Document
Document - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 21, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33156 | |
Entity Registrant Name | First Solar, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-4623678 | |
Entity Address, Address Line One | 350 West Washington Street, Suite 600 | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85288 | |
City Area Code | 602 | |
Local Phone Number | 414-9300 | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | FSLR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 106,605,610 | |
Entity Central Index Key | 0001274494 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 628,933 | $ 583,504 | $ 1,616,928 | $ 2,016,058 |
Cost of sales | 607,951 | 458,924 | 1,607,683 | 1,532,593 |
Gross profit | 20,982 | 124,580 | 9,245 | 483,465 |
Operating expenses: | ||||
Selling, general and administrative | 46,368 | 43,476 | 121,990 | 131,909 |
Research and development | 29,183 | 25,426 | 81,520 | 69,234 |
Production start-up | 19,768 | 2,945 | 40,337 | 16,014 |
Total operating expenses | 95,319 | 71,847 | 243,847 | 217,157 |
Gain on sales of businesses, net | 5,984 | (1,866) | 253,272 | 147,284 |
Operating (loss) income | (68,353) | 50,867 | 18,670 | 413,592 |
Foreign currency loss, net | (4,859) | (1,018) | (12,041) | (4,613) |
Interest income | 9,749 | 1,752 | 14,954 | 3,996 |
Interest expense, net | (2,991) | (2,958) | (9,092) | (10,577) |
Other income (expense), net | 4,774 | (2,603) | 2,679 | 2,598 |
(Loss) income before taxes | (61,680) | 46,040 | 15,170 | 404,996 |
Income tax benefit (expense) | 12,512 | (837) | (51,788) | (67,673) |
Net (loss) income | $ (49,168) | $ 45,203 | $ (36,618) | $ 337,323 |
Net (loss) income per share: | ||||
Basic | $ (0.46) | $ 0.43 | $ (0.34) | $ 3.18 |
Diluted | $ (0.46) | $ 0.42 | $ (0.34) | $ 3.16 |
Weighted-average number of shares used in per share calculations: | ||||
Basic | 106,596 | 106,320 | 106,532 | 106,241 |
Diluted | 106,596 | 106,899 | 106,532 | 106,879 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net (loss) income | $ (49,168) | $ 45,203 | $ (36,618) | $ 337,323 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (12,403) | (1,915) | (40,698) | (11,341) |
Unrealized loss on marketable securities and restricted marketable securities, net of tax of $697, $47, $2,624 and $1,134 | (13,884) | (3,486) | (53,372) | (19,961) |
Unrealized (loss) gain on derivative instruments, net of tax of $905, $153, $2,540 and $(545) | (3,333) | 118 | (9,418) | 4,284 |
Other comprehensive loss | (29,620) | (5,283) | (103,488) | (27,018) |
Comprehensive (loss) income | (78,788) | 39,920 | (140,106) | 310,305 |
Supplemental Income Statement Elements [Abstract] | ||||
Unrealized loss on marketable securities and restricted marketable securities, tax | 697 | 47 | 2,624 | 1,134 |
Unrealized (loss) gain on derivative instruments, tax | $ 905 | $ 153 | $ 2,540 | $ (545) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,150,982 | $ 1,450,654 |
Marketable securities | 776,213 | 375,389 |
Accounts receivable trade, net | 325,421 | 429,436 |
Accounts receivable unbilled, net | 35,149 | 25,273 |
Inventories | 810,660 | 666,299 |
Other current assets | 240,325 | 244,192 |
Total current assets | 3,338,750 | 3,191,243 |
Property, plant and equipment, net | 3,124,079 | 2,649,587 |
PV solar power systems, net | 153,915 | 217,293 |
Project assets | 27,827 | 315,488 |
Deferred tax assets, net | 64,101 | 59,162 |
Restricted marketable securities | 182,208 | 244,726 |
Goodwill | 14,462 | 14,462 |
Intangible assets, net | 36,631 | 45,509 |
Inventories | 239,644 | 237,512 |
Other assets | 311,200 | 438,764 |
Total assets | 7,492,817 | 7,413,746 |
Current liabilities: | ||
Accounts payable | 188,280 | 193,374 |
Income taxes payable | 25,771 | 4,543 |
Accrued expenses | 333,140 | 288,450 |
Current portion of long-term debt | 5,435 | 3,896 |
Deferred revenue | 235,293 | 201,868 |
Other current liabilities | 28,349 | 34,747 |
Total current liabilities | 816,268 | 726,878 |
Accrued solar module collection and recycling liability | 120,173 | 139,145 |
Long-term debt | 254,224 | 236,005 |
Other liabilities | 473,815 | 352,167 |
Total liabilities | 1,664,480 | 1,454,195 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 106,605,913 and 106,332,315 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 107 | 106 |
Additional paid-in capital | 2,880,243 | 2,871,352 |
Accumulated earnings | 3,147,837 | 3,184,455 |
Accumulated other comprehensive loss | (199,850) | (96,362) |
Total stockholders' equity | 5,828,337 | 5,959,551 |
Total liabilities and stockholders' equity | $ 7,492,817 | $ 7,413,746 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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 | 106,605,913 | 106,332,315 |
Common Stock, Shares Outstanding | 106,605,913 | 106,332,315 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Common stock, shares, beginning balance at Dec. 31, 2020 | 105,980,000 | ||||
Stockholders' equity, beginning balance at Dec. 31, 2020 | $ 5,520,928 | $ 106 | $ 2,866,786 | $ 2,715,762 | $ (61,726) |
Net (loss) income | 337,323 | 337,323 | |||
Other comprehensive loss | (27,018) | (27,018) | |||
Common stock issued for share-based compensation, shares | 554,000 | ||||
Common stock issued for share-based compensation | 0 | $ 0 | 0 | ||
Tax withholding related to vesting of restricted stock, shares | (208,000) | ||||
Tax withholding related to vesting of restricted stock | (15,877) | $ 0 | (15,877) | ||
Share-based compensation expense | 14,719 | 14,719 | |||
Common stock, shares, ending balance at Sep. 30, 2021 | 106,326,000 | ||||
Stockholders' equity, ending balance at Sep. 30, 2021 | 5,830,075 | $ 106 | 2,865,628 | 3,053,085 | (88,744) |
Common stock, shares, beginning balance at Jun. 30, 2021 | 106,319,000 | ||||
Stockholders' equity, beginning balance at Jun. 30, 2021 | 5,783,635 | $ 106 | 2,859,108 | 3,007,882 | (83,461) |
Net (loss) income | 45,203 | 45,203 | |||
Other comprehensive loss | (5,283) | (5,283) | |||
Common stock issued for share-based compensation, shares | 8,000 | ||||
Common stock issued for share-based compensation | 0 | $ 0 | 0 | ||
Tax withholding related to vesting of restricted stock, shares | (1,000) | ||||
Tax withholding related to vesting of restricted stock | (67) | $ 0 | (67) | ||
Share-based compensation expense | 6,587 | 6,587 | |||
Common stock, shares, ending balance at Sep. 30, 2021 | 106,326,000 | ||||
Stockholders' equity, ending balance at Sep. 30, 2021 | $ 5,830,075 | $ 106 | 2,865,628 | 3,053,085 | (88,744) |
Common stock, shares, beginning balance at Dec. 31, 2021 | 106,332,315 | 106,332,000 | |||
Stockholders' equity, beginning balance at Dec. 31, 2021 | $ 5,959,551 | $ 106 | 2,871,352 | 3,184,455 | (96,362) |
Net (loss) income | (36,618) | (36,618) | |||
Other comprehensive loss | (103,488) | (103,488) | |||
Common stock issued for share-based compensation, shares | 441,000 | ||||
Common stock issued for share-based compensation | 1 | $ 1 | 0 | ||
Tax withholding related to vesting of restricted stock, shares | (167,000) | ||||
Tax withholding related to vesting of restricted stock | (12,048) | $ 0 | (12,048) | ||
Share-based compensation expense | $ 20,939 | 20,939 | |||
Common stock, shares, ending balance at Sep. 30, 2022 | 106,605,913 | 106,606,000 | |||
Stockholders' equity, ending balance at Sep. 30, 2022 | $ 5,828,337 | $ 107 | 2,880,243 | 3,147,837 | (199,850) |
Common stock, shares, beginning balance at Jun. 30, 2022 | 106,594,000 | ||||
Stockholders' equity, beginning balance at Jun. 30, 2022 | 5,895,827 | $ 107 | 2,868,945 | 3,197,005 | (170,230) |
Net (loss) income | (49,168) | (49,168) | |||
Other comprehensive loss | (29,620) | (29,620) | |||
Common stock issued for share-based compensation, shares | 15,000 | ||||
Common stock issued for share-based compensation | 0 | $ 0 | 0 | ||
Tax withholding related to vesting of restricted stock, shares | (3,000) | ||||
Tax withholding related to vesting of restricted stock | (457) | $ 0 | (457) | ||
Share-based compensation expense | $ 11,755 | 11,755 | |||
Common stock, shares, ending balance at Sep. 30, 2022 | 106,605,913 | 106,606,000 | |||
Stockholders' equity, ending balance at Sep. 30, 2022 | $ 5,828,337 | $ 107 | $ 2,880,243 | $ 3,147,837 | $ (199,850) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (36,618) | $ 337,323 |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | ||
Depreciation, amortization and accretion | 199,183 | 194,606 |
Impairments and net losses on disposal of long-lived assets | 62,793 | 9,083 |
Share-based compensation | 21,121 | 14,974 |
Deferred income taxes | (4,600) | (13,450) |
Gain on sales of businesses, net | (253,272) | (147,284) |
Gains on sales of marketable securities and restricted marketable securities | 0 | (11,696) |
Other, net | (6,998) | (2,909) |
Changes in operating assets and liabilities: | ||
Accounts receivable, trade and unbilled | 177,020 | 79,565 |
Other current assets | (28,615) | (52,275) |
Inventories | (161,725) | (116,017) |
Project assets and PV solar power systems | (160,300) | 11,945 |
Other assets | (22,936) | (39,264) |
Income tax receivable and payable | 40,902 | 22,615 |
Accounts payable | (15,057) | 879 |
Accrued expenses and other liabilities | 282,398 | (95,685) |
Accrued solar module collection and recycling liability | (15,142) | 10,682 |
Net cash provided by operating activities | 78,154 | 203,092 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (576,704) | (345,399) |
Purchases of marketable securities and restricted marketable securities | (2,278,125) | (1,107,704) |
Proceeds from sales and maturities of marketable securities and restricted marketable securities | 1,870,973 | 1,075,768 |
Proceeds from sales of businesses, net of cash and restricted cash sold | 363,898 | 300,499 |
Other investing activities | (2,561) | (6,453) |
Net cash used in investing activities | (622,519) | (83,289) |
Cash flows from financing activities: | ||
Repayment of long-term debt | (75,896) | (38,471) |
Proceeds from borrowings under long-term debt, net of discounts and issuance costs | 297,405 | 45,138 |
Payments of tax withholdings for restricted shares | (12,048) | (15,877) |
Net cash provided by (used in) financing activities | 209,461 | (9,210) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 39,866 | 1,687 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (295,038) | 112,280 |
Cash, cash equivalents and restricted cash, beginning of the period | 1,455,837 | 1,273,594 |
Cash, cash equivalents and restricted cash, end of the period | 1,160,799 | 1,385,874 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property, plant and equipment acquisitions funded by liabilities | 163,147 | 50,415 |
Proceeds to be received from sales of businesses | $ 72,689 | $ 0 |
1. Basis of Presentation
1. Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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 in this Quarterly Report have been prepared in accordance with generally accepted accounting principles 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. 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 the financial statements and accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period. The condensed consolidated balance sheet at December 31, 2021 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, 2021 included in our Annual Report on Form 10-K, which has been filed with the SEC. Unless expressly stated or the context otherwise requires, the terms “the Company,” “we,” “us,” “our,” and “First Solar” refer to First Solar, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report. |
2. Sales of Businesses
2. Sales of Businesses | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Disclosure | 2. Sales of Businesses Sale of Japan Project Development Business In May 2022, we entered into various agreements with certain subsidiaries of PAG Real Assets (“PAG”), a private investment firm, for the sale of our Japan project development business. The transaction included our approximately 293 MW DC utility-scale solar project development platform, which comprised the business of developing, contracting for the construction of, and selling utility-scale photovoltaic (“PV”) solar power systems. Additionally, PAG agreed to certain module purchase commitments. In June 2022, we completed the sale of our Japan project development business for an aggregate purchase price of ¥66.4 billion ($488.4 million), subject to certain customary post-closing adjustments. During the nine months ended September 30, 2022, we received proceeds of ¥56.8 billion ($419.2 million) and transferred cash and restricted cash of ¥8.4 billion ($61.9 million) to PAG. As a result of this transaction, we recognized a gain of $245.2 million, net of transaction costs, during the nine months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations. Sales of North American and International O&M Operations In August 2020, we entered into an agreement with a subsidiary of Clairvest Group, Inc. (“Clairvest”) for the sale of our North American operations and maintenance (“O&M”) operations. In March 2021, we completed the transaction and, following certain customary post-closing adjustments, received total consideration of $149.1 million. As a result of this transaction, we recognized a gain of $115.8 million, net of transaction costs and post-closing adjustments, during the nine months ended September 30, 2021, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations. In January 2022, we completed the sale of our Chilean O&M operations to a separate subsidiary of Clairvest for consideration of $1.9 million. As a result of this transaction, we recognized a gain of $1.6 million, net of transaction costs and post-closing adjustments, during the nine months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations. In September 2022, we completed the sale of our Australian O&M operations to a separate subsidiary of Clairvest for consideration of $6.6 million, subject to certain customary post-closing adjustments. Proceeds from the transaction were received in early October 2022. As a result of this transaction, we recognized a gain of $5.1 million, net of transaction costs, during the three months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations. In September 2022, we also completed the sale of our Japanese O&M operations to a subsidiary of PAG for consideration of ¥660.0 million ($4.6 million), subject to certain customary post-closing adjustments. As a result of this transaction, we recognized a gain of $1.2 million, net of transaction costs, during the three months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations. Sale of U.S. Project Development Business In January 2021, we entered into an agreement with Leeward Renewable Energy Development, LLC (“Leeward”), a subsidiary of the Ontario Municipal Employees Retirement System, for the sale of our U.S. project development business. In March 2021, we completed the transaction and received consideration of $151.4 million for the sale of such business. As a result of this transaction, we recognized a gain of $31.5 million, net of transaction costs, during the nine months ended September 30, 2021, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations. |
3. Cash, Cash Equivalents, and
3. Cash, Cash Equivalents, and Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 3. Cash, Cash Equivalents, and Marketable Securities Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Cash and cash equivalents: Cash $ 1,150,787 $ 1,450,654 Money market funds 195 — Total cash and cash equivalents 1,150,982 1,450,654 Marketable securities: Foreign debt 62,880 103,317 U.S. debt 56,406 18,627 Time deposits 656,927 253,445 Total marketable securities 776,213 375,389 Total cash, cash equivalents, and marketable securities $ 1,927,195 $ 1,826,043 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands): Balance Sheet Line Item September 30, December 31, Cash and cash equivalents Cash and cash equivalents $ 1,150,982 $ 1,450,654 Restricted cash – current Other current assets 989 1,532 Restricted cash – noncurrent Other assets 8,828 3,651 Total cash, cash equivalents, and restricted cash $ 1,160,799 $ 1,455,837 During the nine months ended September 30, 2021, we sold marketable securities for proceeds of $5.5 million and realized gains of less than $0.1 million on such sales. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable 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, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 62,932 $ 22 $ 64 $ 10 $ 62,880 U.S. debt 58,247 — 1,824 17 56,406 Time deposits 657,162 — — 235 656,927 Total $ 778,341 $ 22 $ 1,888 $ 262 $ 776,213 As of December 31, 2021 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 103,263 $ 81 $ 18 $ 9 $ 103,317 U.S. debt 19,003 10 384 2 18,627 Time deposits 253,531 — — 86 253,445 Total $ 375,797 $ 91 $ 402 $ 97 $ 375,389 The following table presents the change in the allowance for credit losses related to our available-for-sale marketable securities for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended 2022 2021 Allowance for credit losses, beginning of period $ 97 $ 121 Provision for credit losses, net 311 329 Sales and maturities of marketable securities (146) (317) Allowance for credit losses, end of period $ 262 $ 133 The contractual maturities of our marketable securities as of September 30, 2022 were as follows (in thousands): Fair One year or less $ 662,925 One year to two years 73,153 Two years to three years 31,873 Three years to four years 4,384 Four years to five years — More than five years 3,878 Total $ 776,213 |
4. Restricted Marketable Securi
4. Restricted Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Debt Securities, Available-for-Sale, Restricted [Abstract] | |
Restricted marketable securities | 4. Restricted Marketable Securities Restricted marketable securities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Foreign government obligations $ 45,448 $ 64,855 Supranational debt 8,625 10,997 U.S. debt 110,859 145,326 U.S. government obligations 17,276 23,548 Total restricted marketable securities $ 182,208 $ 244,726 Our restricted marketable securities represent long-term investments to fund the estimated future cost of collecting and recycling modules covered under our solar module collection and recycling program. 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.; First Solar Malaysia Sdn. Bhd.; and First Solar Manufacturing GmbH are grantors. As of September 30, 2022 and December 31, 2021, such custodial accounts also included noncurrent restricted cash balances of $6.3 million and $0.9 million, respectively, which were reported within “Other assets.” Trust funds may be disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), payments to customers for assuming collection and recycling obligations, and reimbursements of any overfunded amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated government or agency bonds. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted marketable securities, and an estimated solar module life of 25 years, less amounts already funded in prior years. During the nine months ended September 30, 2021, we sold all our restricted marketable securities for proceeds of $258.9 million and realized gains of $11.7 million on such sales, and repurchased $255.6 million of restricted marketable securities as part of our ongoing management of the custodial accounts. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our restricted marketable securities. The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of September 30, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 60,333 $ — $ 14,875 $ 10 $ 45,448 Supranational debt 11,201 — 2,576 — 8,625 U.S. debt 148,733 — 37,846 28 110,859 U.S. government obligations 24,574 — 7,294 4 17,276 Total $ 244,841 $ — $ 62,591 $ 42 $ 182,208 As of December 31, 2021 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 66,867 $ — $ 2,002 $ 10 $ 64,855 Supranational debt 11,362 — 365 — 10,997 U.S. debt 150,060 — 4,697 37 145,326 U.S. government obligations 24,640 — 1,086 6 23,548 Total $ 252,929 $ — $ 8,150 $ 53 $ 244,726 The following table presents the change in the allowance for credit losses related to our restricted marketable securities for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended 2022 2021 Allowance for credit losses, beginning of period $ 53 $ 13 Provision for credit losses, net (11) 69 Sales of restricted marketable securities — (29) Allowance for credit losses, end of period $ 42 $ 53 As of September 30, 2022, the contractual maturities of our restricted marketable securities were between 8 years and 17 years. |
5. Consolidated Balance Sheet D
5. Consolidated Balance Sheet Details | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Consolidated Balance Sheet Details | 5. Consolidated Balance Sheet Details Accounts receivable trade, net Accounts receivable trade, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Accounts receivable trade, gross $ 325,991 $ 430,100 Allowance for credit losses (570) (664) Accounts receivable trade, net $ 325,421 $ 429,436 Accounts receivable unbilled, net Accounts receivable unbilled, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Accounts receivable unbilled, gross $ 35,149 $ 25,336 Allowance for credit losses — (63) Accounts receivable unbilled, net $ 35,149 $ 25,273 Allowance for credit losses The following tables present the change in the allowances for credit losses related to our accounts receivable for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended Accounts receivable trade 2022 2021 Allowance for credit losses, beginning of period $ 664 $ 3,009 Provision for credit losses, net 81 (1,458) Writeoffs (175) (121) Allowance for credit losses, end of period $ 570 $ 1,430 Nine Months Ended Accounts receivable unbilled 2022 2021 Allowance for credit losses, beginning of period $ 63 $ 303 Provision for credit losses, net (63) (252) Allowance for credit losses, end of period $ — $ 51 Inventories Inventories consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Raw materials $ 382,552 $ 404,727 Work in process 59,764 65,573 Finished goods 607,988 433,511 Inventories $ 1,050,304 $ 903,811 Inventories – current $ 810,660 $ 666,299 Inventories – noncurrent $ 239,644 $ 237,512 Other current assets Other current assets consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Spare maintenance materials and parts $ 112,796 $ 112,070 Prepaid expenses 47,289 28,232 Operating supplies 43,458 41,034 Prepaid income taxes 13,550 41,379 Derivative instruments (1) 11,247 5,816 Restricted cash 989 1,532 Other 10,996 14,129 Other current assets $ 240,325 $ 244,192 —————————— (1) See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments. Property, plant and equipment, net Property, plant and equipment, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Land $ 17,703 $ 18,359 Buildings and improvements 874,533 693,289 Machinery and equipment 2,719,789 2,527,627 Office equipment and furniture 144,223 139,611 Leasehold improvements 40,124 40,517 Construction in progress 724,211 461,708 Property, plant and equipment, gross 4,520,583 3,881,111 Accumulated depreciation (1,396,504) (1,231,524) Property, plant and equipment, net $ 3,124,079 $ 2,649,587 Depreciation of property, plant and equipment was $61.6 million and $180.2 million for the three and nine months ended September 30, 2022, respectively, and $59.1 million and $174.7 million for the three and nine months ended September 30, 2021, respectively. PV solar power systems, net PV solar power systems, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, PV solar power systems, gross $ 225,193 $ 281,660 Accumulated depreciation (71,278) (64,367) PV solar power systems, net $ 153,915 $ 217,293 Depreciation of PV solar power systems was $2.0 million and $7.1 million for the three and nine months ended September 30, 2022, respectively, and $3.0 million and $8.9 million for the three and nine months ended September 30, 2021, respectively. We evaluate our PV solar power systems for impairment under a held and used impairment model whenever events or changes in circumstances arise that may indicate that the carrying amount of a particular system may not be recoverable. Such events or changes may include a significant decrease in the market price of the asset, current-period operating or cash flow losses combined with a history of such losses or a projection of future losses associated with the use of the asset, and changes in expectations regarding our intent to hold the asset on a long-term basis or the timing of a potential asset disposition. During the nine months ended September 30, 2022, we received multiple non-binding offers to purchase our Luz del Norte PV solar power plant and elected to pursue such opportunities in coordination with the project’s lenders. As a result of the expected sale in the near term, we compared the undiscounted future cash flows for the project to its carrying value and determined that the project was not recoverable. Accordingly, we measured the fair value of the project using a market approach valuation technique and recorded an impairment loss of $57.8 million in “Cost of sales” in our condensed consolidated statements of operations during the nine months ended September 30, 2022. Such impairment loss was comprised of $55.6 million for PV solar power systems, $1.3 million for intangible assets, and $0.9 million for operating lease assets. In October 2022, we entered into an agreement to sell the project, which, subject to Chilean antitrust approval, is expected to be completed in late 2022. Project assets Project assets consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Project assets – development costs, including project acquisition and land costs $ 27,827 $ 117,407 Project assets – construction costs — 198,081 Project assets $ 27,827 $ 315,488 In June 2022, we completed the sale of the majority of our project assets to PAG in connection with the sale of our Japan project development business. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information about this transaction. Goodwill Goodwill for the relevant reporting unit consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): December 31, Acquisitions (Impairments) September 30, Modules $ 407,827 $ — $ 407,827 Accumulated impairment losses (393,365) — (393,365) Goodwill $ 14,462 $ — $ 14,462 Intangible assets, net Intangible assets, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Gross Amount Accumulated Amortization Accumulated Impairments Net Amount Developed technology $ 100,606 $ (69,409) $ — $ 31,197 Power purchase agreements 6,486 (1,842) (1,300) 3,344 Patents 8,480 (6,390) — 2,090 Intangible assets, net $ 115,572 $ (77,641) $ (1,300) $ 36,631 December 31, 2021 Gross Amount Accumulated Amortization Net Amount Developed technology $ 99,964 $ (61,985) $ 37,979 Power purchase agreements 6,486 (1,621) 4,865 Patents 8,480 (5,815) 2,665 Intangible assets, net $ 114,930 $ (69,421) $ 45,509 Amortization of intangible assets was $2.7 million and $8.2 million for the three and nine months ended September 30, 2022 and 2021, respectively. Other assets Other assets consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Operating lease assets (1) $ 97,861 $ 207,544 Advance payments for raw materials 81,619 86,962 Income tax receivables 47,235 39,862 Accounts receivable unbilled, net 11,488 20,840 Accounts receivable trade, net 9,645 21,293 Restricted cash 8,828 3,651 Indirect tax receivables 351 21,873 Other 54,173 36,739 Other assets $ 311,200 $ 438,764 —————————— (1) See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements. Accrued expenses Accrued expenses consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Accrued property, plant and equipment $ 124,950 $ 42,031 Accrued freight 77,482 61,429 Accrued compensation and benefits 37,138 34,606 Accrued inventory 37,037 42,170 Accrued other taxes 12,472 23,103 Product warranty liability (1) 11,039 13,598 Accrued project costs 5,618 48,836 Other 27,404 22,677 Accrued expenses $ 333,140 $ 288,450 —————————— (1) See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.” Other current liabilities Other current liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Derivative instruments (1) $ 12,892 $ 3,550 Operating lease liabilities (2) 8,907 12,781 Other taxes payable 1,813 8,123 Other 4,737 10,293 Other current liabilities $ 28,349 $ 34,747 —————————— (1) See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments. (2) See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements. Other liabilities Other liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Deferred revenue $ 348,940 $ 95,943 Operating lease liabilities (1) 44,655 145,912 Deferred tax liabilities, net 24,812 27,699 Product warranty liability (2) 23,946 38,955 Other 31,462 43,658 Other liabilities $ 473,815 $ 352,167 —————————— (1) See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements. (2) See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.” |
6. Derivative Financial Instrum
6. Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 6. Derivative Financial Instruments As a global company, we are exposed in the normal course of business to interest rate, foreign currency, and commodity price risks that could affect our 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 loss” if the derivative instruments qualify for hedge accounting. For those derivative instruments that do not qualify for hedge accounting (i.e., “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, 2022 and December 31, 2021 (in thousands): September 30, 2022 Other Current Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 4,341 $ — $ — Commodity swap contracts — 9,133 840 Total derivatives designated as hedging instruments $ 4,341 $ 9,133 $ 840 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 6,906 $ 3,759 $ — Total derivatives not designated as hedging instruments $ 6,906 $ 3,759 $ — Total derivative instruments $ 11,247 $ 12,892 $ 840 December 31, 2021 Other Current Assets Other Current Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,336 $ 139 Total derivatives designated as hedging instruments $ 1,336 $ 139 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 4,480 $ 3,411 Total derivatives not designated as hedging instruments $ 4,480 $ 3,411 Total derivative instruments $ 5,816 $ 3,550 The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021 (in thousands): Foreign Exchange Forward Contracts Commodity Swap Contracts Total Balance as of December 31, 2021 $ 1,126 $ — $ 1,126 Amounts recognized in other comprehensive income (loss) 545 (10,832) (10,287) Amounts reclassified to earnings impacting: Cost of sales (1,671) — (1,671) Balance as of September 30, 2022 $ — $ (10,832) $ (10,832) Balance as of December 31, 2020 $ (3,644) $ 1,472 $ (2,172) Amounts recognized in other comprehensive income (loss) 2,268 1,531 3,799 Amounts reclassified to earnings impacting: Cost of sales 1,913 (883) 1,030 Balance as of September 30, 2021 $ 537 $ 2,120 $ 2,657 During the nine months ended September 30, 2022, we recognized unrealized losses of less than $0.1 million within “Cost of sales” for amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as cash flow hedges. During the three and nine months ended September 30, 2021, we recognized unrealized gains of less than $0.1 million and unrealized losses of less than $0.1 million, respectively, within “Cost of sales” for amounts excluded from effectiveness testing for our foreign exchange forward contracts designated as cash flow hedges. The following table presents the pretax amounts related to derivative instruments designated as net investment hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2022 (in thousands): Foreign Exchange Forward Contracts Balance as of December 31, 2021 $ — Amounts recognized in other comprehensive income (loss) 4,341 Balance as of September 30, 2022 $ 4,341 During the three and nine months ended September 30, 2022, we recognized unrealized gains of $0.4 million and $0.5 million, respectively, within “Other income (expense), net” for amounts excluded from effectiveness testing for our derivative instruments designated as net investment hedges. The following table presents gains and losses related to derivative instruments not designated as hedges affecting our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands): Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended Income Statement Line Item 2022 2021 2022 2021 Foreign exchange forward contracts Cost of sales $ 55 $ 103 $ 577 $ (174) Foreign exchange forward contracts Foreign currency loss, net 7,905 1,802 71,420 10,821 Interest rate swap contracts Interest expense, net — 96 — (595) Interest Rate Risk From time to time, we may use 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. During the nine months ended September 30, 2021, all of our interest rate swap contracts related to project specific debt facilities. Such swap contracts did not qualify for accounting as cash flow hedges in accordance with Accounting Standards Codification (“ASC”) 815 due to our expectation to sell the associated projects before the maturity of their project specific debt financings and corresponding swap contracts. Accordingly, changes in the fair values of these swap contracts were recorded directly to “Interest expense, net.” Foreign Currency Risk Cash Flow Exposure We expect certain of our subsidiaries to have 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 December 31, 2021, these foreign exchange forward contracts hedged our forecasted cash flows for periods up to 11 months. These foreign exchange forward contracts qualify for accounting as cash flow hedges in accordance with ASC 815, and we designated them as such. We report unrealized gains or losses on such contracts in “Accumulated other comprehensive loss” and subsequently reclassify applicable 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 as of December 31, 2021. As of December 31, 2021, 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): December 31, 2021 Currency Notional Amount USD Equivalent U.S. dollar (1) $38.4 $38.4 British pound GBP 10.6 $14.4 —————————— (1) These derivative instruments represent hedges of outstanding payables denominated in U.S. dollars at certain of our foreign subsidiaries whose functional currencies are other than the U.S. dollar. Net Investment Exposure The functional currencies of certain of our foreign subsidiaries are their local currencies. Accordingly, we apply period-end exchange rates to translate their assets and liabilities and daily transaction exchange rates to translate their revenues, expenses, gains, and losses into U.S. dollars. We include the associated translation adjustments as a separate component of “Accumulated other comprehensive loss” within stockholders’ equity. From time to time, we may seek to mitigate the impact of such translation adjustments by entering into foreign exchange forward contracts that are designated as hedges of net investments in certain foreign subsidiaries. In June 2022, we entered into a foreign exchange forward contract with a notional value of ¥8.0 billion ($60.6 million), which qualifies for and was designated as a hedge of our net investment in a certain foreign subsidiary in Japan. As of September 30, 2022, this foreign exchange forward contract hedged such net investment for a remaining period of 3 months. We report unrealized gains or losses on this contract, which are based on spot exchange rates, as a component of our foreign currency translation adjustments within “Accumulated other comprehensive loss” and subsequently reclassify applicable amounts into earnings when the net investments are sold or substantially liquidated. We determined that this derivative financial instrument was highly effective as a net investment hedge as of September 30, 2022. Transaction Exposure and Economic Hedging Many of our subsidiaries have assets and liabilities (primarily cash, receivables, deferred taxes, payables, accrued expenses, operating lease liabilities, 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 also enter into 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. Accordingly, we recognize gains or losses from the fluctuations in foreign exchange rates and the fair value of these derivative contracts in “Foreign currency loss, net” on our condensed consolidated statements of operations. As of September 30, 2022 and December 31, 2021, 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, 2022 Transaction Currency Notional Amount USD Equivalent Sell Chilean peso CLP 5,996.5 $6.2 Purchase Euro €89.0 $85.7 Sell Euro €29.4 $28.3 Sell Indian rupee INR 18,611.5 $227.8 Purchase Japanese yen ¥1,820.9 $12.6 Sell Japanese yen ¥11,674.4 $80.8 Purchase Malaysian ringgit MYR 38.2 $8.3 Sell Malaysian ringgit MYR 28.1 $6.1 Sell Mexican peso MXN 34.6 $1.7 Purchase Singapore dollar SGD 1.4 $1.0 December 31, 2021 Transaction Currency Notional Amount USD Equivalent Purchase Australian dollar AUD 3.2 $2.3 Purchase Brazilian real BRL 2.6 $0.5 Sell Brazilian real BRL 2.6 $0.5 Purchase British pound GBP 2.5 $3.4 Sell Chilean peso CLP 4,058.6 $4.8 Purchase Euro €77.6 $88.0 Sell Euro €38.6 $43.8 Sell Indian rupee INR 10,943.0 $147.1 Purchase Japanese yen ¥667.5 $5.8 Sell Japanese yen ¥31,524.6 $273.9 Purchase Malaysian ringgit MYR 17.0 $4.1 Sell Malaysian ringgit MYR 24.5 $5.9 Sell Mexican peso MXN 34.6 $1.7 Purchase Singapore dollar SGD 5.5 $4.1 Commodity Price Risk We use commodity swap contracts to mitigate our exposure to commodity price fluctuations for certain raw materials used in the production of our modules. During the nine months ended September 30, 2022, we entered into various commodity swap contracts to hedge a portion of our forecasted cash flows for purchases of aluminum frames between July 2022 and December 2023. Such swaps had an aggregate initial notional value based on metric tons of forecasted aluminum purchases, equivalent to $70.5 million, and entitle us to receive a three-month average London Metals Exchange price for aluminum while requiring us to pay certain fixed prices. The notional amount of the commodity swap contracts proportionately adjusts with forecasted purchases of aluminum frames. As of September 30, 2022, the notional value associated with these contracts were $42.5 million. These commodity swap contracts qualify for accounting as cash flow hedges in accordance with ASC 815, and we designated them as such. We report unrealized gains or losses on such contracts in “Accumulated other comprehensive loss” and subsequently reclassify applicable amounts into earnings when the hedged transactions occur and impact earnings. We determined that these derivative financial instruments were highly effective as cash flow hedges as of September 30, 2022. In the following 12 months, we expect to reclassify into earnings $7.7 million of net unrealized losses related to these commodity swap contracts that are included in “Accumulated other comprehensive loss” at September 30, 2022 as we realize the earnings effects of the related forecasted transactions. The amount we ultimately record to earnings will depend on the actual commodity pricing when we realize the related forecasted transactions. |
7. Leases
7. Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases | 7. Leases Our lease arrangements include land associated with our PV solar power systems, our corporate and administrative offices, land for our international manufacturing facilities, and certain of our manufacturing equipment. Such leases primarily relate to assets located in the United States, Malaysia, India, and Vietnam. The following table presents certain quantitative information related to our lease arrangements for the three and nine months ended September 30, 2022 and 2021, and as of September 30, 2022 and December 31, 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease cost $ 3,034 $ 4,622 $ 11,643 $ 13,171 Variable lease cost 635 575 1,838 1,575 Short-term lease cost 48 104 300 711 Total lease cost $ 3,717 $ 5,301 $ 13,781 $ 15,457 Payments of amounts included in the measurement of operating lease liabilities $ 11,867 $ 16,813 Lease assets obtained in exchange for operating lease liabilities $ 3,992 $ 19,769 September 30, December 31, Operating lease assets $ 97,861 $ 207,544 Operating lease liabilities – current 8,907 12,781 Operating lease liabilities – noncurrent 44,655 145,912 Weighted-average remaining lease term 7 years 19 years Weighted-average discount rate 5.0 % 2.8 % In June 2022, we completed the sale of our Japan project development business to PAG, which included the transfer of various land leases associated with the business. As a result, we derecognized lease assets of $87.7 million, current lease liabilities of $3.0 million, and noncurrent lease liabilities of $77.9 million. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information about this transaction. As of September 30, 2022, the future payments associated with our lease liabilities were as follows (in thousands): Total Lease Liabilities Remainder of 2022 $ 2,872 2023 11,122 2024 10,708 2025 9,830 2026 8,418 2027 5,923 Thereafter 14,618 Total future payments 63,491 Less: interest (9,929) Total lease liabilities $ 53,562 |
8. Fair Value Measurements
8. Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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, 2022, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that uses these inputs as Level 1. • Marketable Securities and Restricted Marketable Securities. At September 30, 2022 and December 31, 2021, our marketable securities consisted of foreign debt, U.S. debt, and time deposits, and our restricted marketable securities consisted of foreign and U.S. government obligations, supranational debt, and U.S. debt. We value our marketable securities and restricted marketable securities 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 standing in these fair value measurements. • Derivative Assets and Liabilities . At September 30, 2022 and December 31, 2021, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies. At September 30, 2022, our derivative liabilities also included commodity swap contracts involving major commodity prices. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including credit risk, foreign exchange rates, forward and spot prices for currencies, and forward prices for commodities. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, 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, 2022 and December 31, 2021, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): Fair Value Measurements at Reporting September 30, Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 195 $ 195 $ — $ — Marketable securities: Foreign debt 62,880 — 62,880 — U.S. debt 56,406 — 56,406 — Time deposits 656,927 656,927 — — Restricted marketable securities 182,208 — 182,208 — Derivative assets 11,247 — 11,247 — Total assets $ 969,863 $ 657,122 $ 312,741 $ — Liabilities: Derivative liabilities $ 13,732 $ — $ 13,732 $ — Fair Value Measurements at Reporting December 31, Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Marketable securities: Foreign debt $ 103,317 $ — $ 103,317 $ — U.S. debt 18,627 — 18,627 — Time deposits 253,445 253,445 — — Restricted marketable securities 244,726 — 244,726 — Derivative assets 5,816 — 5,816 — Total assets $ 625,931 $ 253,445 $ 372,486 $ — Liabilities: Derivative liabilities $ 3,550 $ — $ 3,550 $ — Fair Value of Financial Instruments At September 30, 2022 and December 31, 2021, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Accounts receivable unbilled, net - noncurrent $ 11,488 $ 10,207 $ 20,840 $ 18,846 Accounts receivable trade, net - noncurrent 9,645 7,852 21,293 18,605 Liabilities: Long-term debt, including current maturities (1) $ 266,169 $ 229,673 $ 246,737 $ 243,865 —————————— (1) Excludes unamortized discounts and issuance costs. The carrying values in our condensed consolidated balance sheets of our current trade accounts receivable, current unbilled accounts receivable, restricted cash, accounts payable, and accrued expenses approximated their fair values due to their nature and relatively short maturities; therefore, we excluded them from the foregoing table. The fair value measurements for our noncurrent unbilled accounts receivable, noncurrent trade accounts receivable, and long-term debt are considered Level 2 measurements 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, marketable securities, accounts receivable, restricted cash, restricted marketable securities, foreign exchange forward contracts, and commodity swap contracts. We are exposed to credit losses in the event of nonperformance by the counterparties to our financial and derivative instruments. We place these instruments with various high-quality financial institutions and limit the amount of credit risk from any one counterparty. We monitor 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. We typically require some form of payment security from our customers, including, but not limited to, advance payments, parent guarantees, letters of credit, bank guarantees, or surety bonds. |
9. Debt
9. Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Instruments [Abstract] | |
Debt | 9. Debt Our long-term debt consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): Balance (USD) Loan Agreement Currency September 30, December 31, Luz del Norte Credit Facilities USD $ 181,169 $ 183,829 India Credit Facility USD 85,000 — Kyoto Credit Facility JPY — 62,908 Long-term debt principal 266,169 246,737 Less: unamortized discounts and issuance costs (6,510) (6,836) Total long-term debt 259,659 239,901 Less: current portion (5,435) (3,896) Noncurrent portion $ 254,224 $ 236,005 Luz del Norte Credit Facilities In August 2014, Parque Solar Fotovoltaico Luz del Norte SpA (“Luz del Norte”), our indirect wholly-owned subsidiary and project company, entered into credit facilities (the “Luz del Norte Credit Facilities”) with the U.S. International Development Finance Corporation (“DFC”) and the International Finance Corporation (“IFC”) to provide limited-recourse senior secured debt financing for the design, development, financing, construction, testing, commissioning, operation, and maintenance of a 141 MW AC PV solar power plant located near Copiapó, Chile. As of September 30, 2022 and December 31, 2021, the balance outstanding on the DFC loans was $135.7 million and $137.7 million, respectively. As of September 30, 2022 and December 31, 2021, the balance outstanding on the IFC loans was $45.5 million and $46.1 million, respectively. The DFC and IFC loans mature in June 2037 and are secured by liens over all of Luz del Norte’s assets, a pledge of all of the equity interests in the entity, and certain letters of credit. India Credit Facility In July 2022, FS India Solar Ventures Private Limited, our indirect wholly-owned subsidiary, entered into a finance agreement (the “India Credit Facility”) with DFC for aggregate borrowings up to $500.0 million for the development and construction of an approximately 3.3 GW DC solar module manufacturing facility located in Tamil Nadu, India. Principal on the India Credit Facility is payable in scheduled semi-annual installments through the facility’s expected maturity in August 2029. The India Credit Facility is guaranteed by First Solar, Inc. Kyoto Credit Facility In July 2020, First Solar Japan GK, our wholly-owned subsidiary, entered into a construction loan facility with Mizuho Bank, Ltd. for borrowings up to ¥15.0 billion ($142.8 million), which are intended to be used for the construction of a 38 MW AC PV solar power plant located in Kyoto, Japan (the “Kyoto Credit Facility”). In May 2022, we repaid the remaining $73.2 million principal balance on the credit facility. Momura Credit Facility In May 2022, FS Japan Project 25 GK (“Momura”), our indirect wholly-owned subsidiary and project company, entered into a credit agreement (the “Momura Credit Facility”) with Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. for aggregate borrowings up to ¥21.5 billion ($168.1 million) for the development and construction of a 53 MW AC PV solar power plant located in Tochigi, Japan. The credit facility consisted of an ¥18.8 billion ($146.6 million) term loan facility, a ¥1.9 billion ($15.1 million) consumption tax facility, and a ¥0.8 billion ($6.4 million) debt service reserve facility. In June 2022, we completed the sale of our Japan project development business, and the credit facility’s outstanding balance of $107.2 million was assumed by PAG. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information about this transaction. Yatsubo Credit Facility In May 2022, FS Japan Project 24 GK (“Yatsubo”), our indirect wholly-owned subsidiary and project company, entered into a credit agreement (the “Yatsubo Credit Facility”) with Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. for aggregate borrowings up to ¥10.9 billion ($85.0 million) for the development and construction of a 26 MW AC PV solar power plant located in Tochigi, Japan. The credit agreement consisted of a ¥9.5 billion ($74.2 million) term loan facility, a ¥1.0 billion ($7.6 million) consumption tax facility, and a ¥0.4 billion ($3.2 million) debt service reserve facility. In June 2022, we completed the sale of our Japan project development business, and the credit facility’s outstanding balance of $70.0 million was assumed by PAG. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information about this transaction. Orido Credit Facility In May 2022, FS Japan Project B5 GK (“Orido”), our indirect wholly-owned subsidiary and project company, entered into a credit agreement (the “Orido Credit Facility”) with Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. for aggregate borrowings up to ¥5.3 billion ($41.3 million) for the development and construction of a 14 MW AC PV solar power plant located in Tochigi, Japan. The credit agreement consisted of a ¥4.6 billion ($36.0 million) term loan facility, a ¥0.5 billion ($3.6 million) consumption tax facility, and a ¥0.2 billion ($1.7 million) debt service reserve facility. In June 2022, we completed the sale of our Japan project development business, and the credit facility’s outstanding balance of $18.0 million was assumed by PAG. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information about this transaction. Variable Interest Rate Risk Certain of our long-term debt agreements bear interest at London Interbank Offered Rate (“LIBOR”) or equivalent variable rates. An increase in these variable rates would increase the cost of borrowing under the debt agreements. Our long-term debt borrowing rates as of September 30, 2022 were as follows: Loan Agreement September 30, 2022 Luz del Norte Credit Facilities (1) 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% India Credit Facility U.S. Treasury Constant Maturity Yield plus 1.75% —————————— (1) Outstanding balance comprised of $122.4 million of fixed rate loans and $58.8 million of variable rate loans as of September 30, 2022. Future Principal Payments At September 30, 2022, the future principal payments on our long-term debt were due as follows (in thousands): Total Debt Remainder of 2022 $ 1,375 2023 6,085 2024 13,047 2025 23,013 2026 23,418 2027 24,661 Thereafter 174,570 Total long-term debt future principal payments $ 266,169 |
10. Commitments and Contingenci
10. Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Commercial Commitments During the normal course of business, we enter into commercial commitments in the form of letters of credit and surety bonds to provide financial and performance assurance to third parties. As of September 30, 2022, the majority of these commercial commitments supported our modules business. As of September 30, 2022, the issued and outstanding amounts and available capacities under these commitments were as follows (in millions): Issued and Outstanding Available Capacity Bilateral facilities (1) $ 95.8 $ 119.2 Surety bonds 8.8 232.8 —————————— (1) Of the total letters of credit issued under the bilateral facilities, $2.3 million was secured with cash. Product Warranties When we recognize revenue for sales of modules or projects, we accrue liabilities for the estimated future costs of meeting our limited warranty obligations for both modules and the balance of the systems. We estimate our limited product warranty liability for power output and defects in materials and workmanship under normal use and service conditions based on return rates for each series of module technology. We make and revise these estimates based primarily on the number of solar modules under warranty installed at customer locations, our historical experience with and projections of warranty claims, and our estimated per-module replacement costs. We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. From time to time, we have taken remediation actions with respect to affected modules beyond our limited warranties and 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, 2022 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Product warranty liability, beginning of period $ 47,129 $ 91,058 $ 52,553 $ 95,096 Accruals for new warranties issued 1,376 1,680 3,649 8,397 Settlements (3,160) (1,091) (10,414) (6,730) Changes in estimate of product warranty liability (10,360) (33,106) (10,803) (38,222) Product warranty liability, end of period $ 34,985 $ 58,541 $ 34,985 $ 58,541 Current portion of warranty liability $ 11,039 $ 16,752 $ 11,039 $ 16,752 Noncurrent portion of warranty liability $ 23,946 $ 41,789 $ 23,946 $ 41,789 We estimate our limited product warranty liability for power output and defects in materials and workmanship under normal use and service conditions based on return rates for each series of module technology. During the three months ended September 30, 2022 and 2021, we revised this estimate based on updated information regarding our warranty claims, which reduced our product warranty liability by $10.2 million and $33.1 million, respectively. This updated information reflected lower-than-expected warranty claims for our older series of module technology as well as the evolving claims profile of our newest series of module technology, resulting in reductions to our projected module return rates. Indemnifications In certain limited circumstances, we have provided indemnifications to customers or other parties, including project tax equity investors, under which we are contractually obligated to compensate such parties for losses they suffer resulting from a breach of a representation, warranty, or covenant; a reduction in tax benefits received, including investment tax credits; the resolution of specific matters associated with a project’s development or construction; or guarantees of a third party’s payment or performance obligations. Project related tax benefits are, in part, based on guidance provided by the Internal Revenue Service and U.S. Treasury Department, which includes assumptions regarding the fair value of qualifying PV solar power systems. For contracts that have such indemnification provisions, we initially recognize a liability under ASC 460 for the estimated premium that would be required by a guarantor to issue the same indemnity in a standalone arm’s-length transaction with an unrelated party. We may base these estimates on the cost of insurance or other instruments that cover the underlying risks being indemnified and may purchase such instruments to mitigate our exposure to potential indemnification payments. We subsequently measure such liabilities at the greater of the initially estimated premium or the contingent liability required to be recognized under ASC 450. We recognize any indemnification liabilities as a reduction of earnings associated with the related transaction. After an indemnification liability is recorded, we derecognize such amount pursuant to ASC 460 depending on the nature of the indemnity, which derecognition typically occurs upon expiration or settlement of the arrangement, and any contingent aspects of the indemnity are accounted for in accordance with ASC 450. As of September 30, 2022 and December 31, 2021, we accrued $3.7 million and $3.8 million of current indemnification liabilities, respectively. As of September 30, 2022, the maximum potential amount of future payments under our indemnifications was $102.3 million, and we held insurance and other instruments allowing us to recover up to $28.2 million of potential amounts paid under the indemnifications. In September 2017, we made an indemnification payment in connection with the sale of one of our projects following the underpayment of anticipated cash grants by the United States government. In February 2018, the associated project entity commenced legal action against the United States government seeking full payment of the cash grants. In May 2021, the parties reached an agreement, pursuant to which the United States government made a settlement payment to the project entity. Under the terms of the indemnification arrangement, we received $65.1 million for our portion of the settlement payment, which we recorded as revenue during the nine months ended September 30, 2021. Solar Module Collection and Recycling Liability We previously established a module collection and recycling program, which has since been discontinued, to collect and recycle modules sold and covered under such program once the modules reach the end of their service lives. For legacy customer sales contracts that were covered under this program, we agreed to pay 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. Accordingly, we recorded any collection and recycling obligations within “Cost of sales” at the time of sale based on the estimated 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 future cost of collecting and recycling the solar modules, which includes estimates for the cost of packaging materials; the cost of freight from the solar module installation sites to a recycling center; material, labor, and capital costs; and by-product credits for certain materials recovered during the recycling process. We base these estimates on our experience collecting and recycling solar modules and certain assumptions regarding costs 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 and classify the corresponding expense within “Selling, general and administrative” expense on our condensed consolidated statements 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, 2022, we completed our annual cost study of obligations under our module collection and recycling program and reduced the associated liability by $7.5 million primarily due to lower estimated capital and chemical costs resulting from improvements to our module recycling technology. During the three months ended September 30, 2021, we completed our annual cost study of obligations under our module collection and recycling program and increased the associated liability by $10.8 million primarily due to lower estimated by-product credits for certain semiconductor materials recovered during the recycling process and updates to certain valuation assumptions. Our module collection and recycling liability was $120.2 million and $139.1 million as of September 30, 2022 and December 31, 2021, respectively. See Note 4. “Restricted Marketable Securities” to our condensed consolidated financial statements for more information about our arrangements for funding this liability. Legal Proceedings Class Action On January 7, 2022, a putative class action lawsuit titled City of Pontiac General Employees’ Retirement System v. First Solar, Inc., et al., Case No. 2:22-cv-00036-MTL, 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 officers (collectively, “Putative Class Action Defendants”). The complaint was filed on behalf of a purported class consisting of all purchasers of First Solar common stock between February 22, 2019 and February 20, 2020, inclusive. The complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 based on allegedly false and misleading statements related to the Company’s Series 6 solar modules and its project development business. It seeks unspecified damages and an award of costs and expenses. The Company and its officers believe they have meritorious defenses and intend to vigorously defend this action. On April 25, 2022, the Arizona District Court issued an order appointing the Palm Harbor Special Fire Control & Rescue District Firefighters’ Pension Plan and the Greater Pennsylvania Carpenters’ Pension Fund as Lead Plaintiffs. On June 23, 2022, Lead Plaintiffs filed an Amended Complaint that brings the same claims and seeks the same relief as the original complaint. Putative Class Action Defendants filed a motion to dismiss on August 22, 2022. Plaintiffs filed their opposition to the motion to dismiss on October 21, 2022. Given the early stage of the litigation, at this time we are not in a position to assess the likelihood of any potential loss or adverse effect on our financial condition or to estimate the amount or range of potential loss, if any, from this action. Derivative Action On September 13, 2022, a derivative action titled Federman v. Widmar, et al., Case No. 2:22-cv-01541-MTM, was filed by a putative stockholder purportedly on behalf of the Company in the Arizona District Court against certain current directors and officers of the Company (collectively, “Derivative Action Defendants”), alleging violations of Section 14(a) of the Securities Exchange Act of 1934, breach of fiduciary duties, contribution and indemnification, aiding and abetting, and gross mismanagement. The complaint generally alleges that the Derivative Action Defendants caused or allowed false and misleading statements to be made concerning the Company’s Series 6 modules and project development business. The action includes claims for, among other things, damages in favor of the Company and an award of costs and expenses to the putative plaintiff stockholder, including attorneys’ fees. The Company believes that the plaintiff in the derivative action lacks standing to pursue litigation on behalf of First Solar. The derivative action is still in the initial stages and there has been no discovery. Accordingly, we are not in a position to assess the likelihood of any loss or adverse effect on our financial condition or to estimate the amount or range of potential loss, if any, from this action. Other Matters and Claims On July 12, 2021, Southern Power Company and certain of its affiliates (“Southern”) filed an arbitration demand with the American Arbitration Association against two subsidiaries of the Company, alleging breach of the engineering, procurement, and construction (“EPC”) agreements for five projects in the United States, for which the Company’s subsidiaries served as EPC contractor. The arbitration demand asserts breach of obligations to design and engineer the projects in accordance with the EPC agreements, particularly as such obligations relate to the procurement of tracker systems and inverters. In September 2022, the Company received additional details in the discovery process of the arbitration, based upon which we believe Southern is seeking damages of approximately $55 million and an award of costs and expenses. Prior to September 2022, no such damages were specified by Southern. The Company and its subsidiaries deny the claims and intend to vigorously defend this arbitration in all respects. Arbitration hearings are scheduled for early 2023. Given the stage of proceedings and inherent risks involved in arbitration, at this time we are unable to assess the likelihood of any potential loss or adverse effect on our financial condition or to estimate the amount or range of potential loss, if any, from this arbitration. During the three months ended September 30, 2022, we received various indemnification demands from certain customers, for whom we provided EPC services, regarding claims that such customers’ PV tracker systems infringe, in part, on patents owned by Trabant Solar, Inc. We have conducted due diligence on the patents and claims and believe that we will prevail, to the extent we are obligated to defend any matter or commence an Inter Partes Review before the United States Patent and Trademark Office. We are party to other legal matters and claims in the normal course of our operations. While we believe the ultimate outcome of these matters and claims will not have a material adverse effect on our financial position, results of operations, or cash flows, the outcome of such matters and claims is not determinable with certainty, and negative outcomes may adversely affect us. There have been no material changes to these matters since our Annual Report on Form 10-K for the year ended December 31, 2021 was filed with the SEC on March 1, 2022. |
11. Revenue from Contracts with
11. Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers [Text Block] | 11. Revenue from Contracts with Customers The following table presents the disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2022 and 2021 along with the reportable segment for each category (in thousands): Three Months Ended Nine Months Ended Category Segment 2022 2021 2022 2021 Solar modules Modules $ 619,922 $ 562,810 $ 1,582,248 $ 1,640,436 Energy generation Other 5,440 7,339 20,689 29,375 O&M services Other 3,481 5,262 11,558 37,210 Solar power systems Other 90 10,132 2,433 311,076 EPC services Other — (2,039) — (2,039) Net sales $ 628,933 $ 583,504 $ 1,616,928 $ 2,016,058 We recognize revenue for module sales at a point in time following the transfer of control of the modules to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Such contracts may contain provisions that require us to make liquidated damage payments to the customer if we fail to ship or deliver modules by scheduled dates. We recognize these liquidated damages as a reduction of revenue in the period we transfer control of the modules to the customer. We recognize revenue for sales of development projects or completed systems when we enter into the associated sales contract. For certain prior project sales, including sales of solar power systems with EPC services, such revenue included estimated amounts of variable consideration. These estimates may require significant judgment to determine the most likely amount of net contract revenues. The cumulative effect of revisions to estimates is recorded in the period in which the revisions are identified and the amounts can be reasonably estimated. During the three and nine months ended September 30, 2021, respectively, revenue increased $7.8 million and $73.0 million due to net changes in transaction prices for certain projects we previously sold, which represented 0.9% and 2.3% of the aggregate revenue for such projects. Changes for the nine months ended September 30, 2021 were primarily due to a $65.1 million settlement for an outstanding indemnification arrangement associated with the prior sale of one of our projects, which we recorded as revenue during that period. See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our indemnification arrangements. The following table reflects the changes in our contract assets, which we classify as “Accounts receivable unbilled, net” and our contract liabilities, which we classify as “Deferred revenue,” for the nine months ended September 30, 2022 (in thousands): September 30, December 31, Nine Month Change Accounts receivable unbilled, net (1) $ 46,637 $ 46,113 $ 524 1 % Deferred revenue (2) $ 584,233 $ 297,811 $ 286,422 96 % —————————— (1) Includes $11.5 million and $20.8 million of noncurrent accounts receivable unbilled, net classified as “Other assets” on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. (2) Includes $348.9 million and $95.9 million of noncurrent deferred revenue classified as “Other liabilities” on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. During the nine months ended September 30, 2022, our contract liabilities increased by $286.4 million primarily due to advance payments received for sales of solar modules in the current period, partially offset by the recognition of revenue for sales of solar modules for which payment was received in 2021. During the nine months ended September 30, 2022 and 2021, we recognized revenue of $186.2 million and $169.5 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. As of September 30, 2022, we had entered into contracts with customers for the future sale of 50.0 GW DC of solar modules for an aggregate transaction price of $14.0 billion, which we expect to recognize as revenue through 2027 as we transfer control of the modules to the customers. Such aggregate transaction price excludes estimates of variable consideration for certain contracts with customers that are associated with future module technology improvements, including new product designs and enhancements to certain energy related attributes. Certain other potential price adjustments associated with the extension of the U.S. investment tax credit (“ITC”), sales freight, and changes to certain commodity prices have also been excluded. While our contracts with customers typically represent firm purchase commitments, these contracts may be subject to amendments made by us or requested by our customers. These amendments may increase or decrease the volume of modules to be sold under the contract, change delivery schedules, or otherwise adjust the expected revenue under these contracts. |
12. Share-Based Compensation
12. Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement, Recognized Amount [Abstract] | |
Share-Based Compensation | 12. Share-Based Compensation The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Cost of sales (1) $ 1,044 $ 154 $ 1,988 $ 235 Selling, general and administrative (1) 9,572 5,746 16,900 14,998 Research and development (2) 1,227 529 2,219 (259) Production start-up 11 — 14 — Total share-based compensation expense $ 11,854 $ 6,429 $ 21,121 $ 14,974 —————————— (1) On March 31, 2021, we completed the sales of our North American O&M operations and U.S. project development business, which resulted in the forfeiture of unvested shares for associates (our term for full- and part-time employees) departing the Company as part of the transactions. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information related to these transactions. (2) Effective March 15, 2021, our former Chief Technology Officer retired from the Company, which resulted in the forfeiture of his unvested shares during the nine months ended September 30, 2021. Share-based compensation expense capitalized in inventory and PV solar power systems was $0.6 million and $0.7 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, we had $43.4 million of unrecognized share-based compensation expense related to unvested restricted stock and performance units, which we expect to recognize over a weighted-average period of approximately 1.4 years. In July 2019, the compensation committee of our board of directors approved grants of performance units for key executive officers to be earned over a multi-year performance period, which ended in December 2021. Vesting of the 2019 grants of performance units was contingent upon the relative attainment of target cost per watt, module wattage, gross profit, and operating income metrics. In March 2022, the compensation committee certified the achievement of the vesting conditions applicable to the grants, which approximated the maximum level of performance. Accordingly, each participant received one share of common stock for each vested performance unit granted, net of any tax withholdings. In March 2020, the compensation committee approved additional grants of performance units for key executive officers. Such grants are expected to be earned over a multi-year performance period ending in December 2022. Vesting of the 2020 grants of performance units is contingent upon the relative attainment of target contracted revenue, module wattage, and return on capital metrics. In May 2021, the compensation committee approved additional grants of performance units for key executive officers. Such grants are expected to be earned over a multi-year performance period ending in December 2023. Vesting of the 2021 grants of performance units is contingent upon the relative attainment of target contracted revenue, cost per watt, incremental average selling price, and operating income metrics. In March 2022, the compensation committee approved additional grants of performance units for key executive officers. Such grants are expected to be earned over a multi-year performance period ending in December 2024. Vesting of the 2022 grants of performance units is contingent upon the relative attainment of target contracted revenue, cost per watt, and return on capital metrics. Vesting of performance units is also contingent upon the employment of program participants through the applicable vesting dates, with limited exceptions in case of death, disability, a qualifying retirement, or a change-in-control of First Solar. Outstanding performance units are included in the computation of diluted net income per share based on the number of shares that would be issuable if the end of the reporting period were the end of the contingency period. In February 2022, First Solar adopted a Clawback Policy (“the Policy”) that applies to the Company’s current and former Section 16 officers. The Policy applies to all incentive compensation, including any performance-based annual incentive awards and performance-based equity compensation. The Policy was adopted to ensure that incentive compensation is paid or awarded based on accurate financial results and the correct calculation of performance against incentive targets. |
13. Income Taxes
13. Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes In August 2022, the U.S. President signed into law the Inflation Reduction Act of 2022 (the “IRA”), which revised U.S. tax law by, among other things, including a new corporate alternative minimum tax (the “CAMT”) of 15% on certain large corporations, imposing a 1% excise tax on stock buybacks, and providing incentives to address climate change, including the introduction of advanced manufacturing production tax credits. The provisions of the IRA are generally effective for tax years beginning after 2022. Given the complexities of the IRA, which is pending technical guidance and regulations from the Internal Revenue Service and U.S. Treasury Department, we will continue to monitor these developments and evaluate the potential future impact to our results of operations. Our effective tax rate was 341.4% and 16.7% for the nine months ended September 30, 2022 and 2021, respectively. The increase in our effective tax rate was primarily driven by the relative size of our pretax income in the current period, higher losses in certain jurisdictions for which no tax benefit could be recorded, the remeasurement of our net deferred tax assets in Vietnam as a result of the new long-term tax incentive described below, lower relative amounts of income earned in foreign jurisdictions with lower tax rates, and the effect of tax law changes associated with the foreign tax credit (“FTC”) regulations described below. Our provision for income taxes differed from the amount computed by applying the U.S. statutory federal income tax rate of 21% primarily due to higher losses in certain jurisdictions for which no tax benefit could be recorded, the remeasurement of our net deferred tax assets in Vietnam mentioned above, and the effect of the FTC regulations described below. In December 2021, the U.S. Treasury released final FTC regulations addressing various aspects of the U.S. FTC regime. Among other items, these regulations revised the definition of a creditable foreign income tax and the time at which foreign taxes accrued can be claimed as a credit. These regulations are applicable for tax years beginning on or after December 28, 2021. As a result of these regulations, foreign taxes, which were previously creditable, are now treated as foreign tax deductions at the U.S. statutory federal income tax rate of 21%. 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 with 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. Our Vietnamese subsidiary had previously been granted a tax incentive that provided a two-year tax exemption, which began in 2020, and reduced annual tax rates through the end of 2025. In May 2022, our Vietnamese subsidiary was granted a new long-term tax incentive that provides an additional two-year tax exemption and reduced annual tax rates through 2036, conditional upon our continued compliance with certain revenue and research and development (“R&D”) spending thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday. We account for uncertain tax positions pursuant to the recognition and measurement criteria under ASC 740. It is reasonably possible that $0.3 million of uncertain tax positions will be recognized within the next 12 months due to the expiration of the statute of limitations associated with such positions. We are subject to audit by federal, state, local, and foreign tax authorities. We are currently under examination in India, Chile, Singapore, and the state of California. We believe that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax examinations cannot be predicted with certainty. If any issues addressed by our tax examinations 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. |
14. Net (Loss) Income Per Share
14. Net (Loss) Income Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Share | 14. Net (Loss) Income per Share The calculation of basic and diluted net (loss) income per share for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic net (loss) income per share Numerator: Net (loss) income $ (49,168) $ 45,203 $ (36,618) $ 337,323 Denominator: Weighted-average common shares outstanding 106,596 106,320 106,532 106,241 Diluted net (loss) income per share Denominator: Weighted-average common shares outstanding 106,596 106,320 106,532 106,241 Effect of restricted stock and performance units — 579 — 638 Weighted-average shares used in computing diluted net (loss) income per share 106,596 106,899 106,532 106,879 Net (loss) income per share: Basic $ (0.46) $ 0.43 $ (0.34) $ 3.18 Diluted $ (0.46) $ 0.42 $ (0.34) $ 3.16 The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net (loss) income per share for the three and nine months ended September 30, 2022 and 2021 as such shares would have had an anti-dilutive effect (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Anti-dilutive shares 626 8 523 3 |
15. Accumulated Other Comprehen
15. Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2022 (in thousands): Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities Unrealized Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2021 $ (89,452) $ (8,036) $ 1,126 $ (96,362) Other comprehensive loss before reclassifications (36,386) (55,996) (10,287) (102,669) Amounts reclassified from accumulated other comprehensive loss (4,312) — (1,671) (5,983) Net tax effect — 2,624 2,540 5,164 Net other comprehensive loss (40,698) (53,372) (9,418) (103,488) Balance as of September 30, 2022 $ (130,150) $ (61,408) $ (8,292) $ (199,850) The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands): Comprehensive Income Components Income Statement Line Item Three Months Ended Nine Months Ended 2022 2021 2022 2021 Foreign currency translation adjustment: Foreign currency translation adjustment Gain on sales of businesses, net $ — $ — $ 3,756 $ — Foreign currency translation adjustment Other income (expense), net 403 (728) 556 (1,203) Total foreign currency translation adjustment 403 (728) 4,312 (1,203) Unrealized gain on marketable securities and restricted marketable securities Other income (expense), net — — — 11,696 Unrealized gain (loss) on derivative instruments: Foreign exchange forward contracts Cost of sales 218 15 1,671 (1,913) Commodity swap contracts Cost of sales — 670 — 883 Total unrealized gain (loss) on derivative instruments 218 685 1,671 (1,030) Total gain (loss) reclassified $ 621 $ (43) $ 5,983 $ 9,463 |
16. Segment Reporting
16. Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Segment Reporting | 16. Segment Reporting Our primary segment is our modules business, which involves the design, manufacture, and sale of cadmium telluride (“CdTe”) solar modules, which convert sunlight into electricity. Third-party customers of our modules segment include developers and operators of PV solar power systems. Our residual business operations include the results of operations from PV solar power systems we own and operate in certain international regions, as well as certain O&M services and project development activities. For the year ended December 31, 2021, we changed our reportable segments to align with revisions to our internal reporting structure and long-term strategic plans. Following this change, our modules business represents our only reportable segment. We previously operated our business in two segments, which included our modules and systems businesses. Systems business activities primarily involved (i) project development, (ii) EPC services, and (iii) O&M services, which now comprise our residual business operations and are categorized as “Other” in the tables below. All prior year balances were revised to conform to the current year presentation. See Note 20. “Segment and Geographical Information” in our Annual Report on Form 10-K for the year ended December 31, 2021 for additional discussion of our segment reporting. The following tables provide a reconciliation of certain financial information for our reportable segment to information presented in our condensed consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 and as of September 30, 2022 and December 31, 2021 (in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Modules Other Total Modules Other Total Net sales $ 619,922 $ 9,011 $ 628,933 $ 562,810 $ 20,694 $ 583,504 Gross profit (loss) 24,040 (3,058) 20,982 118,260 6,320 124,580 Depreciation and amortization expense 58,287 2,075 60,362 56,335 3,045 59,380 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Modules Other Total Modules Other Total Net sales $ 1,582,248 $ 34,680 $ 1,616,928 $ 1,640,436 $ 375,622 $ 2,016,058 Gross profit (loss) 66,396 (57,151) 9,245 328,047 155,418 483,465 Depreciation and amortization expense 172,296 7,276 179,572 163,747 9,193 172,940 September 30, 2022 December 31, 2021 Modules Other Total Modules Other Total Goodwill $ 14,462 $ — $ 14,462 $ 14,462 $ — $ 14,462 |
3. Cash, Cash Equivalents, an_2
3. Cash, Cash Equivalents, and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021 (in thousands): September 30, December 31, Cash and cash equivalents: Cash $ 1,150,787 $ 1,450,654 Money market funds 195 — Total cash and cash equivalents 1,150,982 1,450,654 Marketable securities: Foreign debt 62,880 103,317 U.S. debt 56,406 18,627 Time deposits 656,927 253,445 Total marketable securities 776,213 375,389 Total cash, cash equivalents, and marketable securities $ 1,927,195 $ 1,826,043 |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands): Balance Sheet Line Item September 30, December 31, Cash and cash equivalents Cash and cash equivalents $ 1,150,982 $ 1,450,654 Restricted cash – current Other current assets 989 1,532 Restricted cash – noncurrent Other assets 8,828 3,651 Total cash, cash equivalents, and restricted cash $ 1,160,799 $ 1,455,837 |
Available-for-sale Marketable 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, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 62,932 $ 22 $ 64 $ 10 $ 62,880 U.S. debt 58,247 — 1,824 17 56,406 Time deposits 657,162 — — 235 656,927 Total $ 778,341 $ 22 $ 1,888 $ 262 $ 776,213 As of December 31, 2021 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 103,263 $ 81 $ 18 $ 9 $ 103,317 U.S. debt 19,003 10 384 2 18,627 Time deposits 253,531 — — 86 253,445 Total $ 375,797 $ 91 $ 402 $ 97 $ 375,389 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the change in the allowance for credit losses related to our available-for-sale marketable securities for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended 2022 2021 Allowance for credit losses, beginning of period $ 97 $ 121 Provision for credit losses, net 311 329 Sales and maturities of marketable securities (146) (317) Allowance for credit losses, end of period $ 262 $ 133 |
Available-for-sale Marketable Securities by Maturity | The contractual maturities of our marketable securities as of September 30, 2022 were as follows (in thousands): Fair One year or less $ 662,925 One year to two years 73,153 Two years to three years 31,873 Three years to four years 4,384 Four years to five years — More than five years 3,878 Total $ 776,213 |
4. Restricted Marketable Secu_2
4. Restricted Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Securities, Available-for-Sale, Restricted [Abstract] | |
Schedule of Restricted Marketable Securities | Restricted marketable securities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Foreign government obligations $ 45,448 $ 64,855 Supranational debt 8,625 10,997 U.S. debt 110,859 145,326 U.S. government obligations 17,276 23,548 Total restricted marketable securities $ 182,208 $ 244,726 |
Restricted Available-for-sale Marketable Securities | The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of September 30, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 60,333 $ — $ 14,875 $ 10 $ 45,448 Supranational debt 11,201 — 2,576 — 8,625 U.S. debt 148,733 — 37,846 28 110,859 U.S. government obligations 24,574 — 7,294 4 17,276 Total $ 244,841 $ — $ 62,591 $ 42 $ 182,208 As of December 31, 2021 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 66,867 $ — $ 2,002 $ 10 $ 64,855 Supranational debt 11,362 — 365 — 10,997 U.S. debt 150,060 — 4,697 37 145,326 U.S. government obligations 24,640 — 1,086 6 23,548 Total $ 252,929 $ — $ 8,150 $ 53 $ 244,726 |
Restricted Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the change in the allowance for credit losses related to our restricted marketable securities for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended 2022 2021 Allowance for credit losses, beginning of period $ 53 $ 13 Provision for credit losses, net (11) 69 Sales of restricted marketable securities — (29) Allowance for credit losses, end of period $ 42 $ 53 |
5. Consolidated Balance Sheet_2
5. Consolidated Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable trade, net Accounts receivable trade, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Accounts receivable trade, gross $ 325,991 $ 430,100 Allowance for credit losses (570) (664) Accounts receivable trade, net $ 325,421 $ 429,436 Accounts receivable unbilled, net Accounts receivable unbilled, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Accounts receivable unbilled, gross $ 35,149 $ 25,336 Allowance for credit losses — (63) Accounts receivable unbilled, net $ 35,149 $ 25,273 |
Schedule of Allowance for Credit Losses | The following tables present the change in the allowances for credit losses related to our accounts receivable for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended Accounts receivable trade 2022 2021 Allowance for credit losses, beginning of period $ 664 $ 3,009 Provision for credit losses, net 81 (1,458) Writeoffs (175) (121) Allowance for credit losses, end of period $ 570 $ 1,430 Nine Months Ended Accounts receivable unbilled 2022 2021 Allowance for credit losses, beginning of period $ 63 $ 303 Provision for credit losses, net (63) (252) Allowance for credit losses, end of period $ — $ 51 |
Schedule of Inventories, Current and Noncurrent | Inventories consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Raw materials $ 382,552 $ 404,727 Work in process 59,764 65,573 Finished goods 607,988 433,511 Inventories $ 1,050,304 $ 903,811 Inventories – current $ 810,660 $ 666,299 Inventories – noncurrent $ 239,644 $ 237,512 |
Schedule of Other Current Assets | Other current assets consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Spare maintenance materials and parts $ 112,796 $ 112,070 Prepaid expenses 47,289 28,232 Operating supplies 43,458 41,034 Prepaid income taxes 13,550 41,379 Derivative instruments (1) 11,247 5,816 Restricted cash 989 1,532 Other 10,996 14,129 Other current assets $ 240,325 $ 244,192 —————————— (1) See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments. |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Land $ 17,703 $ 18,359 Buildings and improvements 874,533 693,289 Machinery and equipment 2,719,789 2,527,627 Office equipment and furniture 144,223 139,611 Leasehold improvements 40,124 40,517 Construction in progress 724,211 461,708 Property, plant and equipment, gross 4,520,583 3,881,111 Accumulated depreciation (1,396,504) (1,231,524) Property, plant and equipment, net $ 3,124,079 $ 2,649,587 |
Schedule of PV Solar Power Systems, Net | PV solar power systems, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, PV solar power systems, gross $ 225,193 $ 281,660 Accumulated depreciation (71,278) (64,367) PV solar power systems, net $ 153,915 $ 217,293 |
Schedule of Project Assets | Project assets consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Project assets – development costs, including project acquisition and land costs $ 27,827 $ 117,407 Project assets – construction costs — 198,081 Project assets $ 27,827 $ 315,488 |
Schedule of Goodwill | Goodwill for the relevant reporting unit consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): December 31, Acquisitions (Impairments) September 30, Modules $ 407,827 $ — $ 407,827 Accumulated impairment losses (393,365) — (393,365) Goodwill $ 14,462 $ — $ 14,462 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Gross Amount Accumulated Amortization Accumulated Impairments Net Amount Developed technology $ 100,606 $ (69,409) $ — $ 31,197 Power purchase agreements 6,486 (1,842) (1,300) 3,344 Patents 8,480 (6,390) — 2,090 Intangible assets, net $ 115,572 $ (77,641) $ (1,300) $ 36,631 December 31, 2021 Gross Amount Accumulated Amortization Net Amount Developed technology $ 99,964 $ (61,985) $ 37,979 Power purchase agreements 6,486 (1,621) 4,865 Patents 8,480 (5,815) 2,665 Intangible assets, net $ 114,930 $ (69,421) $ 45,509 |
Schedule of Other Assets, Noncurrent | Other assets consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Operating lease assets (1) $ 97,861 $ 207,544 Advance payments for raw materials 81,619 86,962 Income tax receivables 47,235 39,862 Accounts receivable unbilled, net 11,488 20,840 Accounts receivable trade, net 9,645 21,293 Restricted cash 8,828 3,651 Indirect tax receivables 351 21,873 Other 54,173 36,739 Other assets $ 311,200 $ 438,764 —————————— (1) See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements. |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Accrued property, plant and equipment $ 124,950 $ 42,031 Accrued freight 77,482 61,429 Accrued compensation and benefits 37,138 34,606 Accrued inventory 37,037 42,170 Accrued other taxes 12,472 23,103 Product warranty liability (1) 11,039 13,598 Accrued project costs 5,618 48,836 Other 27,404 22,677 Accrued expenses $ 333,140 $ 288,450 —————————— (1) See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.” |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Derivative instruments (1) $ 12,892 $ 3,550 Operating lease liabilities (2) 8,907 12,781 Other taxes payable 1,813 8,123 Other 4,737 10,293 Other current liabilities $ 28,349 $ 34,747 —————————— (1) See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments. (2) See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements. |
Schedule of Other Liabilities | Other liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Deferred revenue $ 348,940 $ 95,943 Operating lease liabilities (1) 44,655 145,912 Deferred tax liabilities, net 24,812 27,699 Product warranty liability (2) 23,946 38,955 Other 31,462 43,658 Other liabilities $ 473,815 $ 352,167 —————————— (1) See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements. (2) See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.” |
6. Derivative Financial Instr_2
6. Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Other Current Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 4,341 $ — $ — Commodity swap contracts — 9,133 840 Total derivatives designated as hedging instruments $ 4,341 $ 9,133 $ 840 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 6,906 $ 3,759 $ — Total derivatives not designated as hedging instruments $ 6,906 $ 3,759 $ — Total derivative instruments $ 11,247 $ 12,892 $ 840 December 31, 2021 Other Current Assets Other Current Liabilities Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,336 $ 139 Total derivatives designated as hedging instruments $ 1,336 $ 139 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 4,480 $ 3,411 Total derivatives not designated as hedging instruments $ 4,480 $ 3,411 Total derivative instruments $ 5,816 $ 3,550 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021 (in thousands): Foreign Exchange Forward Contracts Commodity Swap Contracts Total Balance as of December 31, 2021 $ 1,126 $ — $ 1,126 Amounts recognized in other comprehensive income (loss) 545 (10,832) (10,287) Amounts reclassified to earnings impacting: Cost of sales (1,671) — (1,671) Balance as of September 30, 2022 $ — $ (10,832) $ (10,832) Balance as of December 31, 2020 $ (3,644) $ 1,472 $ (2,172) Amounts recognized in other comprehensive income (loss) 2,268 1,531 3,799 Amounts reclassified to earnings impacting: Cost of sales 1,913 (883) 1,030 Balance as of September 30, 2021 $ 537 $ 2,120 $ 2,657 |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table presents the pretax amounts related to derivative instruments designated as net investment hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2022 (in thousands): Foreign Exchange Forward Contracts Balance as of December 31, 2021 $ — Amounts recognized in other comprehensive income (loss) 4,341 Balance as of September 30, 2022 $ 4,341 |
Schedule of Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents gains and losses related to derivative instruments not designated as hedges affecting our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands): Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended Income Statement Line Item 2022 2021 2022 2021 Foreign exchange forward contracts Cost of sales $ 55 $ 103 $ 577 $ (174) Foreign exchange forward contracts Foreign currency loss, net 7,905 1,802 71,420 10,821 Interest rate swap contracts Interest expense, net — 96 — (595) |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of December 31, 2021, 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): December 31, 2021 Currency Notional Amount USD Equivalent U.S. dollar (1) $38.4 $38.4 British pound GBP 10.6 $14.4 —————————— (1) These derivative instruments represent hedges of outstanding payables denominated in U.S. dollars at certain of our foreign subsidiaries whose functional currencies are other than the U.S. dollar. |
Schedule of Notional Value of Foreign Exchange Forward Derivatives [Table Text Block] | As of September 30, 2022 and December 31, 2021, 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, 2022 Transaction Currency Notional Amount USD Equivalent Sell Chilean peso CLP 5,996.5 $6.2 Purchase Euro €89.0 $85.7 Sell Euro €29.4 $28.3 Sell Indian rupee INR 18,611.5 $227.8 Purchase Japanese yen ¥1,820.9 $12.6 Sell Japanese yen ¥11,674.4 $80.8 Purchase Malaysian ringgit MYR 38.2 $8.3 Sell Malaysian ringgit MYR 28.1 $6.1 Sell Mexican peso MXN 34.6 $1.7 Purchase Singapore dollar SGD 1.4 $1.0 December 31, 2021 Transaction Currency Notional Amount USD Equivalent Purchase Australian dollar AUD 3.2 $2.3 Purchase Brazilian real BRL 2.6 $0.5 Sell Brazilian real BRL 2.6 $0.5 Purchase British pound GBP 2.5 $3.4 Sell Chilean peso CLP 4,058.6 $4.8 Purchase Euro €77.6 $88.0 Sell Euro €38.6 $43.8 Sell Indian rupee INR 10,943.0 $147.1 Purchase Japanese yen ¥667.5 $5.8 Sell Japanese yen ¥31,524.6 $273.9 Purchase Malaysian ringgit MYR 17.0 $4.1 Sell Malaysian ringgit MYR 24.5 $5.9 Sell Mexican peso MXN 34.6 $1.7 Purchase Singapore dollar SGD 5.5 $4.1 |
7. Leases (Tables)
7. Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of operating lease cost and related information | The following table presents certain quantitative information related to our lease arrangements for the three and nine months ended September 30, 2022 and 2021, and as of September 30, 2022 and December 31, 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease cost $ 3,034 $ 4,622 $ 11,643 $ 13,171 Variable lease cost 635 575 1,838 1,575 Short-term lease cost 48 104 300 711 Total lease cost $ 3,717 $ 5,301 $ 13,781 $ 15,457 Payments of amounts included in the measurement of operating lease liabilities $ 11,867 $ 16,813 Lease assets obtained in exchange for operating lease liabilities $ 3,992 $ 19,769 September 30, December 31, Operating lease assets $ 97,861 $ 207,544 Operating lease liabilities – current 8,907 12,781 Operating lease liabilities – noncurrent 44,655 145,912 Weighted-average remaining lease term 7 years 19 years Weighted-average discount rate 5.0 % 2.8 % |
Operating lease liability maturity | As of September 30, 2022, the future payments associated with our lease liabilities were as follows (in thousands): Total Lease Liabilities Remainder of 2022 $ 2,872 2023 11,122 2024 10,708 2025 9,830 2026 8,418 2027 5,923 Thereafter 14,618 Total future payments 63,491 Less: interest (9,929) Total lease liabilities $ 53,562 |
8. Fair Value Measurements (Tab
8. Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets and liabilities measured on a recurring basis | At September 30, 2022 and December 31, 2021, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): Fair Value Measurements at Reporting September 30, Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 195 $ 195 $ — $ — Marketable securities: Foreign debt 62,880 — 62,880 — U.S. debt 56,406 — 56,406 — Time deposits 656,927 656,927 — — Restricted marketable securities 182,208 — 182,208 — Derivative assets 11,247 — 11,247 — Total assets $ 969,863 $ 657,122 $ 312,741 $ — Liabilities: Derivative liabilities $ 13,732 $ — $ 13,732 $ — Fair Value Measurements at Reporting December 31, Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Marketable securities: Foreign debt $ 103,317 $ — $ 103,317 $ — U.S. debt 18,627 — 18,627 — Time deposits 253,445 253,445 — — Restricted marketable securities 244,726 — 244,726 — Derivative assets 5,816 — 5,816 — Total assets $ 625,931 $ 253,445 $ 372,486 $ — Liabilities: Derivative liabilities $ 3,550 $ — $ 3,550 $ — |
Carrying value and fair value of financial instruments not measured at fair value | At September 30, 2022 and December 31, 2021, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Accounts receivable unbilled, net - noncurrent $ 11,488 $ 10,207 $ 20,840 $ 18,846 Accounts receivable trade, net - noncurrent 9,645 7,852 21,293 18,605 Liabilities: Long-term debt, including current maturities (1) $ 266,169 $ 229,673 $ 246,737 $ 243,865 —————————— (1) Excludes unamortized discounts and issuance costs. |
9. Debt (Tables)
9. Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments | Our long-term debt consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): Balance (USD) Loan Agreement Currency September 30, December 31, Luz del Norte Credit Facilities USD $ 181,169 $ 183,829 India Credit Facility USD 85,000 — Kyoto Credit Facility JPY — 62,908 Long-term debt principal 266,169 246,737 Less: unamortized discounts and issuance costs (6,510) (6,836) Total long-term debt 259,659 239,901 Less: current portion (5,435) (3,896) Noncurrent portion $ 254,224 $ 236,005 |
Schedule of Borrowing Rate on Debt | Our long-term debt borrowing rates as of September 30, 2022 were as follows: Loan Agreement September 30, 2022 Luz del Norte Credit Facilities (1) 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% India Credit Facility U.S. Treasury Constant Maturity Yield plus 1.75% —————————— (1) Outstanding balance comprised of $122.4 million of fixed rate loans and $58.8 million of variable rate loans as of September 30, 2022. |
Schedule of Maturities of Long-term Debt | At September 30, 2022, the future principal payments on our long-term debt were due as follows (in thousands): Total Debt Remainder of 2022 $ 1,375 2023 6,085 2024 13,047 2025 23,013 2026 23,418 2027 24,661 Thereafter 174,570 Total long-term debt future principal payments $ 266,169 |
10. Commitments and Contingen_2
10. Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | As of September 30, 2022, the issued and outstanding amounts and available capacities under these commitments were as follows (in millions): Issued and Outstanding Available Capacity Bilateral facilities (1) $ 95.8 $ 119.2 Surety bonds 8.8 232.8 —————————— (1) Of the total letters of credit issued under the bilateral facilities, $2.3 million was secured with cash. |
Schedule of Product Warranty Liability | Product warranty activities during the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Product warranty liability, beginning of period $ 47,129 $ 91,058 $ 52,553 $ 95,096 Accruals for new warranties issued 1,376 1,680 3,649 8,397 Settlements (3,160) (1,091) (10,414) (6,730) Changes in estimate of product warranty liability (10,360) (33,106) (10,803) (38,222) Product warranty liability, end of period $ 34,985 $ 58,541 $ 34,985 $ 58,541 Current portion of warranty liability $ 11,039 $ 16,752 $ 11,039 $ 16,752 Noncurrent portion of warranty liability $ 23,946 $ 41,789 $ 23,946 $ 41,789 |
11. Revenue from Contracts wi_2
11. Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue, by Type of Revenue [Table Text Block] | The following table presents the disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2022 and 2021 along with the reportable segment for each category (in thousands): Three Months Ended Nine Months Ended Category Segment 2022 2021 2022 2021 Solar modules Modules $ 619,922 $ 562,810 $ 1,582,248 $ 1,640,436 Energy generation Other 5,440 7,339 20,689 29,375 O&M services Other 3,481 5,262 11,558 37,210 Solar power systems Other 90 10,132 2,433 311,076 EPC services Other — (2,039) — (2,039) Net sales $ 628,933 $ 583,504 $ 1,616,928 $ 2,016,058 |
Changes in Contract Assets and Liabilities [Table Text Block] | The following table reflects the changes in our contract assets, which we classify as “Accounts receivable unbilled, net” and our contract liabilities, which we classify as “Deferred revenue,” for the nine months ended September 30, 2022 (in thousands): September 30, December 31, Nine Month Change Accounts receivable unbilled, net (1) $ 46,637 $ 46,113 $ 524 1 % Deferred revenue (2) $ 584,233 $ 297,811 $ 286,422 96 % —————————— (1) Includes $11.5 million and $20.8 million of noncurrent accounts receivable unbilled, net classified as “Other assets” on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. (2) Includes $348.9 million and $95.9 million of noncurrent deferred revenue classified as “Other liabilities” on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. |
12. Share-Based Compensation (T
12. Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement, Recognized Amount [Abstract] | |
Schedule of Share-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations | The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Cost of sales (1) $ 1,044 $ 154 $ 1,988 $ 235 Selling, general and administrative (1) 9,572 5,746 16,900 14,998 Research and development (2) 1,227 529 2,219 (259) Production start-up 11 — 14 — Total share-based compensation expense $ 11,854 $ 6,429 $ 21,121 $ 14,974 —————————— (1) On March 31, 2021, we completed the sales of our North American O&M operations and U.S. project development business, which resulted in the forfeiture of unvested shares for associates (our term for full- and part-time employees) departing the Company as part of the transactions. See Note 2. “Sales of Businesses” to our condensed consolidated financial statements for further information related to these transactions. (2) Effective March 15, 2021, our former Chief Technology Officer retired from the Company, which resulted in the forfeiture of his unvested shares during the nine months ended September 30, 2021. |
14. Net (Loss) Income Per Sha_2
14. Net (Loss) Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net (Loss) Income Per Share, Basic and Diluted | The calculation of basic and diluted net (loss) income per share for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic net (loss) income per share Numerator: Net (loss) income $ (49,168) $ 45,203 $ (36,618) $ 337,323 Denominator: Weighted-average common shares outstanding 106,596 106,320 106,532 106,241 Diluted net (loss) income per share Denominator: Weighted-average common shares outstanding 106,596 106,320 106,532 106,241 Effect of restricted stock and performance units — 579 — 638 Weighted-average shares used in computing diluted net (loss) income per share 106,596 106,899 106,532 106,879 Net (loss) income per share: Basic $ (0.46) $ 0.43 $ (0.34) $ 3.18 Diluted $ (0.46) $ 0.42 $ (0.34) $ 3.16 |
Schedule of Antidilutive Securities Excluded from Computation of Net (Loss) Income Per Share | The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net (loss) income per share for the three and nine months ended September 30, 2022 and 2021 as such shares would have had an anti-dilutive effect (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Anti-dilutive shares 626 8 523 3 |
15. Accumulated Other Compreh_2
15. Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2022 (in thousands): Foreign Currency Translation Adjustment Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities Unrealized Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2021 $ (89,452) $ (8,036) $ 1,126 $ (96,362) Other comprehensive loss before reclassifications (36,386) (55,996) (10,287) (102,669) Amounts reclassified from accumulated other comprehensive loss (4,312) — (1,671) (5,983) Net tax effect — 2,624 2,540 5,164 Net other comprehensive loss (40,698) (53,372) (9,418) (103,488) Balance as of September 30, 2022 $ (130,150) $ (61,408) $ (8,292) $ (199,850) |
Reclassification out of Accumulated Other Comprehensive Loss | The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 (in thousands): Comprehensive Income Components Income Statement Line Item Three Months Ended Nine Months Ended 2022 2021 2022 2021 Foreign currency translation adjustment: Foreign currency translation adjustment Gain on sales of businesses, net $ — $ — $ 3,756 $ — Foreign currency translation adjustment Other income (expense), net 403 (728) 556 (1,203) Total foreign currency translation adjustment 403 (728) 4,312 (1,203) Unrealized gain on marketable securities and restricted marketable securities Other income (expense), net — — — 11,696 Unrealized gain (loss) on derivative instruments: Foreign exchange forward contracts Cost of sales 218 15 1,671 (1,913) Commodity swap contracts Cost of sales — 670 — 883 Total unrealized gain (loss) on derivative instruments 218 685 1,671 (1,030) Total gain (loss) reclassified $ 621 $ (43) $ 5,983 $ 9,463 |
16. Segment Reporting (Tables)
16. Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables provide a reconciliation of certain financial information for our reportable segment to information presented in our condensed consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 and as of September 30, 2022 and December 31, 2021 (in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Modules Other Total Modules Other Total Net sales $ 619,922 $ 9,011 $ 628,933 $ 562,810 $ 20,694 $ 583,504 Gross profit (loss) 24,040 (3,058) 20,982 118,260 6,320 124,580 Depreciation and amortization expense 58,287 2,075 60,362 56,335 3,045 59,380 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Modules Other Total Modules Other Total Net sales $ 1,582,248 $ 34,680 $ 1,616,928 $ 1,640,436 $ 375,622 $ 2,016,058 Gross profit (loss) 66,396 (57,151) 9,245 328,047 155,418 483,465 Depreciation and amortization expense 172,296 7,276 179,572 163,747 9,193 172,940 September 30, 2022 December 31, 2021 Modules Other Total Modules Other Total Goodwill $ 14,462 $ — $ 14,462 $ 14,462 $ — $ 14,462 |
2. Sales of Businesses (Details
2. Sales of Businesses (Details) $ in Thousands, ¥ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 JPY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 JPY (¥) | Sep. 30, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sales of businesses, net | $ 5,984 | $ (1,866) | $ 253,272 | $ 147,284 | ||
Japan Project Development Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Purchase price, sale of business | 488,400 | ¥ 66,400 | ||||
Proceeds from sales of businesses | 419,200 | 56,800 | ||||
Cash and restricted cash sold | 61,900 | ¥ 8,400 | ||||
Gain on sales of businesses, net | 245,200 | |||||
North American O&M Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sales of businesses | 149,100 | |||||
Gain on sales of businesses, net | 115,800 | |||||
Chile O&M Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sales of businesses | 1,900 | |||||
Gain on sales of businesses, net | $ 1,600 | |||||
Australia O&M Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sales of businesses | 6,600 | |||||
Gain on sales of businesses, net | 5,100 | |||||
Japan O&M Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sales of businesses | 4,600 | ¥ 660 | ||||
Gain on sales of businesses, net | $ 1,200 | |||||
U.S. Project Development Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sales of businesses | 151,400 | |||||
Gain on sales of businesses, net | $ 31,500 |
3. Cash, Cash Equivalents, an_3
3. Cash, Cash Equivalents, and Marketable Securities (Details) - Cash, Cash Equivalents, and Marketable Securities - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||
Cash and cash equivalents | $ 1,150,982 | $ 1,450,654 | ||
Marketable securities | 776,213 | 375,389 | ||
Total cash, cash equivalents, and marketable securities | 1,927,195 | 1,826,043 | ||
Restricted cash - current | 989 | 1,532 | ||
Restricted cash - noncurrent | 8,828 | 3,651 | ||
Total cash, cash equivalents, and restricted cash | $ 1,385,874 | 1,160,799 | 1,455,837 | $ 1,273,594 |
Marketable Securities, Sale Proceeds | 5,500 | |||
Marketable Securities, Realized Gain | $ 100 | |||
Foreign debt [Member] | ||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||
Marketable securities | 62,880 | 103,317 | ||
U.S. debt [Member] | ||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||
Marketable securities | 56,406 | 18,627 | ||
Time deposits [Member] | ||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||
Marketable securities | 656,927 | 253,445 | ||
Cash [Member] | ||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||
Cash and cash equivalents | 1,150,787 | 1,450,654 | ||
Money market funds [Member] | ||||
Cash, Cash Equivalents, and Marketable Securities [Line Items] | ||||
Cash and cash equivalents | $ 195 | $ 0 |
3. Cash, Cash Equivalents, an_4
3. Cash, Cash Equivalents, and Marketable Securities (Details) - Marketable Securities - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 778,341 | $ 375,797 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 22 | 91 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,888 | 402 | |
Marketable Securities, Allowance for Credit Losses | 262 | $ 133 | 97 |
Marketable securities | 776,213 | 375,389 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 97 | 121 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 311 | 329 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (146) | (317) | |
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 262 | $ 133 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year | 662,925 | ||
Debt securities, Available-for-sale, Debt Maturities, Rolling Year One Through Two | 73,153 | ||
Debt securities, Available-for-sale, Debt Maturities, Rolling Year Two Through Three | 31,873 | ||
Debt Securities, Available-for-sale, Maturities, Rolling Year Three Through Four | 4,384 | ||
Debt Securities, Available-for-sale, Maturities, Rolling Year Four Through Five | 0 | ||
Debt Securities, Available-for-sale, Maturities, Rolling Year More Than Five | 3,878 | ||
Foreign debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 62,932 | 103,263 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 22 | 81 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 64 | 18 | |
Marketable Securities, Allowance for Credit Losses | 10 | 9 | |
Marketable securities | 62,880 | 103,317 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 9 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 10 | ||
U.S. debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 58,247 | 19,003 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 10 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,824 | 384 | |
Marketable Securities, Allowance for Credit Losses | 17 | 2 | |
Marketable securities | 56,406 | 18,627 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 17 | ||
Time deposits [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 657,162 | 253,531 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Marketable Securities, Allowance for Credit Losses | 235 | 86 | |
Marketable securities | 656,927 | $ 253,445 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 86 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | $ 235 |
4. Restricted Marketable Secu_3
4. Restricted Marketable Securities (Details) - Restricted Marketable Securities - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | $ 182,208 | $ 244,726 | |
Restricted cash - noncurrent | $ 8,828 | 3,651 | |
Product minimum service life | 25 years | ||
Gains on sales of restricted marketable securities | $ 0 | $ 11,696 | |
Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 182,208 | 244,726 | |
Proceeds from sale of restricted marketable securities | 258,900 | ||
Gains on sales of restricted marketable securities | 11,700 | ||
Payments to Acquire Restricted Marketable Securities | $ 255,600 | ||
Cash Held In Trust [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted cash - noncurrent | 6,300 | 900 | |
Foreign government obligations [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 45,448 | 64,855 | |
Supranational debt [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 8,625 | 10,997 | |
U.S. debt [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 110,859 | 145,326 | |
U.S. government obligations [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | $ 17,276 | $ 23,548 |
4. Restricted Marketable Secu_4
4. Restricted Marketable Securities (Details) - Available for sale - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 778,341 | $ 375,797 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 22 | 91 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,888 | 402 | |
Marketable Securities, Allowance for Credit Losses | 262 | $ 133 | 97 |
Restricted marketable securities | 182,208 | 244,726 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 97 | 121 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 311 | 329 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (146) | (317) | |
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 262 | 133 | |
Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 244,841 | 252,929 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 62,591 | 8,150 | |
Marketable Securities, Allowance for Credit Losses | 42 | 53 | 53 |
Restricted marketable securities | 182,208 | 244,726 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 53 | 13 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (11) | 69 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | (29) | |
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | $ 42 | $ 53 | |
Minimum [Member] | Restricted Debt Securities [Member] | |||
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Contractual maturities of Debt securities, Available-for-sale, range start (in years) | 8 years | ||
Maximum [Member] | Restricted Debt Securities [Member] | |||
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Contractual Maturities Of Debt securities, Available-for-sale, Range End (In Years) | 17 years | ||
Foreign government obligations [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 60,333 | 66,867 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 14,875 | 2,002 | |
Marketable Securities, Allowance for Credit Losses | 10 | 10 | |
Restricted marketable securities | 45,448 | 64,855 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 10 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 10 | ||
Supranational debt [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 11,201 | 11,362 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,576 | 365 | |
Marketable Securities, Allowance for Credit Losses | 0 | 0 | |
Restricted marketable securities | 8,625 | 10,997 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 0 | ||
U.S. debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 58,247 | 19,003 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 10 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,824 | 384 | |
Marketable Securities, Allowance for Credit Losses | 17 | 2 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 17 | ||
U.S. debt [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 148,733 | 150,060 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 37,846 | 4,697 | |
Marketable Securities, Allowance for Credit Losses | 28 | 37 | |
Restricted marketable securities | 110,859 | 145,326 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 37 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | 28 | ||
U.S. government obligations [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 24,574 | 24,640 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 7,294 | 1,086 | |
Marketable Securities, Allowance for Credit Losses | 4 | 6 | |
Restricted marketable securities | 17,276 | $ 23,548 | |
Restricted available for sale securities, allowance for credit losses [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Beginning Balance | 6 | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses, Ending Balance | $ 4 |
5. Consolidated Balance Sheet_3
5. Consolidated Balance Sheet Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts receivable, trade, and unbilled | ||||||
Accounts receivable trade, gross | $ 325,991 | $ 325,991 | $ 430,100 | |||
Accounts receivable trade, Allowance for credit losses | (570) | $ (1,430) | (570) | $ (1,430) | (664) | $ (3,009) |
Accounts receivable trade, net | 325,421 | 325,421 | 429,436 | |||
Accounts receivable unbilled, gross | 35,149 | 35,149 | 25,336 | |||
Accounts receivable unbilled, Allowance for credit losses | 0 | (51) | 0 | (51) | (63) | (303) |
Accounts receivable unbilled, net | 35,149 | 35,149 | 25,273 | |||
Allowance for Credit Loss [Abstract] | ||||||
Accounts receivable trade, Allowance for credit losses | 570 | 1,430 | 570 | 1,430 | 664 | 3,009 |
Accounts receivable trade, Provision for credit losses, net | 81 | (1,458) | ||||
Accounts receivable trade, Allowance for credit losses, Writeoffs | (175) | (121) | ||||
Accounts receivable unbilled, Allowance for credit losses | 0 | 51 | 0 | 51 | 63 | $ 303 |
Accounts receivable unbilled, Provision for credit losses, net | (63) | (252) | ||||
Inventories | ||||||
Raw materials | 382,552 | 382,552 | 404,727 | |||
Work in process | 59,764 | 59,764 | 65,573 | |||
Finished goods | 607,988 | 607,988 | 433,511 | |||
Inventories | 1,050,304 | 1,050,304 | 903,811 | |||
Inventories - current | 810,660 | 810,660 | 666,299 | |||
Inventories - noncurrent | 239,644 | 239,644 | 237,512 | |||
Other current assets | ||||||
Spare maintenance materials and parts | 112,796 | 112,796 | 112,070 | |||
Prepaid expenses | 47,289 | 47,289 | 28,232 | |||
Operating supplies | 43,458 | 43,458 | 41,034 | |||
Prepaid income taxes | 13,550 | 13,550 | 41,379 | |||
Derivative instruments | 11,247 | 11,247 | 5,816 | |||
Restricted cash | 989 | 989 | 1,532 | |||
Other | 10,996 | 10,996 | 14,129 | |||
Other current assets | 240,325 | 240,325 | 244,192 | |||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | 4,520,583 | 4,520,583 | 3,881,111 | |||
Accumulated depreciation | (1,396,504) | (1,396,504) | (1,231,524) | |||
Property, plant and equipment, net | 3,124,079 | 3,124,079 | 2,649,587 | |||
PV solar power systems, net | ||||||
PV solar power systems, gross | 225,193 | 225,193 | 281,660 | |||
Accumulated depreciation | (71,278) | (71,278) | (64,367) | |||
PV solar power systems, net | 153,915 | 153,915 | 217,293 | |||
Impairments and net losses on disposal of long-lived assets | 62,793 | 9,083 | ||||
Project assets | ||||||
Project assets - development costs, including project acquisition and land costs | 27,827 | 27,827 | 117,407 | |||
Project assets - construction costs | 0 | 0 | 198,081 | |||
Project assets, noncurrent | 27,827 | 27,827 | 315,488 | |||
Goodwill | ||||||
Goodwill | 14,462 | 14,462 | 14,462 | |||
Goodwill, period increase (decrease) | 0 | |||||
Intangibles assets, net | ||||||
Intangible assets, gross | 115,572 | 115,572 | 114,930 | |||
Intangible assets, accumulated amortization | (77,641) | (77,641) | (69,421) | |||
Intangible assets, accumulated impairment | (1,300) | (1,300) | ||||
Intangible assets, net | 36,631 | 36,631 | 45,509 | |||
Other assets | ||||||
Operating lease assets | 97,861 | 97,861 | 207,544 | |||
Advanced payments for raw materials | 81,619 | 81,619 | 86,962 | |||
Income taxes receivables, noncurrent | 47,235 | 47,235 | 39,862 | |||
Accounts receivable unbilled, net - noncurrent | 11,488 | 11,488 | 20,840 | |||
Accounts receivable trade, net - noncurrent | 9,645 | 9,645 | 21,293 | |||
Restricted cash - noncurrent | 8,828 | 8,828 | 3,651 | |||
Indirect tax receivables | 351 | 351 | 21,873 | |||
Other | 54,173 | 54,173 | 36,739 | |||
Other assets | 311,200 | 311,200 | 438,764 | |||
Accrued expenses | ||||||
Accrued property, plant and equipment | 124,950 | 124,950 | 42,031 | |||
Accrued freight | 77,482 | 77,482 | 61,429 | |||
Accrued compensation and benefits | 37,138 | 37,138 | 34,606 | |||
Accrued inventory | 37,037 | 37,037 | 42,170 | |||
Accrued other taxes | 12,472 | 12,472 | 23,103 | |||
Product warranty liability | 11,039 | 11,039 | 13,598 | |||
Accrued project costs | 5,618 | 5,618 | 48,836 | |||
Other | 27,404 | 27,404 | 22,677 | |||
Accrued expenses | 333,140 | 333,140 | 288,450 | |||
Other current liabilities | ||||||
Derivative instruments | 12,892 | 12,892 | 3,550 | |||
Operating lease liabilities, current | 8,907 | 8,907 | 12,781 | |||
Other taxes payable, current | 1,813 | 1,813 | 8,123 | |||
Other | 4,737 | 4,737 | 10,293 | |||
Other current liabilities | 28,349 | 28,349 | 34,747 | |||
Other liabilities | ||||||
Deferred revenue, noncurrent | 348,940 | 348,940 | 95,943 | |||
Operating lease liabilities, noncurrent | 44,655 | 44,655 | 145,912 | |||
Deferred income tax liabilities, net | 24,812 | 24,812 | 27,699 | |||
Product warranty liability | 23,946 | 23,946 | 38,955 | |||
Other | 31,462 | 31,462 | 43,658 | |||
Other liabilities | 473,815 | 473,815 | 352,167 | |||
Parque Solar Fotovoltaico Luz del Norte SpA [Member] | ||||||
PV solar power systems, net | ||||||
Impairments and net losses on disposal of long-lived assets | 57,800 | |||||
Developed Technology [Member] | ||||||
Intangibles assets, net | ||||||
Intangible assets, gross | 100,606 | 100,606 | 99,964 | |||
Intangible assets, accumulated amortization | (69,409) | (69,409) | (61,985) | |||
Intangible assets, accumulated impairment | 0 | 0 | ||||
Intangible assets, net | 31,197 | 31,197 | 37,979 | |||
Power Purchase Agreements [Member] | ||||||
Intangibles assets, net | ||||||
Intangible assets, gross | 6,486 | 6,486 | 6,486 | |||
Intangible assets, accumulated amortization | (1,842) | (1,842) | (1,621) | |||
Intangible assets, accumulated impairment | (1,300) | (1,300) | ||||
Intangible assets, net | 3,344 | 3,344 | 4,865 | |||
Patents [Member] | ||||||
Intangibles assets, net | ||||||
Intangible assets, gross | 8,480 | 8,480 | 8,480 | |||
Intangible assets, accumulated amortization | (6,390) | (6,390) | (5,815) | |||
Intangible assets, accumulated impairment | 0 | 0 | ||||
Intangible assets, net | 2,090 | 2,090 | 2,665 | |||
Modules Segment [Member] | ||||||
Goodwill | ||||||
Goodwill, Gross | 407,827 | 407,827 | 407,827 | |||
Accumulated impairment loss | (393,365) | (393,365) | (393,365) | |||
Goodwill | 14,462 | 14,462 | 14,462 | |||
Goodwill from acquisition | 0 | |||||
Goodwill impairment | 0 | |||||
Property, Plant and Equipment [Member] | ||||||
Property, plant and equipment, net | ||||||
Depreciation | 61,600 | 59,100 | 180,200 | 174,700 | ||
PV solar power systems [Member] | ||||||
Property, plant and equipment, net | ||||||
Depreciation | 2,000 | 3,000 | 7,100 | 8,900 | ||
PV solar power systems [Member] | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | ||||||
PV solar power systems, net | ||||||
Impairments and net losses on disposal of long-lived assets | 55,600 | |||||
Intangible assets | ||||||
Intangibles assets, net | ||||||
Amortization of intangible assets | 2,700 | $ 2,700 | 8,200 | $ 8,200 | ||
Intangible assets | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | ||||||
PV solar power systems, net | ||||||
Impairments and net losses on disposal of long-lived assets | 1,300 | |||||
Operating lease assets | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | ||||||
PV solar power systems, net | ||||||
Impairments and net losses on disposal of long-lived assets | 900 | |||||
Land [Member] | ||||||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | 17,703 | 17,703 | 18,359 | |||
Building and improvements [Member] | ||||||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | 874,533 | 874,533 | 693,289 | |||
Machinery and equipment [Member] | ||||||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | 2,719,789 | 2,719,789 | 2,527,627 | |||
Office equipment and furniture [Member] | ||||||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | 144,223 | 144,223 | 139,611 | |||
Leasehold improvements [Member] | ||||||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | 40,124 | 40,124 | 40,517 | |||
Construction in progress [Member] | ||||||
Property, plant and equipment, net | ||||||
Property, plant and equipment, gross | $ 724,211 | $ 724,211 | $ 461,708 |
6. Derivative Financial Instr_3
6. Derivative Financial Instruments (Details) - Summary - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 11,247 | $ 5,816 |
Other Current Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,341 | 1,336 |
Other Current Assets | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,906 | 4,480 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (12,892) | (3,550) |
Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 9,133 | 139 |
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3,759 | 3,411 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (840) | |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 840 | |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Foreign exchange forward contracts [Member] | Other Current Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,341 | 1,336 |
Foreign exchange forward contracts [Member] | Other Current Assets | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,906 | 4,480 |
Foreign exchange forward contracts [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 139 |
Foreign exchange forward contracts [Member] | Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3,759 | $ 3,411 |
Foreign exchange forward contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Foreign exchange forward contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Commodity swap contracts | Other Current Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Commodity swap contracts | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 9,133 | |
Commodity swap contracts | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 840 |
6. Derivative Financial Instr_4
6. Derivative Financial Instruments (Details) - Hedging Relationship - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Balance in accumulated other comprehensive income (loss) | $ (10,832) | $ 2,657 | $ (10,832) | $ 2,657 | $ 1,126 | $ (2,172) |
Amounts recognized in other comprehensive income (loss) | (10,287) | 3,799 | ||||
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ (1,671) | $ 1,030 | ||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales | ||||
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Balance in accumulated other comprehensive income (loss) | 0 | 537 | $ 0 | $ 537 | 1,126 | (3,644) |
Amounts recognized in other comprehensive income (loss) | 545 | 2,268 | ||||
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ (1,671) | $ 1,913 | ||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales | ||||
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cost of sales | Maximum [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative instruments, gain (loss) recognized in income, amount excluded from effectiveness testing, net | 100 | $ (100) | $ (100) | |||
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amounts recognized in other comprehensive income (loss) | 4,341 | |||||
Balance in accumulated other comprehensive income (loss) | 4,341 | 4,341 | 0 | |||
Foreign exchange forward contracts [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging | Other income (expense), net | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative instruments, gain (loss) recognized in income, amount excluded from effectiveness testing, net | 400 | 500 | ||||
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Cost of sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, gain (loss) on derivative, net | $ 55 | $ 103 | $ 577 | $ (174) | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales | Cost of sales | Cost of sales | ||
Foreign exchange forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign currency loss, net | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, gain (loss) on derivative, net | $ 7,905 | $ 1,802 | $ 71,420 | $ 10,821 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign currency loss, net | Foreign currency loss, net | Foreign currency loss, net | Foreign currency loss, net | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, gain (loss) on derivative, net | $ 0 | $ 96 | $ 0 | $ (595) | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense | ||
Commodity swap contracts | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Balance in accumulated other comprehensive income (loss) | $ (10,832) | $ 2,120 | $ (10,832) | $ 2,120 | $ 0 | $ 1,472 |
Amounts recognized in other comprehensive income (loss) | (10,832) | 1,531 | ||||
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ 0 | $ (883) | ||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales |
6. Derivative Financial Instr_5
6. Derivative Financial Instruments (Details) - Risk Management £ in Millions, $ in Millions, ¥ in Billions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 JPY (¥) | Jul. 31, 2022 USD ($) | Dec. 31, 2021 GBP (£) | |
Foreign exchange forward contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Maximum length of time hedged in foreign currency cash flow hedge | 11 months | |||||
Foreign exchange forward contracts [Member] | Cash Flow Hedging [Member] | United States of America, Dollars | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, notional amount | $ 38.4 | |||||
Foreign exchange forward contracts [Member] | Cash Flow Hedging [Member] | United Kingdom, Pounds | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, notional amount | $ 14.4 | £ 10.6 | ||||
Foreign exchange forward contracts [Member] | Net Investment Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, notional amount | $ 60.6 | $ 60.6 | ¥ 8 | |||
Maximum Length of Time, Net Investment Hedge | 3 months | |||||
Commodity swap contracts | Cash Flow Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, notional amount | $ 42.5 | 42.5 | $ 70.5 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (7.7) |
6. Derivative Financial Instr_6
6. Derivative Financial Instruments (Details) - Transaction Exposure - Foreign exchange forward contracts [Member] - Not Designated as Hedging Instrument [Member] € in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, RM in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 JPY (¥) | Sep. 30, 2022 CLP ($) | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 INR (₨) | Sep. 30, 2022 MYR (RM) | Sep. 30, 2022 MXN ($) | Sep. 30, 2022 SGD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 JPY (¥) | Dec. 31, 2021 CLP ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 INR (₨) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2021 AUD ($) | Dec. 31, 2021 BRL (R$) | |
Australia, Dollars | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | Australian dollar | ||||||||||||||||||
Brazil, Brazil Real | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | Brazilian real | ||||||||||||||||||
Derivative, Currency Sold | Brazilian real | ||||||||||||||||||
United Kingdom, Pounds | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | British pound | ||||||||||||||||||
Chile, Pesos | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Sold | Chilean peso | Chilean peso | |||||||||||||||||
Euro Member Countries, Euro | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | Euro | Euro | |||||||||||||||||
Derivative, Currency Sold | Euro | Euro | |||||||||||||||||
India, Rupees | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Sold | Indian rupee | Indian rupee | |||||||||||||||||
Japan, Yen | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | Japanese yen | Japanese yen | |||||||||||||||||
Derivative, Currency Sold | Japanese yen | Japanese yen | |||||||||||||||||
Malaysia, Ringgits | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | Malaysian ringgit | Malaysian ringgit | |||||||||||||||||
Derivative, Currency Sold | Malaysian ringgit | Malaysian ringgit | |||||||||||||||||
Mexico, Pesos | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Sold | Mexican peso | Mexican peso | |||||||||||||||||
Singapore, Dollars | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, Currency Bought | Singapore dollar | Singapore dollar | |||||||||||||||||
Long [Member] | Australia, Dollars | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 2.3 | $ 3.2 | |||||||||||||||||
Long [Member] | Brazil, Brazil Real | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 0.5 | R$ 2.6 | |||||||||||||||||
Long [Member] | United Kingdom, Pounds | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 3.4 | £ 2.5 | |||||||||||||||||
Long [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 85.7 | 88 | € 89 | € 77.6 | |||||||||||||||
Long [Member] | Japan, Yen | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 12.6 | 5.8 | ¥ 1,820.9 | ¥ 667.5 | |||||||||||||||
Long [Member] | Malaysia, Ringgits | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 8.3 | 4.1 | RM 38.2 | RM 17 | |||||||||||||||
Long [Member] | Singapore, Dollars | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 1 | 4.1 | $ 1.4 | $ 5.5 | |||||||||||||||
Short [Member] | Brazil, Brazil Real | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 0.5 | R$ 2.6 | |||||||||||||||||
Short [Member] | Chile, Pesos | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 6.2 | 4.8 | $ 5,996.5 | $ 4,058.6 | |||||||||||||||
Short [Member] | Euro Member Countries, Euro | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 28.3 | 43.8 | € 29.4 | € 38.6 | |||||||||||||||
Short [Member] | India, Rupees | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 227.8 | 147.1 | ₨ 18,611.5 | ₨ 10,943 | |||||||||||||||
Short [Member] | Japan, Yen | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 80.8 | 273.9 | ¥ 11,674.4 | ¥ 31,524.6 | |||||||||||||||
Short [Member] | Malaysia, Ringgits | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | 6.1 | 5.9 | RM 28.1 | RM 24.5 | |||||||||||||||
Short [Member] | Mexico, Pesos | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 1.7 | $ 1.7 | $ 34.6 | $ 34.6 |
7. Leases (Details)
7. Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||||||
Operating lease cost | $ 3,034 | $ 4,622 | $ 11,643 | $ 13,171 | ||
Variable lease cost | 635 | 575 | 1,838 | 1,575 | ||
Short-term lease cost | 48 | 104 | 300 | 711 | ||
Total lease cost | 3,717 | $ 5,301 | 13,781 | 15,457 | ||
Payments of amounts included in the measurement of operating lease liabilities | 11,867 | 16,813 | ||||
Lease assets obtained in exchange for operating lease liabilities | 3,992 | $ 19,769 | ||||
Operating lease assets | 97,861 | 97,861 | $ 207,544 | |||
Operating lease liabilities, current | 8,907 | 8,907 | 12,781 | |||
Operating lease liabilities, noncurrent | $ 44,655 | $ 44,655 | $ 145,912 | |||
Weighted-average remaining lease term | 7 years | 7 years | 19 years | |||
Weighted-average discount rate | 5% | 5% | 2.80% | |||
Operating lease liabilities, future payments, remainder of fiscal year | $ 2,872 | $ 2,872 | ||||
Operating lease liabilities, future payments, due 2023 | 11,122 | 11,122 | ||||
Operating lease liabilities, future payments, due 2024 | 10,708 | 10,708 | ||||
Operating lease liabilities, future payments, due 2025 | 9,830 | 9,830 | ||||
Operating lease liabilities, future payments, due 2026 | 8,418 | 8,418 | ||||
Operating lease liabilities, future payments, due 2027 | 5,923 | 5,923 | ||||
Operating lease liabilities, future payments, due after 2027 | 14,618 | 14,618 | ||||
Total future payments | 63,491 | 63,491 | ||||
Less: interest | (9,929) | (9,929) | ||||
Total lease liabilities | $ 53,562 | $ 53,562 | ||||
Lessee, Lease, Description [Line Items] | ||||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities | Other current liabilities | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | Other liabilities | |||
Japan Project Development Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Operating Lease Assets | $ 87,700 | |||||
Disposal Group, Including Discontinued Operation, Operating Lease Liabilities, Current | 3,000 | |||||
Disposal Group, Including Discontinued Operation, Operating Lease Liabilities, Noncurrent | $ 77,900 |
8. Fair Value Measurements (Det
8. Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Marketable securities | $ 776,213 | $ 375,389 |
Restricted marketable securities | 182,208 | 244,726 |
Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 62,880 | 103,317 |
U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 56,406 | 18,627 |
Time deposits [Member] | ||
Assets: | ||
Marketable securities | 656,927 | 253,445 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Restricted marketable securities | 182,208 | 244,726 |
Derivative assets | 11,247 | 5,816 |
Total assets | 969,863 | 625,931 |
Liabilities: | ||
Derivative liabilities | 13,732 | 3,550 |
Fair Value, Measurements, Recurring [Member] | Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 62,880 | 103,317 |
Fair Value, Measurements, Recurring [Member] | U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 56,406 | 18,627 |
Fair Value, Measurements, Recurring [Member] | Time deposits [Member] | ||
Assets: | ||
Marketable securities | 656,927 | 253,445 |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ||
Assets: | ||
Cash equivalents | 195 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Restricted marketable securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 657,122 | 253,445 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Time deposits [Member] | ||
Assets: | ||
Marketable securities | 656,927 | 253,445 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money market funds [Member] | ||
Assets: | ||
Cash equivalents | 195 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Restricted marketable securities | 182,208 | 244,726 |
Derivative assets | 11,247 | 5,816 |
Total assets | 312,741 | 372,486 |
Liabilities: | ||
Derivative liabilities | 13,732 | 3,550 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 62,880 | 103,317 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 56,406 | 18,627 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Time deposits [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money market funds [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Restricted marketable securities | 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: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Time deposits [Member] | ||
Assets: | ||
Marketable securities | 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money market funds [Member] | ||
Assets: | ||
Cash equivalents | $ 0 |
8. Fair Value Measurements (D_2
8. Fair Value Measurements (Details) - Balance Sheet Grouping - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Accounts receivable unbilled, net - noncurrent | $ 11,488 | $ 20,840 |
Accounts receivable trade, net - noncurrent | 9,645 | 21,293 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current maturities | 266,169 | |
Carrying Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Accounts receivable unbilled, net - noncurrent | 11,488 | 20,840 |
Accounts receivable trade, net - noncurrent | 9,645 | 21,293 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current maturities | 266,169 | 246,737 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Accounts receivable unbilled, net - noncurrent | 10,207 | 18,846 |
Accounts receivable trade, net - noncurrent | 7,852 | 18,605 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current maturities | $ 229,673 | $ 243,865 |
9. Debt (Details)
9. Debt (Details) $ in Thousands, ¥ in Billions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jul. 27, 2022 USD ($) | May 31, 2022 USD ($) | May 31, 2022 JPY (¥) | Dec. 31, 2021 USD ($) | Jul. 31, 2020 USD ($) | Jul. 31, 2020 JPY (¥) | |
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | $ 266,169 | $ 266,169 | $ 246,737 | ||||||
Less: unamortized discount and issuance costs | (6,510) | (6,510) | (6,836) | ||||||
Total long-term debt | 259,659 | 259,659 | 239,901 | ||||||
Less current portion | (5,435) | (5,435) | (3,896) | ||||||
Noncurrent portion | 254,224 | 254,224 | 236,005 | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||
Long-term Debt, Maturity, Remainder of Fiscal Year | 1,375 | 1,375 | |||||||
Long-Term Debt, Maturity, Year One | 6,085 | 6,085 | |||||||
Long-term Debt, Maturity, Year Two | 13,047 | 13,047 | |||||||
Long-Term Debt, Maturity, Year Three | 23,013 | 23,013 | |||||||
Long-Term Debt, Maturity, Year Four | 23,418 | 23,418 | |||||||
Long-Term Debt, Maturity, Year Five | 24,661 | 24,661 | |||||||
Long-Term Debt, Maturity, after Year Five | 174,570 | 174,570 | |||||||
Total long-term debt future principal payments | 266,169 | $ 266,169 | |||||||
Luz del Norte Credit Facilities [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Debt instrument, currency | USD | ||||||||
Long-term debt, gross | 181,169 | $ 181,169 | 183,829 | ||||||
Luz del Norte Credit Facilities [Member] | DFC [Member] | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | 135,700 | 135,700 | 137,700 | ||||||
Luz del Norte Credit Facilities [Member] | IFC [Member] | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | 45,500 | $ 45,500 | 46,100 | ||||||
Luz del Norte Credit Facilities [Member] | DFC and IFC [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
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% | ||||||||
Luz del Norte Credit Facilities [Member] | Fixed Rate Term Loan Facility [Member] | DFC and IFC [Member] | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | 122,400 | $ 122,400 | |||||||
Luz del Norte Credit Facilities [Member] | Variable Rate Term Loan Facility [Member] | DFC and IFC [Member] | Parque Solar Fotovoltaico Luz del Norte SpA [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | 58,800 | $ 58,800 | |||||||
India Credit Facility | |||||||||
Long-term Debt [Abstract] | |||||||||
Debt instrument, currency | USD | ||||||||
Long-term debt, gross | $ 85,000 | $ 85,000 | 0 | ||||||
India Credit Facility | DFC [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Debt Instrument, Description of Variable Rate Basis | U.S. Treasury Constant Maturity Yield plus 1.75% | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
India Credit Facility | DFC [Member] | FS India Solar Ventures Private Limited | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | ||||||||
Kyoto Credit Facility [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Debt instrument, currency | JPY | ||||||||
Long-term debt, gross | $ 0 | $ 0 | $ 62,908 | ||||||
Kyoto Credit Facility [Member] | Mizuho Bank [Member] | First Solar Japan GK [Member] | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 142,800 | ¥ 15 | |||||||
Repayments of Debt | $ 73,200 | ||||||||
Momura Credit Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 25 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | 107,200 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 168,100 | ¥ 21.5 | |||||||
Momura Credit Facility | Term Loan Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 25 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 146,600 | 18.8 | |||||||
Momura Credit Facility | Consumption Tax Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 25 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 15,100 | 1.9 | |||||||
Momura Credit Facility | Debt Service Reserve Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 25 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 6,400 | 0.8 | |||||||
Yatsubo Credit Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 24 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | 70,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 85,000 | 10.9 | |||||||
Yatsubo Credit Facility | Term Loan Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 24 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 74,200 | 9.5 | |||||||
Yatsubo Credit Facility | Consumption Tax Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 24 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 7,600 | 1 | |||||||
Yatsubo Credit Facility | Debt Service Reserve Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project 24 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 3,200 | 0.4 | |||||||
Orido Credit Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project B5 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Long-term debt, gross | $ 18,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 41,300 | 5.3 | |||||||
Orido Credit Facility | Term Loan Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project B5 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 36,000 | 4.6 | |||||||
Orido Credit Facility | Consumption Tax Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project B5 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 3,600 | 0.5 | |||||||
Orido Credit Facility | Debt Service Reserve Facility | Nomura Capital Investment Co., Ltd. and Aozora Bank, Ltd. | FS Japan Project B5 GK | |||||||||
Long-term Debt [Abstract] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,700 | ¥ 0.2 |
10. Commitments and Contingen_3
10. Commitments and Contingencies (Details) - Commercial Commitments $ in Millions | Sep. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
Surety Bonds | $ 8.8 |
Surety Bond Capacity | 232.8 |
Bilateral Facilities [Member] | |
Debt Instrument [Line Items] | |
Letters of Credit Outstanding, Amount | 95.8 |
Letters of Credit, Remaining Borrowing Capacity | 119.2 |
Letters of Credit Outstanding, Secured by Cash | $ 2.3 |
10. Commitments and Contingen_4
10. Commitments and Contingencies (Details) - Product Warranties - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Product warranty liability, beginning of period | $ 47,129 | $ 91,058 | $ 52,553 | $ 95,096 |
Accruals for new warranties issued | 1,376 | 1,680 | 3,649 | 8,397 |
Settlements | (3,160) | (1,091) | (10,414) | (6,730) |
Changes in estimate of product warranty liability | (10,360) | (33,106) | (10,803) | (38,222) |
Product warranty liability, end of period | 34,985 | 58,541 | 34,985 | 58,541 |
Current portion of warranty liability | 11,039 | 16,752 | 11,039 | 16,752 |
Noncurrent portion of warranty liability | 23,946 | 41,789 | $ 23,946 | $ 41,789 |
Standard Product Warranty Accrual, Period Increase (Decrease) | $ (10,200) | $ (33,100) |
10. Commitments and Contingen_5
10. Commitments and Contingencies (Details) - Indemnifications - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Indemnification liabilities, current | $ 3.7 | $ 3.8 | |
Indemnification liabilities, maximum exposure | 102.3 | ||
Indemnification liabilities, potential recoveries | $ 28.2 | ||
Indemnification liabilities, adjustment to revenue | $ 65.1 |
10. Commitments and Contingen_6
10. Commitments and Contingencies (Details) - Solar Module Collection and Recycling Liability - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Change in Estimate of Module Collection and Recycling Liability | $ (7,500) | $ 10,800 | |
Accrued solar module collection and recycling liability | $ 120,173 | $ 139,145 |
10. Commitments and Contingen_7
10. Commitments and Contingencies (Details) - Legal Proceedings $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Pending Litigation | |
Estimated Litigation Liability [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 55 |
11. Revenue from Contracts wi_3
11. Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contracts with Customers [Line Items] | |||||
Net sales | $ 628,933 | $ 583,504 | $ 1,616,928 | $ 2,016,058 | |
Increase in revenue from net changes in transaction prices | $ 7,800 | $ 73,000 | |||
Net change in estimate as a percentage of aggregate revenue | 0.90% | 2.30% | |||
Indemnification liabilities, adjustment to revenue | $ 65,100 | ||||
Accounts Receivable Unbilled, Net, Total Current and Noncurrent, after Allowance for Credit Losses | 46,637 | 46,637 | $ 46,113 | ||
Contract Assets, Net Change | $ 524 | ||||
Contract Assets, Percent Change | 1% | ||||
Deferred revenue, Total Current and Noncurrent | 584,233 | $ 584,233 | 297,811 | ||
Contract Liabilities, Net Change | $ 286,422 | ||||
Contract Liabilities, Percent Change | 96% | ||||
Accounts receivable unbilled, net - noncurrent | 11,488 | $ 11,488 | 20,840 | ||
Deferred Revenue, Noncurrent | 348,940 | 348,940 | $ 95,943 | ||
Sales Revenue Net, from Beginning Contract Liability | 186,200 | 169,500 | |||
Solar Modules [Member] | |||||
Revenue from Contracts with Customers [Line Items] | |||||
Net sales | 619,922 | $ 562,810 | 1,582,248 | 1,640,436 | |
Remaining Performance Obligation, Aggregate Transaction Price | 14,000,000 | 14,000,000 | |||
Energy Generation [Member] | |||||
Revenue from Contracts with Customers [Line Items] | |||||
Net sales | 5,440 | 7,339 | 20,689 | 29,375 | |
O&M Services [Member] | |||||
Revenue from Contracts with Customers [Line Items] | |||||
Net sales | 3,481 | 5,262 | 11,558 | 37,210 | |
Solar Power Systems [Member] | |||||
Revenue from Contracts with Customers [Line Items] | |||||
Net sales | 90 | 10,132 | 2,433 | 311,076 | |
EPC Services [Member] | |||||
Revenue from Contracts with Customers [Line Items] | |||||
Net sales | $ 0 | $ (2,039) | $ 0 | $ (2,039) |
12. Share-Based Compensation (D
12. Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 11,854 | $ 6,429 | $ 21,121 | $ 14,974 | |
Share-based compensation, capitalized in inventory and PV solar power systems | 600 | 600 | $ 700 | ||
Restricted stock and performance units [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense, unrecognized, unvested restricted stock and performance units | 43,400 | $ 43,400 | |||
Share-based compensation expense, unrecognized, unvested weighted average period of recognition (in years) | 1 year 4 months 24 days | ||||
Cost of sales [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 1,044 | 154 | $ 1,988 | 235 | |
Selling, general and administrative [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 9,572 | 5,746 | 16,900 | 14,998 | |
Research and development [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 1,227 | 529 | 2,219 | (259) | |
Production start-up | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 11 | $ 0 | $ 14 | $ 0 |
13. Income Taxes (Details)
13. Income Taxes (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Corporate Alternative Minimum Tax, Inflation Reduction Act, Percent | 15% | ||
Excise Tax on Stock Buybacks, Inflation Reduction Act, Percent | 1% | ||
Effective income tax rate | 341.40% | 16.70% | |
U.S. statutory federal income tax rate | 21% | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.3 |
14. Net (Loss) Income Per Sha_3
14. Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income | $ (49,168) | $ 45,203 | $ (36,618) | $ 337,323 |
Weighted-average common shares outstanding | 106,596 | 106,320 | 106,532 | 106,241 |
Effect of restricted stock and performance units | 0 | 579 | 0 | 638 |
Weighted-average shares used in computing diluted net (loss) income per share | 106,596 | 106,899 | 106,532 | 106,879 |
Net (loss) income per share, basic | $ (0.46) | $ 0.43 | $ (0.34) | $ 3.18 |
Net (loss) income per share, diluted | $ (0.46) | $ 0.42 | $ (0.34) | $ 3.16 |
Anti-dilutive shares | 626 | 8 | 523 | 3 |
15. Accumulated Other Compreh_3
15. Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, beginning balance | $ 5,895,827 | $ 5,783,635 | $ 5,959,551 | $ 5,520,928 |
Amounts reclassified from accumulated other comprehensive loss | (621) | 43 | (5,983) | (9,463) |
Net other comprehensive loss | (29,620) | (5,283) | (103,488) | (27,018) |
Stockholders' equity, ending balance | 5,828,337 | 5,830,075 | 5,828,337 | 5,830,075 |
Gain on sales of businesses, net | 5,984 | (1,866) | 253,272 | 147,284 |
Other income (expense), net | 4,774 | (2,603) | 2,679 | 2,598 |
Cost of sales | 607,951 | 458,924 | 1,607,683 | 1,532,593 |
Total gain (loss) reclassified | 621 | (43) | 5,983 | 9,463 |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, beginning balance | (89,452) | |||
Other comprehensive loss before reclassifications | (36,386) | |||
Amounts reclassified from accumulated other comprehensive loss | (4,312) | |||
Net tax effect | 0 | |||
Net other comprehensive loss | (40,698) | |||
Stockholders' equity, ending balance | (130,150) | (130,150) | ||
Total gain (loss) reclassified | 4,312 | |||
Foreign Currency Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gain on sales of businesses, net | 0 | 0 | 3,756 | 0 |
Other income (expense), net | 403 | (728) | 556 | (1,203) |
Total amount reclassified | 403 | (728) | 4,312 | (1,203) |
Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, beginning balance | (8,036) | |||
Other comprehensive loss before reclassifications | (55,996) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Net tax effect | 2,624 | |||
Net other comprehensive loss | (53,372) | |||
Stockholders' equity, ending balance | (61,408) | (61,408) | ||
Total gain (loss) reclassified | 0 | |||
Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense), net | 0 | 0 | 0 | 11,696 |
Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, beginning balance | 1,126 | |||
Other comprehensive loss before reclassifications | (10,287) | |||
Amounts reclassified from accumulated other comprehensive loss | (1,671) | |||
Net tax effect | 2,540 | |||
Net other comprehensive loss | (9,418) | |||
Stockholders' equity, ending balance | (8,292) | (8,292) | ||
Total gain (loss) reclassified | 1,671 | |||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total amount reclassified | 218 | 685 | 1,671 | (1,030) |
Total, Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, beginning balance | (170,230) | (83,461) | (96,362) | (61,726) |
Other comprehensive loss before reclassifications | (102,669) | |||
Amounts reclassified from accumulated other comprehensive loss | (5,983) | |||
Net tax effect | 5,164 | |||
Net other comprehensive loss | (29,620) | (5,283) | (103,488) | (27,018) |
Stockholders' equity, ending balance | (199,850) | (88,744) | (199,850) | (88,744) |
Total gain (loss) reclassified | 5,983 | |||
Foreign exchange forward contracts [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of sales | 218 | 15 | 1,671 | (1,913) |
Commodity swap contracts | Unrealized Gain (Loss) on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of sales | $ 0 | $ 670 | $ 0 | $ 883 |
16. Segment Reporting (Details)
16. Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 628,933 | $ 583,504 | $ 1,616,928 | $ 2,016,058 | |
Gross profit (loss) | 20,982 | 124,580 | 9,245 | 483,465 | |
Depreciation and amortization expense | 60,362 | 59,380 | 179,572 | 172,940 | |
Goodwill | 14,462 | 14,462 | $ 14,462 | ||
Modules Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 619,922 | 562,810 | 1,582,248 | 1,640,436 | |
Gross profit (loss) | 24,040 | 118,260 | 66,396 | 328,047 | |
Depreciation and amortization expense | 58,287 | 56,335 | 172,296 | 163,747 | |
Goodwill | 14,462 | 14,462 | 14,462 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 9,011 | 20,694 | 34,680 | 375,622 | |
Gross profit (loss) | (3,058) | 6,320 | (57,151) | 155,418 | |
Depreciation and amortization expense | 2,075 | $ 3,045 | 7,276 | $ 9,193 | |
Goodwill | $ 0 | $ 0 | $ 0 |