revenue that has been recognized in advance of billing the customer, which is common for long-term construction contracts. For example, we recognize revenue from contracts for the construction and sale of PV solar power systems, which include the sale of such assets over the construction period using applicable accounting methods. One such method is the percentage-of-completion method, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs for the contract. Under this accounting method, revenue could be recognized under applicable revenue recognition criteria 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 customer 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. The current portion of retainage is included within “ Accounts receivable, unbilled and retainage .” Retainage refers to the portion of the contract price earned by us for work performed, but held for payment by our customer as a form of security until we reach certain construction milestones. Retainage included within “ Accounts receivable, unbilled and retainage ” is expected to be billed and collected within the next 12 months. Inventories Inventories consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Raw materials $ 158,816 $ 157,468 Work in process 25,467 20,829 Finished goods 303,458 442,408 Inventories $ 487,741 $ 620,705 Inventories — current $ 379,183 $ 505,088 Inventories — noncurrent (1) $ 108,558 $ 115,617 (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 were $104.4 million and $125.1 million as of September 30, 2015 and December 31, 2014 , respectively, and represented mounting and electrical and other construction parts purchased for PV solar power systems to be constructed or currently under construction, which we held title to and were not yet installed in a system. Such construction parts included items such as posts, tilt brackets, tables, harnesses, combiner boxes, inverters, cables, tracker equipment, and other parts we may purchase or assemble for the systems we construct. Balance of systems parts do 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 plant or recoverability through a sales agreement. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Prepaid expenses $ 64,337 $ 42,193 Derivative instruments 1,733 9,791 Restricted cash 39,756 74,695 Other current assets 104,573 75,472 Prepaid expenses and other current assets $ 210,399 $ 202,151 Property, plant and equipment, net Property, plant and equipment, net consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Land $ 12,155 $ 12,378 Buildings and improvements (1) 411,594 397,087 Machinery and equipment (1) 1,815,151 1,649,363 Office equipment and furniture 141,751 134,268 Leasehold improvements 50,392 50,096 Construction in progress 41,909 154,497 Stored assets (2) 139,507 155,389 Property, plant and equipment, gross 2,612,459 2,553,078 Less: accumulated depreciation (1,282,405 ) (1,133,090 ) Property, plant and equipment, net $ 1,330,054 $ 1,419,988 (1) In June 2015, we reclassified $15.2 million and $2.5 million from "Assets held for sale" to "Building and improvements" and "Machinery and equipment," respectively, as these assets no longer met the criteria to be classified as held for sale. (2) 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. During the nine months ended September 30, 2015 , we transferred $15.9 million of stored assets to our manufacturing facility in Perrysburg, Ohio for use in the production of solar modules. As the remaining stored assets are neither in the condition nor 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 our stored assets once they were physically received from the related machinery and equipment vendors. Depreciation of property, plant and equipment was $61.3 million and $185.4 million for the three and nine months ended September 30, 2015 , respectively, and $59.7 million and $183.1 million for the three and nine months ended September 30, 2014 , respectively. PV solar power systems, net PV solar power systems, net consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, PV solar power systems, gross $ 96,532 $ 47,727 Accumulated depreciation (3,112 ) (1,334 ) PV solar power systems, net $ 93,420 $ 46,393 In September 2015, we placed $50.7 million of projects into service, net of investment tax credits, including our 30 MW AC Barilla Solar project in Pecos County, Texas and various other projects in India and Australia. Depreciation of PV solar power systems was $0.6 million and $1.8 million for the three and nine months ended September 30, 2015 , respectively, and $0.6 million and $0.7 million for the three and nine months ended September 30, 2014 , respectively. Capitalized interest The cost of constructing facilities, equipment, and project assets includes interest costs incurred during the assets’ construction period. The components of interest expense and capitalized interest were as follows during the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest cost incurred $ (5,697 ) $ (2,415 ) $ (13,923 ) $ (7,451 ) Interest cost capitalized — property, plant and equipment 290 544 1,152 1,566 Interest cost capitalized — project assets 3,632 1,782 9,976 4,456 Interest expense, net $ (1,775 ) $ (89 ) $ (2,795 ) $ (1,429 ) Project assets and deferred project costs Project assets primarily consist of costs relating to solar power projects in various stages of development that are capitalized prior to entering into a definitive sales agreement for the projects, including projects that have begun commercial operation under power purchase agreements (“PPAs”) and are actively marketed and intended to be sold. These project related costs include costs for land, development, and construction of a PV solar power system. Development costs may 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 and deferred project costs to cost of sales after each respective project 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 as noncurrent due to the nature of solar power projects (long-lived assets) and the time required to complete all activities to develop, construct, and sell projects, which is typically longer than 12 months. Deferred project costs represent (i) costs that we capitalize as project assets for arrangements that we account for as real estate transactions after we have entered into a definitive sales arrangement, but before the sale is completed or before we have met all criteria to recognize the sale as revenue, (ii) recoverable pre-contract costs that we capitalize for arrangements accounted for as long-term construction contracts prior to entering into a definitive sales agreement, or (iii) costs that we capitalize for arrangements accounted for as long-term construction contracts after we have signed a definitive sales agreement, but before all revenue recognition criteria have been met. We classify deferred project costs as current if completion of the sale and the meeting of all revenue recognition criteria are expected within the next 12 months. If a project is completed and begins commercial operation prior to entering into or the closing of a sales arrangement, the completed project will remain in project assets or deferred project costs until the earliest of the closing of the sale of such project, our decision to temporarily hold such project, or one year from the project’s commercial operations date. Any income generated by a project while it remains within project assets or deferred project costs is accounted for as a reduction to our basis in the project, which at the time of sale and meeting all revenue recognition criteria will be recorded within cost of sales. Project assets and deferred project costs consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Project assets — land $ 27,229 $ 20,170 Project assets — development costs including project acquisition costs 383,210 359,203 Project assets — construction costs 619,997 408,402 Project assets 1,030,436 787,775 Deferred project costs — current 98,421 29,354 Deferred project costs — noncurrent — 22,573 Deferred project costs 98,421 51,927 Total project assets and deferred project costs $ 1,128,857 $ 839,702 Other assets Other assets consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Notes receivable (1) $ 12,111 $ 12,096 Income taxes receivable 4,058 4,850 Deferred rent 23,433 23,823 Other 25,571 20,901 Other assets $ 65,173 $ 61,670 (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 8.0% per annum payable quarterly with the full amount due on December 31, 2026. As of September 30, 2015 and December 31, 2014 , the balance on the credit facility was €7.0 million ( $7.9 million and $8.5 million , respectively, at the balance sheet dates). On February 7, 2014 , we entered into a convertible loan agreement with a strategic entity for an available amount of up to $5.0 million . The loan bears interest at 8.0% per annum. As of September 30, 2015 and December 31, 2014 , the balance outstanding on the convertible loan was $4.3 million and $3.5 million , respectively. Goodwill Goodwill, summarized by relevant reporting unit, consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands): December 31, Acquisitions September 30, 2015 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 businesses 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. If necessary, we would record any impairment in accordance with ASC 350, Intangibles - Goodwill and Other. We perform impairment tests between scheduled annual tests in the fourth quarter 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 intangibles, net Other intangibles, net consisted of intangible assets acquired as part of our GE and TetraSun acquisitions and our internally-generated intangible assets, substantially all of which were 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. During the nine months ended September 30, 2015 , $73.7 million of in-process research and development from the GE acquisition was reclassified to developed technology and began amortizing over its useful life of 10 years , and $39.1 million of in-process research and development from the TetraSun acquisition was also reclassified to developed technology and began amortizing over its useful life of 12 years . The following tables summarize our intangible assets at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Gross Amount Accumulated Amortization Net Amount Patents $ 5,523 $ (1,610 ) $ 3,913 Developed technology 114,614 (6,057 ) 108,557 Total $ 120,137 $ (7,667 ) $ 112,470 December 31, 2014 Gross Amount Accumulated Amortization Net Amount Patents 5,347 $ (1,208 ) $ 4,139 Developed technology 2,757 (460 ) 2,297 In-process research and development 112,800 — 112,800 Total $ 120,904 $ (1,668 ) $ 119,236 Amortization expense for our intangible assets was $3.0 million and $6.3 million for the three and nine months ended September 30, 2015 , respectively, and $0.4 million and $0.9 million for the three and nine months ended and September 30, 2014 , respectively. Accrued expenses Accrued expenses consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Accrued compensation and benefits $ 57,641 $ 43,072 Accrued property, plant and equipment 12,077 30,723 Accrued inventory and balance of systems parts 58,471 36,233 Accrued project assets and deferred project costs 163,164 113,012 Product warranty liability (1) 48,311 69,656 Accrued expenses in excess of normal product warranty liability and related expenses (1) 6,383 7,800 Other 66,120 87,660 Accrued expenses $ 412,167 $ 388,156 (1) See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion of “Product warranty liability” and “Accrued expenses in excess of normal product warranty liability and related expenses.” Billings in excess of costs and estimated earnings Billings in excess of costs and estimated earnings was $74.1 million and $195.3 million at September 30, 2015 and December 31, 2014 , respectively, and represented billings made or payments received in excess of revenue recognized on contracts accounted for under the percentage-of-completion method. Typically, billings are made based on the completion of certain construction milestones as provided for in the sales arrangement, and the timing of revenue recognition may be different from when we can bill or collect from a customer. Payments and billings for deferred project costs Payments and billings for deferred project costs was $22.7 million and $60.6 million at September 30, 2015 and December 31, 2014 , respectively, and represented 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 corresponding solar power project related costs are included as deferred project costs. We classify such amounts as current or noncurrent depending on when all revenue recognition criteria are expected to be met, consistent with the classification of the associated deferred project costs. Other current liabilities Other current liabilities consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Deferred revenue $ 9,199 $ 21,879 Derivative instruments 10,299 7,657 Contingent consideration (1) 4,132 36,817 Financing liability (2) 5,289 — Other 14,116 22,349 Other current liabilities $ 43,035 $ 88,702 (1) See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion. (2) See Note 9. “Investments in Unconsolidated Affiliates and Joint Ventures” to our condensed consolidated financial statements for further discussion of the financing liabilities associated with our leaseback of the Maryland Solar project. Other liabilities Other liabilities consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Product warranty liability (1) $ 184,759 $ 153,401 Other taxes payable 54,523 82,555 Derivative instruments 15,364 9,041 Contingent consideration (1) 7,237 17,077 Liability in excess of normal product warranty liability and related expenses (1) 20,111 23,139 Financing liability (2) 37,207 — Other 45,308 35,333 Other liabilities $ 364,509 $ 320,546 (1) See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion on “Product warranty liability,” “Contingent consideration,” and “Liability in excess of normal product warranty liability and related expenses.” (2) See Note 9. “Investments in Unconsolidated Affiliates and Joint Ventures” to our condensed consolidated financial statements for further discussion of the financing liabilities associated with our leaseback of the Maryland Solar project. |
7. Derivative Financial Instrum
7. Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 7. 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 these risks and only hold such instruments for hedging purposes, not for speculative or trading purposes. Depending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative instruments at fair value and account for changes in the fair value of derivative instruments within “ Accumulated other comprehensive income ” 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 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments. The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Prepaid Expenses and Other Current Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ — $ 197 $ — Cross-currency swap contract — 7,673 15,364 Interest rate swap contract — 35 — Total derivatives designated as hedging instruments $ — $ 7,905 $ 15,364 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 1,733 $ 2,394 $ — Total derivatives not designated as hedging instruments $ 1,733 $ 2,394 $ — Total derivative instruments $ 1,733 $ 10,299 $ 15,364 December 31, 2014 Prepaid Expenses and Other Current Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,213 $ — $ — Cross-currency swap contract — 2,996 8,995 Interest rate swap contract — 164 46 Total derivatives designated as hedging instruments $ 1,213 $ 3,160 $ 9,041 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 8,578 $ 4,497 $ — Total derivatives not designated as hedging instruments $ 8,578 $ 4,497 $ — Total derivative instruments $ 9,791 $ 7,657 $ 9,041 The impact of offsetting balances associated with derivative instruments designated as hedging instruments is shown below (in thousands): September 30, 2015 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 $ (197 ) — (197 ) — — $ (197 ) Cross-currency swap contract $ (23,037 ) — (23,037 ) — — $ (23,037 ) Interest rate swap contract $ (35 ) — (35 ) — — $ (35 ) December 31, 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 $ 1,213 — 1,213 — — $ 1,213 Cross-currency swap contract $ (11,991 ) — (11,991 ) — — $ (11,991 ) Interest rate swap contract $ (210 ) — (210 ) — — $ (210 ) The following tables present the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income and our condensed consolidated statements of operations for the nine months ended September 30, 2015 and 2014 (in thousands): Foreign Exchange Forward Contracts Interest Rate Swap Contract Cross Currency Swap Contract Total Balance in accumulated other comprehensive income (loss) at December 31, 2014 $ 6,621 $ (210 ) $ (3,399 ) $ 3,012 Amounts recognized in other comprehensive income (loss) 703 22 (11,373 ) (10,648 ) Amounts reclassified to earnings impacting: Net sales (1,782 ) — — (1,782 ) Cost of sales (5,509 ) — — (5,509 ) Foreign currency (loss) gain, net — — 12,126 12,126 Interest expense, net — 153 327 480 Balance in accumulated other comprehensive income (loss) at September 30, 2015 $ 33 $ (35 ) $ (2,319 ) $ (2,321 ) Foreign Exchange Forward Contracts Interest Rate Swap Contract Cross Currency Swap Contract Total Balance in accumulated other comprehensive income (loss) at December 31, 2013 $ 4,351 $ (703 ) $ (5,820 ) $ (2,172 ) Amounts recognized in other comprehensive income (loss) (904 ) — 3,071 2,167 Amounts reclassified to earnings impacting: Foreign currency (loss) gain, net — — (880 ) (880 ) Interest expense, net — 396 185 581 Balance in accumulated other comprehensive income (loss) at September 30, 2014 $ 3,447 $ (307 ) $ (3,444 ) $ (304 ) We recorded no amounts related to ineffective portions of our derivative instruments designated as cash flow hedges during the three and nine months ended September 30, 2015 and 2014 . We recognized unrealized losses of $0.2 million and unrealized gains of $0.3 million related to amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as cash flow hedges within “ Other expense, net ” during the three and nine months ended September 30, 2015 , respectively. We recognized unrealized gains of $1.0 million and $1.1 million related to amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as cash flow hedges within “ Other expense, net ” during the three and nine months ended September 30, 2014 , respectively. The following table presents amounts related to derivative instruments not designated as hedges affecting our condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in thousands): Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income 2015 2014 2015 2014 Foreign exchange forward contracts Foreign currency (loss) gain, net $ 9,527 $ (4,427 ) $ 1,543 $ (7,467 ) Foreign exchange forward contracts Cost of sales $ (2,232 ) $ 7,023 $ 7,731 $ 8,366 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 entitled us to receive a three-month floating Kuala Lumpur Interbank Offered Rate (“KLIBOR”) interest rate while requiring 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 of 3.19 MYR to USD. The notional amount of the swap is scheduled to decline in line with our scheduled principal payments on the underlying hedged debt. As of September 30, 2015 and December 31, 2014 , the notional value of this cross-currency swap contract was MYR 232.6 million ( $52.2 million ) and MYR 310.1 million ( $88.6 million ), respectively. This swap is a derivative instrument that qualifies for accounting as a cash flow hedge in accordance with ASC 815, and we designated it as such. We determined that this swap was highly effective as a cash flow hedge at September 30, 2015 and December 31, 2014 . For the three and nine months ended September 30, 2015 and 2014 , there were no 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 while being required to pay a fixed rate of 2.80% . The notional amount of the interest rate swap contract is scheduled to decline in line with our scheduled principal payments on the underlying hedged debt. As of September 30, 2015 and December 31, 2014 , the notional value of this interest rate swap contract was €2.2 million ( $2.5 million ) and €10.3 million ( $12.5 million ), respectively. This derivative instrument qualifies for accounting as a cash flow hedge in accordance with ASC 815, and we designated it as such. We determined that our interest rate swap contract was highly effective as a cash flow hedge at September 30, 2015 and December 31, 2014 . For the three and nine months ended September 30, 2015 and 2014 , there were no amounts of ineffectiveness from this cash flow hedge. In the following 12 months, we expect to reclassify to earnings $0.8 million of net unrealized losses related to swap contracts that are included in “ Accumulated other comprehensive income ” at September 30, 2015 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 rates when we realize the earnings effect of the underlying loans. Foreign Currency Exchange Risk Cash Flow Exposure We expect many of our subsidiaries to have material future cash flows that will be denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional currencies 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 September 30, 2015 and December 31, 2014 , these foreign exchange forward contracts hedged our forecasted cash flows for 36 months and 6 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 a derivative ’ s unrealized gain or loss in “ Accumulated other comprehensive income ” and subsequently reclassify amounts into earnings when the hedged transaction occurs and impacts earnings. We determined that these derivative financial instruments were highly effective as cash flow hedges at September 30, 2015 and December 31, 2014 . During the three and nine months ended September 30, 2015 and 2014 , we did not discontinue any cash flow hedges because a hedging relationship was no longer highly effective. As of September 30, 2015 and December 31, 2014 , 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): September 30, 2015 Currency Notional Amount USD Equivalent Indian rupee INR1,290.0 $19.6 December 31, 2014 Currency Notional Amount USD Equivalent Australian dollar AUD 38.4 $31.5 Japanese yen JPY 1,223.2 $10.3 As of September 30, 2015 and December 31, 2014 , the unrealized gains on these contracts were less than $0.1 million and $6.6 million , respectively. In the following 12 months, we expect to reclassify to earnings less than $0.1 million of net unrealized gains related to these forward contracts that are included in “ Accumulated other comprehensive income ” at September 30, 2015 as we realize the earnings effect of the related forecasted transactions. The amount we ultimately record to earnings will depend on the actual exchange rates when we realize the related forecasted transactions. Transaction Exposure and Economic Hedging Many of our subsidiaries have assets and liabilities (primarily cash, receivables, marketable securities, payables, 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 the functional currencies of our subsidiaries and the other currencies in which these assets and liabilities are denominated will 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 such 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 between certain of our subsidiaries and 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 (loss) gain, net ” on our condensed consolidated statements of operations, depending on where the gain or loss from the economically hedged item is classified. As of September 30, 2015 , the total net unrealized loss on our economic hedge foreign exchange forward contracts was $0.7 million . As of December 31, 2014 , the total net unrealized gain on our economic hedge foreign exchange forward contracts was $4.1 million . As these amounts do not qualify for hedge accounting, changes in the fair value of such derivative instruments are recorded directly to earnings. These contracts mature at various dates within the next three years . As of September 30, 2015 and December 31, 2014 , 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): September 30, 2015 Transaction Currency Notional Amount USD Equivalent Purchase Euro €53.2 $59.7 Sell Euro €124.2 $139.5 Purchase Australian dollar AUD 18.7 $13.1 Sell Australian dollar AUD 107.7 $75.4 Purchase Malaysian ringgit MYR 16.2 $3.6 Sell Malaysian ringgit MYR 94.3 $21.2 Sell Canadian dollar CAD 5.9 $4.4 Purchase Japanese yen JPY 652.9 $5.4 Sell Japanese yen JPY 7,423.2 $62.0 Purchase British pound GBP 8.2 $12.4 Sell British pound GBP 16.0 $24.2 Purchase Chinese yuan CNY 32.3 $5.1 Purchase Indian rupee INR 237.1 $3.6 Sell Indian rupee INR 6,347.2 $96.2 Sell South African rand ZAR 68.1 $4.9 Purchase Chilean peso CLP 6,610.0 $9.4 Sell Chilean peso CLP 6,610.0 $9.4 December 31, 2014 Transaction Currency Notional Amount USD Equivalent Purchase Euro €91.1 $110.9 Sell Euro €92.4 $112.5 Purchase Australian dollar AUD 26.0 $21.3 Sell Australian dollar AUD 118.0 $96.7 Purchase Malaysian ringgit MYR 146.0 $41.7 Sell Malaysian ringgit MYR 93.6 $26.7 Purchase Canadian dollar CAD 0.7 $0.6 Sell Canadian dollar CAD 8.3 $7.1 Purchase Japanese yen JPY 244.6 $2.1 Sell Japanese yen JPY 2,322.1 $19.5 Purchase British pound GBP 1.4 $2.2 Sell British pound GBP 37.7 $58.6 |
8. Fair Value Measurements
8. Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements Disclosure | 8. Fair Value Measurements The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: • Cash equivalents. At September 30, 2015 and December 31, 2014 , our cash equivalents consisted of money market funds. We value our money market cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1. • Marketable securities and restricted investments. At September 30, 2015 , our marketable securities consisted of foreign debt and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. At December 31, 2014 , our marketable securities consisted of foreign debt, time deposits, U.S. debt and U.S. government obligations, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or 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 either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standings in these fair value measurements. • Derivative assets and liabilities . At September 30, 2015 and December 31, 2014 , our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies, an interest rate swap contract involving a benchmark of interest rates, and a cross-currency swap contract including both. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry 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 counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively. At September 30, 2015 and December 31, 2014 , the fair value measurements of our assets and liabilities that we measure on a recurring basis were as follows (in thousands): September 30, 2015 Fair Value Measurements at Reporting Date Using Total Fair Value and Carrying Value on Our Balance Sheet Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 86,019 $ 86,019 $ — $ — Marketable securities: Foreign debt 579,814 — 579,814 — Time deposits 40,000 40,000 — — Restricted investments (excluding restricted cash) 339,926 — 339,926 — Derivative assets 1,733 — 1,733 — Total assets $ 1,047,492 $ 126,019 $ 921,473 $ — Liabilities: Derivative liabilities $ 25,663 $ — $ 25,663 $ — December 31, 2014 Fair Value Measurements at Reporting Date Using Total Fair Value and Carrying Value on Our Balance Sheet Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 1,602 $ 1,602 $ — $ — Marketable securities: Foreign debt 462,731 — 462,731 — Time deposits 40,000 40,000 — — U.S. debt 2,800 — 2,800 — U.S. government obligations 3,501 — 3,501 — Restricted investments (excluding restricted cash) 357,235 — 357,235 — Derivative assets 9,791 — 9,791 — Total assets $ 877,660 $ 41,602 $ 836,058 $ — Liabilities: Derivative liabilities $ 16,698 $ — $ 16,698 $ — Fair Value of Financial Instruments The carrying values and fair values of our financial and derivative instruments at September 30, 2015 and December 31, 2014 were as follows (in thousands): September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Assets: Marketable securities $ 619,814 $ 619,814 $ 509,032 $ 509,032 Foreign exchange forward contract assets 1,733 1,733 9,791 9,791 Restricted investments (excluding restricted cash) 339,926 339,926 357,235 357,235 Notes receivable — noncurrent 12,111 12,108 12,096 12,189 Notes receivable, affiliates — noncurrent 17,754 20,388 9,127 9,812 Liabilities: Long-term debt, including current maturities $ 284,291 $ 286,273 $ 211,915 $ 224,489 Interest rate swap contract liabilities 35 35 210 210 Cross-currency swap contract liabilities 23,037 23,037 11,991 11,991 Foreign exchange forward contract liabilities 2,591 2,591 4,497 4,497 The carrying values on our condensed consolidated balance sheets of our cash and cash equivalents, trade accounts receivable, unbilled accounts receivable and retainage, current affiliate notes receivable, other assets, restricted cash, accounts payable, income taxes payable, and accrued expenses approximated 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) based on observable market inputs. We incorporated the credit risk of our counterparty for all asset fair value measurements and our own 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 cash and investments, trade accounts receivable, notes receivable, 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 cash and 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. Our net sales are primarily concentrated among a limited number of customers. We monitor the financial condition of our customers and perform credit evaluations whenever considered necessary. Depending upon the sales arrangement, we may require some form of payment security from our customers, including bank guarantees or commercial letters of credit. |
9. Investments in Unconsolidate
9. Investments in Unconsolidated Affiliates and Joint Ventures (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | 9. Investments in Unconsolidated Affiliates and Joint Ventures We have joint ventures or other strategic arrangements with partners in several markets, which are generally used to expedite our penetration of those markets and establish relationships with potential customers and policymakers. We also enter into joint ventures or strategic arrangements with customers or other entities to maximize the value of particular projects. Some of these arrangements involve and are expected in the future to involve significant investments or other allocations of capital. Investments in unconsolidated entities for which we have significant influence, but not control, over the entities’ operating and financial activities are accounted for under the equity method of accounting. Investments in entities for which we do not have the ability to exert such significant influence are accounted for under the cost method of accounting. The following table summarizes our equity and cost method investments as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Equity method investments $ 289,679 $ 249,614 Cost method investments 9,424 5,415 Investments in unconsolidated affiliates and joint ventures $ 299,103 $ 255,029 8point3 Energy Partners LP In June 2015, 8point3 Energy Partners LP (the “Partnership”), a limited partnership formed by First Solar and SunPower Corporation (the “Sponsors”), completed its initial public offering (the “IPO”) of 20,000,000 Class A shares representing limited partner interests in the Partnership at $21.00 per share pursuant to a Registration Statement on Form S-1, as amended. As part of the IPO, the Sponsors contributed various projects to 8point3 Operating Company, LLC (“OpCo”) in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO. Our contributions to OpCo included our 49% membership interests in SG2 Holdings, LLC; Lost Hills Blackwell Holdings, LLC; and NS Solar Holdings, LLC as well as our 100% membership interest in Maryland Solar LLC. After the closing of the IPO, we owned an aggregate of 22,116,925 Class B shares representing a 31% voting interest in the Partnership, and an aggregate of 6,721,810 common units and 15,395,115 subordinated units in OpCo together representing a 31% economic and voting interest in the entity. We also received a distribution from OpCo of $283.7 million following the IPO. Future quarterly distributions from OpCo are subject to certain forbearance and subordination periods. During the forbearance period, the Sponsors have agreed to forego any distributions declared on their common and subordinated units. The forbearance period will end on or after March 1, 2016 when the board of directors of the Partnership’s general partner, 8point3 General Partner, LLC (“General Partner”), with the concurrence of its conflicts committee, determines that OpCo will be able to earn and pay at least the minimum quarterly distribution on each of its outstanding common and subordinated units for such quarter and the successive quarter. During the subordination period, holders of the subordinated units are not entitled to receive any distributions until the common units have received their minimum quarterly distribution plus any arrearages in the payment of minimum distributions from prior quarters. The subordination period will end after OpCo has earned and paid minimum quarterly distributions for three years ending on or after August 31, 2018 and there are no outstanding arrearages on common units. Notwithstanding the foregoing, the subordination period could end after OpCo has earned and paid 150% of minimum quarterly distributions, plus the related distribution on the incentive distribution rights, for one year ending on or after August 31, 2016 and there are no outstanding arrearages on common units. At the end of the subordination period, all subordinated units will convert to common units on a one-for-one basis. We also hold certain incentive distribution rights in OpCo, which represent a right to incremental distributions after certain distribution thresholds are met. The Partnership is managed and controlled by its General Partner, and we account for our interest in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we are able to exercise significant influence over the Partnership due to our representation on the board of directors of its General Partner. The Partnership owns, operates, and is expected to acquire additional solar energy generation projects from the Sponsors. The Partnership’s initial project portfolio includes interests in more than 0.4 GW of various solar energy generation projects, and the Partnership also has rights of first offer on interests in over 1.1 GW of additional solar energy generation projects that are currently contracted or are expected to be contracted prior to being sold by the Sponsors. We recognized equity in earnings, net of tax, from our investment in OpCo of $1.4 million for the three and nine months ended September 30, 2015 . As of September 30, 2015 , the carrying value of our investment in OpCo was $120.5 million . In connection with the IPO, we entered into an agreement with a subsidiary of the Partnership to lease back the Maryland Solar project until December 31, 2019. Under the terms of the agreement, we will make fixed rent payments to the Partnership’s subsidiary and be entitled to all the energy generated by the project. Due to our continuing involvement with the project, we account for the leaseback agreement as a financing transaction. As of September 30, 2015 , our financing obligation associated with the leaseback was $42.5 million , of which $5.3 million and $37.2 million , respectively, was classified as “Other current liabilities” and “Other liabilities” in the accompanying condensed consolidated balance sheets. We have also entered into a Management Services Agreement with the Partnership whereby we will provide certain corporate support services for an annual management fee of $0.6 million , which is consistent with the prevailing market rates for such services. These services include functions such as general oversight and supervision of the preparation and filing of income taxes, information technology, internal audit and compliance services, and other management functions. Between December 1, 2015 and November 30, 2016, we have the one-time right to increase the management fee by an amount not to exceed 15% in the event that our costs exceed the amount of the management fee. Additionally, we entered into various Asset Management Agreements with project entities of the Partnership. Under each agreement, we will provide administrative services to the project entities for an annual fee of $0.3 million , which increases by 2% per year thereafter. These asset management fees are also consistent with the prevailing market rates for such services. In June 2015, the Partnership entered into a $525.0 million senior secured credit facility, consisting of a $300.0 million term loan facility, a $25.0 million delayed draw term loan facility, and a $200.0 million revolving credit facility (the “Partnership Credit Facility”). Proceeds from the term loan were used to make initial distributions to the Sponsors. The Partnership Credit Facility is secured by a pledge of the Sponsors’ equity interests in the Partnership. SG2 Holdings, LLC In November 2014, we completed the sale of 51% of our 150 MW Solar Gen 2 project to Southern Power Company. The Solar Gen 2 project spans three sites, each of which is an approximately 50 MW grid-connected PV solar power system, comprising a combined 1,451 acres of land in Imperial County, California. Electricity generated by the systems is contracted to serve a 25 -year PPA with a local utility company. Our remaining 49% membership interest in the project holding company, SG2 Holdings, LLC, was accounted for under the equity method of accounting as we were able to exercise significant influence over the project due to our representation on its management committee. Under the terms of the project LLC agreement, each member is entitled to receive cash distributions based on their respective membership interests, and Southern Power Company is entitled to substantially all of the project’s federal tax benefits. In June 2015, our 49% interest in SG2 Holdings, LLC with a carrying value of $224.5 million was contributed to OpCo. Prior to the contribution, we recognized equity in earnings, net of tax, from our investment in SG2 Holdings, LLC of $2.1 million for the six months ended June 30, 2015. As of December 31, 2014 , the carrying value of our investment was $219.9 million . Lost Hills Blackwell Holdings, LLC In April 2015, we sold 51% of our 32 MW Lost Hills Blackwell project to a subsidiary of Southern Power Company. Electricity generated by the system is contracted to serve a short-term PPA with a local municipality and a 25 -year PPA with a local utility company. Our remaining 49% membership interest in the project holding company, Lost Hills Blackwell Holdings, LLC, was accounted for under the equity method of accounting as we were able to exercise significant influence over the project due to our representation on its management committee. Under the terms of the project LLC agreement, each member is entitled to receive cash distributions based on their respective membership interests, and Southern Power Company is entitled to substantially all of the project’s federal tax benefits. In June 2015, our 49% interest in Lost Hills Blackwell Holdings, LLC with a carrying value of $34.1 million was contributed to OpCo. Prior to the contribution, we recognized equity in earnings, net of tax, from our investment in Lost Hills Blackwell Holdings, LLC of $0.2 million for the six months ended June 30, 2015. NS Solar Holdings, LLC In April 2015, we also sold 51% of our 60 MW North Star Solar project to a subsidiary of Southern Power Company. Electricity generated by the system is contracted to serve a 20 -year PPA with a local utility company. Our remaining 49% membership interest in the project holding company, NS Solar Holdings, LLC, was accounted for under the equity method of accounting as we were able to exercise significant influence over the project due to our representation on its management committee. Under the terms of the project LLC agreement, each member is entitled to receive cash distributions based on their respective membership interests, and Southern Power Company is entitled to substantially all of the project’s federal tax benefits. In June 2015, our 49% interest in NS Solar Holdings, LLC with a carrying value of $93.6 million was contributed to OpCo. Prior to the contribution, we recognized a loss, net of tax, from our investment in NS Solar Holdings, LLC of less than $0.1 million for the six months ended June 30, 2015. Desert Stateline Holdings, LLC In August 2015, we sold 51% of our partially constructed 300 MW Desert Stateline project to a subsidiary of Southern Power Company for net revenue of $355.1 million and accounted for the transaction as a partial sale of real estate pursuant to ASC 360. Electricity generated by the system is contracted to serve a 20 -year PPA with a local utility company. Our remaining 49% membership interest in the project holding company, Desert Stateline Holdings, LLC, is accounted for under the equity method of accounting as we are able to exercise significant influence over the project due to our representation on its management committee. Under the terms of the project LLC agreement, each member is entitled to receive cash distributions based on their respective membership interests, and Southern Power Company is entitled to substantially all of the project’s federal tax benefits. During the three and nine months ended September 30, 2015 , we recognized no equity in earnings from our investment in Desert Stateline Holdings, LLC. As of September 30, 2015 , the carrying value of our investment was $142.9 million . Clean Energy Collective, LLC In November 2014, we entered into various agreements to purchase an ownership interest in Clean Energy Collective, LLC (“CEC”). This investment provided us with additional access to the distributed generation market and a partner to develop and market community solar offerings to North American residential customers and businesses directly on behalf of client utility companies. As part of the investment, we also received a warrant, valued at $1.8 million , to purchase additional ownership interests at prices at or above our initial investment price per unit. In addition to our equity investment in CEC, we also entered into a loan agreement to provide CEC with term loan advances up to $15.0 million . All loans are due in November 2017 on the third anniversary of the initial loan agreement. Interest is payable semiannually and may be capitalized to the outstanding principal balance of the loans at CEC’s election. The loans bear interest at rates ranging from 7% to 16% depending on CEC’s current capital structure. As of September 30, 2015 and December 31, 2014 , the balance outstanding on the loans was $14.9 million and $9.1 million , respectively. CEC is considered a variable interest entity, and our 27% ownership interest in and loans to the company are considered variable interests. We account for our investment in CEC under the equity method of accounting as we concluded we are not the primary beneficiary of the company given that we do not have the power to make decisions over the activities that most significantly impact the company’s economic performance. Under the equity method of accounting, we recognize equity in earnings for our proportionate share of CEC’s net income or loss including adjustments for the amortization of a basis difference resulting from the cost of our investment differing from our proportionate share of CEC’s equity. During the three and nine months ended September 30, 2015 , we recognized a loss, net of tax, of $0.5 million and $1.5 million , respectively, from our investment in CEC. As of September 30, 2015 and December 31, 2014 , the carrying value of our investment was $16.9 million and $19.5 million , respectively. Joint Venture with Customer In September 2013, we contributed an immaterial amount for a 50% ownership interest in a newly formed joint venture, which was established to develop solar power projects in Europe, North Africa, the United States, and the Middle East. One of our customers also contributed an immaterial amount for the remaining 50% ownership interest in the joint venture. The project development and related activities of the entity are governed by a joint venture agreement. The intent of this agreement is to outline the general parameters of the arrangement with our customer, whereby we will supply solar modules for various solar power projects and our customer will develop and construct the projects. The joint venture agreement also requires each party to consent to all decisions related to the most significant activities of the entity. There are no requirements for us to make further contributions to the joint venture, and the proceeds from the sale of any future projects are to be divided equally between us and our customer after the repayment of any project financing and project development related costs. In 2014 and 2015, we subsequently entered into various loan agreements with solar power project entities of the joint venture pursuant to which the project entities may borrow funds for the construction of PV solar power systems in the United Kingdom. The loans bear interest at rates ranging from 6% to 8% per annum and are payable at the earlier of the sale of the associated project entities or maturity in December 2015 or December 2018 depending on the terms of the individual loan. As of September 30, 2015 and December 31, 2014 , the balance outstanding on the loans was £2.8 million ( $4.2 million ) and £8.0 million ( $12.5 million ), respectively. The joint venture is considered a variable interest entity, and our ownership interest in and loans to the project entities of the joint venture are considered variable interests. We account for our investment in the joint venture under the equity method of accounting as we concluded we are not the primary beneficiary of the joint venture given that we currently share the power to make the decisions that most significantly impact the entity’s economic performance. The variable interest model may require a reconsideration as to whether we are the primary beneficiary of the variable interest entity due to changes in facts and circumstances. A failure of a project entity to repay its loan agreements by their respective maturity dates would be an event of default, if uncured, that triggers our ability to take over key decisions that would significantly impact the defaulting project entity’s economic performance. Our specific rights in the event of default would include (i) a unilateral right to terminate the EPC contractor, (ii) a unilateral right to negotiate the sale of the project, and (iii) an ability to enforce our rights over all of the project entity’s shares, which have been pledged as a form of security. Such a development would be a reconsideration event that could result in us concluding that we are the primary beneficiary of the defaulting project entity. |
10. Percentage-of-Completion Ch
10. Percentage-of-Completion Changes in Estimates (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Changes in Estimates for Systems Business [Abstract] | |
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 make estimates of net contract revenues and costs to complete our projects. In making such estimates, management judgments are required to evaluate significant assumptions including the amount of net contract revenues, the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, and the impact of any penalties, claims, change orders, or performance incentives. If estimated total costs on any contract are greater than the net contract revenues, we recognize the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to net contract revenues and costs to complete contracts are recorded in the period in which the revisions to estimates are identified and the amounts 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 accelerations or delays, (iii) module cost forecast changes, and (iv) other cost related 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 nine months ended September 30, 2015 and 2014 as well as the number of projects that comprise such aggregate net changes in estimates. For purposes of the following table, we only include projects with changes in estimates that have a net impact on gross profit of at least $1.0 million during the periods presented. Also included in the table is the net change in estimate as a percentage of the aggregate gross profit for such projects. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Number of projects 5 4 8 10 Increases (decreases) in gross profit resulting from net changes in estimates (in thousands) $ 10,521 $ 9,499 $ 51,133 $ 3,214 Net change in estimate as a percentage of aggregate gross profit for associated projects 2.0 % 0.6 % 3.0 % 0.2 % |
11. Debt
11. Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instruments [Abstract] | |
Debt | 11. Debt Our long-term debt consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): Balance (USD) Loan Agreement Maturity Loan Denomination September 30, December 31, Revolving credit facility July 2018 USD $ — $ — Project construction credit facilities Various Various 211,343 75,418 Malaysian ringgit facility agreement September 2018 MYR 52,195 88,606 Malaysian euro facility agreement April 2018 EUR 26,976 34,112 Malaysian facility agreement March 2016 EUR 5,243 25,818 Capital lease obligations Various Various 1,186 1,558 Long-term debt principal 296,943 225,512 Less: unamortized discount and issuance costs (11,466 ) (12,039 ) Total long-term debt 285,477 213,473 Less: current portion (38,663 ) (51,399 ) Noncurrent portion $ 246,814 $ 162,074 Revolving Credit Facility Our amended and restated credit agreement with several financial institutions as lenders and JPMorgan Chase Bank, N.A. as administrative agent provides us with a senior secured credit facility (the “Revolving Credit Facility”) with an aggregate available amount of $700.0 million , with the right to request an increase up to $900.0 million , subject to certain conditions. Borrowings under the Revolving Credit Facility bear interest at (i) 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 . These margins are subject to adjustment depending on our consolidated leverage ratio. We had no borrowings under our Revolving Credit Facility as of September 30, 2015 and December 31, 2014 . We had issued $176.7 million and $202.5 million of letters of credit using availability under our Revolving Credit Facility, leaving $523.3 million and $397.5 million of availability at September 30, 2015 and December 31, 2014 , respectively. The credit agreement contains financial covenants including: a leverage ratio covenant, a minimum EBITDA covenant, and a minimum liquidity covenant. Additionally, the credit agreement contains customary non-financial covenants and certain restrictions on our ability to pay dividends. We were in compliance with all covenants of the facility as of September 30, 2015 . In addition to paying interest on outstanding principal under the Revolving Credit Facility, we are required to pay a commitment fee at a 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 based on the applicable margin for Eurocurrency revolving loans on the face amount of each letter of credit and a fronting fee of 0.125% . In June 2015, we entered into the fifth amendment (the “Amendment”) to the Revolving Credit Facility. The Amendment provided for, among other things, the conversion of the prior tranche B revolving commitments into tranche A revolving commitments, an increase in the aggregate commitment amount to $700.0 million , and a maturity date of July 15, 2018. The Amendment also contained changes to certain terms, restrictions, and covenants of the Revolving Credit Facility and provided us with the right to increase the commitments under the facility up to $900.0 million . Project Construction Credit Facilities Chile In August 2014, Parque Solar Fotovoltaico Luz del Norte SpA (“Luz del Norte”), our indirect wholly-owned subsidiary, entered into credit facilities with the Overseas Private Investment Corporation (“OPIC”) and the International Finance Corporation (“IFC”) to provide limited-recourse senior secured debt financing in an aggregate principal amount of up to $290.0 million for the design, development, financing, construction, testing, commissioning, operation, and maintenance of a 141 MW PV solar power plant located near Copiapó, Chile. In September 2015, Luz del Norte reduced the borrowing capacity on the credit facilities to $238.0 million . Up to $178.0 million of the aggregate principal amount of the loans will be funded by OPIC. The OPIC commitment is comprised of fixed rate loans in an aggregate principal amount of up to $133.3 million and variable rate loans in an aggregate principal amount of up to $44.7 million . The fixed rate loans mature on September 15, 2029 , and the variable rate loans mature on September 15, 2032 . As of September 30, 2015 , the balance outstanding on the OPIC loans was $125.1 million . Up to $60.0 million of the aggregate principal amount of the loans will be funded by IFC. The IFC commitment is comprised of fixed rate loans in an aggregate principal amount of up to $44.9 million and variable rate loans in an aggregate principal amount of up to $15.1 million . The fixed rate loans mature on September 15, 2029 , and the variable rate loans mature on September 15, 2032 . As of September 30, 2015 , the balance outstanding on the IFC loans was $42.2 million . The OPIC and IFC loans are secured by liens over all of Luz del Norte’s assets, which had an aggregate book value of $394.8 million , including intercompany charges, as of September 30, 2015 and by a pledge of all of the equity interests in the entity. The financing agreements contain customary representations and warranties, covenants, and events of default for comparable credit facilities. We were in compliance with all covenants related to the Luz del Norte Credit Facilities as of September 30, 2015 . In August 2014, Luz del Norte also entered into a Chilean peso facility (“VAT facility” and together with the OPIC and IFC loans, the “Luz del Norte Credit Facilities”) equivalent to $65.0 million with Banco de Crédito e Inversiones to fund Chilean value added tax associated with the construction of the Luz del Norte project described above. In connection with the VAT facility, FSI provided a guaranty of substantially all payment obligations of Luz del Norte thereunder. As of September 30, 2015 , the balance outstanding on the VAT facility was $36.4 million . Japan In September 2015, First Solar Japan GK, our wholly-owned subsidiary, entered into a construction loan facility with Mizuho Bank Ltd. for borrowings up to ¥4.0 billion ( $33.4 million ) for the development and construction of utility-scale PV solar power plants in Japan (the “Japan Credit Facility”). The facility matures in September 2016 and is renewable for an additional one-year period at the option of First Solar Japan GK, subject to certain conditions including timely payment of interest and compliance with all covenants. The facility is guaranteed by FSI and secured by pledges of certain projects’ cash accounts and other rights in the projects. The facility contains customary representations and warranties, covenants, and events of default for comparable construction loan facilities in Japan. As of September 30, 2015 , the balance outstanding on the facility was $2.8 million . We were in compliance with all covenants related to the Japan Credit Facility as of September 30, 2015 . India In March 2015, Marikal Solar Parks Private Limited and Mahabubnagar Solar Parks Private Limited, our indirect wholly-owned subsidiaries, entered into term loan facilities with Axis Bank, as administrative agent, for combined aggregate borrowings up to ₨1.1 billion ( $16.6 million ) for the development and construction of two 10 MW PV solar power plants located in Telengana, India (the “India Credit Facilities”). The term loan facilities have a combined letter of credit sub-limit of ₨0.8 billion ( $11.5 million ), which may also be used to support construction activities. As of September 30, 2015 , we had issued ₨0.8 billion ( $11.4 million ) of letters of credit under the facilities. The term loan facilities mature on December 31, 2028 and are secured by certain assets of the borrowers, which had an aggregate book value of $90.8 million , including intercompany charges, as of September 30, 2015 and a pledge of a portion of the equity interests in the borrowers. The India Credit Facilities contain various financial covenants including leverage ratio covenants, a debt service ratio covenant, and a fixed asset coverage ratio covenant. As of September 30, 2015 , the balance outstanding on the term loan facilities was $4.8 million . We were seeking a waiver for a technical noncompliance related to the India Credit Facilities as of September 30, 2015 . Malaysian Ringgit Facility Agreement FS Malaysia, our indirect wholly owned subsidiary, 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. As of September 30, 2015 , buildings, machinery, equipment, and land leases with an aggregate net book value of $250.9 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 as of September 30, 2015 . Malaysian Euro Facility Agreement FS Malaysia entered into a credit facility agreement (“Malaysian Euro Facility Agreement”) with Commerzbank Aktiengesellschaft 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 as of September 30, 2015 . Malaysian Facility Agreement FS Malaysia 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 September 30, 2015 , machinery and equipment with an aggregate net book value of $4.1 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 contains certain representations and warranties, affirmative covenants, and events of default provisions. We were in compliance with all covenants associated with the Malaysian Facility Agreement as of September 30, 2015 . Variable Interest Rate Risk Certain of our long-term debt agreements bear interest at prime, EURIBOR, KLIBOR, LIBOR, TIBOR, or equivalent variable rates. 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 prime, LIBOR, TIBOR or equivalent variable rates would increase our cost of borrowing under our Revolving Credit Facility and various project construction credit facilities. Our long-term debt borrowing rates as of September 30, 2015 were as follows: Loan Agreement Borrowing Rate at September 30, 2015 Revolving Credit Facility 2.58% Luz del Norte Credit Facilities Fixed rate loans at bank rate plus 3.50% Variable rate loans at 91-Day U.S. Treasury Bill Yield or LIBOR plus 3.50% VAT loans at bank rate plus 1.30% Japan Credit Facility TIBOR plus 0.5% India Credit Facilities Bank rate plus 2.35% 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 7. “Derivative Financial Instruments” to our condensed consolidated financial statements. Future Principal Payments At September 30, 2015 , the future principal payments on our long-term debt, excluding payments related to capital leases, were due as follows (in thousands): Total Debt Remainder of 2015 $ 9,345 2016 34,410 2017 64,660 2018 26,217 2019 5,355 Thereafter 155,770 Total long-term debt future principal payments $ 295,757 |
12. Commitments and Contingenci
12. Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies 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 $700.0 million in letters of credit, subject to certain limits depending on the currencies of the letters of credit, at a fee based on the applicable margin for Eurocurrency revolving loans and a fronting fee. As of September 30, 2015 , we had $176.7 million in letters of credit issued under the Revolving Credit Facility, leaving $523.3 million of availability which can be used for the issuance of letters of credit. The majority of these letters of credit were supporting our systems business projects. As of September 30, 2015 , we also had $8.9 million in bank guarantees and letters of credit under separate agreements that were posted by certain of our foreign subsidiaries, $69.8 million of letters of credit issued under a bilateral facility secured with cash, and $150.6 million in surety bonds outstanding primarily for our systems business projects. The available bonding capacity under our surety lines was $642.4 million as of September 30, 2015 . 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 components, and our estimated replacement costs. 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 obligations may be material to our condensed consolidated statements of operations if we commit to any such remediation actions. Product warranty activities during the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Product warranty liability, beginning of period $ 222,304 $ 210,827 $ 223,057 $ 198,041 Accruals for new warranties issued 16,700 9,832 34,948 29,343 Settlements (4,722 ) (5,057 ) (9,817 ) (12,634 ) Changes in estimate of product warranty liability (1,212 ) (1,256 ) (15,118 ) (404 ) Product warranty liability, end of period $ 233,070 $ 214,346 $ 233,070 $ 214,346 Current portion of warranty liability $ 48,311 $ 68,021 $ 48,311 $ 68,021 Noncurrent portion of warranty liability $ 184,759 $ 146,325 $ 184,759 $ 146,325 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 module warranty liability by approximately $73.1 million , and a 1% change in estimated warranty return rate for balance of systems parts would not have a material impact on our associated warranty liability. Accrued Expenses in Excess of Product Warranty We may also accrue expenses for the cost of any voluntary remediation programs beyond our normal product warranty. As of September 30, 2015 and December 31, 2014 , accrued expenses in excess of our product warranty were $26.5 million and $30.9 million , respectively, of which $6.4 million and $7.8 million , respectively, were classified as current and included in “Accrued expenses” on our condensed consolidated balance sheets and $20.1 million and $23.1 million , respectively, were classified as noncurrent and included in “Other liabilities” on our condensed consolidated balance sheets. Our estimates for such remediation programs are based on an evaluation of available information including the estimated number of potentially affected solar modules, historical experience related to our remediation efforts, customer-provided data related to potentially affected systems, estimated costs for performing removal, replacement, and logistical services, and any post-sale expenses covered under our voluntary 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 the 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. As of September 30, 2015 and December 31, 2014 , we recorded $0.2 million and $4.3 million , respectively, of estimated obligations under such arrangements, which were classified as “Other current liabilities” in the condensed consolidated balance sheets. Under our O&M service offerings, 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, and liquidated damages may be incurred at the lost energy price noted in the PPA as the result of an underperformance event. Additionally, as part of our O&M service guarantees there is potential for bonus payments. As of September 30, 2015 and December 31, 2014 , we did not accrue any estimated obligations related to O&M service guarantees. Repurchase of Systems Projects From time to time under sales agreements for a limited number of our solar power projects, we may be required to repurchase the 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 repurchase clauses, we will not recognize revenue on such sales agreements until the conditional repurchase clauses are of no further force or effect and all other necessary revenue recognition criteria have been met. Contingent Consideration In connection with our 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. As of September 30, 2015 and December 31, 2014 , we recorded $3.9 million and $4.9 million of current liabilities, respectively, and $4.9 million and $14.7 million of long-term liabilities, respectively, for these contingent obligations based on their estimated fair value We continually seek to make additions to our advanced-stage project pipeline and are also actively developing our early to mid-stage project pipeline in order to secure PPAs and are also pursuing opportunities to acquire advanced-stage projects, which already have PPAs in place. In connection with such project acquisitions, we may agree to pay additional amounts to project sellers upon achievement of certain project-related milestones, such as obtaining a PPA, 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 September 30, 2015 and December 31, 2014 , we recorded $0.2 million and $31.9 million of current liabilities, respectively, and $2.4 million and $2.4 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 the modules reach the end of their useful lives. Historically, we included a description of our module collection and recycling obligations in customer sales contracts covered under the program. Based on the terms of these contracts, we agreed to cover the costs for the collection and recycling of qualifying solar modules, and the end-users agreed 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, we record our collection and recycling obligation within “Cost of sales” at the time of sale based on the estimated present value of the cost to collect and recycle the covered solar modules. 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 these estimates on (i) our experience collecting and recycling our solar modules, (ii) the expected timing of when our solar modules will be returned for recycling, and (iii) expected economic conditions at the time the solar modules will be collected and recycled. In the periods between the time of sale and the related settlement of the collection and recycling obligation, 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 expected future recycling costs and may adjust our liability accordingly. During the three months ended September 30, 2015 , we completed our annual cost study of obligations under our module collection and recycling program based on newly implemented recycling technologies at our manufacturing facility in Perrysburg, Ohio and reduced our associated liability by $80.0 million . The new recycling technology represents a significant improvement over previous technologies and contains a continuous flow recycling process, which increases the throughput of modules able to be recycled at a point in time. Such process improvements also result in corresponding reductions in capital, chemical, labor, maintenance, and other general recycling costs, which further contributed to the reduction in the recycling rate per module and corresponding change in the liability. Our module collection and recycling liability was $164.3 million and $246.3 million at September 30, 2015 and December 31, 2014 , respectively. A 1% increase in the annualized inflation rate used in our estimated future collection and recycling cost per module would increase our liability by $36.9 million , and a 1% decrease in that rate would decrease our liability by $30.7 million . The percentage of modules sold that were subject to our solar module collection and recycling liability was 3% and 56% for the nine months ended September 30, 2015 and the year ended December 31, 2014 , respectively. See Note 5. “Restricted Cash and Investments” to our condensed consolidated financial statements for more information about our arrangements for funding this liability. Legal Proceedings 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 persons who purchased or otherwise acquired the Company’s publicly traded securities between April 30, 2008 and February 28, 2012 (the “Class Action”). 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, including interest, and an award of reasonable costs and attorneys’ fees to the putative class. 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 October 8, 2013, the Arizona District Court granted the Pension Schemes’ motion for class certification, and certified a class comprised of all persons who purchased or otherwise acquired publicly traded securities of the Company between April 30, 2008 and February 28, 2012 and were damaged thereby, excluding defendants and certain related parties. Merits discovery closed on February 27, 2015. Defendants filed a motion for summary judgment on March 27, 2015, and plaintiffs filed a cross motion for partial summary judgment on the same day. On August 11, 2015, the Arizona District Court granted defendants’ motion in part and denied it in part, and certified an issue for immediate appeal to the Ninth Circuit Court of Appeals. The plaintiffs’ motion for summary judgment was denied. On August 20, 2015, First Solar filed a petition for interlocutory appeal with the Ninth Circuit Court of Appeals. Upon the filing of this petition, the Arizona District Court entered a stay until the Court of Appeals decides whether to take the appeal and, if it does, until the appeal is decided. The petition remains pending before the Court of Appeals. Given the pending appeal, the need for further expert discovery, and the uncertainties of trial, 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. Opt-Out Action On June 23, 2015, a suit titled Maverick Fund, L.D.C. v. First Solar, Inc., et al., Case No. 2:15-cv-01156-ROS, was filed in Arizona District Court by putative stockholders that opted out of the Class Action. The complaint names the Company and certain of our current and former directors and officers as defendants, and alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and violated state law, by making false and misleading statements regarding the Company’s financial performance and prospects. The action includes claims for recessionary and actual damages, interest, punitive damages, and an award of reasonable attorneys’ fees, expert fees, and costs. The Company believes it has meritorious defenses and will vigorously defend this action. The parties have stipulated to extending the deadline for responding to the complaint until after the Ninth Circuit Court of Appeals resolves the petition for appeal and/or the appeal in the Smilovits matter described above. Accordingly, we are not in a position to assess whether any loss or adverse effect on our financial condition is probable or remote or to estimate the range of potential loss, if any. Derivative Actions On April 3, 2012, a derivative action titled Tsevegmid v. Ahearn, et al., Case No. 1:12-cv-00417-CJB, was filed by a putative stockholder on behalf of the Company in the United States District Court for the District of Delaware (hereafter “Delaware District Court”) against certain current and former directors and officers of the Company, alleging breach of fiduciary duties and unjust enrichment. The complaint generally alleges that from June 1, 2008, to March 7, 2012, the defendants caused or allowed false and misleading statements to be made concerning the Company’s financial performance and prospects. The action includes claims for, among other things, damages in favor of the Company, certain corporate actions to purportedly improve the Company’s corporate governance, and an award of costs and expenses to the putative plaintiff stockholder, including attorneys’ fees. On April 10, 2012, a second derivative complaint was filed in the Delaware District Court. The complaint, titled Brownlee v. Ahearn, et al., Case No. 1:12-cv-00456-CJB, contains similar allegations and seeks similar relief to the Tsevegmid action. By court order on April 30, 2012, pursuant to the parties’ stipulation, the Tsevegmid action and the Brownlee action were consolidated into a single action in the Delaware District Court. On May 15, 2012, defendants filed a motion to challenge Delaware as the appropriate venue for the consolidated action. On March 4, 2013, the magistrate judge issued a Report and Recommendation recommending to the court that defendants’ motion be granted and that the case be transferred to the District of Arizona. On July 12, 2013, the court adopted the magistrate judge’s Report and Recommendation and ordered the case transferred to the District of Arizona. The transfer was completed on July 15, 2013. On April 12, 2012, a derivative complaint was filed in the Arizona District Court, titled Tindall v. Ahearn, et al., Case No. 2:12-cv-00769-ROS. In addition to alleging claims and seeking relief similar to the claims and relief asserted in the Tsevegmid and Brownlee actions, the Tindall complaint alleges violations of Sections 14(a) and 20(b) of the Securities Exchange Act of 1934. On April 19, 2012, a second derivative complaint was filed in the Arizona District Court, titled Nederhood v. Ahearn, et al., Case No. 2:12-cv-00819-JWS. The Nederhood complaint contains similar allegations and seeks similar relief to the Tsevegmid and Brownlee actions. On May 17, 2012 and May 30, 2012, respectively, two additional derivative complaints, containing similar allegations and seeking similar relief as the Nederhood complaint, were filed in Arizona District Court: Morris v. Ahearn, et al., Case No. 2:12-cv-01031-JAT and Tan v. Ahearn, et al., 2:12-cv-01144-NVW. On July 17, 2012, the Arizona District Court issued an order granting First Solar’s motion to transfer the derivative actions to Judge David Campbell, the judge to whom the Smilovits class action is assigned. On August 8, 2012, the court consolidated the four derivative actions pending in Arizona District Court, and on August 31, 2012, plaintiffs filed an amended complaint. Defendants filed a motion to stay the action on September 14, 2012. On December 17, 2012, the Arizona District 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 stockholder 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. The parties have jointly sought and obtained multiple requests to continue the action on the inactive calendar. Most recently, on June 30, 2015, the court continued the action on the inactive calendar until November 30, 2015. 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. Department of Labor Proceeding In March 2015, the Wage and Hour Division of the U.S. Department of Labor (the “DOL”) notified our wholly-owned subsidiary First Solar Electric, LLC (“FSE”) of the DOL’s findings following a labor standards compliance review under the Davis Bacon and Related Acts at the Agua Caliente project in southwestern Arizona. FSE served as the general contractor for the project. The DOL alleges that certain workers at the project were misclassified and, as a result of that misclassification, were not paid the required prevailing wage. We disagree with certain of the DOL’s investigative findings and currently are pursuing an administrative review of this matter. Possible adverse outcomes include the payment of back wages and debarment of FSE and its affiliates from doing certain business with the U.S. federal government. We cannot predict the ultimate outcome of the DOL proceeding. |
13. Share-Based Compensation
13. Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 was as follows (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Share-based compensation expense included in: Cost of sales $ 3,048 $ 2,569 $ 8,539 $ 8,559 Research and development 997 960 3,099 3,225 Selling, general and administrative 8,164 7,082 21,483 20,276 Production start-up 4 6 25 9 Total share-based compensation expense $ 12,213 $ 10,617 $ 33,146 $ 32,069 The following table presents our share-based compensation expense by type of award for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Restricted and performance stock units $ 10,579 $ 10,246 $ 29,350 $ 32,177 Unrestricted stock 332 331 995 994 Stock purchase plan 458 248 1,127 648 11,369 10,825 31,472 33,819 Net amount released from (absorbed into) inventory 844 (208 ) 1,674 (1,750 ) Total share-based compensation expense $ 12,213 $ 10,617 $ 33,146 $ 32,069 Share-based compensation expense capitalized in inventory was $3.6 million and $5.3 million at September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 , we had $37.4 million of unrecognized share-based compensation expense related to unvested restricted and performance stock units, which we expect to recognize as expense over a weighted-average period of approximately 1 year . The estimated forfeiture rate used to record compensation expense is based on historical forfeitures and is adjusted periodically based on actual results. At September 30, 2015 and December 31, 2014 , our forfeiture rate was 9.5% . |
14. Income Taxes
14. Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes Disclosure | 14. Income Taxes Our effective tax rates were 12.2% and 2.3% for the three and nine months ended September 30, 2015 , respectively, and (8.0)% and 9.0% for the three and nine months ended September 30, 2014 , respectively. The change in our effective tax rate during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014 was primarily the result of a net discrete tax benefit associated with the receipt of a private letter ruling and a higher percentage of profits earned in lower tax jurisdictions. The provision for income taxes differed from the amount computed by applying the statutory U.S. federal rate of 35% primarily due to the benefit associated with foreign income taxed at lower rates, including the beneficial impact of our Malaysian tax holiday, partially offset by additional tax expense attributable to losses in jurisdictions for which no tax benefits could be recorded. Our Malaysian subsidiary has been granted a long-term tax holiday that expires in 2027. The tax holiday, which generally provides for a full 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. During the three months ended September 30, 2015, we recognized a benefit of $13.6 million from the expiration of the statute of limitations for various uncertain tax positions. It is reasonably possible that $12.8 million of uncertain tax positions will also be recognized within the next 12 months. In April 2015, we received a private letter ruling in a foreign jurisdiction related to the timing of the deduction for certain of our obligations. In accordance with the private letter ruling, we will begin treating these obligations as deductible when we actually make payments on the obligations, which are expected to occur subsequent to the expiration of the tax holiday. During the three months ended June 30, 2015, we recorded a benefit of $41.7 million through the tax provision to establish a deferred tax asset associated with the future deductibility of these obligations. During the three months ended September 30, 2015, we subsequently reduced these obligations due to certain cost reductions driven by the implementation of advanced recycling technologies and recorded an adjustment to the prior benefit, resulting in a net benefit of $30.3 million for the nine months ended September 30, 2015. We use the deferral method of accounting for investment tax credits under which the credits are recognized as reductions in the carrying value of the related assets. The use of the deferral method also results in a basis difference from the recognition of a deferred tax asset and an immediate income tax benefit for the future tax depreciation of the related assets. Such basis differences are accounted for pursuant to the income statement method. In September, we generated a $20.7 million investment tax credit from placing a project into service. We are subject to audit by various state, local, and foreign tax authorities. During the nine months ended September 30, 2015 , we settled a tax audit in Spain, which resulted in a discrete tax expense of $2.5 million . We are not currently under any tax examinations but continue to have discussions regarding an ongoing dispute with the German taxing authorities. We believe 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 by our tax audits are not resolved in a manner consistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. |
15. Net Income Per Share
15. Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income per Share Disclosure | 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 potentially 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 net income per share, we utilize the treasury stock method. The calculation of basic and diluted net income per share for the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic net income per share Numerator: Net income $ 349,318 $ 89,833 $ 382,286 $ 202,646 Denominator: Weighted-average common shares outstanding 100,906 100,197 100,713 99,981 Diluted net income per share Denominator: Weighted-average common shares outstanding 100,906 100,197 100,713 99,981 Effect of restricted and performance stock units and stock purchase plan shares 1,393 1,218 1,132 1,705 Weighted-average shares used in computing diluted net income per share 102,299 101,415 101,845 101,686 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Per share information - basic: Net income per share $ 3.46 $ 0.90 $ 3.80 $ 2.03 Per share information - diluted: Net income per share $ 3.41 $ 0.89 $ 3.75 $ 1.99 The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net income per share for the three and nine months ended September 30, 2015 and 2014 as they would have had an anti-dilutive effect (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Anti-dilutive shares 46 46 64 87 |
16. Comprehensive Income and Ac
16. Comprehensive Income and Accumulated Other Comprehensive Income (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income | 16. Comprehensive Income and Accumulated Other 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 nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended 2015 2014 Net income $ 349,318 $ 89,833 Other comprehensive income, net of tax: Foreign currency translation adjustments (1,103 ) (9,887 ) Unrealized gain on marketable securities and restricted investments for the period, net of tax of $(1,336) and $(1,198) 17,944 19,847 Less: reclassification for gains included in net income — — Unrealized gain on marketable securities and restricted investments 17,944 19,847 Unrealized (loss) gain on derivative instruments for the period, net of tax of $18 and $(1,963) (7,360 ) 3,797 Less: reclassification for losses included in net income, net of tax of $765 and $0 6,022 2,001 Unrealized (loss) gain on derivative instruments (1,338 ) 5,798 Other comprehensive income, net of tax 15,503 15,758 Comprehensive income $ 364,821 $ 105,591 Nine Months Ended 2015 2014 Net income $ 382,286 $ 202,646 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (14,001 ) (11,548 ) Unrealized (loss) gain on marketable securities and restricted investments for the period, net of tax of $450 and $(4,155) (4,409 ) 58,595 Less: reclassification for gains included in net income, net of tax of $0 and $83 — (127 ) Unrealized (loss) gain on marketable securities and restricted investments (4,409 ) 58,468 Unrealized (loss) gain on derivative instruments for the period, net of tax of $(182) and $177 (10,832 ) 2,342 Less: reclassification for losses (gains) included in net income, net of tax of $2,278 and $0 7,593 (299 ) Unrealized (loss) gain on derivative instruments (3,239 ) 2,043 Other comprehensive (loss) income, net of tax (21,649 ) 48,963 Comprehensive income $ 360,637 $ 251,609 Components and details of accumulated other comprehensive income at September 30, 2015 and 2014 were as follows (in thousands): Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Marketable Securities Unrealized Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2014 $ (53,337 ) $ 102,299 $ 1,178 $ 50,140 Other comprehensive loss before reclassifications (14,001 ) (4,409 ) (10,832 ) (29,242 ) Amounts reclassified from accumulated other comprehensive income — — 7,593 7,593 Net other comprehensive loss (14,001 ) (4,409 ) (3,239 ) (21,649 ) Balance as of September 30, 2015 $ (67,338 ) $ 97,890 $ (2,061 ) $ 28,491 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 (11,548 ) 58,595 2,342 49,389 Amounts reclassified from accumulated other comprehensive income — (127 ) (299 ) (426 ) Net other comprehensive (loss) income (11,548 ) 58,468 2,043 48,963 Balance as of September 30, 2014 $ (45,738 ) $ 70,026 $ (1,101 ) $ 23,187 Amount Reclassified for the Details of Accumulated Other Comprehensive Income Nine Months Ended Income Statement Line Item 2015 2014 Gains on marketable securities $ — $ 210 Other expense, net — 83 Tax expense $ — $ 127 Total, net of tax Gains and (losses) on derivative contracts Foreign exchange forward contracts $ 1,782 $ — Net sales Foreign exchange forward contracts 5,509 — Cost of sales Interest rate and cross currency swap contracts (480 ) (581 ) Interest expense, net Cross currency swap contract (12,126 ) 880 Foreign currency (loss) gain, net (5,315 ) 299 Total before tax (2,278 ) — Tax expense $ (7,593 ) $ 299 Total net of tax |
17. Segment Reporting
17. Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Segment Reporting Disclosure | 17. 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 primarily manufacture cadmium telluride (“CdTe”) modules and have also begun manufacturing high-efficiency crystalline silicon modules. Third-party customers of our components segment include integrators and operators of 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) O&M services, and (iv) project finance expertise. We may provide our full EPC services 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 primarily use our solar modules, and we sell such products and services to utilities, independent power producers, commercial and industrial companies, and other system owners. Additionally within our systems segment, we may own and operate certain of our PV solar power systems for a period of time based on strategic opportunities. In our reportable segment financial disclosures, we include an allocation of net 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. See Note 24. “Segment and Geographical Information” in our Annual Report on Form 10-K for the year ended December 31, 2014 for a complete discussion of our segment reporting. Financial information about our reportable segments during the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Components Systems Total Components Systems Total Net sales $ 441,530 $ 829,715 $ 1,271,245 $ 289,327 $ 600,961 $ 890,288 Gross profit (1) 165,997 318,368 484,365 26,399 163,003 189,402 Depreciation and amortization expense 61,508 3,477 64,985 56,426 4,315 60,741 Income (loss) before taxes (1) 137,878 260,009 397,887 (22,170 ) 109,400 87,230 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Components Systems Total Components Systems Total Net sales $ 988,591 $ 1,648,080 $ 2,636,671 $ 800,246 $ 1,582,948 $ 2,383,194 Gross profit (1) 243,222 444,607 687,829 52,173 464,386 516,559 Depreciation and amortization expense 183,286 10,274 193,560 165,043 19,674 184,717 Income (loss) before taxes (1) 116,877 272,903 389,780 (96,694 ) 326,304 229,610 September 30, 2015 December 31, 2014 Components Systems Total Components Systems Total Goodwill $ 16,152 $ 68,833 $ 84,985 $ 16,152 $ 68,833 $ 84,985 Total assets 3,928,007 3,132,635 7,060,642 4,168,060 2,552,931 6,720,991 (1) The operating results for our components segment for the three and nine months ended September 30, 2015 include the impact of the $80.0 million reduction in our module collection and recycling obligation. See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for more information regarding the change in this obligation. Product Revenue The following table sets forth the total amounts of solar module and solar power system net sales recognized for the three and nine months ended September 30, 2015 and 2014 . 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 PV solar power systems and related products and services, including the solar modules installed in such solar power systems along with any revenue generated from our PV solar power systems (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Solar module revenue $ 60,836 $ 42,889 $ 180,792 $ 149,287 Solar power system revenue 1,210,409 847,399 2,455,879 2,233,907 Net sales $ 1,271,245 $ 890,288 $ 2,636,671 $ 2,383,194 |
2. Summary of Significant Acc24
2. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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. On an ongoing basis, we evaluate our estimates, including those related to percentage-of-completion revenue recognition, inventory valuation, recoverability of project assets and photovoltaic (“PV”) solar power systems, 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, and 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”) 605-35, Construction-Type and Production-Type Contracts , or ASC 360-20, Real Estate Sales , for arrangements which include land or land rights . For systems business sales arrangements that do not include land or land rights and thus are accounted for under ASC 605-35, 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. For systems business sales arrangements that are accounted for under ASC 360-20 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. 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. The initial and continuing investment requirements, which demonstrate a buyer’s commitment to honor its obligations for the sales arrangement, can typically be met through the receipt of cash or an irrevocable letter of credit from a highly creditworthy lending institution. (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. For any systems business sales arrangements containing multiple deliverables (including our solar modules) not required to be accounted for under ASC 605-35 (long-term construction contracts) or ASC 360-20 (real estate), we analyze each activity within the sales arrangement to 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 the total estimated costs (including module costs) in order to determine the progress towards completion and calculate the corresponding amount of revenue and profit to recognize. Costs incurred include direct materials, solar modules, labor, subcontractor costs, and those indirect costs related to contract performance, such as indirect labor and supplies. We recognize direct material and solar module costs as incurred 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 the associated costs until those materials are installed and have met all other revenue recognition requirements. We consider direct materials and solar modules to be installed when they are permanently placed or affixed to a PV solar power system as required by engineering designs. Solar modules manufactured and owned by us that will be used in our systems remain within inventory until such modules are installed in a system. The percentage-of-completion method of revenue recognition requires us to make estimates of net contract revenues and costs to complete our projects. In making such estimates, management judgments are required to evaluate significant assumptions including the amount of net contract revenues, the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, and the impact of any penalties, claims, change orders, or performance incentives. If estimated total costs on any contract are greater than the net contract revenues, we recognize the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to net contract revenues and costs to complete contracts, including penalties, claims, change orders, performance incentives, anticipated losses, and others are recorded in the period in which the revisions to estimates are identified and the amounts 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 the changes in estimates. Revenue Recognition — Operations and Maintenance. Our operations and maintenance (“O&M”) revenue is billed and recognized as services are performed. Costs of these revenues are expensed in the period in which they are incurred. 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 contract. Our customers typically do not have extended payment terms or rights of return for our products. |
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, including partnerships and partially owned limited liability companies or similar legal structures, with one or more third parties primarily to develop, construct, own, and/or sell solar power projects. These types of ventures are core to our business and long-term strategy related to providing solar PV generation solutions using our modules to key 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 a 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 cost or equity method 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 subordinated 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 conducted on behalf of that investor. Our venture agreements typically require us to fund some form of capital for the development and construction of a project, depending upon the opportunity and the market in which our ventures are located. 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 the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the entity. If we determine that we do not have the power to direct the activities that most significantly impact the entity, then we are not the primary beneficiary of the VIE. |
Cost and Equity Method Investments | Cost and Equity Method Investments. We account for our unconsolidated ventures using either the cost or equity method of accounting depending upon whether we have the ability to exercise significant influence over the venture. As part of this evaluation, we consider our participating and protective rights in the venture as well as its legal form. We record our cost method investments at their historical cost and subsequently record any dividends received from the net accumulated earnings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reductions in the cost of the investment. We use the equity method of accounting for our investments when we have the ability to significantly influence the operations or financial activities of the investee. We record our equity method investments at cost and subsequently adjust their carrying amount each period for our share of the earnings or losses of the investee and other adjustments required by the equity method of accounting. Dividends received from our equity method investments are recorded as reductions in the cost of such investments. We monitor our investments, which are included in “ Investments in unconsolidated affiliates and joint ventures ” in the accompanying condensed consolidated balance sheets, for impairment and record reductions in their carrying values if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when such impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, we consider our ability and intent to hold the investment until the carrying amount is fully recovered. Circumstances that indicate an other-than-temporary impairment may have occurred include factors such as decreases in quoted market prices or declines in the operations of the investee. The evaluation of an investment for potential impairment requires us to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment losses related to our cost and equity method investments were recorded during the three and nine months ended September 30, 2015 . We recorded impairment losses related to our cost and equity method investments of $5.0 million and $7.1 million during the three and nine months ended September 30, 2014 , respectively. |
1. Basis of Presentation Revisi
1. Basis of Presentation Revisions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The following table presents the effect of the aforementioned revisions on our condensed consolidated balance sheet as of December 31, 2014 (in thousands): December 31, 2014 As Reported Adjustment As Revised Other liabilities $ 284,546 $ 36,000 $ 320,546 Total liabilities 1,693,504 36,000 1,729,504 Accumulated earnings 2,279,689 (36,000 ) 2,243,689 Total stockholders’ equity 5,027,487 (36,000 ) 4,991,487 The following tables present the effect of the aforementioned revisions on our condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in thousands, except per share amounts): Three Months Ended September 30, 2014 As Reported Adjustment As Revised Net sales $ 889,310 $ 978 $ 890,288 Cost of sales 700,023 863 700,886 Gross profit 189,287 115 189,402 Operating income 83,760 115 83,875 Foreign currency gain, net 169 736 905 Other expense, net (2,476 ) 718 (1,758 ) Income before taxes and equity in earnings of unconsolidated affiliates 85,661 1,569 87,230 Income tax benefit 7,108 (160 ) 6,948 Net income 88,424 1,409 89,833 Comprehensive income 104,182 1,409 105,591 Basic net income per share $ 0.88 $ 0.02 $ 0.90 Diluted net income per share $ 0.87 $ 0.02 $ 0.89 Nine Months Ended September 30, 2014 As Reported Adjustment As Revised Net sales $ 2,383,821 $ (627 ) $ 2,383,194 Cost of sales 1,865,098 1,537 1,866,635 Gross profit 518,723 (2,164 ) 516,559 Operating income 224,942 (2,164 ) 222,778 Foreign currency loss, net (389 ) 197 (192 ) Other expense, net (5,416 ) 718 (4,698 ) Income before taxes and equity in earnings of unconsolidated affiliates 230,859 (1,249 ) 229,610 Income tax expense (19,579 ) (1,064 ) (20,643 ) Net income 204,959 (2,313 ) 202,646 Comprehensive income 253,922 (2,313 ) 251,609 Basic net income per share $ 2.05 $ (0.02 ) $ 2.03 Diluted net income per share $ 2.02 $ (0.03 ) $ 1.99 The following table presents the effect of the aforementioned revisions on our condensed consolidated statement of cash flows for the nine months ended September 30, 2014 (in thousands): Nine Months Ended September 30, 2014 As Reported Adjustment As Revised Net income $ 204,959 $ (2,313 ) $ 202,646 Adjustments to reconcile net income to cash used in operating activities: Remeasurement of monetary assets and liabilities 8,356 (197 ) 8,159 Changes in operating assets and liabilities: Accounts receivable, trade, unbilled and retainage (159,754 ) 8,804 (150,950 ) Prepaid expenses and other current assets 20,496 (16,858 ) 3,638 Project assets and deferred project costs 29,670 1,139 30,809 Accounts payable (38,817 ) (718 ) (39,535 ) Income taxes payable (27,937 ) (142 ) (28,079 ) Accrued expenses and other liabilities (533,920 ) 10,285 (523,635 ) Net cash used in operating activities (247,007 ) — (247,007 ) |
4. Cash, Cash Equivalents, an26
4. Cash, Cash Equivalents, and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Schedule of Cash, Cash Equivalents and Marketable Securities | Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Cash and cash equivalents: Cash $ 1,103,684 $ 1,480,452 Cash equivalents: Money market funds 86,019 1,602 Total cash and cash equivalents 1,189,703 1,482,054 Marketable securities: Foreign debt 579,814 462,731 Time deposits 40,000 40,000 U.S. debt — 2,800 U.S. government obligations — 3,501 Total marketable securities 619,814 509,032 Total cash, cash equivalents, and marketable securities $ 1,809,517 $ 1,991,086 |
Available-for-sale Securities | The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2015 and December 31, 2014 (in thousands): As of September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign debt $ 580,282 $ 224 $ 692 $ 579,814 Time deposits 40,000 — — 40,000 Total $ 620,282 $ 224 $ 692 $ 619,814 As of December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign debt $ 463,466 $ 18 $ 753 $ 462,731 Time deposits 40,000 — — 40,000 U.S. debt 2,800 — — 2,800 U.S. government obligations 3,500 1 — 3,501 Total $ 509,766 $ 19 $ 753 $ 509,032 |
Available-for-sale Securities by Maturity | The contractual maturities of our marketable securities as of September 30, 2015 and December 31, 2014 were as follows (in thousands): As of September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value One year or less $ 240,447 $ 15 $ 216 $ 240,246 One year to two years 271,445 29 439 271,035 Two years to three years 108,390 180 37 108,533 Total $ 620,282 $ 224 $ 692 $ 619,814 As of December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value One year or less $ 329,974 $ 14 $ 174 $ 329,814 One year to two years 125,892 5 380 125,517 Two years to three years 53,900 — 199 53,701 Total $ 509,766 $ 19 $ 753 $ 509,032 |
Available-for-sale Securities Continuous Unrealized Loss Position | The following tables show gross unrealized losses and estimated fair values for those marketable securities that were in an unrealized loss position as of September 30, 2015 and December 31, 2014 , aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands): As of September 30, 2015 In Loss Position for Less Than 12 Months In Loss Position for 12 Months or Greater Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Foreign debt $ 359,106 $ 588 $ 26,594 $ 104 $ 385,700 $ 692 Total $ 359,106 $ 588 $ 26,594 $ 104 $ 385,700 $ 692 As of December 31, 2014 In Loss Position for Less Than 12 Months In Loss Position for 12 Months or Greater Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Foreign debt $ 391,840 $ 740 $ 41,060 $ 13 $ 432,900 $ 753 Total $ 391,840 $ 740 $ 41,060 $ 13 $ 432,900 $ 753 |
5. Restricted Cash and Invest27
5. Restricted Cash and Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash And Investments | Restricted cash and investments consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Restricted cash $ 63,234 $ 49,818 Restricted investments 339,926 357,235 Restricted cash and investments (1) $ 403,160 $ 407,053 (1) There was an additional $39.8 million and $74.7 million of restricted cash included within prepaid expenses and other current assets at September 30, 2015 and December 31, 2014 , respectively. |
Restricted Available For Sale Securities | The following tables summarize the unrealized gains and losses related to our restricted investments, by major security type, as of September 30, 2015 and December 31, 2014 (in thousands): As of September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign government obligations $ 180,461 $ 85,314 $ — $ 265,775 U.S. government obligations 60,480 13,671 — 74,151 Total $ 240,941 $ 98,985 $ — $ 339,926 As of December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign government obligations $ 189,455 $ 93,280 $ — $ 282,735 U.S. government obligations 58,510 15,990 — 74,500 Total $ 247,965 $ 109,270 $ — $ 357,235 |
6. Consolidated Balance Sheet28
6. Consolidated Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable trade, net Accounts receivable trade, net consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Accounts receivable trade, gross $ 328,929 $ 142,542 Allowance for doubtful accounts (2 ) (7,108 ) Accounts receivable trade, net $ 328,927 $ 135,434 At September 30, 2015 and December 31, 2014 , $20.6 million and $21.4 million , respectively, of our accounts receivable trade, net were secured by letters of credit, bank guarantees, or other forms of financial security issued by creditworthy financial institutions. Accounts receivable, unbilled and retainage Accounts receivable, unbilled and retainage consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Accounts receivable, unbilled $ 219,455 $ 41,868 Retainage 21,664 35,103 Accounts receivable, unbilled and retainage $ 241,119 $ 76,971 |
Schedule of Inventories, Current and Noncurrent | Inventories consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Raw materials $ 158,816 $ 157,468 Work in process 25,467 20,829 Finished goods 303,458 442,408 Inventories $ 487,741 $ 620,705 Inventories — current $ 379,183 $ 505,088 Inventories — noncurrent (1) $ 108,558 $ 115,617 (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. |
Scheduel of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Prepaid expenses $ 64,337 $ 42,193 Derivative instruments 1,733 9,791 Restricted cash 39,756 74,695 Other current assets 104,573 75,472 Prepaid expenses and other current assets $ 210,399 $ 202,151 |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Land $ 12,155 $ 12,378 Buildings and improvements (1) 411,594 397,087 Machinery and equipment (1) 1,815,151 1,649,363 Office equipment and furniture 141,751 134,268 Leasehold improvements 50,392 50,096 Construction in progress 41,909 154,497 Stored assets (2) 139,507 155,389 Property, plant and equipment, gross 2,612,459 2,553,078 Less: accumulated depreciation (1,282,405 ) (1,133,090 ) Property, plant and equipment, net $ 1,330,054 $ 1,419,988 (1) In June 2015, we reclassified $15.2 million and $2.5 million from "Assets held for sale" to "Building and improvements" and "Machinery and equipment," respectively, as these assets no longer met the criteria to be classified as held for sale. (2) 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. During the nine months ended September 30, 2015 , we transferred $15.9 million of stored assets to our manufacturing facility in Perrysburg, Ohio for use in the production of solar modules. As the remaining stored assets are neither in the condition nor 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 our stored assets once they were physically received from the related machinery and equipment vendors. |
Schedule of PV Solar Power Systems, Net | PV solar power systems, net consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, PV solar power systems, gross $ 96,532 $ 47,727 Accumulated depreciation (3,112 ) (1,334 ) PV solar power systems, net $ 93,420 $ 46,393 |
Schedule of Capitalized Interest | The components of interest expense and capitalized interest were as follows during the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest cost incurred $ (5,697 ) $ (2,415 ) $ (13,923 ) $ (7,451 ) Interest cost capitalized — property, plant and equipment 290 544 1,152 1,566 Interest cost capitalized — project assets 3,632 1,782 9,976 4,456 Interest expense, net $ (1,775 ) $ (89 ) $ (2,795 ) $ (1,429 ) |
Schedule of Project Assets and Deferred Project Costs | Project assets and deferred project costs consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Project assets — land $ 27,229 $ 20,170 Project assets — development costs including project acquisition costs 383,210 359,203 Project assets — construction costs 619,997 408,402 Project assets 1,030,436 787,775 Deferred project costs — current 98,421 29,354 Deferred project costs — noncurrent — 22,573 Deferred project costs 98,421 51,927 Total project assets and deferred project costs $ 1,128,857 $ 839,702 |
Schedule of Other Assets, Noncurrent | Other assets consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Notes receivable (1) $ 12,111 $ 12,096 Income taxes receivable 4,058 4,850 Deferred rent 23,433 23,823 Other 25,571 20,901 Other assets $ 65,173 $ 61,670 (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 8.0% per annum payable quarterly with the full amount due on December 31, 2026. As of September 30, 2015 and December 31, 2014 , the balance on the credit facility was €7.0 million ( $7.9 million and $8.5 million , respectively, at the balance sheet dates). On February 7, 2014 , we entered into a convertible loan agreement with a strategic entity for an available amount of up to $5.0 million . The loan bears interest at 8.0% per annum. As of September 30, 2015 and December 31, 2014 , the balance outstanding on the convertible loan was $4.3 million and $3.5 million , respectively. |
Schedule of Goodwill | Goodwill, summarized by relevant reporting unit, consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands): December 31, Acquisitions September 30, 2015 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 Other Intangibles, Net | The following tables summarize our intangible assets at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Gross Amount Accumulated Amortization Net Amount Patents $ 5,523 $ (1,610 ) $ 3,913 Developed technology 114,614 (6,057 ) 108,557 Total $ 120,137 $ (7,667 ) $ 112,470 December 31, 2014 Gross Amount Accumulated Amortization Net Amount Patents 5,347 $ (1,208 ) $ 4,139 Developed technology 2,757 (460 ) 2,297 In-process research and development 112,800 — 112,800 Total $ 120,904 $ (1,668 ) $ 119,236 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Accrued compensation and benefits $ 57,641 $ 43,072 Accrued property, plant and equipment 12,077 30,723 Accrued inventory and balance of systems parts 58,471 36,233 Accrued project assets and deferred project costs 163,164 113,012 Product warranty liability (1) 48,311 69,656 Accrued expenses in excess of normal product warranty liability and related expenses (1) 6,383 7,800 Other 66,120 87,660 Accrued expenses $ 412,167 $ 388,156 (1) See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion of “Product warranty liability” and “Accrued expenses in excess of normal product warranty liability and related expenses.” |
Schedule of Other Current Liabilities | Other current liabilities Other current liabilities consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Deferred revenue $ 9,199 $ 21,879 Derivative instruments 10,299 7,657 Contingent consideration (1) 4,132 36,817 Financing liability (2) 5,289 — Other 14,116 22,349 Other current liabilities $ 43,035 $ 88,702 (1) See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion. (2) See Note 9. “Investments in Unconsolidated Affiliates and Joint Ventures” to our condensed consolidated financial statements for further discussion of the financing liabilities associated with our leaseback of the Maryland Solar project. |
Schedule of Other Liabilities | Other liabilities Other liabilities consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Product warranty liability (1) $ 184,759 $ 153,401 Other taxes payable 54,523 82,555 Derivative instruments 15,364 9,041 Contingent consideration (1) 7,237 17,077 Liability in excess of normal product warranty liability and related expenses (1) 20,111 23,139 Financing liability (2) 37,207 — Other 45,308 35,333 Other liabilities $ 364,509 $ 320,546 (1) See Note 12. “Commitments and Contingencies” to our condensed consolidated financial statements for further discussion on “Product warranty liability,” “Contingent consideration,” and “Liability in excess of normal product warranty liability and related expenses.” (2) See Note 9. “Investments in Unconsolidated Affiliates and Joint Ventures” to our condensed consolidated financial statements for further discussion of the financing liabilities associated with our leaseback of the Maryland Solar project. |
7. Derivative Financial Instr29
7. Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Prepaid Expenses and Other Current Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ — $ 197 $ — Cross-currency swap contract — 7,673 15,364 Interest rate swap contract — 35 — Total derivatives designated as hedging instruments $ — $ 7,905 $ 15,364 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 1,733 $ 2,394 $ — Total derivatives not designated as hedging instruments $ 1,733 $ 2,394 $ — Total derivative instruments $ 1,733 $ 10,299 $ 15,364 December 31, 2014 Prepaid Expenses and Other Current Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,213 $ — $ — Cross-currency swap contract — 2,996 8,995 Interest rate swap contract — 164 46 Total derivatives designated as hedging instruments $ 1,213 $ 3,160 $ 9,041 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 8,578 $ 4,497 $ — Total derivatives not designated as hedging instruments $ 8,578 $ 4,497 $ — Total derivative instruments $ 9,791 $ 7,657 $ 9,041 |
Offsetting Derivatives [Table Text Block] | The impact of offsetting balances associated with derivative instruments designated as hedging instruments is shown below (in thousands): September 30, 2015 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 $ (197 ) — (197 ) — — $ (197 ) Cross-currency swap contract $ (23,037 ) — (23,037 ) — — $ (23,037 ) Interest rate swap contract $ (35 ) — (35 ) — — $ (35 ) December 31, 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 $ 1,213 — 1,213 — — $ 1,213 Cross-currency swap contract $ (11,991 ) — (11,991 ) — — $ (11,991 ) Interest rate swap contract $ (210 ) — (210 ) — — $ (210 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following tables present the effective amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income and our condensed consolidated statements of operations for the nine months ended September 30, 2015 and 2014 (in thousands): Foreign Exchange Forward Contracts Interest Rate Swap Contract Cross Currency Swap Contract Total Balance in accumulated other comprehensive income (loss) at December 31, 2014 $ 6,621 $ (210 ) $ (3,399 ) $ 3,012 Amounts recognized in other comprehensive income (loss) 703 22 (11,373 ) (10,648 ) Amounts reclassified to earnings impacting: Net sales (1,782 ) — — (1,782 ) Cost of sales (5,509 ) — — (5,509 ) Foreign currency (loss) gain, net — — 12,126 12,126 Interest expense, net — 153 327 480 Balance in accumulated other comprehensive income (loss) at September 30, 2015 $ 33 $ (35 ) $ (2,319 ) $ (2,321 ) Foreign Exchange Forward Contracts Interest Rate Swap Contract Cross Currency Swap Contract Total Balance in accumulated other comprehensive income (loss) at December 31, 2013 $ 4,351 $ (703 ) $ (5,820 ) $ (2,172 ) Amounts recognized in other comprehensive income (loss) (904 ) — 3,071 2,167 Amounts reclassified to earnings impacting: Foreign currency (loss) gain, net — — (880 ) (880 ) Interest expense, net — 396 185 581 Balance in accumulated other comprehensive income (loss) at September 30, 2014 $ 3,447 $ (307 ) $ (3,444 ) $ (304 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table presents amounts related to derivative instruments not designated as hedges affecting our condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in thousands): Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income 2015 2014 2015 2014 Foreign exchange forward contracts Foreign currency (loss) gain, net $ 9,527 $ (4,427 ) $ 1,543 $ (7,467 ) Foreign exchange forward contracts Cost of sales $ (2,232 ) $ 7,023 $ 7,731 $ 8,366 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of September 30, 2015 and December 31, 2014 , 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): September 30, 2015 Currency Notional Amount USD Equivalent Indian rupee INR1,290.0 $19.6 December 31, 2014 Currency Notional Amount USD Equivalent Australian dollar AUD 38.4 $31.5 Japanese yen JPY 1,223.2 $10.3 |
Schedule Of Notional Value Of Foreign Exchange Forward Derivatives [Table Text Block] | As of September 30, 2015 and December 31, 2014 , 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): September 30, 2015 Transaction Currency Notional Amount USD Equivalent Purchase Euro €53.2 $59.7 Sell Euro €124.2 $139.5 Purchase Australian dollar AUD 18.7 $13.1 Sell Australian dollar AUD 107.7 $75.4 Purchase Malaysian ringgit MYR 16.2 $3.6 Sell Malaysian ringgit MYR 94.3 $21.2 Sell Canadian dollar CAD 5.9 $4.4 Purchase Japanese yen JPY 652.9 $5.4 Sell Japanese yen JPY 7,423.2 $62.0 Purchase British pound GBP 8.2 $12.4 Sell British pound GBP 16.0 $24.2 Purchase Chinese yuan CNY 32.3 $5.1 Purchase Indian rupee INR 237.1 $3.6 Sell Indian rupee INR 6,347.2 $96.2 Sell South African rand ZAR 68.1 $4.9 Purchase Chilean peso CLP 6,610.0 $9.4 Sell Chilean peso CLP 6,610.0 $9.4 December 31, 2014 Transaction Currency Notional Amount USD Equivalent Purchase Euro €91.1 $110.9 Sell Euro €92.4 $112.5 Purchase Australian dollar AUD 26.0 $21.3 Sell Australian dollar AUD 118.0 $96.7 Purchase Malaysian ringgit MYR 146.0 $41.7 Sell Malaysian ringgit MYR 93.6 $26.7 Purchase Canadian dollar CAD 0.7 $0.6 Sell Canadian dollar CAD 8.3 $7.1 Purchase Japanese yen JPY 244.6 $2.1 Sell Japanese yen JPY 2,322.1 $19.5 Purchase British pound GBP 1.4 $2.2 Sell British pound GBP 37.7 $58.6 |
8. Fair Value Measurements (Tab
8. Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value assets And liabilities measured on a recurring basis | At September 30, 2015 and December 31, 2014 , the fair value measurements of our assets and liabilities that we measure on a recurring basis were as follows (in thousands): September 30, 2015 Fair Value Measurements at Reporting Date Using Total Fair Value and Carrying Value on Our Balance Sheet Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 86,019 $ 86,019 $ — $ — Marketable securities: Foreign debt 579,814 — 579,814 — Time deposits 40,000 40,000 — — Restricted investments (excluding restricted cash) 339,926 — 339,926 — Derivative assets 1,733 — 1,733 — Total assets $ 1,047,492 $ 126,019 $ 921,473 $ — Liabilities: Derivative liabilities $ 25,663 $ — $ 25,663 $ — December 31, 2014 Fair Value Measurements at Reporting Date Using Total Fair Value and Carrying Value on Our Balance Sheet Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 1,602 $ 1,602 $ — $ — Marketable securities: Foreign debt 462,731 — 462,731 — Time deposits 40,000 40,000 — — U.S. debt 2,800 — 2,800 — U.S. government obligations 3,501 — 3,501 — Restricted investments (excluding restricted cash) 357,235 — 357,235 — Derivative assets 9,791 — 9,791 — Total assets $ 877,660 $ 41,602 $ 836,058 $ — Liabilities: Derivative liabilities $ 16,698 $ — $ 16,698 $ — |
Fair value of financial instruments | The carrying values and fair values of our financial and derivative instruments at September 30, 2015 and December 31, 2014 were as follows (in thousands): September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Assets: Marketable securities $ 619,814 $ 619,814 $ 509,032 $ 509,032 Foreign exchange forward contract assets 1,733 1,733 9,791 9,791 Restricted investments (excluding restricted cash) 339,926 339,926 357,235 357,235 Notes receivable — noncurrent 12,111 12,108 12,096 12,189 Notes receivable, affiliates — noncurrent 17,754 20,388 9,127 9,812 Liabilities: Long-term debt, including current maturities $ 284,291 $ 286,273 $ 211,915 $ 224,489 Interest rate swap contract liabilities 35 35 210 210 Cross-currency swap contract liabilities 23,037 23,037 11,991 11,991 Foreign exchange forward contract liabilities 2,591 2,591 4,497 4,497 |
9. Investments in Unconsolida31
9. Investments in Unconsolidated Affiliates and Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Cost and Equity Method Investments [Table Text Block] | The following table summarizes our equity and cost method investments as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Equity method investments $ 289,679 $ 249,614 Cost method investments 9,424 5,415 Investments in unconsolidated affiliates and joint ventures $ 299,103 $ 255,029 |
10. Percentage-of-Completion 32
10. Percentage-of-Completion Changes in Estimates (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 as well as the number of projects that comprise such aggregate net changes in estimates. For purposes of the following table, we only include projects with changes in estimates that have a net impact on gross profit of at least $1.0 million during the periods presented. Also included in the table is the net change in estimate as a percentage of the aggregate gross profit for such projects. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Number of projects 5 4 8 10 Increases (decreases) in gross profit resulting from net changes in estimates (in thousands) $ 10,521 $ 9,499 $ 51,133 $ 3,214 Net change in estimate as a percentage of aggregate gross profit for associated projects 2.0 % 0.6 % 3.0 % 0.2 % |
11. Debt (Tables)
11. Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments | Our long-term debt consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): Balance (USD) Loan Agreement Maturity Loan Denomination September 30, December 31, Revolving credit facility July 2018 USD $ — $ — Project construction credit facilities Various Various 211,343 75,418 Malaysian ringgit facility agreement September 2018 MYR 52,195 88,606 Malaysian euro facility agreement April 2018 EUR 26,976 34,112 Malaysian facility agreement March 2016 EUR 5,243 25,818 Capital lease obligations Various Various 1,186 1,558 Long-term debt principal 296,943 225,512 Less: unamortized discount and issuance costs (11,466 ) (12,039 ) Total long-term debt 285,477 213,473 Less: current portion (38,663 ) (51,399 ) Noncurrent portion $ 246,814 $ 162,074 |
Schedule of Borrowing Rate on Debt | Our long-term debt borrowing rates as of September 30, 2015 were as follows: Loan Agreement Borrowing Rate at September 30, 2015 Revolving Credit Facility 2.58% Luz del Norte Credit Facilities Fixed rate loans at bank rate plus 3.50% Variable rate loans at 91-Day U.S. Treasury Bill Yield or LIBOR plus 3.50% VAT loans at bank rate plus 1.30% Japan Credit Facility TIBOR plus 0.5% India Credit Facilities Bank rate plus 2.35% 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 7. “Derivative Financial Instruments” to our condensed consolidated financial statements. |
Schedule of Maturities of Long-term Debt | At September 30, 2015 , the future principal payments on our long-term debt, excluding payments related to capital leases, were due as follows (in thousands): Total Debt Remainder of 2015 $ 9,345 2016 34,410 2017 64,660 2018 26,217 2019 5,355 Thereafter 155,770 Total long-term debt future principal payments $ 295,757 |
12. Commitments and Contingen34
12. Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | Product warranty activities during the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Product warranty liability, beginning of period $ 222,304 $ 210,827 $ 223,057 $ 198,041 Accruals for new warranties issued 16,700 9,832 34,948 29,343 Settlements (4,722 ) (5,057 ) (9,817 ) (12,634 ) Changes in estimate of product warranty liability (1,212 ) (1,256 ) (15,118 ) (404 ) Product warranty liability, end of period $ 233,070 $ 214,346 $ 233,070 $ 214,346 Current portion of warranty liability $ 48,311 $ 68,021 $ 48,311 $ 68,021 Noncurrent portion of warranty liability $ 184,759 $ 146,325 $ 184,759 $ 146,325 |
13. Share-Based Compensation (T
13. Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The share-based compensation expense that we recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Share-based compensation expense included in: Cost of sales $ 3,048 $ 2,569 $ 8,539 $ 8,559 Research and development 997 960 3,099 3,225 Selling, general and administrative 8,164 7,082 21,483 20,276 Production start-up 4 6 25 9 Total share-based compensation expense $ 12,213 $ 10,617 $ 33,146 $ 32,069 The following table presents our share-based compensation expense by type of award for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Restricted and performance stock units $ 10,579 $ 10,246 $ 29,350 $ 32,177 Unrestricted stock 332 331 995 994 Stock purchase plan 458 248 1,127 648 11,369 10,825 31,472 33,819 Net amount released from (absorbed into) inventory 844 (208 ) 1,674 (1,750 ) Total share-based compensation expense $ 12,213 $ 10,617 $ 33,146 $ 32,069 |
15. Net Income Per Share (Table
15. Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 was as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic net income per share Numerator: Net income $ 349,318 $ 89,833 $ 382,286 $ 202,646 Denominator: Weighted-average common shares outstanding 100,906 100,197 100,713 99,981 Diluted net income per share Denominator: Weighted-average common shares outstanding 100,906 100,197 100,713 99,981 Effect of restricted and performance stock units and stock purchase plan shares 1,393 1,218 1,132 1,705 Weighted-average shares used in computing diluted net income per share 102,299 101,415 101,845 101,686 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Per share information - basic: Net income per share $ 3.46 $ 0.90 $ 3.80 $ 2.03 Per share information - diluted: Net income per share $ 3.41 $ 0.89 $ 3.75 $ 1.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net income per share for the three and nine months ended September 30, 2015 and 2014 as they would have had an anti-dilutive effect (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Anti-dilutive shares 46 46 64 87 |
16. Comprehensive Income and 37
16. Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of 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 nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended 2015 2014 Net income $ 349,318 $ 89,833 Other comprehensive income, net of tax: Foreign currency translation adjustments (1,103 ) (9,887 ) Unrealized gain on marketable securities and restricted investments for the period, net of tax of $(1,336) and $(1,198) 17,944 19,847 Less: reclassification for gains included in net income — — Unrealized gain on marketable securities and restricted investments 17,944 19,847 Unrealized (loss) gain on derivative instruments for the period, net of tax of $18 and $(1,963) (7,360 ) 3,797 Less: reclassification for losses included in net income, net of tax of $765 and $0 6,022 2,001 Unrealized (loss) gain on derivative instruments (1,338 ) 5,798 Other comprehensive income, net of tax 15,503 15,758 Comprehensive income $ 364,821 $ 105,591 Nine Months Ended 2015 2014 Net income $ 382,286 $ 202,646 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (14,001 ) (11,548 ) Unrealized (loss) gain on marketable securities and restricted investments for the period, net of tax of $450 and $(4,155) (4,409 ) 58,595 Less: reclassification for gains included in net income, net of tax of $0 and $83 — (127 ) Unrealized (loss) gain on marketable securities and restricted investments (4,409 ) 58,468 Unrealized (loss) gain on derivative instruments for the period, net of tax of $(182) and $177 (10,832 ) 2,342 Less: reclassification for losses (gains) included in net income, net of tax of $2,278 and $0 7,593 (299 ) Unrealized (loss) gain on derivative instruments (3,239 ) 2,043 Other comprehensive (loss) income, net of tax (21,649 ) 48,963 Comprehensive income $ 360,637 $ 251,609 |
Schedule of Accumulated Other Comprehensive Income | Components and details of accumulated other comprehensive income at September 30, 2015 and 2014 were as follows (in thousands): Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Marketable Securities Unrealized Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2014 $ (53,337 ) $ 102,299 $ 1,178 $ 50,140 Other comprehensive loss before reclassifications (14,001 ) (4,409 ) (10,832 ) (29,242 ) Amounts reclassified from accumulated other comprehensive income — — 7,593 7,593 Net other comprehensive loss (14,001 ) (4,409 ) (3,239 ) (21,649 ) Balance as of September 30, 2015 $ (67,338 ) $ 97,890 $ (2,061 ) $ 28,491 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 (11,548 ) 58,595 2,342 49,389 Amounts reclassified from accumulated other comprehensive income — (127 ) (299 ) (426 ) Net other comprehensive (loss) income (11,548 ) 58,468 2,043 48,963 Balance as of September 30, 2014 $ (45,738 ) $ 70,026 $ (1,101 ) $ 23,187 |
Reclassification out of Accumulated Other Comprehensive Income | Amount Reclassified for the Details of Accumulated Other Comprehensive Income Nine Months Ended Income Statement Line Item 2015 2014 Gains on marketable securities $ — $ 210 Other expense, net — 83 Tax expense $ — $ 127 Total, net of tax Gains and (losses) on derivative contracts Foreign exchange forward contracts $ 1,782 $ — Net sales Foreign exchange forward contracts 5,509 — Cost of sales Interest rate and cross currency swap contracts (480 ) (581 ) Interest expense, net Cross currency swap contract (12,126 ) 880 Foreign currency (loss) gain, net (5,315 ) 299 Total before tax (2,278 ) — Tax expense $ (7,593 ) $ 299 Total net of tax |
17. Segment Reporting (Tables)
17. Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information about our reportable segments during the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Components Systems Total Components Systems Total Net sales $ 441,530 $ 829,715 $ 1,271,245 $ 289,327 $ 600,961 $ 890,288 Gross profit (1) 165,997 318,368 484,365 26,399 163,003 189,402 Depreciation and amortization expense 61,508 3,477 64,985 56,426 4,315 60,741 Income (loss) before taxes (1) 137,878 260,009 397,887 (22,170 ) 109,400 87,230 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Components Systems Total Components Systems Total Net sales $ 988,591 $ 1,648,080 $ 2,636,671 $ 800,246 $ 1,582,948 $ 2,383,194 Gross profit (1) 243,222 444,607 687,829 52,173 464,386 516,559 Depreciation and amortization expense 183,286 10,274 193,560 165,043 19,674 184,717 Income (loss) before taxes (1) 116,877 272,903 389,780 (96,694 ) 326,304 229,610 September 30, 2015 December 31, 2014 Components Systems Total Components Systems Total Goodwill $ 16,152 $ 68,833 $ 84,985 $ 16,152 $ 68,833 $ 84,985 Total assets 3,928,007 3,132,635 7,060,642 4,168,060 2,552,931 6,720,991 |
Revenue from External Customers by Products and Services | The following table sets forth the total amounts of solar module and solar power system net sales recognized for the three and nine months ended September 30, 2015 and 2014 . 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 PV solar power systems and related products and services, including the solar modules installed in such solar power systems along with any revenue generated from our PV solar power systems (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Solar module revenue $ 60,836 $ 42,889 $ 180,792 $ 149,287 Solar power system revenue 1,210,409 847,399 2,455,879 2,233,907 Net sales $ 1,271,245 $ 890,288 $ 2,636,671 $ 2,383,194 |
1. Basis of Presentation Revi39
1. Basis of Presentation Revisions - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other liabilities | $ 364,509 | $ 320,546 |
Total liabilities | 1,671,914 | 1,729,504 |
Accumulated earnings | 2,625,975 | 2,243,689 |
Total stockholders' equity | $ 5,388,728 | 4,991,487 |
Scenario, Previously Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other liabilities | 284,546 | |
Total liabilities | 1,693,504 | |
Accumulated earnings | 2,279,689 | |
Total stockholders' equity | 5,027,487 | |
Restatement Adjustment [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other liabilities | 36,000 | |
Total liabilities | 36,000 | |
Accumulated earnings | (36,000) | |
Total stockholders' equity | $ (36,000) |
1. Basis of Presentation Revi40
1. Basis of Presentation Revisions - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net sales | $ 1,271,245 | $ 890,288 | $ 2,636,671 | $ 2,383,194 |
Cost of sales | 786,880 | 700,886 | 1,948,842 | 1,866,635 |
Gross profit | 484,365 | 189,402 | 687,829 | 516,559 |
Operating income | 397,821 | 83,875 | 384,841 | 222,778 |
Foreign currency (loss) gain, net | (1,803) | 905 | (4,981) | (192) |
Other expense, net | (1,678) | (1,758) | (3,729) | (4,698) |
Income (loss) before income taxes | 397,887 | 87,230 | 389,780 | 229,610 |
Income tax (expense) benefit | (48,454) | 6,948 | (9,134) | (20,643) |
Net income (loss) | 349,318 | 89,833 | 382,286 | 202,646 |
Comprehensive income (loss) | $ 364,821 | $ 105,591 | $ 360,637 | $ 251,609 |
Net income per share, basic | $ 3.46 | $ 0.90 | $ 3.80 | $ 2.03 |
Net income per share, diluted | $ 3.41 | $ 0.89 | $ 3.75 | $ 1.99 |
Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net sales | $ 889,310 | $ 2,383,821 | ||
Cost of sales | 700,023 | 1,865,098 | ||
Gross profit | 189,287 | 518,723 | ||
Operating income | 83,760 | 224,942 | ||
Foreign currency (loss) gain, net | 169 | (389) | ||
Other expense, net | (2,476) | (5,416) | ||
Income (loss) before income taxes | 85,661 | 230,859 | ||
Income tax (expense) benefit | 7,108 | (19,579) | ||
Net income (loss) | 88,424 | 204,959 | ||
Comprehensive income (loss) | $ 104,182 | $ 253,922 | ||
Net income per share, basic | $ 0.88 | $ 2.05 | ||
Net income per share, diluted | $ 0.87 | $ 2.02 | ||
Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net sales | $ 978 | $ (627) | ||
Cost of sales | 863 | 1,537 | ||
Gross profit | 115 | (2,164) | ||
Operating income | 115 | (2,164) | ||
Foreign currency (loss) gain, net | 736 | 197 | ||
Other expense, net | 718 | 718 | ||
Income (loss) before income taxes | 1,569 | (1,249) | ||
Income tax (expense) benefit | (160) | (1,064) | ||
Net income (loss) | 1,409 | (2,313) | ||
Comprehensive income (loss) | $ 1,409 | $ (2,313) | ||
Net income per share, basic | $ 0.02 | $ (0.02) | ||
Net income per share, diluted | $ 0.02 | $ (0.03) |
1. Basis of Presentation Revi41
1. Basis of Presentation Revisions - Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | $ 349,318 | $ 89,833 | $ 382,286 | $ 202,646 |
Remeasurement of monetary assets and liabilities | (10,341) | 8,159 | ||
Accounts receivable, trade, unbilled and retainage | (351,320) | (150,950) | ||
Prepaid expenses and other current assets | (37,282) | 3,638 | ||
Project assets and deferred project costs | (642,835) | 30,809 | ||
Accounts payable | 108,742 | (39,535) | ||
Income taxes payable | (19,169) | (28,079) | ||
Accrued expenses and other liabilities | (113,905) | (523,635) | ||
Net cash used in operating activities | $ (414,016) | (247,007) | ||
Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | 88,424 | 204,959 | ||
Remeasurement of monetary assets and liabilities | 8,356 | |||
Accounts receivable, trade, unbilled and retainage | (159,754) | |||
Prepaid expenses and other current assets | 20,496 | |||
Project assets and deferred project costs | 29,670 | |||
Accounts payable | (38,817) | |||
Income taxes payable | (27,937) | |||
Accrued expenses and other liabilities | (533,920) | |||
Net cash used in operating activities | (247,007) | |||
Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | $ 1,409 | (2,313) | ||
Remeasurement of monetary assets and liabilities | (197) | |||
Accounts receivable, trade, unbilled and retainage | 8,804 | |||
Prepaid expenses and other current assets | (16,858) | |||
Project assets and deferred project costs | 1,139 | |||
Accounts payable | (718) | |||
Income taxes payable | (142) | |||
Accrued expenses and other liabilities | 10,285 | |||
Net cash used in operating activities | $ 0 |
(Details)
(Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Equity Method Investments, Other than Temporary Impairment | $ 0 | $ 5 | $ 0 | $ 7.1 |
3. Recent Accounting Pronounc43
3. Recent Accounting Pronouncements Change (Details) - Accounting Standards Update 2015-03 [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Dec. 31, 2014 | |
Prepaid Expenses and Other Current Assets [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0.4 | $ 0.5 |
Other Assets [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2.6 | $ 2.9 |
4. Cash, Cash Equivalents, an44
4. Cash, Cash Equivalents, and Marketable Securities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)Investments | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Investments | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Investments | Dec. 31, 2013USD ($) | |
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Cash and cash equivalents | $ 1,189,703 | $ 622,523 | $ 1,189,703 | $ 622,523 | $ 1,482,054 | $ 1,325,072 |
Marketable securities | 619,814 | 619,814 | 509,032 | |||
Total cash, cash equivalents, and marketable securities | 1,809,517 | 1,809,517 | $ 1,991,086 | |||
Marketable Securities, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 200 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | Investments | 2 | 2 | 2 | |||
Available-for-sale securities, in loss position for 12 months or greater, estimated fair value | $ 26,594 | $ 26,594 | $ 41,060 | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, accumulated loss | 104 | 104 | 13 | |||
Foreign debt [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Marketable securities | 579,814 | 579,814 | 462,731 | |||
Available-for-sale securities, in loss position for 12 months or greater, estimated fair value | 26,594 | 26,594 | 41,060 | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, accumulated loss | 104 | 104 | 13 | |||
Time deposits [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Marketable securities | 40,000 | 40,000 | 40,000 | |||
U.S. debt [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Marketable securities | 0 | 0 | 2,800 | |||
U.S. government obligations [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Marketable securities | 0 | 0 | 3,501 | |||
Cash [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Cash and cash equivalents | 1,103,684 | 1,103,684 | 1,480,452 | |||
Money market funds [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Cash and cash equivalents | $ 86,019 | $ 86,019 | 1,602 | |||
Maximum [Member] | ||||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||||
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, accumulated loss | $ 100 |
4. Cash, Cash Equivalents, an45
4. Cash, Cash Equivalents, and Marketable Securities (Details) - Available For Sale - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | $ 620,282 | $ 509,766 |
Available-for-sale securities, gross unrealized gains | 224 | 19 |
Available-for-sale securities, gross unrealized losses | 692 | 753 |
Available-for-sale securities, estimated fair value | 619,814 | 509,032 |
Available-for-sale securities, accumulated unrealized gain (loss) | (500) | (700) |
Marketable securities, continuous unrealized loss position: | ||
Available-for-sale securities, in loss position for less than 12 months, estimated fair value | 359,106 | 391,840 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 588 | 740 |
Available-for-sale securities, in loss position for 12 months or greater, estimated fair value | 26,594 | 41,060 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, accumulated loss | 104 | 13 |
Available-for-sale securities, in loss position, estimated fair value | 385,700 | 432,900 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | 692 | 753 |
One year or less [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 240,447 | 329,974 |
Available-for-sale securities, gross unrealized gains | 15 | 14 |
Available-for-sale securities, gross unrealized losses | 216 | 174 |
Available-for-sale securities, estimated fair value | 240,246 | 329,814 |
One year to two years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 271,445 | 125,892 |
Available-for-sale securities, gross unrealized gains | 29 | 5 |
Available-for-sale securities, gross unrealized losses | 439 | 380 |
Available-for-sale securities, estimated fair value | 271,035 | 125,517 |
Two years to three years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 108,390 | 53,900 |
Available-for-sale securities, gross unrealized gains | 180 | 0 |
Available-for-sale securities, gross unrealized losses | 37 | 199 |
Available-for-sale securities, estimated fair value | 108,533 | 53,701 |
Foreign debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 580,282 | 463,466 |
Available-for-sale securities, gross unrealized gains | 224 | 18 |
Available-for-sale securities, gross unrealized losses | 692 | 753 |
Available-for-sale securities, estimated fair value | 579,814 | 462,731 |
Marketable securities, continuous unrealized loss position: | ||
Available-for-sale securities, in loss position for less than 12 months, estimated fair value | 359,106 | 391,840 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 588 | 740 |
Available-for-sale securities, in loss position for 12 months or greater, estimated fair value | 26,594 | 41,060 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, accumulated loss | 104 | 13 |
Available-for-sale securities, in loss position, estimated fair value | 385,700 | 432,900 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | 692 | 753 |
Time deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 40,000 | 40,000 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Available-for-sale securities, estimated fair value | 40,000 | 40,000 |
U.S. debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 2,800 | |
Available-for-sale securities, gross unrealized gains | 0 | |
Available-for-sale securities, gross unrealized losses | 0 | |
Available-for-sale securities, estimated fair value | 0 | 2,800 |
U.S. government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 3,500 | |
Available-for-sale securities, gross unrealized gains | 1 | |
Available-for-sale securities, gross unrealized losses | 0 | |
Available-for-sale securities, estimated fair value | $ 0 | $ 3,501 |
5. Restricted Cash and Invest46
5. Restricted Cash and Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Restricted Cash and Investments [Abstract] | ||
Restricted cash | $ 63,234 | $ 49,818 |
Restricted investments | 339,926 | 357,235 |
Restricted cash and investments, noncurrent | 403,160 | 407,053 |
Restricted cash, current | $ 39,756 | $ 74,695 |
Solar module collection and recycling custodial account | 90 days | |
Product minimum service life | 25 years |
5. Restricted Cash and Invest47
5. Restricted Cash and Investments (Details) - Available For Sale Securities - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | $ 620,282 | $ 509,766 |
Available-for-sale securities, gross unrealized gains | 224 | 19 |
Available-for-sale securities, gross unrealized losses | 692 | 753 |
Restricted investments | 339,926 | 357,235 |
U.S. government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 3,500 | |
Available-for-sale securities, gross unrealized gains | 1 | |
Available-for-sale securities, gross unrealized losses | 0 | |
Restricted Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 240,941 | 247,965 |
Available-for-sale securities, gross unrealized gains | 98,985 | 109,270 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Restricted investments | 339,926 | 357,235 |
Restricted Investments [Member] | Foreign government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 180,461 | 189,455 |
Available-for-sale securities, gross unrealized gains | 85,314 | 93,280 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Restricted investments | 265,775 | 282,735 |
Restricted Investments [Member] | U.S. government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, amortized cost | 60,480 | 58,510 |
Available-for-sale securities, gross unrealized gains | 13,671 | 15,990 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Restricted investments | $ 74,151 | $ 74,500 |
Minimum [Member] | Restricted Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Contractual Maturities Of Available-For-Sale Marketable Securities, Range Start (In Years) | 12 years | 13 years |
Maximum [Member] | Restricted Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Contractual Maturities Of Available-For-Sale Marketable Securities, Range End (In Years) | 21 years | 22 years |
6. Consolidated Balance Sheet48
6. Consolidated Balance Sheet Details (Details) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2014USD ($) | Feb. 07, 2014USD ($) | Apr. 08, 2009EUR (€) | |
PV Solar Power Systems Placed in Service | $ 50,700 | |||||||||||
Accounts receivable trade, net: | ||||||||||||
Accounts receivable trade, gross | $ 328,929 | $ 142,542 | ||||||||||
Allowance for doubtful accounts | (2) | (7,108) | ||||||||||
Accounts receivable trade, net | 328,927 | 135,434 | ||||||||||
Secured Accounts Receivables | 20,600 | 21,400 | ||||||||||
Accounts receivable, unbilled | 219,455 | 41,868 | ||||||||||
Retainage | 21,664 | 35,103 | ||||||||||
Accounts receivable, unbilled and retainage | 241,119 | 76,971 | ||||||||||
Inventories: | ||||||||||||
Raw materials | 158,816 | 157,468 | ||||||||||
Work in process | 25,467 | 20,829 | ||||||||||
Finished goods | 303,458 | 442,408 | ||||||||||
Inventories | 487,741 | 620,705 | ||||||||||
Inventories - current | 379,183 | 505,088 | ||||||||||
Inventories - noncurrent | 108,558 | 115,617 | ||||||||||
Balance of systems parts | 104,392 | 125,083 | ||||||||||
Prepaid expenses and other current assets: | ||||||||||||
Prepaid expenses | 64,337 | 42,193 | ||||||||||
Derivative instruments | 1,733 | 9,791 | ||||||||||
Restricted cash | 39,756 | 74,695 | ||||||||||
Other current assets | 104,573 | 75,472 | ||||||||||
Prepaid expenses and other current assets | 210,399 | 202,151 | ||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 2,612,459 | 2,553,078 | ||||||||||
Less: accumulated depreciation | (1,282,405) | (1,133,090) | ||||||||||
Property, plant and equipment, net | 1,330,054 | 1,419,988 | ||||||||||
PV solar power systems, net [Abstract] | ||||||||||||
PV solar power systems, gross | 96,532 | 47,727 | ||||||||||
Accumulated depreciation | (3,112) | (1,334) | ||||||||||
PV solar power systems, net | 93,420 | 46,393 | ||||||||||
Interest Costs Incurred [Abstract] | ||||||||||||
Interest cost incurred | $ (5,697) | $ (2,415) | $ (13,923) | $ (7,451) | ||||||||
Interest expense, net | (1,775) | (89) | (2,795) | (1,429) | ||||||||
Project Assets - Current and Noncurrent: | ||||||||||||
Project assets - land | 27,229 | 20,170 | ||||||||||
Project assets - development costs including project acquisition costs | 383,210 | 359,203 | ||||||||||
Project assets - construction costs | 619,997 | 408,402 | ||||||||||
Project assets | 1,030,436 | 787,775 | ||||||||||
Deferred Project Costs [Abstract] | ||||||||||||
Deferred project costs, current | 98,421 | 29,354 | ||||||||||
Deferred project costs, noncurrent | 0 | 22,573 | ||||||||||
Deferred project costs | 98,421 | 51,927 | ||||||||||
Total project assets and deferred project costs | 1,128,857 | 839,702 | ||||||||||
Other Assets, Noncurrent [Abstract] | ||||||||||||
Notes receivable | 12,111 | 12,096 | ||||||||||
Income taxes receivable | 4,058 | 4,850 | ||||||||||
Deferred rent | 23,433 | 23,823 | ||||||||||
Other | 25,571 | 20,901 | ||||||||||
Other assets | 65,173 | 61,670 | ||||||||||
Goodwill | ||||||||||||
Goodwill | 84,985 | 84,985 | 84,985 | 84,985 | ||||||||
Accumulated impairment loss | (393,365) | (393,365) | ||||||||||
Goodwill from acquisition | 0 | |||||||||||
Goodwill impairment | 0 | |||||||||||
Other intangible assets, net | ||||||||||||
Intangible assets, gross | 120,137 | 120,904 | ||||||||||
Intangible assets, accumulated amortization | (7,667) | (1,668) | ||||||||||
Intangible assets, net | 112,470 | 119,236 | ||||||||||
Amortization of intangible assets | 3,000 | 400 | $ 6,300 | 900 | ||||||||
Accrued Expenses [Abstract] | ||||||||||||
Accrued compensation and benefits | 57,641 | 43,072 | ||||||||||
Accrued property, plant, and equipment | 12,077 | 30,723 | ||||||||||
Accrued inventory and balance of systems parts | 58,471 | 36,233 | ||||||||||
Accrued project assets and deferred project costs | 163,164 | 113,012 | ||||||||||
Product warranty liability | 48,311 | 69,656 | ||||||||||
Accrued expenses in excess of normal product warranty liability and related expenses | 6,383 | 7,800 | ||||||||||
Other | 66,120 | 87,660 | ||||||||||
Accrued expenses | 412,167 | 388,156 | ||||||||||
Billings in excess of costs and estimated earnings | 74,102 | 195,346 | ||||||||||
Payments and billings for deferred project costs | 22,699 | 60,591 | ||||||||||
Other current liabilities | ||||||||||||
Deferred revenue | 9,199 | 21,879 | ||||||||||
Derivative instruments | 10,299 | 7,657 | ||||||||||
Contingent consideration | 4,132 | 36,817 | ||||||||||
Financing liability | 5,289 | 0 | ||||||||||
Other | 14,116 | 22,349 | ||||||||||
Other current liabilities | 43,035 | 88,702 | ||||||||||
Other liabilities: | ||||||||||||
Product warranty liability | 184,759 | 153,401 | ||||||||||
Other taxes payable | 54,523 | 82,555 | ||||||||||
Derivative Liability, Noncurrent | 15,364 | 9,041 | ||||||||||
Contingent consideration | 7,237 | 17,077 | ||||||||||
Liability in excess of normal product warranty liability and related expenses | 20,111 | 23,139 | ||||||||||
Financing liability | 37,207 | 0 | ||||||||||
Other | 45,308 | 35,333 | ||||||||||
Other liabilities | 364,509 | 320,546 | ||||||||||
General Electric [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Finite-lived intangible asset, useful life | 10 years | |||||||||||
TetraSun [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Finite-lived intangible asset, useful life | 12 years | |||||||||||
Patents [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Intangible assets, gross | 5,523 | 5,347 | ||||||||||
Intangible assets, accumulated amortization | (1,610) | (1,208) | ||||||||||
Intangible assets, net | 3,913 | 4,139 | ||||||||||
Developed Technology Rights [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Intangible assets, gross | 114,614 | 2,757 | ||||||||||
Intangible assets, accumulated amortization | (6,057) | (460) | ||||||||||
Intangible assets, net | 108,557 | 2,297 | ||||||||||
Developed Technology Rights [Member] | General Electric [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Intangible assets, gross | 73,700 | |||||||||||
Developed Technology Rights [Member] | TetraSun [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Intangible assets, gross | 39,100 | |||||||||||
In Process Research and Development [Member] | ||||||||||||
Other intangible assets, net | ||||||||||||
Intangible assets, gross | 112,800 | |||||||||||
Intangible assets, accumulated amortization | 0 | |||||||||||
Intangible assets, net | 112,800 | |||||||||||
CdTe Components Segment [Member] | ||||||||||||
Goodwill | ||||||||||||
Goodwill | 403,420 | 403,420 | ||||||||||
Goodwill from acquisition | $ 0 | |||||||||||
Crystalline Silicon Components Segment [Member] | ||||||||||||
Goodwill | ||||||||||||
Goodwill | 6,097 | 6,097 | ||||||||||
Goodwill from acquisition | 0 | |||||||||||
Systems Segment [Member] | ||||||||||||
Goodwill | ||||||||||||
Goodwill | 68,833 | 68,833 | 68,833 | 68,833 | ||||||||
Goodwill from acquisition | 0 | |||||||||||
Credit Facility Agreement [Member] | ||||||||||||
Other Assets, Noncurrent [Abstract] | ||||||||||||
Notes receivable | € 7 | 7,900 | € 7 | 8,500 | ||||||||
Notes Receivable Initial Available Amount | € | € 17.5 | |||||||||||
Note Receivable Interest Rate | 8.00% | |||||||||||
Convertible Loan with Strategic Entity [Member] | ||||||||||||
Other Assets, Noncurrent [Abstract] | ||||||||||||
Notes receivable | 4,300 | 3,500 | ||||||||||
Notes Receivable Initial Available Amount | $ 5,000 | |||||||||||
Note Receivable Interest Rate | 8.00% | |||||||||||
Property, Plant and Equipment [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Depreciation | 61,300 | 59,700 | 185,400 | 183,100 | ||||||||
PV solar power systems, net [Abstract] | ||||||||||||
Depreciation | 61,300 | 59,700 | 185,400 | 183,100 | ||||||||
Interest Costs Incurred [Abstract] | ||||||||||||
Interest costs, capitalized during period | 290 | 544 | 1,152 | 1,566 | ||||||||
PV solar power systems [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Depreciation | 600 | 600 | 1,800 | 700 | ||||||||
PV solar power systems, net [Abstract] | ||||||||||||
Depreciation | 600 | 600 | 1,800 | 700 | ||||||||
Project Assets And Deferred Project Costs [Member] | ||||||||||||
Interest Costs Incurred [Abstract] | ||||||||||||
Interest costs, capitalized during period | $ 3,632 | $ 1,782 | 9,976 | $ 4,456 | ||||||||
Land [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 12,155 | 12,378 | ||||||||||
Building and improvements [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 411,594 | 397,087 | ||||||||||
Property, Plant and Equipment, Transfers and Changes | $ 15,200 | |||||||||||
Machinery and equipment [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 1,815,151 | 1,649,363 | ||||||||||
Property, Plant and Equipment, Transfers and Changes | $ 2,500 | |||||||||||
Office equipment and furniture [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 141,751 | 134,268 | ||||||||||
Leasehold improvements [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 50,392 | 50,096 | ||||||||||
Construction in progress [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | 41,909 | 154,497 | ||||||||||
Stored assets [Member] | ||||||||||||
Property, plant and equipment, net: | ||||||||||||
Property, plant and equipment, gross | $ 139,507 | $ 155,389 | ||||||||||
Property, Plant and Equipment, Transfers and Changes | $ (15,900) |
7. Derivative Financial Instr49
7. Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1,733 | $ 9,791 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (10,299) | (7,657) |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (15,364) | (9,041) |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1,213 |
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7,905 | 3,160 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 15,364 | 9,041 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,733 | 8,578 |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2,394 | 4,497 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,213 | |
Derivative Liability, Fair Value, Gross Liability | 197 | |
Derivative Assets (Liabilities), at Fair Value, Net | (197) | 1,213 |
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1,213 |
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 197 | 0 |
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,733 | 8,578 |
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2,394 | 4,497 |
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Cross-currency swap contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 23,037 | 11,991 |
Derivative Assets (Liabilities), at Fair Value, Net | (23,037) | (11,991) |
Cross-currency swap contract [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Cross-currency swap contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7,673 | 2,996 |
Cross-currency swap contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 15,364 | 8,995 |
Interest rate swap contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 35 | 210 |
Derivative Assets (Liabilities), at Fair Value, Net | (35) | (210) |
Interest rate swap contract [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Interest rate swap contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 35 | 164 |
Interest rate swap contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 46 |
7. Derivative Financial Instr50
7. Derivative Financial Instruments (Details) - Hedging Relationship - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Balance in accumulated other comprehensive income (loss) | $ 3,012,000 | $ (2,172,000) | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (10,648,000) | 2,167,000 | |||
Net sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,782,000) | ||||
Cost of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (5,509,000) | ||||
Foreign currency (loss) gain, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 12,126,000 | (880,000) | |||
Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 480,000 | 581,000 | |||
Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 1,213,000 | ||||
Derivative Liability, Fair Value, Gross Liability | $ (197,000) | (197,000) | |||
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 | 0 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 197,000 | 197,000 | (1,213,000) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |||
Potential net amount of derivative asset (liability) | (197,000) | (197,000) | 1,213,000 | ||
Designated as Hedging Instrument [Member] | Cross-currency swap contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (23,037,000) | (23,037,000) | (11,991,000) | ||
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 | 0 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 23,037,000 | 23,037,000 | 11,991,000 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | 0 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | ||
Potential net amount of derivative asset (liability) | (23,037,000) | (23,037,000) | (11,991,000) | ||
Designated as Hedging Instrument [Member] | Interest rate swap contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (35,000) | (35,000) | (210,000) | ||
Gross derivative liability (asset) offset in statement of financial position | 0 | 0 | 0 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 35,000 | 35,000 | 210,000 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | 0 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | ||
Potential net amount of derivative asset (liability) | (35,000) | (35,000) | $ (210,000) | ||
Not Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | Cost of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (2,232,000) | $ 7,023,000 | 7,731,000 | 8,366,000 | |
Not Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | Foreign currency (loss) gain, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 9,527,000 | (4,427,000) | 1,543,000 | (7,467,000) | |
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Balance in accumulated other comprehensive income (loss) | 6,621,000 | 4,351,000 | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 703,000 | (904,000) | |||
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | Other Income (Expense) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | 0 | 0 | |
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | Net sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,782,000) | ||||
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | Cost of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (5,509,000) | ||||
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | Foreign currency (loss) gain, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |||
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |||
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (200,000) | $ 1,000,000 | 300,000 | 1,100,000 | |
Cash Flow Hedging [Member] | Cross-currency swap contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Balance in accumulated other comprehensive income (loss) | (3,399,000) | (5,820,000) | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (11,373,000) | 3,071,000 | |||
Cash Flow Hedging [Member] | Cross-currency swap contract [Member] | Net sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Cash Flow Hedging [Member] | Cross-currency swap contract [Member] | Cost of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Cash Flow Hedging [Member] | Cross-currency swap contract [Member] | Foreign currency (loss) gain, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 12,126,000 | (880,000) | |||
Cash Flow Hedging [Member] | Cross-currency swap contract [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 327,000 | 185,000 | |||
Cash Flow Hedging [Member] | Interest rate swap contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Balance in accumulated other comprehensive income (loss) | (210,000) | (703,000) | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 22,000 | 0 | |||
Cash Flow Hedging [Member] | Interest rate swap contract [Member] | Net sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Cash Flow Hedging [Member] | Interest rate swap contract [Member] | Cost of sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Cash Flow Hedging [Member] | Interest rate swap contract [Member] | Foreign currency (loss) gain, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |||
Cash Flow Hedging [Member] | Interest rate swap contract [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 153,000 | $ 396,000 |
7. Derivative Financial Instr51
7. Derivative Financial Instruments (Details) - Risk Management € in Millions, ₨ in Millions, ¥ in Millions, MYR in Millions, AUD in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2015MYR | Sep. 30, 2015INR (₨) | Dec. 31, 2014EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014AUD | Dec. 31, 2014MYR | Dec. 31, 2014JPY (¥) | Sep. 30, 2011MYR | May. 29, 2009EUR (€) | |
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 800,000 | |||||||||||||||
Foreign exchange forward contracts [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Maximum length of time hedged in foreign currency cash flow hedge | 36 months | 6 months | ||||||||||||||
Malaysian Ringgit Facility Agreement [Member] | Cross-currency swap contract [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | 52,200,000 | MYR 232.6 | $ 88,600,000 | MYR 310.1 | MYR 465 | |||||||||||
Derivative fixed interest rate paid on swap | 3.495% | |||||||||||||||
Derivative, Forward Exchange Rate | 3.19 | |||||||||||||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
Malaysian Facility Agreement [Member] | Interest rate swap contract [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | € 2.2 | 2,500,000 | € 10.3 | 12,500,000 | € 57.3 | |||||||||||
Derivative fixed interest rate paid on swap | 2.80% | |||||||||||||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 0 | $ 0 | 0 | $ 0 | ||||||||||||
Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Unrealized gain (loss) on cash flow hedging instruments | $ 6,600,000 | |||||||||||||||
Cash Flow Hedging [Member] | India, Rupees | Foreign exchange forward contracts [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | 19,600,000 | ₨ 1,290 | ||||||||||||||
Cash Flow Hedging [Member] | Australia, Dollars | Foreign exchange forward contracts [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | 31,500,000 | AUD 38.4 | ||||||||||||||
Cash Flow Hedging [Member] | Japan, Yen | Foreign exchange forward contracts [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 10,300,000 | ¥ 1,223.2 | ||||||||||||||
Maximum [Member] | Cash Flow Hedging [Member] | Foreign exchange forward contracts [Member] | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Unrealized gain (loss) on cash flow hedging instruments | $ 100,000 | |||||||||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 100,000 |
7. Derivative Financial Instr52
7. Derivative Financial Instruments (Details) - Transaction Exposure - Foreign exchange forward contracts [Member] € in Millions, ₨ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, ZAR in Millions, MYR in Millions, CLP in Millions, CAD in Millions, AUD in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2015AUD | Sep. 30, 2015GBP (£) | Sep. 30, 2015CNY (¥) | Sep. 30, 2015CLP | Sep. 30, 2015ZAR | Sep. 30, 2015MYR | Sep. 30, 2015CAD | Sep. 30, 2015INR (₨) | Sep. 30, 2015JPY (¥) | Dec. 31, 2014EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014AUD | Dec. 31, 2014GBP (£) | Dec. 31, 2014MYR | Dec. 31, 2014CAD | Dec. 31, 2014JPY (¥) | |
Derivative [Line Items] | ||||||||||||||||||||
Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments | $ (0.7) | $ 4.1 | ||||||||||||||||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 3 years | |||||||||||||||||||
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Euro | Euro | ||||||||||||||||||
Derivative, Currency Sold | Euro | Euro | ||||||||||||||||||
Euro Member Countries, Euro | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | € 53.2 | $ 59.7 | € 91.1 | $ 110.9 | ||||||||||||||||
Euro Member Countries, Euro | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | € 124.2 | 139.5 | € 92.4 | 112.5 | ||||||||||||||||
Australia, Dollars | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Australian dollar | Australian dollar | ||||||||||||||||||
Derivative, Currency Sold | Australian dollar | Australian dollar | ||||||||||||||||||
Australia, Dollars | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 13.1 | AUD 18.7 | 21.3 | AUD 26 | ||||||||||||||||
Australia, Dollars | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 75.4 | AUD 107.7 | 96.7 | AUD 118 | ||||||||||||||||
Malaysia, Ringgits | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Malaysian ringgit | Malaysian ringgit | ||||||||||||||||||
Derivative, Currency Sold | Malaysian ringgit | Malaysian ringgit | ||||||||||||||||||
Malaysia, Ringgits | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 3.6 | MYR 16.2 | 41.7 | MYR 146 | ||||||||||||||||
Malaysia, Ringgits | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 21.2 | MYR 94.3 | 26.7 | MYR 93.6 | ||||||||||||||||
Canada, Dollars | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Canadian dollar | |||||||||||||||||||
Derivative, Currency Sold | Canadian dollar | Canadian dollar | ||||||||||||||||||
Canada, Dollars | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 0.6 | CAD 0.7 | ||||||||||||||||||
Canada, Dollars | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 4.4 | CAD 5.9 | 0 | CAD 8.3 | ||||||||||||||||
Japan, Yen | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Japanese yen | Japanese yen | ||||||||||||||||||
Derivative, Currency Sold | Japanese yen | Japanese yen | ||||||||||||||||||
Japan, Yen | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 5.4 | ¥ 652.9 | 0 | ¥ 244.6 | ||||||||||||||||
Japan, Yen | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 62 | ¥ 7,423.2 | 19.5 | ¥ 2,322.1 | ||||||||||||||||
United Kingdom, Pounds | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | British pound | British pound | ||||||||||||||||||
Derivative, Currency Sold | British pound | British pound | ||||||||||||||||||
United Kingdom, Pounds | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 12.4 | £ 8.2 | 2.2 | £ 1.4 | ||||||||||||||||
United Kingdom, Pounds | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 24.2 | £ 16 | $ 58.6 | £ 37.7 | ||||||||||||||||
China, Yuan Renminbi | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Chinese yuan | |||||||||||||||||||
China, Yuan Renminbi | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 5.1 | ¥ 32.3 | ||||||||||||||||||
India, Rupees | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Indian rupee | |||||||||||||||||||
Derivative, Currency Sold | Indian rupee | |||||||||||||||||||
India, Rupees | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 3.6 | ₨ 237.1 | ||||||||||||||||||
India, Rupees | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 96.2 | ₨ 6,347.2 | ||||||||||||||||||
South Africa, Rand | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Sold | South African rand | |||||||||||||||||||
South Africa, Rand | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 4.9 | ZAR 68.1 | ||||||||||||||||||
Chile, Pesos | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Currency Bought | Chilean peso | |||||||||||||||||||
Derivative, Currency Sold | Chilean peso | |||||||||||||||||||
Chile, Pesos | Purchase [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | 9.4 | CLP 6,610 | ||||||||||||||||||
Chile, Pesos | Sell [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Derivative, Notional Amount | $ 9.4 | CLP 6,610 |
8. Fair Value Measurements (Det
8. Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Available-for-sale securities, estimated fair value | $ 619,814 | $ 509,032 |
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Foreign debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 579,814 | 462,731 |
Time deposits [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 40,000 | 40,000 |
U.S. debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | 2,800 |
U.S. government obligations [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | 3,501 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Derivative assets | 1,733 | 9,791 |
Total assets | 1,047,492 | 877,660 |
Liabilities: | ||
Derivative liabilities | 25,663 | 16,698 |
Fair Value, Measurements, Recurring [Member] | Foreign debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 579,814 | 462,731 |
Fair Value, Measurements, Recurring [Member] | Time deposits [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 40,000 | 40,000 |
Fair Value, Measurements, Recurring [Member] | U.S. debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 2,800 | |
Fair Value, Measurements, Recurring [Member] | U.S. government obligations [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 3,501 | |
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 | 126,019 | 41,602 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Time deposits [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 40,000 | 40,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. government obligations [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Derivative assets | 1,733 | 9,791 |
Total assets | 921,473 | 836,058 |
Liabilities: | ||
Derivative liabilities | 25,663 | 16,698 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 579,814 | 462,731 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Time deposits [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 2,800 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. government obligations [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 3,501 | |
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] | Foreign debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Time deposits [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. debt [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. government obligations [Member] | ||
Assets: | ||
Available-for-sale securities, estimated fair value | 0 | |
Money market funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Money market funds | 86,019 | 1,602 |
Money market funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Money market funds | 86,019 | 1,602 |
Money market funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Money market funds | 0 | 0 |
Money market funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Money market funds | $ 0 | $ 0 |
8. Fair Value Measurements (D54
8. Fair Value Measurements (Details) - Balance Sheet Grouping - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Marketable securities | $ 619,814 | $ 509,032 |
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Notes receivable - noncurrent | 12,111 | 12,096 |
Notes receivable, affiliates - noncurrent | 17,754 | 9,127 |
Restricted Investments [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Marketable securities | 619,814 | 509,032 |
Foreign exchange forward contract assets | 1,733 | 9,791 |
Notes receivable - noncurrent | 12,111 | 12,096 |
Notes receivable, affiliates - noncurrent | 17,754 | 9,127 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current maturities | 284,291 | 211,915 |
Foreign exchange forward contract liabilities | 2,591 | 4,497 |
Reported Value Measurement [Member] | Restricted Investments [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Reported Value Measurement [Member] | Interest rate swap contract [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Interest rate derivative contract liabilities | 35 | 210 |
Reported Value Measurement [Member] | Cross-currency swap contract [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Interest rate derivative contract liabilities | 23,037 | 11,991 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Marketable securities | 619,814 | 509,032 |
Foreign exchange forward contract assets | 1,733 | 9,791 |
Notes receivable - noncurrent | 12,108 | 12,189 |
Notes receivable, affiliates - noncurrent | 20,388 | 9,812 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current maturities | 286,273 | 224,489 |
Foreign exchange forward contract liabilities | 2,591 | 4,497 |
Estimate of Fair Value Measurement [Member] | Restricted Investments [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Restricted investments (excluding restricted cash) | 339,926 | 357,235 |
Estimate of Fair Value Measurement [Member] | Interest rate swap contract [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Interest rate derivative contract liabilities | 35 | 210 |
Estimate of Fair Value Measurement [Member] | Cross-currency swap contract [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Interest rate derivative contract liabilities | $ 23,037 | $ 11,991 |
9. Investments in Unconsolida55
9. Investments in Unconsolidated Affiliates and Joint Ventures (Details) $ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||
Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($)$ / sharesshares | Apr. 30, 2015 | Nov. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015GBP (£) | Dec. 31, 2014USD ($) | Dec. 31, 2014GBP (£) | Sep. 30, 2013 | |
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | $ 289,679 | $ 289,679 | $ 249,614 | ||||||||||
Cost method investments | 9,424 | 9,424 | 5,415 | ||||||||||
Investments in unconsolidated affiliates and joint ventures | 299,103 | 299,103 | 255,029 | ||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement, Current | 5,289 | 5,289 | 0 | ||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement, Noncurrent | 37,207 | 37,207 | 0 | ||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | (115) | $ (4,345) | 1,640 | $ (6,321) | |||||||||
Notes receivable, affiliates - noncurrent | 17,754 | 17,754 | 9,127 | ||||||||||
Notes receivable, affiliate | 1,279 | 1,279 | 12,487 | ||||||||||
Maryland Solar Project [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 42,496 | 42,496 | |||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement, Current | 5,289 | 5,289 | |||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement, Noncurrent | 37,207 | 37,207 | |||||||||||
Maryland Solar LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Subsidiary, Ownership Percentage by Parent | 100.00% | 100.00% | |||||||||||
8point3 Energy Partners LP [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 20,000,000 | ||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 21 | $ 21 | |||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Class B Shares Held | shares | 22,116,925 | 22,116,925 | |||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 31.00% | ||||||||||||
Administrative Fees Expense | $ 600 | ||||||||||||
Administrative Fees Expense, Right to Increase Percentage | 15.00% | ||||||||||||
Management Fee Expense | $ 300 | ||||||||||||
Management Fee Expense, Annual Escalation Percentage | 2.00% | ||||||||||||
8point3 Operating Company, LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | 120,500 | 120,500 | |||||||||||
Equity Method Investment, Common Units Held | shares | 6,721,810 | 6,721,810 | |||||||||||
Equity Method Investment, Subordinated Units Held | shares | 15,395,115 | 15,395,115 | |||||||||||
Equity Method Investment, Ownership Percentage | 31.00% | 31.00% | |||||||||||
Proceeds from Equity Method Investment, Gross Distributions | $ 283,700 | ||||||||||||
Minimum Quarterly Distribution, Threshold for Early Termination of Subordination Period | 150.00% | 150.00% | |||||||||||
Minimum Quarterly Distribution, Measurement Period for Early Termination of Subordination Period | 1 year | ||||||||||||
Equity Method Investment, Financial Information, Senior Secured Credit Facility | $ 525,000 | $ 525,000 | |||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | 1,400 | 1,400 | |||||||||||
8point3 Operating Company, LLC [Member] | Term Loan Facility [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Financial Information, Senior Secured Credit Facility | 300,000 | 300,000 | |||||||||||
8point3 Operating Company, LLC [Member] | Delayed Draw Term Loan Facility [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Financial Information, Senior Secured Credit Facility | 25,000 | 25,000 | |||||||||||
8point3 Operating Company, LLC [Member] | Revolving Credit Facility [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Financial Information, Senior Secured Credit Facility | 200,000 | 200,000 | |||||||||||
SG2 Holdings, LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | $ 224,500 | $ 224,500 | 219,900 | ||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | ||||||||||
Equity Method Investment, Ownership Percentage Sold | 51.00% | ||||||||||||
Power Purchase Agreement, Term | 25 years | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 2,100 | ||||||||||||
Lost Hills Blackwell Holdings, LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | $ 34,100 | $ 34,100 | |||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | ||||||||||
Equity Method Investment, Ownership Percentage Sold | 51.00% | ||||||||||||
Power Purchase Agreement, Term | 25 years | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ 200 | ||||||||||||
NS Solar Holdings, LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | $ 93,600 | $ 93,600 | |||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | ||||||||||
Equity Method Investment, Ownership Percentage Sold | 51.00% | ||||||||||||
Power Purchase Agreement, Term | 20 years | ||||||||||||
NS Solar Holdings, LLC [Member] | Maximum [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ (100) | ||||||||||||
Desert Stateline Holdings, LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | 142,900 | 142,900 | |||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||||||||
Equity Method Investment, Ownership Percentage Sold | 51.00% | ||||||||||||
Power Purchase Agreement, Term | 20 years | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | 0 | 0 | |||||||||||
Revenue from Partial Sale of Project Assets | $ 355,100 | ||||||||||||
Clean Energy Collective, LLC Warrant [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Cost method investments | $ 1,800 | ||||||||||||
Clean Energy Collective, LLC [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity method investments | $ 16,900 | $ 16,900 | 19,500 | ||||||||||
Equity Method Investment, Ownership Percentage | 27.00% | 27.00% | 27.00% | ||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | $ (500) | $ (1,500) | |||||||||||
Notes Receivable, Related Parties, Borrowing Capacity | $ 15,000 | ||||||||||||
Notes receivable, affiliates - noncurrent | 14,900 | 14,900 | 9,100 | ||||||||||
Clean Energy Collective, LLC [Member] | Minimum [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Note Receivable Interest Rate | 7.00% | ||||||||||||
Clean Energy Collective, LLC [Member] | Maximum [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Note Receivable Interest Rate | 16.00% | ||||||||||||
Unconsolidated JV [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||
Equity Method Investment, Ownership Percentage by Third Party | 50.00% | ||||||||||||
Notes receivable, affiliate | $ 4,200 | $ 4,200 | £ 2.8 | $ 12,500 | £ 8 | ||||||||
Unconsolidated JV [Member] | Minimum [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Note Receivable Interest Rate | 6.00% | 6.00% | 6.00% | ||||||||||
Unconsolidated JV [Member] | Maximum [Member] | |||||||||||||
Schedule of Equity and Cost Method Investments [Line Items] | |||||||||||||
Note Receivable Interest Rate | 8.00% | 8.00% | 8.00% |
10. Percentage-of-Completion 56
10. Percentage-of-Completion Changes in Estimates (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Projects | Sep. 30, 2014USD ($)Projects | Sep. 30, 2015USD ($)Projects | Sep. 30, 2014USD ($)Projects | |
Changes in Estimates for Systems Business [Abstract] | ||||
Project Change in Estimate Disclosure Threshold | $ 1,000 | |||
Number of projects | Projects | 5 | 4 | 8 | 10 |
Increases (decreases) in gross profit resulting from net changes in estimates (in thousands) | $ 10,521 | $ 9,499 | $ 51,133 | $ 3,214 |
Net change in estimate as percentage of aggregate gross profit for associated projects | 2.00% | 0.60% | 3.00% | 0.20% |
11. Debt (Details)
11. Debt (Details) $ in Thousands, ₨ in Billions, ¥ in Billions | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2015INR (₨) | Sep. 30, 2015JPY (¥) | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) | |
Long-term Debt [Abstract] | |||||
Long-term debt, gross | $ 296,943 | $ 225,512 | |||
Less unamortized discount and issuance costs | (11,466) | (12,039) | |||
Total long-term debt | 285,477 | 213,473 | |||
Less current portion | (38,663) | (51,399) | |||
Noncurrent portion | 246,814 | 162,074 | |||
Long-term Debt, Maturities, Repayments of Principal in Remainder of Fiscal Year | 9,345 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 34,410 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 64,660 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 26,217 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 5,355 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 155,770 | ||||
Total long-term debt future principal payments | $ 295,757 | ||||
Revolving Credit Facility [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Maturity Date, Description | July 2,018 | ||||
Debt Instrument, Currency | USD | ||||
Revolving credit facility | $ 0 | 0 | |||
Line of Credit Facility, Current Borrowing Capacity | 700,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 900,000 | ||||
Letters of Credit Outstanding, Amount | 176,700 | 202,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 523,300 | 397,500 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
Fronting fee | 0.125% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | 0.00% | ||
Debt Instrument, Description of Variable Rate Basis | Borrowings under the Revolving Credit Facility bear interest at (i) 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 | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Project Construction Credit Facilities [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Maturity Date, Description | Various | ||||
Debt Instrument, Currency | Various | ||||
Long-term debt, gross | $ 211,343 | 75,418 | |||
Project Construction Credit Facilities [Member] | OPIC [Member] | |||||
Long-term Debt [Abstract] | |||||
Long-term debt, gross | 125,100 | ||||
Line of Credit Facility, Current Borrowing Capacity | 178,000 | ||||
Project Construction Credit Facilities [Member] | IFC [Member] | |||||
Long-term Debt [Abstract] | |||||
Long-term debt, gross | 42,200 | ||||
Line of Credit Facility, Current Borrowing Capacity | 60,000 | ||||
Project Construction Credit Facilities [Member] | Banco de Credito e Inversiones [Member] | |||||
Long-term Debt [Abstract] | |||||
Long-term debt, gross | 36,400 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 65,000 | ||||
Debt Instrument, Description of Variable Rate Basis | VAT loans at bank rate plus 1.30% | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||||
Project Construction Credit Facilities [Member] | OPIC and IFC [Member] | |||||
Long-term Debt [Abstract] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 238,000 | $ 290,000 | |||
Debt Instrument, Collateral Amount | $ 394,800 | ||||
Debt Instrument, Description of Fixed Rate Basis | Fixed rate loans at bank rate plus 3.50% | ||||
Debt Instrument, Description of Variable Rate Basis | Variable rate loans at 91-Day U.S. Treasury Bill Yield or LIBOR plus 3.50% | ||||
Debt Instrument, Basis Spread on Fixed Rate | 3.50% | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Project Construction Credit Facilities [Member] | Mizuho Bank [Member] | |||||
Long-term Debt [Abstract] | |||||
Long-term debt, gross | $ 2,800 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 33,400 | ¥ 4 | |||
Debt Instrument, Description of Variable Rate Basis | TIBOR plus 0.5% | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Project Construction Credit Facilities [Member] | Axis Bank [Member] | |||||
Long-term Debt [Abstract] | |||||
Long-term debt, gross | $ 4,800 | ||||
Line of Credit Facility, Current Borrowing Capacity | 16,600 | ₨ 1.1 | |||
Letters of Credit Outstanding, Amount | 11,400 | 0.8 | |||
Debt Instrument, Collateral Amount | 90,800 | ||||
Line of Credit Facility, Letter of Credit Sub-Limit | $ 11,500 | ₨ 0.8 | |||
Debt Instrument, Description of Variable Rate Basis | Bank rate plus 2.35% | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||
Project Construction Credit Facilities [Member] | Fixed Rate Term Loan [Member] | OPIC [Member] | |||||
Long-term Debt [Abstract] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 133,300 | ||||
Project Construction Credit Facilities [Member] | Fixed Rate Term Loan [Member] | IFC [Member] | |||||
Long-term Debt [Abstract] | |||||
Line of Credit Facility, Current Borrowing Capacity | 44,900 | ||||
Project Construction Credit Facilities [Member] | Variable Rate Term Loan [Member] | OPIC [Member] | |||||
Long-term Debt [Abstract] | |||||
Line of Credit Facility, Current Borrowing Capacity | 44,700 | ||||
Project Construction Credit Facilities [Member] | Variable Rate Term Loan [Member] | IFC [Member] | |||||
Long-term Debt [Abstract] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 15,100 | ||||
Malaysian Ringgit Facility Agreement [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Maturity Date, Description | September 2,018 | ||||
Debt Instrument, Currency | MYR | ||||
Long-term debt, gross | $ 52,195 | 88,606 | |||
Debt Instrument, Collateral Amount | $ 250,900 | ||||
Debt Instrument, Description of Variable Rate Basis | KLIBOR plus 2.00% (2) | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Malaysian Euro Facility Agreement [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Maturity Date, Description | April 2,018 | ||||
Debt Instrument, Currency | EUR | ||||
Long-term debt, gross | $ 26,976 | 34,112 | |||
Debt Instrument, Description of Variable Rate Basis | EURIBOR plus 1.00% | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Malaysian Facility Agreement [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Maturity Date, Description | March 2,016 | ||||
Debt Instrument, Currency | EUR | ||||
Long-term debt, gross | $ 5,243 | 25,818 | |||
Debt Instrument, Collateral Amount | $ 4,100 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | 4.54% | 4.54% | ||
Debt Instrument, Description of Variable Rate Basis | Floating rate facility at EURIBOR plus 0.55% (2) | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.55% | ||||
Capital Lease Obligations [Member] | |||||
Long-term Debt [Abstract] | |||||
Debt Instrument, Maturity Date, Description | Various | ||||
Debt Instrument, Currency | Various | ||||
Long-term debt, gross | $ 1,186 | $ 1,558 |
12. Commitments and Contingen58
12. Commitments and Contingencies (Details) - Commercial Commitments - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Bank Guarantees and Letters of Credit | $ 8.9 | |
Letters of credit issued under a bi-lateral facility secured by cash | 69.8 | |
Surety Bonds | 150.6 | |
Surety Bond Capacity | 642.4 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 700 | |
Letters of Credit Outstanding, Amount | 176.7 | $ 202.5 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 523.3 | $ 397.5 |
12. Commitments and Contingen59
12. Commitments and Contingencies (Details) - Product Warranties - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Product warranty liability, beginning of period | $ 222,304 | $ 210,827 | $ 223,057 | $ 198,041 |
Accruals for new warranties issued | 16,700 | 9,832 | 34,948 | 29,343 |
Settlements | (4,722) | (5,057) | (9,817) | (12,634) |
Changes in estimate of product warranty liability | (1,212) | (1,256) | (15,118) | (404) |
Product warranty liability, end of period | 233,070 | 214,346 | 233,070 | 214,346 |
Current portion of warranty liability | 48,311 | 68,021 | 48,311 | 68,021 |
Noncurrent portion of warranty liability | $ 184,759 | $ 146,325 | $ 184,759 | $ 146,325 |
Estimated Rate of Return for Module Warranty | 3.00% | 3.00% | ||
Percentage Point Change in Estimated Rate of Return of Module Warranty | 1.00% | 1.00% | ||
Estimated Change in Module Warranty from Sensitivity Analysis | $ 73,100 | $ 73,100 | ||
Percentage Point Change in Estimated Rate of Return of Balance of Systems Warranty | 1.00% | 1.00% |
12. Commitments and Contingen60
12. Commitments and Contingencies (Details) - Accrued Expenses in Excess of Product Warranty - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Total Product Warranty Accrual in Excess of Normal Product Warranty Liability | $ 26,500 | $ 30,900 |
Product Warranty Accrual in Excess of Normal Product Warranty Current Liability | 6,383 | 7,800 |
Product Warranty Accrual in Excess of Normal Product Warranty Noncurrent Liability | $ 20,111 | $ 23,139 |
12. Commitments and Contingen61
12. Commitments and Contingencies (Details) - Performance Guarantees - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Energy Performance Testing Liability | $ 0.2 | $ 4.3 |
12. Commitments and Contingen62
12. Commitments and Contingencies (Details) - Contingent Consideration - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Project Acquisition, Contingent Consideration Liability, Current | $ 0.2 | $ 31.9 |
Project Acquisition, Contingent Consideration Liability, Noncurrent | 2.4 | 2.4 |
TetraSun and Solar Chile [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Business Combination, Contingent Consideration Liability, Current | 3.9 | 4.9 |
Business Combination, Contingent Consideration Liability, Noncurrent | $ 4.9 | $ 14.7 |
12. Commitments and Contingen63
12. Commitments and Contingencies (Details) - Solar Module Collection and Recycling Liability $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
(Increase) decrease in solar module collection and recycling liability | $ 80,000 | |
Accrued solar module collection and recycling liability | $ 164,304 | $ 246,307 |
Percentage increase in annualized inflation rate | 1.00% | |
Estimated Increase in Solar Module Collection Recycling Liability from Sensitivity Analysis | $ 36,900 | |
Percentage decrease in annualized inflation rate | 1.00% | |
Estimated Decrease in Solar Module Collection Recycling Liability from Sensitivity Analysis | $ 30,700 | |
Percentage of modules sold subject to solar module collection and recycling liability | 0.03 | 0.56 |
13. Share-Based Compensation (D
13. Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 12,213 | $ 10,617 | $ 33,146 | $ 32,069 | |
Allocated Share-based Compensation Expense, Gross | 11,369 | 10,825 | 31,472 | 33,819 | |
Net amount released from (absorbed into) inventory | 844 | (208) | 1,674 | (1,750) | |
Employee service share-based compensation, capitalized in inventory | $ 3,600 | $ 3,600 | $ 5,300 | ||
Employee Service Share-Based Compensation, Forfeiture Rate | 9.50% | 9.50% | 9.50% | ||
Restricted and performance stock units [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 10,579 | 10,246 | $ 29,350 | 32,177 | |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | 37,400 | $ 37,400 | |||
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition (in years) | 1 year | ||||
Unrestricted stock [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 332 | 331 | $ 995 | 994 | |
Stock purchase plan [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 458 | 248 | 1,127 | 648 | |
Cost of sales [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 3,048 | 2,569 | 8,539 | 8,559 | |
Research and development [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 997 | 960 | 3,099 | 3,225 | |
Selling, general and administrative [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 8,164 | 7,082 | 21,483 | 20,276 | |
Production start-up [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 4 | $ 6 | $ 25 | $ 9 |
14. Income Taxes (Details)
14. Income Taxes (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Examination [Line Items] | ||||||
Effective income tax rate | 12.20% | (8.00%) | 2.30% | 9.00% | ||
Statutory U.S. federal tax rate | 35.00% | |||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 13.6 | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 12.8 | $ 12.8 | $ 12.8 | |||
Investment tax credit | $ 20.7 | |||||
Tax Authority, Spain [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Tax adjustments, settlements, and unusual provisions | 2.5 | |||||
Foreign Tax Authority [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Tax adjustments, settlements, and unusual provisions | $ (41.7) | $ (30.3) |
15. Net Income Per Share (Detai
15. Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income | $ 349,318 | $ 89,833 | $ 382,286 | $ 202,646 |
Denominator, basic: | ||||
Weighted-average common shares outstanding | 100,906 | 100,197 | 100,713 | 99,981 |
Net income per share, basic | $ 3.46 | $ 0.90 | $ 3.80 | $ 2.03 |
Denominator, diluted: | ||||
Weighted-average common shares outstanding | 100,906 | 100,197 | 100,713 | 99,981 |
Effect of restricted and performance stock units and stock purchase plan shares | 1,393 | 1,218 | 1,132 | 1,705 |
Weighted-average shares used in computing diluted net income per share | 102,299 | 101,415 | 101,845 | 101,686 |
Net income per share, diluted | $ 3.41 | $ 0.89 | $ 3.75 | $ 1.99 |
Anti-dilutive shares | 46 | 46 | 64 | 87 |
16. Comprehensive Income and 67
16. Comprehensive Income and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 349,318 | $ 89,833 | $ 382,286 | $ 202,646 | ||
Foreign currency translation adjustments | (1,103) | (9,887) | (14,001) | (11,548) | ||
Unrealized (loss) gain on marketable securities and restricted investments for the period, net of tax | 17,944 | 19,847 | (4,409) | 58,595 | ||
Less: reclassification for gains included in net income, net of tax | 0 | 0 | 0 | (127) | ||
Unrealized (loss) gain on marketable securities and restricted investments | 17,944 | 19,847 | (4,409) | 58,468 | ||
Unrealized (loss) gain on derivative instruments for the period, net of tax | (7,360) | 3,797 | (10,832) | 2,342 | ||
Less: reclassification for losses (gains) included in net income, net of tax | 6,022 | 2,001 | 7,593 | (299) | ||
Unrealized (loss) gain on derivative instruments | (1,338) | 5,798 | (3,239) | 2,043 | ||
Other comprehensive (loss) income, net of tax | 15,503 | 15,758 | (21,649) | 48,963 | ||
Comprehensive income | 364,821 | 105,591 | 360,637 | 251,609 | ||
Accumulated other comprehensive income | 28,491 | 23,187 | 28,491 | 23,187 | $ 50,140 | $ (25,776) |
Other comprehensive (loss) income, before reclassifications | (29,242) | 49,389 | ||||
Amounts reclassified from accumulated other comprehensive income | 7,593 | (426) | ||||
Other expense, net | (1,678) | (1,758) | (3,729) | (4,698) | ||
Net sales | 1,271,245 | 890,288 | 2,636,671 | 2,383,194 | ||
Cost of sales | 786,880 | 700,886 | 1,948,842 | 1,866,635 | ||
Interest expense, net | 1,775 | 89 | 2,795 | 1,429 | ||
Foreign currency (loss) gain, net | (1,803) | 905 | (4,981) | (192) | ||
Total before tax | 397,887 | 87,230 | 389,780 | 229,610 | ||
Tax expense | 48,454 | (6,948) | 9,134 | 20,643 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 1,336 | 1,198 | (450) | 4,155 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 0 | 0 | 0 | 83 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (18) | 1,963 | 182 | (177) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 765 | 0 | 2,278 | 0 | ||
Accumulated Translation Adjustment [Member] | ||||||
Other comprehensive (loss) income, net of tax | (14,001) | (11,548) | ||||
Accumulated other comprehensive income | (67,338) | (45,738) | (67,338) | (45,738) | (53,337) | (34,190) |
Other comprehensive (loss) income, before reclassifications | (14,001) | (11,548) | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Other comprehensive (loss) income, net of tax | (4,409) | 58,468 | ||||
Accumulated other comprehensive income | 97,890 | 70,026 | 97,890 | 70,026 | 102,299 | 11,558 |
Other comprehensive (loss) income, before reclassifications | (4,409) | 58,595 | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | (127) | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Other comprehensive (loss) income, net of tax | (3,239) | 2,043 | ||||
Accumulated other comprehensive income | $ (2,061) | $ (1,101) | (2,061) | (1,101) | $ 1,178 | $ (3,144) |
Other comprehensive (loss) income, before reclassifications | (10,832) | 2,342 | ||||
Amounts reclassified from accumulated other comprehensive income | 7,593 | (299) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Net income | 0 | 127 | ||||
Other expense, net | 0 | 210 | ||||
Tax expense | 0 | 83 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Net income | (7,593) | 299 | ||||
Net sales | 1,782 | 0 | ||||
Cost of sales | 5,509 | 0 | ||||
Interest expense, net | (480) | (581) | ||||
Foreign currency (loss) gain, net | (12,126) | 880 | ||||
Total before tax | (5,315) | 299 | ||||
Tax expense | $ (2,278) | $ 0 |
17. Segment Reporting (Details)
17. Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segments | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segments | 2 | ||||
Net sales | $ 1,271,245 | $ 890,288 | $ 2,636,671 | $ 2,383,194 | |
Gross profit | 484,365 | 189,402 | 687,829 | 516,559 | |
Depreciation and amortization expense | 64,985 | 60,741 | 193,560 | 184,717 | |
Income (loss) before income taxes | 397,887 | 87,230 | 389,780 | 229,610 | |
Goodwill | 84,985 | 84,985 | 84,985 | 84,985 | $ 84,985 |
Total assets | 7,060,642 | 6,720,991 | 7,060,642 | 6,720,991 | 6,720,991 |
(Increase) decrease in solar module collection and recycling liability | 80,000 | ||||
Solar module revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 60,836 | 42,889 | 180,792 | 149,287 | |
Solar power system revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,210,409 | 847,399 | 2,455,879 | 2,233,907 | |
Components Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 441,530 | 289,327 | 988,591 | 800,246 | |
Gross profit | 165,997 | 26,399 | 243,222 | 52,173 | |
Depreciation and amortization expense | 61,508 | 56,426 | 183,286 | 165,043 | |
Income (loss) before income taxes | 137,878 | (22,170) | 116,877 | (96,694) | |
Goodwill | 16,152 | 16,152 | 16,152 | 16,152 | |
Total assets | 3,928,007 | 4,168,060 | 3,928,007 | 4,168,060 | |
Systems Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 829,715 | 600,961 | 1,648,080 | 1,582,948 | |
Gross profit | 318,368 | 163,003 | 444,607 | 464,386 | |
Depreciation and amortization expense | 3,477 | 4,315 | 10,274 | 19,674 | |
Income (loss) before income taxes | 260,009 | 109,400 | 272,903 | 326,304 | |
Goodwill | 68,833 | 68,833 | 68,833 | 68,833 | $ 68,833 |
Total assets | $ 3,132,635 | $ 2,552,931 | $ 3,132,635 | $ 2,552,931 |
Uncategorized Items - fslr-2015
Label | Element | Value |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | $ (304) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | (2,321) |
Cross Currency Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | (3,444) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | (2,319) |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | 3,447 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | 33 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | (307) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Taxes | fslr_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes | $ (35) |