Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction Flag | false | ||
Document Financial Statement Restatement Recovery Analysis Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 20.2 | ||
Entity Common Stock, Shares Outstanding | 106,848,929 | ||
Documents Incorporated by Reference | The information required by Part III of this Form 10-K, to the extent not set forth herein, is incorporated by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2024, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Form 10-K relates. | ||
Entity Central Index Key | 0001274494 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Phoenix, Arizona |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,946,994 | $ 1,481,269 |
Marketable securities | 155,495 | 1,096,712 |
Accounts receivable trade, net | 660,776 | 324,337 |
Government grants receivable, net | 659,745 | 0 |
Inventories | 819,899 | 621,376 |
Other current assets | 391,900 | 267,727 |
Total current assets | 4,634,809 | 3,791,421 |
Property, plant and equipment, net | 4,397,285 | 3,536,902 |
Deferred tax assets, net | 142,819 | 78,680 |
Restricted marketable securities | 198,310 | 182,070 |
Government grants receivable | 152,208 | 0 |
Goodwill | 29,687 | 14,462 |
Intangible assets, net | 64,511 | 31,106 |
Inventories | 266,899 | 260,395 |
Other assets | 478,604 | 356,192 |
Total assets | 10,365,132 | 8,251,228 |
Current liabilities: | ||
Accounts payable | 207,178 | 341,409 |
Income taxes payable | 22,134 | 29,397 |
Accrued expenses | 524,829 | 382,782 |
Current portion of debt | 96,238 | 0 |
Deferred revenue | 413,579 | 263,215 |
Other current liabilities | 42,200 | 21,245 |
Total current liabilities | 1,306,158 | 1,038,048 |
Accrued solar module collection and recycling liability | 135,123 | 128,114 |
Long-term debt | 464,068 | 184,349 |
Deferred revenue | 1,591,604 | 944,725 |
Other liabilities | 180,710 | 119,937 |
Total liabilities | 3,677,663 | 2,415,173 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 106,847,475 and 106,609,094 shares issued and outstanding at December 31, 2023 and 2022, respectively | 107 | 107 |
Additional paid-in capital | 2,890,427 | 2,887,476 |
Accumulated earnings | 3,971,066 | 3,140,289 |
Accumulated other comprehensive loss | (174,131) | (191,817) |
Total stockholders' equity | 6,687,469 | 5,836,055 |
Total liabilities and stockholders' equity | $ 10,365,132 | $ 8,251,228 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 106,847,475 | 106,609,094 |
Common Stock, Shares Outstanding | 106,847,475 | 106,609,094 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 3,318,602 | $ 2,619,319 | $ 2,923,377 |
Cost of sales | 2,017,923 | 2,549,461 | 2,193,423 |
Gross profit | 1,300,679 | 69,858 | 729,954 |
Operating expenses: | |||
Selling, general and administrative | 197,622 | 164,724 | 170,320 |
Research and development | 152,307 | 112,804 | 99,115 |
Production start-up | 64,777 | 73,077 | 21,052 |
Litigation loss | 35,590 | 0 | 0 |
Total operating expenses | 450,296 | 350,605 | 290,487 |
Gain on sales of businesses, net | 6,883 | 253,511 | 147,284 |
Operating income (loss) | 857,266 | (27,236) | 586,751 |
Foreign currency loss, net | (21,533) | (16,414) | (7,975) |
Interest income | 97,667 | 33,284 | 6,179 |
Interest expense, net | (12,965) | (12,225) | (13,107) |
Other (expense) income, net | (29,145) | 31,189 | 314 |
Income before taxes | 891,290 | 8,598 | 572,162 |
Income tax expense | (60,513) | (52,764) | (103,469) |
Net income (loss) | $ 830,777 | $ (44,166) | $ 468,693 |
Net income (loss) per share: | |||
Basic | $ 7.78 | $ (0.41) | $ 4.41 |
Diluted | $ 7.74 | $ (0.41) | $ 4.38 |
Weighted-average number of shares used in per share calculations: | |||
Basic | 106,795 | 106,551 | 106,263 |
Diluted | 107,372 | 106,551 | 106,924 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 830,777 | $ (44,166) | $ 468,693 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 3,107 | (32,021) | (13,213) |
Unrealized gain (loss) on marketable securities and restricted marketable securities, net of tax of $(578), $2,639, and $1,497 | 10,170 | (56,744) | (24,666) |
Unrealized gain (loss) on derivative instruments, net of tax of $(1,340), $1,678, and $(55) | 4,409 | (6,690) | 3,243 |
Other comprehensive gain (loss) | 17,686 | (95,455) | (34,636) |
Comprehensive income (loss) | 848,463 | (139,621) | 434,057 |
Supplemental Income Statement Elements [Abstract] | |||
Unrealized loss (gain) on marketable securities and restricted marketable securities, tax | (578) | 2,639 | 1,497 |
Unrealized loss (gain) on derivative instruments, tax | $ (1,340) | $ 1,678 | $ (55) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 468,693 | 468,693 | |||
Other comprehensive loss | (34,636) | (34,636) | |||
Common stock issued for share-based compensation, shares | 561,000 | ||||
Common stock issued for share-based compensation | 0 | $ 0 | 0 | ||
Tax withholding related to vesting of restricted stock, shares | (209,000) | ||||
Tax withholding related to vesting of restricted stock | (15,989) | $ 0 | (15,989) | ||
Share-based compensation expense | 20,555 | 20,555 | |||
Common stock, shares, ending balance at Dec. 31, 2021 | 106,332,000 | ||||
Stockholders' equity, ending balance at Dec. 31, 2021 | 5,959,551 | $ 106 | 2,871,352 | 3,184,455 | (96,362) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (44,166) | (44,166) | |||
Other comprehensive loss | (95,455) | (95,455) | |||
Common stock issued for share-based compensation, shares | 444,000 | ||||
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 | (12,092) | $ 0 | (12,092) | ||
Share-based compensation expense | $ 28,216 | 28,216 | |||
Common stock, shares, ending balance at Dec. 31, 2022 | 106,609,094 | 106,609,000 | |||
Stockholders' equity, ending balance at Dec. 31, 2022 | $ 5,836,055 | $ 107 | 2,887,476 | 3,140,289 | (191,817) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 830,777 | 830,777 | |||
Other comprehensive loss | 17,686 | 17,686 | |||
Common stock issued for share-based compensation, shares | 392,000 | ||||
Common stock issued for share-based compensation | 0 | $ 0 | 0 | ||
Tax withholding related to vesting of restricted stock, shares | (154,000) | ||||
Tax withholding related to vesting of restricted stock | (31,130) | $ 0 | (31,130) | ||
Share-based compensation expense | $ 34,081 | 34,081 | |||
Common stock, shares, ending balance at Dec. 31, 2023 | 106,847,475 | 106,847,000 | |||
Stockholders' equity, ending balance at Dec. 31, 2023 | $ 6,687,469 | $ 107 | $ 2,890,427 | $ 3,971,066 | $ (174,131) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 830,777 | $ (44,166) | $ 468,693 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation, amortization and accretion | 307,994 | 269,724 | 259,900 |
Impairments and net losses on disposal of long-lived assets | 1,568 | 63,338 | 22,876 |
Share-based compensation | 34,219 | 28,656 | 20,902 |
Deferred income taxes | (60,813) | (12,799) | 49,847 |
Gain on sales of businesses, net | (6,883) | (253,511) | (147,284) |
Loss (gain) on sales of marketable securities and restricted marketable securities | 9 | 0 | (11,696) |
Liabilities assumed by customers for the sale of systems | 0 | (145,281) | (85,490) |
Gain on debt forgiveness | 0 | (30,201) | 0 |
Other, net | 22,053 | (1,029) | (3,484) |
Changes in operating assets and liabilities | |||
Accounts receivable, trade and unbilled | (304,183) | 118,724 | (96,951) |
Inventories | (205,106) | 16,693 | (136,365) |
Project assets and PV solar power systems | 8,626 | (14,336) | 23,402 |
Government Grants Receivable | (659,745) | 0 | 0 |
Other assets | (224,333) | (72,602) | (69,942) |
Income tax receivable and payable | 8,656 | 43,592 | (13,062) |
Accounts payable and accrued expenses | 79,328 | 5,569 | 48,968 |
Deferred revenue | 783,207 | 912,946 | 47,062 |
Other liabilities | (13,114) | (11,948) | (139,817) |
Net cash provided by operating activities | 602,260 | 873,369 | 237,559 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (1,386,775) | (903,605) | (540,291) |
Purchases of marketable securities and restricted marketable securities | (3,612,801) | (3,375,008) | (2,147,136) |
Proceeds from sales and maturities of marketable securities and restricted marketable securities | 4,563,890 | 2,646,787 | 2,294,595 |
Proceeds from sales of businesses, net of cash and restricted cash sold | 7,680 | 442,302 | 300,499 |
Acquisitions, net of cash acquired | (35,739) | 0 | 0 |
Other investing activities | (9,046) | (3,050) | (6,707) |
Net cash used in investing activities | (472,791) | (1,192,574) | (99,040) |
Cash flows from financing activities: | |||
Proceeds from borrowings under debt arrangements, net of issuance costs | 367,983 | 397,380 | 129,215 |
Repayment of debt | 0 | (75,896) | (72,676) |
Payments of tax withholdings for restricted shares | (31,130) | (12,092) | (15,989) |
Net cash provided by financing activities | 336,853 | 309,392 | 40,550 |
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | 5,285 | 47,438 | 3,174 |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 471,607 | 37,625 | 182,243 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period | 1,493,462 | 1,455,837 | 1,273,594 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period | 1,965,069 | 1,493,462 | 1,455,837 |
Supplemental disclosure of noncash investing and financing activities: | |||
Property, plant and equipment acquisitions funded by liabilities | 249,455 | 315,961 | 61,598 |
Proceeds to be received from asset-based government grants | 152,208 | 0 | 0 |
Acquisitions funded by contingent consideration | $ 18,500 | $ 0 | $ 0 |
Note 1. First Solar and Its Bus
Note 1. First Solar and Its Business (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
First Solar and Its Business | 1. First Solar and Its Business We are a leading American solar technology company and global provider of PV solar energy solutions. Developed at our R&D labs in California and Ohio, we manufacture and sell PV solar modules with an advanced thin film semiconductor technology that provide a high-performance, lower-carbon alternative to conventional crystalline silicon PV solar modules. From raw material sourcing through end-of-life module recycling, we are committed to reducing the environmental impacts and enhancing the social and economic benefits of our products across their life cycle. We are the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. |
Note 2. Summary of Significant
Note 2. Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of First Solar, Inc. and its subsidiaries and are prepared in accordance with U.S. GAAP. We eliminated all intercompany transactions and balances during consolidation. Certain prior year balances were reclassified to conform to the current year presentation. Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to accrued solar module collection and recycling liabilities, product warranties, and government grants. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Fair Value Measurements. We measure certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market. • Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. • Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques. • Level 3 – Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents with the exception of time deposits and U.S. Treasury securities, which are presented as marketable securities. Restricted Cash and Restricted Cash Equivalents . Restricted cash and restricted cash equivalents consist of deposits held by various banks to secure certain of our letters of credit, as well as deposits held in custodial accounts to fund the estimated future costs of our solar module collection and recycling obligations. Restricted cash for our letters of credit is classified as current or noncurrent based on the maturity date of the corresponding letter of credit. Restricted cash and restricted cash equivalents held in custodial accounts are classified as noncurrent to align with the nature of the corresponding module collection and recycling liabilities. Marketable Securities and Restricted Marketable Securities. We determine the classification of our marketable securities and restricted marketable securities at the time of purchase and reevaluate such designation at each balance sheet date. As of December 31, 2023 and 2022, all of our marketable securities and restricted marketable securities were classified as available-for-sale debt securities. Accordingly, we record them at fair value and account for the net unrealized gains and losses as part of “Accumulated other comprehensive loss” until realized. We record realized gains and losses on the sale of our marketable securities and restricted marketable securities in “Other (expense) income, net” computed using the specific identification method. We may sell marketable securities prior to their stated maturities after consideration of our liquidity requirements. Accordingly, we view unrestricted securities with maturities beyond 12 months as available to support our current operations and classify such securities as current assets under “Marketable securities” in our consolidated balance sheets. Restricted marketable securities consist of long-term duration marketable securities that we hold in custodial accounts to fund the estimated future costs of our solar module collection and recycling obligations. Accordingly, we classify restricted marketable securities as noncurrent assets under “Restricted marketable securities” in our consolidated balance sheets. Accounts Receivable Trade . We record trade accounts receivable for our unconditional rights to consideration arising from our performance under contracts with customers. The carrying value of such receivables, net of the allowance for credit losses, represents their estimated net realizable value. Our module sales generally include up to 45-day payment terms following the transfer of control of the products to the customer. In addition, certain module sales agreements require a down payment for a portion of the transaction price upon or shortly after entering into the agreement or related purchase order. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised product to a customer and when the customer pays for that product will be one year or less. Allowance for Credit Losses. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from such asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable based primarily on our collection history, which we review annually, and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. We estimate credit losses associated with our marketable securities and restricted marketable securities based on the external credit ratings for such investments and the historical loss rates associated with such credit ratings, which we obtain from third parties. Such methods and estimates are adjusted, as appropriate, for relevant past events, current conditions, and reasonable and supportable forecasts. We recognize writeoffs within the allowance for credit losses when cash receipts associated with our financial assets are deemed uncollectible. Government Grants. We account for government assistance that is not subject to the scope of ASC 740 using a grant accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance , and recognize such grants when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction to such asset’s cost basis, which reduces future depreciation. Other government grants not related to long-lived assets are considered income-based grants, which are initially recognized as “Government grants receivable” and as a reduction to the related cost of activities that generated the benefit. We recognize grants expected to be received directly from a government entity at their stated value. When we expect to transfer grants to a third party, we recognize the grants at, or adjust their carrying value to, the amount expected to be received from the transaction. Proceeds received from asset-based grants are presented as cash inflows from investing activities on the consolidated statements of cash flows, whereas proceeds received from income-based grants are presented as cash inflows from operating activities. Inventories – Current and Noncurrent. We report our inventories at the lower of cost or net realizable value. We determine cost on a first-in, first-out basis and include both the costs of acquisition and manufacturing in our inventory costs. These costs include direct materials, direct labor, and indirect manufacturing costs, including depreciation and amortization. Our capitalization of indirect costs is based on the normal utilization of our plants. If our plant utilization is abnormally low, the portion of our indirect manufacturing costs related to the abnormal utilization level is expensed as incurred. Other abnormal manufacturing costs, such as wasted materials or excess yield losses, are also expensed as incurred. As needed, we may purchase critical raw materials that are used in our core production process in quantities that exceed anticipated consumption within our normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as noncurrent. We regularly review the cost of inventories, including noncurrent inventories, against their estimated net realizable value and record write-downs if any inventories have costs in excess of their net realizable values. We also regularly evaluate the quantities and values of our inventories, including noncurrent inventories, in light of current market conditions and trends, among other factors, and record write-downs for any quantities in excess of demand or for any obsolescence. This evaluation considers the use of modules in our product warranties, module selling prices, product obsolescence, strategic raw material requirements, and other factors. Property, Plant and Equipment. We report our property, plant and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditures that substantially add to the value of or substantially extend the useful life of the assets. We capitalize costs related to computer software obtained or developed for internal use, which generally includes enterprise-level business and finance software that we customize to meet our specific operational requirements. We expense repair and maintenance costs at the time we incur them. We begin depreciation for our property, plant and equipment when the assets are placed in service. We consider such assets to be placed in service when they are both in the location and condition for their intended use. We compute depreciation expense using the straight-line method over the estimated useful lives of assets, as presented in the table below. We depreciate leasehold improvements over the shorter of their estimated useful lives or the remaining term of the lease. The estimated useful life of an asset is reassessed whenever applicable facts and circumstances indicate a change in the asset’s estimated useful life has occurred. Useful Lives Buildings and building improvements 25 – 40 Manufacturing machinery and equipment 5 – 15 Furniture, fixtures, computer hardware, and computer software 3 – 7 Leasehold improvements up to 15 Asset Impairments. We assess long-lived assets classified as “held and used,” including our property, plant and equipment; lease assets; and intangible assets, for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable. These events and changes in circumstances may include a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; a significant adverse change in the business climate that could affect the value of a long-lived asset; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; a current-period operating or cash flow loss combined with a history of such losses or a projection of future losses associated with the use of a long-lived asset; or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When impairment indicators are present, we compare undiscounted future cash flows, including the eventual disposition of the asset group at market value, to the asset group’s carrying value to determine if the asset group is recoverable. If the carrying value of the asset group exceeds the undiscounted future cash flows, we measure any impairment by comparing the fair value of the asset group to its carrying value. Fair value is generally determined by considering (i) internally developed discounted cash flows for the asset group, (ii) third-party valuations, and/or (iii) information available regarding the current market value for such assets. If the fair value of an asset group is determined to be less than its carrying value, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Estimating future cash flows requires significant judgment, and such projections may vary from the cash flows eventually realized. We consider a long-lived asset to be abandoned after we have ceased use of the asset and we have no intent to use or repurpose it in the future. Abandoned long-lived assets are recorded at their salvage value, if any. We classify long-lived assets or asset groups we plan to sell as “held for sale” on our consolidated balance sheets only after certain criteria have been met, including: (i) management has the authority and commits to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a buyer and the plan to sell the asset have been initiated, (iv) the sale of the asset is probable within 12 months, (v) the asset is being actively marketed at a reasonable sales price relative to its current fair value, and (vi) it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made. We record assets or asset groups held for sale at the lower of their carrying value or fair value less costs to sell. If, due to unanticipated circumstances, such assets or asset groups are not sold in the 12 months after being classified as held for sale, then classification as held for sale would continue as long as the above criteria are still met. Goodwill. Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. We do not amortize goodwill, but instead test goodwill for impairment at least annually. We perform impairment tests between the scheduled annual test in the fourth quarter if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit that has goodwill is less than its carrying value. We may first make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment test. Such qualitative impairment test considers various factors, including macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant events affecting our company or a reporting unit. If we determine through the qualitative assessment that a reporting unit’s fair value is more likely than not greater than its carrying value, the quantitative impairment test is not required. If the qualitative assessment indicates it is more likely than not that a reporting unit’s fair value is less than its carrying value, we perform a quantitative impairment test. We may also elect to proceed directly to the quantitative impairment test without considering qualitative factors. The quantitative impairment test is the comparison of the fair value of a reporting unit with its carrying amount, including goodwill. We define the fair value of a reporting unit as the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. Our modules business represents our only reporting unit and we primarily use an income approach to estimate its fair value. Significant judgment is required when estimating the fair value of a reporting unit, including the forecasting of future operating results and the selection of discount and expected future growth rates used to determine projected cash flows. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not impaired, and no further analysis is required. Conversely, if the carrying value of a reporting unit exceeds its estimated fair value, we record an impairment loss equal to the excess, not to exceed the total amount of goodwill allocated to the reporting unit. Intangible Assets. Intangible assets primarily include acquired technologies, in-process research and development (“IPR&D”) from prior business acquisitions, and our internally-generated intangible assets, substantially all of which are patents on technologies related to our products and production processes. We record an asset for patents after the patent has been issued based on the legal, filing, and other costs incurred to secure it. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and periodically assessed for impairment. When the IPR&D project is complete, it is reclassified as a finite-lived intangible asset. We amortize finite-lived intangible assets on a straight-line basis over their estimated useful lives, which generally range from 5 to 20 years. Leases. Upon commencement of a lease, we recognize a lease liability for the present value of the lease payments not yet paid, discounted using an interest rate that represents our ability to borrow on a collateralized basis over a period that approximates the lease term. We also recognize a lease asset, which represents our right to control the use of the underlying property, plant or equipment, at an amount equal to the lease liability, adjusted for prepayments, initial direct costs, and any incentives received. We subsequently recognize the cost of operating leases on a straight-line basis over the lease term. Finance lease right-of-use assets are amortized over the shorter of the estimated useful life of the underlying assets or the lease term, and interest expense on a finance lease liability is recognized using the effective interest method over the lease term. Any variable lease costs, which represent amounts owed to the lessor that are not fixed per the terms of the contract, are recognized in the period in which they are incurred. Any costs included in our lease arrangements that are not directly related to the leased assets, such as maintenance charges, are included as part of the lease costs. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. We recognize the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. Many of our leases contain renewal or termination options that are exercisable at our discretion. At the commencement date of a lease, we include in the lease term any periods covered by a renewal option and exclude from the lease term any periods covered by a termination option, to the extent we are reasonably certain to exercise such options. In making this determination, the lease term applied would not exceed the expected economic life of the underlying asset. Deferred Revenue. When we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods to the customer under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Such deferred revenue results from advance payments received on sales of solar modules. Deferred revenue is classified as current or noncurrent based on the expected date that module shipments commence for each sales contract. As a practical expedient, we do not adjust the consideration in a contract for the effects of a significant financing component when we expect, at contract inception, that the period between a customer’s advance payment and our transfer of a promised product or service to the customer will be one year or less. Additionally, we do not adjust the consideration in a contract for the effects of a significant financing component when the consideration is received as a form of performance security. Product Warranties. We provide a limited PV solar module warranty covering defects in materials and workmanship under normal use and service conditions for up to 12.5 years. We also typically warrant that modules installed in accordance with agreed-upon specifications will produce at least 98% of their labeled power output rating during the first year, with the warranty coverage reducing by a degradation factor every year thereafter throughout the limited power output warranty period of up to 30 years. As an alternative form of our standard limited module power output warranty, from time to time we have also offered an aggregated or system-level limited module performance warranty, which is designed for utility-scale systems and provides 25-year system-level energy degradation protection. This warranty represents a practical expedient to address the challenge of identifying, from the potential millions of modules installed in a utility-scale system, individual modules that may be performing below warranty thresholds by focusing on the aggregate energy generated by the system rather than the power output of individual modules. When we recognize revenue for sales of modules, we accrue liabilities for the estimated future costs of meeting our limited warranty obligations. 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 quality and reliability testing and actual performance in certain field installation sites. Accrued Solar Module Collection and Recycling Liability. Historically, we recognized expense at the time of sale for the estimated cost of our future obligations for collecting and recycling solar modules covered by our solar module collection and recycling program. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information. Derivative Instruments. We recognize derivative instruments on our consolidated balance sheets at fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a derivative instrument that will not be accounted for using hedge accounting methods. As of December 31, 2023 and 2022, all of our derivative instruments were designated as cash flow hedges or as derivative instruments not accounted for using hedge accounting methods. We record changes in the fair value of a derivative instrument that is designated and qualifies as a cash flow hedge in “Accumulated other comprehensive loss” until our earnings are affected by the variability of the cash flows from the underlying hedged item. We record any amounts excluded from effectiveness testing in current period earnings in the same income statement line item in which the earnings effect of the hedged item is reported. We report changes in the fair value of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments on the consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. At the inception of a hedge, we formally document all relationships between hedging instruments and the underlying hedged items as well as our risk-management objective and strategy for undertaking the hedge transaction. We also formally assess (both at inception and on an ongoing basis) whether our derivative instruments are highly effective in offsetting changes in the fair value or cash flows of the underlying hedged items and whether those derivatives are expected to remain highly effective in future periods. When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. When we discontinue hedge accounting and the derivative instrument remains outstanding, we carry the derivative instrument at its fair value on our consolidated balance sheets and recognize subsequent changes in its fair value in current period earnings. Accumulated Other Comprehensive Income or Loss. Our accumulated other comprehensive income or loss includes foreign currency translation adjustments, unrealized gains and losses on available-for-sale debt securities, and unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges. We record these components of accumulated other comprehensive income or loss net of tax and release such tax effects when the underlying components affect earnings. Revenue Recognition – Module Sales. 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. For certain contracts, we may also be required to make liquidated damage payments if we fail to deliver modules that meet certain U.S. domestic content requirements. We recognize these liquidated damages as a reduction of revenue in the period we transfer control of the modules to the customer. Shipping and Handling Costs. We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, we record amounts billed for shipping and handling costs as a component of net sales and classify such costs as a component of cost of sales. Taxes Collected from Customers and Remitted to Governmental Authorities. We exclude from our measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of net sales or cost of sales. Research and Development. We incur research and development costs during the process of researching and developing new products and enhancing our existing products, technologies, and manufacturing processes. Our research and development costs consist primarily of employee compensation, materials, outside services, and depreciation. We expense these costs as incurred until the resulting product has been completed, tested, and made ready for commercial manufacturing. Production Start-Up. Production start-up expense consists of costs associated with operating a production line before it is qualified for commercial production, including the cost of raw materials for solar modules run through the production line during the qualification phase, employee compensation for individuals supporting production start-up activities, and applicable facility related costs. Production start-up expense also includes costs related to the selection of a new site and implementation costs for manufacturing process improvements to the extent we cannot capitalize these expenditures. Share-Based Compensation. We recognize share-based compensation expense for the estimated grant-date fair value of equity awards issued as compensation to employees over the requisite service period, which is generally four five Foreign Currency Translation. 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. The functional currency of our subsidiaries in Malaysia, Singapore, and Vietnam is the U.S. dollar; therefore, we do not translate their financial statements. Gains and losses arising from the remeasurement of monetary assets and liabilities denominated in currencies other than a subsidiary’s functional currency are included in “Foreign currency loss, net” in the period in which they occur. Income Taxes. We use the asset and liability method to account for income taxes whereby we calculate deferred tax assets or liabilities using the enacted tax rates and tax law applicable to when any temporary differences are expected to reverse. We establish valuation allowances, when necessary, to reduce deferred tax assets to the extent it is more likely than not that such deferred tax assets will not be realized. We do not provide deferred taxes related to the U.S. GAAP basis in excess of the outside tax basis in the investment in our foreign subsidiaries to the extent such amounts relate to indefinitely reinvested earnings and profits of such foreign subsidiaries. Income tax expense includes (i) deferred tax expense, which generally represents the net change in deferred tax assets or liabilities during the year plus any change in valuation allowances, and (ii) current tax expense, which represents the amount of tax currently payable to or receivable from taxing authorities. We only recognize tax benefits related to uncertain tax positions that are more likely than not of being sustained upon examination. For those positions that satisfy such recognition criteria, the amount of tax benefit that we recognize is the largest amount of tax benefit that is more likely than not of being sustained on ultimate settlement of the uncertain tax position. Per Share Data. Basic net income or loss per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed giving effect to all potentially dilutive common shares, including restricted stock and performance units, unless there is a net loss for the period. We use the treasury stock method to compute diluted net income per share. |
Note 3. Business Acquisitions
Note 3. Business Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions, Disclosure | 3. Business Acquisitions In May 2023, we acquired 100% of the shares of Evolar, a developer of perovskite technology, for cash payments of $35.5 million, net of cash acquired of $0.5 million, and a promise to pay additional consideration of up to $42.5 million contingent on the achievement of certain technical milestones. The fair value of such contingent consideration was determined to be $18.5 million at the acquisition date. In connection with applying the acquisition method of accounting, $47.0 million of the purchase price consideration was assigned to an IPR&D intangible asset to be amortized over its useful life upon successful completion of the underlying project, $15.0 million was assigned to goodwill, $9.2 million was assigned to a deferred tax liability, and $2.0 million was assigned to property, plant and equipment. The acquired IPR&D includes technical information, know-how, and other proprietary information associated with certain production capabilities for perovskite technology. The acquisition is expected to accelerate the development of high efficiency multi-junction devices by integrating Evolar’s know-how with First Solar’s existing R&D capabilities, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV products. The goodwill is attributable to the acquired technical workforce of Evolar and the synergies the Company expects through integrating the acquired technology to accelerate the development of next-generation PV technology. The goodwill resulting from this transaction is not expected to be deductible for income tax purposes. |
Note 4. Sales of Businesses
Note 4. Sales of Businesses | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Disclosure | 4. Sales of Businesses Sale of Japan Project Development Business In May 2022, we entered into various agreements with certain subsidiaries of PAG, a private investment firm, for the sale of our Japan project development business. The transaction included our approximately 293 MW utility-scale solar project development platform, which comprised the business of developing, contracting for the construction of, and selling utility-scale PV solar power systems. In June 2022, we completed the sale of our Japan project development business for an aggregate purchase price of ¥66.4 billion ($490.8 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 year ended December 31, 2022, which was included in “Gain on sales of businesses, net” in our consolidated statements of operations. During the year ended December 31, 2023, we recognized certain post-closing adjustments and earnouts associated with the prior sale of our Japan project development business, which were included in “Gain on sales of businesses, net” in our consolidated statements of operations. Sales of North American and International O&M Operations In March 2021, we completed the sale of our North American O&M operations to a subsidiary of Clairvest and 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 year ended December 31, 2021, which was included in “Gain on sales of businesses, net” in our consolidated statements of operations. In January 2022, we completed the sale of our Chilean O&M operations to a subsidiary of Clairvest and received total 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 year ended December 31, 2022, which was included in “Gain on sales of businesses, net” in our 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 $6.0 million. As a result of this transaction, we recognized a gain of $4.4 million, net of transaction costs and post-closing adjustments, during the year ended December 31, 2022, which was included in “Gain on sales of businesses, net” in our 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 ¥692.7 million ($4.8 million). As a result of this transaction, we recognized a gain of $1.4 million, net of transaction costs and post-closing adjustments, during the year ended December 31, 2022, which was included in “Gain on sales of businesses, net” in our consolidated statements of operations. During the year ended December 31, 2023, we recognized certain post-closing adjustments associated with the prior sale of our O&M operations in a foreign jurisdiction, which was included in “Gain on sales of businesses, net” in our consolidated statements of operations. Sale of U.S. Project Development Business In January 2021, we entered into an agreement with 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 and post-closing adjustments, during the year ended December 31, 2021, which was included in “Gain on sales of businesses, net” in our consolidated statements of operations. |
Note 5. Goodwill and Intangible
Note 5. Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill Goodwill for the modules business consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2022 Acquisitions (Impairments) Foreign Currency Translation Adjustments December 31, 2023 Gross amount (1) $ 407,827 $ 14,952 $ 273 $ 423,052 Accumulated impairment losses (393,365) — — (393,365) Total $ 14,462 $ 14,952 $ 273 $ 29,687 December 31, 2021 Acquisitions (Impairments) Foreign Currency Translation Adjustments December 31, 2022 Gross amount (1) $ 407,827 $ — $ — $ 407,827 Accumulated impairment losses (393,365) — — (393,365) Total $ 14,462 $ — $ — $ 14,462 —————————— (1) See Note 3. “Business Acquisitions” to our consolidated financial statements for discussion of our business acquisitions. We performed our annual impairment analysis in the fourth quarters of 2023, 2022, and 2021. ASC 350-20 allows companies to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment test. Such qualitative assessment considers various factors, including macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant events affecting our company or a reporting unit. We performed a qualitative assessment for our modules business in each respective period and concluded that it was not more likely than not that the fair value of the modules business was less than its carrying amount. Accordingly, a quantitative goodwill impairment test for the modules business was not required in any period presented. Intangible assets, net The following tables summarize our intangible assets at December 31, 2023 and 2022 (in thousands): December 31, 2023 Gross Amount Accumulated Amortization Net Amount Developed technology $ 97,645 $ (78,659) $ 18,986 In-process research and development (1) 43,159 — 43,159 Patents 9,438 (7,072) 2,366 Total $ 150,242 $ (85,731) $ 64,511 December 31, 2022 Gross Amount Accumulated Amortization Net Amount Developed technology $ 97,347 $ (68,650) $ 28,697 Patents 8,970 (6,561) 2,409 Total $ 106,317 $ (75,211) $ 31,106 —————————— (1) See Note 3. “Business Acquisitions” to our consolidated financial statements for discussion of our business acquisitions. Amortization of intangible assets was $10.5 million, $10.9 million, and $10.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated future amortization expense for our definite-lived intangible assets was as follows at December 31, 2023 (in thousands): Amortization Expense 2024 $ 10,487 2025 4,016 2026 2,633 2027 2,533 2028 813 Thereafter 870 Total amortization expense $ 21,352 |
Note 6. Cash, Cash Equivalents,
Note 6. Cash, Cash Equivalents, and Marketable Securities (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities | 6. Cash, Cash Equivalents, and Marketable Securities Cash, cash equivalents, and marketable securities consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Cash and cash equivalents: Cash $ 841,310 $ 1,476,945 Money market funds 1,105,684 4,324 Total cash and cash equivalents 1,946,994 1,481,269 Marketable securities: Foreign debt 34,895 59,777 U.S. debt 44,089 56,463 Time deposits 76,511 980,472 Total marketable securities 155,495 1,096,712 Total cash, cash equivalents, and marketable securities $ 2,102,489 $ 2,577,981 The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our consolidated balance sheets as of December 31, 2023 and 2022 to the total of such amounts as presented in the consolidated statements of cash flows (in thousands): Balance Sheet Line Item 2023 2022 Cash and cash equivalents Cash and cash equivalents $ 1,946,994 $ 1,481,269 Restricted cash – current Other current assets 8,262 3,175 Restricted cash – noncurrent Other assets 3,621 2,734 Restricted cash equivalents – noncurrent Other assets 6,192 6,284 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,965,069 $ 1,493,462 During the year ended December 31, 2023, we sold marketable securities for proceeds of $34.9 million and realized a loss of less than $0.1 million on such sales. During the year ended December 31, 2021, we sold marketable securities for proceeds of $5.5 million and realized a gain of less than $0.1 million on such sales. See Note 12. “Fair Value Measurements” to our 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 December 31, 2023 and 2022 (in thousands): As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 35,000 $ — $ 91 $ 14 $ 34,895 U.S. debt 45,625 88 1,614 10 44,089 Time deposits 76,533 — — 22 76,511 Total $ 157,158 $ 88 $ 1,705 $ 46 $ 155,495 As of December 31, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 59,940 $ — $ 140 $ 23 $ 59,777 U.S. debt 58,308 — 1,823 22 56,463 Time deposits 980,810 — — 338 980,472 Total $ 1,099,058 $ — $ 1,963 $ 383 $ 1,096,712 The contractual maturities of our marketable securities as of December 31, 2023 were as follows (in thousands): Fair One year or less $ 141,892 One year to two years 5,156 Two years to three years 4,554 Three years to four years — Four years to five years — More than five years 3,893 Total $ 155,495 |
Note 7. Restricted Marketable S
Note 7. Restricted Marketable Securities (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Securities, Available-for-Sale, Restricted [Abstract] | |
Restricted Cash and Investments | 7. Restricted Marketable Securities Restricted marketable securities consisted of the following as of December 31, 2023 and 2022 (in thousands): 2023 2022 Foreign government obligations $ 51,229 $ 46,886 Supranational debt 15,339 8,661 U.S. debt 113,326 109,328 U.S. government obligations 18,416 17,195 Total restricted marketable securities $ 198,310 $ 182,070 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 December 31, 2023 and 2022, such custodial accounts also included noncurrent restricted cash and cash equivalents balances of $6.2 million and $6.7 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 year ended December 31, 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 12. “Fair Value Measurements” to our 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 December 31, 2023 and 2022 (in thousands): As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 65,202 $ — $ 13,963 $ 10 $ 51,229 Supranational debt 17,688 — 2,349 — 15,339 U.S. debt 146,484 — 33,129 29 113,326 U.S. government obligations 24,460 — 6,039 5 18,416 Total $ 253,834 $ — $ 55,480 $ 44 $ 198,310 As of December 31, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 64,008 $ — $ 17,112 $ 10 $ 46,886 Supranational debt 11,146 — 2,485 — 8,661 U.S. debt 148,288 — 38,932 28 109,328 U.S. government obligations 24,551 — 7,352 4 17,195 Total $ 247,993 $ — $ 65,881 $ 42 $ 182,070 As of December 31, 2023, the contractual maturities of these securities were between 7 years and 16 years. |
Note 8. Consolidated Balance Sh
Note 8. Consolidated Balance Sheet Details (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Consolidated Balance Sheet Details | 8. Consolidated Balance Sheet Details Accounts receivable trade, net Accounts receivable trade, net consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Accounts receivable trade, gross $ 662,390 $ 325,379 Allowance for credit losses (1,614) (1,042) Accounts receivable trade, net $ 660,776 $ 324,337 Inventories Inventories consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Raw materials $ 478,138 $ 397,912 Work in process 78,463 66,641 Finished goods 530,197 417,218 Inventories $ 1,086,798 $ 881,771 Inventories – current $ 819,899 $ 621,376 Inventories – noncurrent $ 266,899 $ 260,395 Other current assets Other current assets consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Spare maintenance materials and parts $ 148,218 $ 114,428 Indirect tax receivables 65,301 5,274 Prepaid expenses 62,480 43,262 Operating supplies 43,995 47,492 Insurance receivable for accrued litigation (1) 21,800 — Restricted cash 8,262 3,175 Prepaid income taxes 7,064 8,314 Derivative instruments (2) 1,778 2,018 Other 33,002 43,764 Other current assets $ 391,900 $ 267,727 —————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings. (2) See Note 10. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments. Property, plant and equipment, net Property, plant and equipment, net consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Land $ 35,364 $ 35,259 Buildings and improvements 1,037,421 893,049 Machinery and equipment 3,593,347 2,762,801 Office equipment and furniture 161,187 146,467 Leasehold improvements 40,084 40,160 Construction in progress 1,223,998 1,121,938 Property, plant and equipment, gross 6,091,401 4,999,674 Accumulated depreciation (1,694,116) (1,462,772) Property, plant and equipment, net $ 4,397,285 $ 3,536,902 Depreciation of property, plant and equipment was $310.0 million, $244.9 million, and $233.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. Other assets Other assets consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Advance payments for raw materials $ 204,370 $ 91,260 Lease assets (1) 101,468 93,185 Income tax receivables 68,591 56,993 Project assets 28,430 30,108 Prepaid expenses 23,954 11,714 Restricted cash equivalents 6,192 6,284 Restricted cash 3,621 2,734 Other (2) 41,978 63,914 Other assets $ 478,604 $ 356,192 —————————— (1) See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (2) Included $6.2 million of PV solar power systems on our consolidated balance sheet as of December 31, 2022. During 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, 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 consolidated statements of operations. In December 2022, we completed the sale of the project to a subsidiary of Toesca Asset Management. Accrued expenses Accrued expenses consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Accrued property, plant and equipment $ 210,233 $ 148,777 Accrued inventory 101,161 44,679 Accrued freight 58,494 77,136 Accrued compensation and benefits 55,960 47,939 Accrued other taxes 26,781 19,765 Accrued interest 11,011 2,920 Product warranty liability (1) 5,920 10,660 Other 55,269 30,906 Accrued expenses $ 524,829 $ 382,782 —————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our “Product Warranties.” Other current liabilities Other current liabilities consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Accrued litigation (1) $ 21,800 $ — Lease liabilities (2) 10,358 9,193 Contingent consideration (3) 7,500 — Derivative instruments (4) 1,744 6,668 Other 798 5,384 Other current liabilities $ 42,200 $ 21,245 —————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings. (2) See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (3) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements. (4) See Note 10. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments. Other liabilities Other liabilities consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Lease liabilities (1) $ 53,725 $ 40,589 Deferred tax liabilities, net (2) 42,771 28,929 Other taxes payable 39,431 13,284 Product warranty liability (3) 19,571 23,127 Contingent consideration (4) 11,000 — Other 14,212 14,008 Other liabilities $ 180,710 $ 119,937 —————————— (1) See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (2) See Note 18. “Income Taxes” to our consolidated financial statements for discussion of our net deferred tax liabilities. (3) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our “Product Warranties.” (4) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements. |
Note 9. Government Grants (Note
Note 9. Government Grants (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Government Assistance [Abstract] | |
Government Assistance | 9. Government Grants Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of ASC 740. We recognize a grant when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction to such asset’s cost-basis, which reduces future depreciation. Other government grants not related to long-lived assets are considered income-based grants, which are recognized as a reduction to the related cost of activities that generated the benefit. The following table presents the benefits recognized from asset-based government grants in our consolidated balance sheet as of December 31, 2023 and December 31, 2022 (in thousands): Balance Sheet Line Item 2023 2022 Property, plant and equipment, net $ 146,348 $ — Other assets 5,860 — In February 2021, the state government of Tamil Nadu granted First Solar certain incentives associated with the construction of our first manufacturing facility in India. Among other things, such incentives provide a 24% subsidy for eligible capital investments, contingent upon meeting certain minimum investment and employment commitments. The capital subsidy is expected to be paid in six annual installments beginning in the fiscal year following the initial period of module production. Module production began during the year ended December 31, 2023. Such credit is reflected on our consolidated balance sheets within “Government grants receivable.” The following table presents the benefits recognized from income-based government grants in our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Income Statement Line Item 2023 2022 2021 Cost of sales $ 659,745 $ — $ — In August 2022, the U.S. President signed into law the IRA. Among other things, the IRA offers a tax credit, pursuant to Section 45X of the IRC, for solar modules and solar module components manufactured in the United States and sold to third parties. Such credit may be refundable by the IRS or transferable to a third party and is available from 2023 to 2032, subject to phase down beginning in 2030. For eligible components, the credit is equal to (i) $12 per square meter for a PV wafer, (ii) 4 cents multiplied by the capacity of a PV cell, and (iii) 7 cents multiplied by the capacity of a PV module. Based on the current form factor of our modules, we expect to qualify for a credit of approximately 17 cents per watt for each module produced in the United States and sold to a third party. We recognize such credit as a reduction to “Cost of sales” in the period the modules are sold to customers. Such credit is also reflected on our consolidated balance sheets within “Government grants receivable.” In December 2023, we entered into an agreement with Fiserv for the sale of $687.2 million of Section 45X tax credits we generated during 2023 for aggregate cash proceeds of $659.7 million. We received initial cash proceeds of $336.0 million in January 2024 and expect to receive the remaining cash proceeds during the first half of 2024. In connection with this transaction, we recognized a loss of $27.5 million during the year ended December 31, 2023, which is reflected in “Cost of sales” in our consolidated statement of operations. |
Note 10. Derivative Financial I
Note 10. Derivative Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 10. 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 12. “Fair Value Measurements” to our 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 consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Other Current Assets Other Current Liabilities Derivatives designated as hedging instruments: Commodity swap contracts $ — $ 344 Total derivatives designated as hedging instruments $ — $ 344 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 1,778 $ 1,400 Total derivatives not designated as hedging instruments $ 1,778 $ 1,400 Total derivative instruments $ 1,778 $ 1,744 December 31, 2022 Other Current Assets Other Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Commodity swap contracts $ — $ 17 $ 4,447 $ 144 Total derivatives designated as hedging instruments $ — $ 17 $ 4,447 $ 144 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 2,018 $ — $ 2,221 $ — Total derivatives not designated as hedging instruments $ 2,018 $ — $ 2,221 $ — Total derivative instruments $ 2,018 $ 17 $ 6,668 $ 144 The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Foreign Exchange Forward Contracts Commodity Swap Contracts Total Balance as of December 31, 2020 $ (3,644) $ 1,472 $ (2,172) Amounts recognized in other comprehensive income (loss) 2,864 1,531 4,395 Amount reclassified to cost of sales 1,906 (3,003) (1,097) Balance as of December 31, 2021 1,126 — 1,126 Amounts recognized in other comprehensive income (loss) 545 (8,101) (7,556) Amount reclassified to cost of sales (1,671) 859 (812) Balance as of December 31, 2022 — (7,242) (7,242) Amounts recognized in other comprehensive income (loss) — (977) (977) Amount reclassified to cost of sales — 6,726 6,726 Balance as of December 31, 2023 $ — $ (1,493) $ (1,493) During the years ended December 31, 2022 and 2021, 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. The following table presents gains and losses related to derivative instruments not designated as hedges affecting our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Amount of (Loss) Gain Recognized in Income Income Statement Line Item 2023 2022 2021 Foreign exchange forward contracts Cost of sales $ — $ 583 $ 57 Foreign exchange forward contracts Foreign currency loss, net (8,406) 75,421 15,053 Interest rate swap contracts Interest expense, net — — (315) 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, from time to time we may enter into foreign exchange forward contracts to hedge a portion of these forecasted cash flows. 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. Transaction Exposure and Economic Hedging Many of our subsidiaries have assets and liabilities (primarily cash, receivables, deferred taxes, payables, accrued expenses, lease liabilities, debt, and solar module collection and recycling liabilities) that are denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional currencies of our subsidiaries and the other currencies in which these assets and liabilities are denominated will create fluctuations in our reported consolidated statements of operations. 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 consolidated statements of operations. As of December 31, 2023 and 2022, 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): December 31, 2023 Transaction Currency Notional Amount USD Equivalent Sell Canadian dollar CAD 4.2 $3.2 Sell Chilean peso CLP 1,372.6 $1.6 Purchase Euro €98.3 $108.7 Sell Euro €14.1 $15.6 Sell Indian rupee INR 62,967.4 $756.9 Purchase Japanese yen ¥1,053.6 $7.5 Sell Japanese yen ¥705.2 $5.0 Purchase Malaysian ringgit MYR 160.7 $35.0 Sell Mexican peso MXN 34.6 $2.0 Purchase Singapore dollar SGD 6.5 $4.9 December 31, 2022 Transaction Currency Notional Amount USD Equivalent Sell Canadian dollar CAD 4.2 $3.1 Sell Chilean peso CLP 5,996.5 $7.0 Purchase Euro €160.2 $170.5 Sell Euro €38.4 $40.9 Sell Indian rupee INR 27,119.5 $327.4 Purchase Japanese yen ¥2,982.7 $22.4 Sell Japanese yen ¥8,950.3 $67.1 Purchase Malaysian ringgit MYR 99.8 $22.6 Sell Malaysian ringgit MYR 13.7 $3.1 Sell Mexican peso MXN 34.6 $1.8 Purchase Singapore dollar SGD 1.4 $1.0 Commodity Price Risk From time to time, 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 year ended December 31, 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 adjusted with forecasted purchases of aluminum frames. As of December 31, 2023, there was no notional value associated with these contracts. 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 December 31, 2023 and 2022. In the following 12 months, we expect to reclassify into earnings $1.5 million of net unrealized losses related to these commodity swap contracts that are included in “Accumulated other comprehensive loss” at December 31, 2023 as we realize the earnings effects of the related forecasted transactions. |
Note 11. Leases (Notes)
Note 11. Leases (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | 11. Leases Our lease arrangements include land associated with our corporate and administrative offices, land for our 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 years ended December 31, 2023 and 2022, and as of December 31, 2023 and 2022 (in thousands): 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 14 $ — Interest on lease liabilities 51 — Operating lease cost 12,090 14,634 Variable lease cost 3,421 2,517 Short-term lease cost 472 339 Total lease cost $ 16,048 $ 17,490 Payments of amounts included in the measurement of operating lease liabilities $ 11,815 $ 15,359 Lease assets obtained in exchange for: Operating lease liabilities $ 7,163 $ 4,394 Finance lease liabilities 17,063 — December 31, 2023 December 31, 2022 Operating Leases Finance Operating Leases Lease assets $ 84,419 $ 17,049 $ 93,185 Lease liabilities – current 10,307 51 9,193 Lease liabilities – noncurrent 36,662 17,063 40,589 Weighted-average remaining lease term 5 years 40 years 6 years Weighted-average discount rate 5.2 % 5.4 % 5.1 % As of December 31, 2023, the future payments associated with our lease liabilities were as follows (in thousands): Operating Leases Finance Leases 2024 $ 12,251 $ 158 2025 11,476 196 2026 9,916 1,014 2027 7,346 1,014 2028 6,978 1,016 Thereafter 5,315 43,266 Total future payments 53,282 46,664 Less: interest (6,313) (29,550) Total lease liabilities $ 46,969 $ 17,114 |
Lessee, Finance Leases | 11. Leases Our lease arrangements include land associated with our corporate and administrative offices, land for our 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 years ended December 31, 2023 and 2022, and as of December 31, 2023 and 2022 (in thousands): 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 14 $ — Interest on lease liabilities 51 — Operating lease cost 12,090 14,634 Variable lease cost 3,421 2,517 Short-term lease cost 472 339 Total lease cost $ 16,048 $ 17,490 Payments of amounts included in the measurement of operating lease liabilities $ 11,815 $ 15,359 Lease assets obtained in exchange for: Operating lease liabilities $ 7,163 $ 4,394 Finance lease liabilities 17,063 — December 31, 2023 December 31, 2022 Operating Leases Finance Operating Leases Lease assets $ 84,419 $ 17,049 $ 93,185 Lease liabilities – current 10,307 51 9,193 Lease liabilities – noncurrent 36,662 17,063 40,589 Weighted-average remaining lease term 5 years 40 years 6 years Weighted-average discount rate 5.2 % 5.4 % 5.1 % As of December 31, 2023, the future payments associated with our lease liabilities were as follows (in thousands): Operating Leases Finance Leases 2024 $ 12,251 $ 158 2025 11,476 196 2026 9,916 1,014 2027 7,346 1,014 2028 6,978 1,016 Thereafter 5,315 43,266 Total future payments 53,282 46,664 Less: interest (6,313) (29,550) Total lease liabilities $ 46,969 $ 17,114 |
Note 12. Fair Value Measurement
Note 12. Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: • Cash Equivalents and Restricted Cash Equivalents. At December 31, 2023 and 2022, our cash equivalents and restricted cash equivalents consisted of money market funds. We value our cash equivalents and restricted cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that use these inputs as Level 1. • Marketable Securities and Restricted Marketable Securities. At December 31, 2023 and 2022, 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 December 31, 2023 and 2022, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and 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 December 31, 2023 and 2022, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): Fair Value Measurements at Reporting December 31, 2023 Quoted Prices Significant Significant Assets: Cash equivalents: Money market funds $ 1,105,684 $ 1,105,684 $ — $ — Restricted cash equivalents: Money market funds 6,192 6,192 — — Marketable securities: Foreign debt 34,895 — 34,895 — U.S. debt 44,089 — 44,089 — Time deposits 76,511 76,511 — — Restricted marketable securities 198,310 — 198,310 — Derivative assets 1,778 — 1,778 — Total assets $ 1,467,459 $ 1,188,387 $ 279,072 $ — Liabilities: Derivative liabilities $ 1,744 $ — $ 1,744 $ — Fair Value Measurements at Reporting December 31, 2022 Quoted Prices Significant Significant Assets: Cash equivalents: Money market funds $ 4,324 $ 4,324 $ — $ — Restricted cash equivalents: Money market funds 6,284 6,284 — — Marketable securities: Foreign debt 59,777 — 59,777 — U.S. debt 56,463 — 56,463 — Time deposits 980,472 980,472 — — Restricted marketable securities 182,070 — 182,070 — Derivative assets 2,035 — 2,035 — Total assets $ 1,291,425 $ 991,080 $ 300,345 $ — Liabilities: Derivative liabilities $ 6,812 $ — $ 6,812 $ — Fair Value of Financial Instruments At December 31, 2023 and 2022, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Government grants receivable - noncurrent $ 152,208 $ 107,111 $ — $ — Liabilities: Long-term debt (1) $ 500,000 $ 453,015 $ 185,000 $ 160,986 —————————— (1) Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year. The carrying values in our consolidated balance sheets of our current trade accounts receivable, current unbilled accounts receivable, restricted cash, accounts payable, accrued expenses, and debt arrangements with an original maturity of less than one year 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 government grants 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, cash equivalents, marketable securities, accounts receivable, restricted cash, restricted cash equivalents, 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. |
Note 13. Debt (Notes)
Note 13. Debt (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Debt | 13. Debt Our debt arrangements consisted of the following at December 31, 2023 and 2022 (in thousands): Balance (USD) Loan Agreement Currency 2023 2022 Revolving Credit Facility USD $ — $ — India Credit Facility USD 500,000 185,000 India Working Capital Facility INR 60,827 — Total debt principal 560,827 185,000 Less: unamortized issuance costs (521) (651) Total debt 560,306 184,349 Less: current portion (96,238) — Noncurrent portion $ 464,068 $ 184,349 Revolving Credit Facility In June 2023, we entered into a credit agreement with several financial institutions as lenders and JPMorgan Chase Bank, N.A. as administrative agent, which provides us with the Revolving Credit Facility with an aggregate borrowing capacity of $1.0 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at our option, (i) the Term Secured Overnight Financing Rate (“Term SOFR”), plus a credit spread of 0.10%, plus a margin that ranges from 1.25% to 2.25% or (ii) an alternate base rate as defined in the credit agreement, plus a margin that ranges from 0.25% to 1.25%. The margins under the Revolving Credit Facility are based on the Company’s net leverage ratio or, if the Company elects to switch to a credit ratings-based system after the investment grade ratings trigger date occurs (as defined in the credit agreement), margins are based on the Company’s public debt rating. In addition to paying interest on outstanding principal under the Revolving Credit Facility, we are required to pay an unused commitment fee that ranges from 0.125% to 0.375% per annum based on the same factors discussed above and the daily unused commitments under the facility. We are also required to pay (i) a letter of credit fee based on the applicable margin for Term SOFR loans on the face amount of each letter of credit, (ii) a letter of credit fronting fee as agreed by the Company and such issuing lender, and (iii) other customary letter of credit fees. Our Revolving Credit Facility matures in June 2028. As of December 31, 2023, we had no borrowings or letters of credit under our Revolving Credit Facility. Loans and letters of credit issued under the Revolving Credit Facility are secured by liens on substantially all of the Company’s tangible and intangible assets. 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 the U.S. International Development Finance Corporation (“DFC”) for aggregate borrowings of up to $500.0 million for the development and construction of a solar module manufacturing facility in India. Principal on the India Credit Facility is payable in scheduled semi-annual installments beginning in the second half of 2024 through the facility’s expected maturity in August 2029. The India Credit Facility is guaranteed by First Solar, Inc. India Working Capital Facility In December 2022, FS India Solar Ventures Private Limited, our indirect wholly-owned subsidiary, entered into a working capital facility agreement (the “India Working Capital Facility”) with JPMorgan Chase Bank, N.A. for the issuance of bank guarantees, bonds, and other similar forms of security. During 2023, the India Working Capital Facility was amended to include certain working capital loans of up to INR 6.2 billion ($74.8 million). The working capital loans bear interest at the applicable India Treasury bill rate or Term SOFR rate for loans denominated in INR or USD, respectively, plus a margin to be mutually decided from time to time. As of December 31, 2023, the balance outstanding on the India Working Capital Facility was INR 5.1 billion ($60.8 million). The outstanding balance matures in the first half of 2024. The India Working Capital Facility is guaranteed by First Solar, Inc. Interest Rates As of December 31, 2023, our debt borrowing rates were as follows: Loan Agreement Interest Rate Effective Interest Rate India Credit Facility U.S. Treasury Constant Maturity Yield plus 1.75% 5.72% India Working Capital Facility India Treasury bill rate plus 2% 8.87% During the years ended December 31, 2023, 2022, and 2021, we paid $15.0 million, $11.6 million, and $12.7 million, respectively, of interest related to our debt arrangements. Future Principal Payments At December 31, 2023, the future principal payments on our debt arrangements were due as follows (in thousands): Total Debt 2024 $ 96,277 2025 90,900 2026 90,900 2027 90,950 2028 91,000 Thereafter 100,800 Total debt future principal payments $ 560,827 |
Note 14. Commitments and Contin
Note 14. Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. 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 December 31, 2023, the issued and outstanding amounts and available capacities under these commitments were as follows (in millions): Issued and Outstanding Available Capacity Revolving Credit Facility (1) $ — $ 250.0 Bilateral facilities (2) 188.8 116.3 Surety bonds 21.6 232.0 —————————— (1) Our Revolving Credit Facility provides us with a sub-limit of $250.0 million to issue letters of credit, at a fee based on the applicable margin for Term SOFR loans, a fronting fee, and other customary letter of credit fees. (2) Of the total letters of credit issued under the bilateral facilities, $9.3 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 consolidated statements of operations if we commit to any such remediation actions. Product warranty activities during the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 Product warranty liability, beginning of period $ 33,787 $ 52,553 $ 95,096 Accruals for new warranties issued 5,416 4,727 9,266 Settlements (6,058) (12,690) (12,337) Changes in estimate of product warranty liability (7,654) (10,803) (39,472) Product warranty liability, end of period $ 25,491 $ 33,787 $ 52,553 Current portion of warranty liability $ 5,920 $ 10,660 $ 13,598 Noncurrent portion of warranty liability $ 19,571 $ 23,127 $ 38,955 During the year ended December 31, 2023, we revised our limited product warranty liability estimate based on updated information regarding our warranty claims, which reduced our product warranty liability by $5.4 million. This updated information reflected lower-than-expected warranty claims for our older series of module technology and revisions to projected settlements, resulting in reductions to our projected module return rate. During the years ended December 31, 2022 and 2021, we revised the 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. Contingent Consideration As part of our Evolar acquisition, we agreed to pay additional consideration of up to $42.5 million to the selling shareholders contingent upon the successful achievement of certain technical milestones. See Note 3. “Business Acquisitions” to our consolidated financial statements for further discussion of this acquisition. As of December 31, 2023, we recorded $7.5 million of current liabilities and $11.0 million of long-term liabilities for such contingent obligations based on their estimated fair values. 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 are 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 consolidated statements of operations. We periodically review our estimates of expected future recycling costs and may adjust our liability accordingly. Such adjustments are presented within “Cost of sales” on our consolidated statements of operations. During the year ended December 31, 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 year ended December 31, 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 $135.1 million and $128.1 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022, and 2021, we recognized accretion expense of $5.5 million, $5.5 million and $5.4 million, respectively, associated with this liability. See Note 7. “Restricted Marketable Securities” to our consolidated financial statements for more information about our arrangements for funding this liability. Legal Proceedings Class Action In January 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. 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 brought the same claims and sought the same relief as the original complaint. On January 10, 2023, the Court granted the Putative Class Action Defendants’ motion to dismiss in full, with leave to amend by February 10, 2023. On February 10, 2023, Lead Plaintiffs filed a Second Amended Complaint. Putative Class Action Defendants filed a motion to dismiss the Second Amended Complaint on February 24, 2023. Lead Plaintiffs filed their opposition to the motion to dismiss on March 10, 2023, and Putative Class Action Defendants filed a reply in support of their motion to dismiss on March 17, 2023. On June 23, 2023, the Court granted the Putative Class Action Defendants’ motion to dismiss with prejudice. On July 14, 2023, the Clerk of Court entered judgment in favor of the Putative Class Action Defendants. Lead Plaintiffs did not file an appeal, and the judgment in favor of the Putative Class Action Defendants is now final. Derivative Action In September 2022, a derivative action titled Federman v. Widmar, et al., Case No. 2:22-cv-01541-JAT, was filed by a putative stockholder purportedly on behalf of the Company in the Arizona District Court against our current directors and certain 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. On February 17, 2023, the case was transferred to Judge Liburdi, who is also presiding over the related putative class action. On March 10, 2023, the plaintiff filed an Amended Complaint. On April 10, 2023, the Derivative Action Defendants filed a motion to dismiss the Amended Complaint. The plaintiff filed its opposition to the motion to dismiss on May 17, 2023, and the Derivative Action Defendants filed a reply in support of their motion to dismiss on June 17, 2023. Given the Court’s dismissal of the putative class action, the parties agreed that the claims in the Derivative Action should be dismissed with prejudice and filed a joint stipulation to that effect on September 7, 2023. On September 8, 2023, the Court ordered the Clerk of Court to dismiss the action with prejudice. Other Matters and Claims In July 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 EPC agreements for five projects in the United States, for which the Company’s subsidiaries served as the 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. The Company and its subsidiaries denied the claims, and defended the claims in arbitration hearings, which concluded in February 2023. In May 2023, the parties submitted their final proposals of individual award claims to the arbitration panel. In July 2023, the arbitration panel entered an interim award to Southern for $35.6 million, which was paid during the year ended December 31, 2023. As a result, we recognized a loss for such interim award in our results of operations for the year ended December 31, 2023. The interim award permitted the parties to raise additional issues with the arbitration panel, and Southern moved for pre- and post-judgment interest and a limited claim for attorneys’ fees. In October 2023, the arbitration panel denied Southern’s motion for interest and attorney’s fees. The final arbitration award, which did not change the results of the interim award, was signed on November 6, 2023. On February 2, 2024, First Solar commenced an action in the New York County Supreme Court seeking to vacate certain aspects of the final award. During the year ended December 31, 2022, we received several 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 Rovshan Sade (“Sade”), the owner of a company called Trabant Solar, Inc. In January 2023, we were notified by two of our customers that Sade served them with patent infringement complaints, and we have assumed the defense of these claims. We have conducted due diligence on the patents and claims and believe that we will prevail in the actions. In April 2023, we commenced an Inter Partes Review (“IPR”) before the United States Patent and Trademark Office seeking to invalidate such claims. On November 16, 2023, the United States Patent Trial and Appeal Board declined to hear the First Solar IPR. As a result, the stays in the court actions have been lifted and the litigation will proceed. Plaintiffs submitted required preliminary disclosures on December 28, 2023, which defendants have contended is insufficient. Until this issue is resolved, substantive discovery will not commence. Because we remain in early stages 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 possible loss, if any, from these actions. In April 2019, a subcontractor of First Solar sustained certain injuries while performing work at a former project site and, in May 2019, commenced legal action against a subsidiary of the Company. In June 2023, a jury awarded damages of approximately $51.3 million to the plaintiff. On September 21, 2023, the Superior Court of California for Monterey County ruled, in response to a motion for remittitur filed by the Company, that the damages awarded to the plaintiff were excessive and reduced the award from $51.3 million to $21.8 million. The plaintiff and defendant have appealed and cross appealed varying aspects of the verdict and the remittitur. Accordingly, due to the uncertainty surrounding the multiple decisions and appeals, as of December 31, 2023, we recorded a $21.8 million accrued litigation payable included in “Other current liabilities” in our consolidated balance sheet. We believe the full amount of awarded damages will be covered by our various insurance policies. Accordingly, we also recorded a $21.8 million receivable included in “Other current assets” in our consolidated balance sheet as of December 31, 2023. The plaintiff did not accept the reduced award by the court ordered deadline of October 10, 2023, and, as a result, the $21.8 million award has been vacated and a new trial will be scheduled. We, in conjunction with our insurance carriers, are challenging the verdict in an appellate court. Pending the outcome of such appeal, there is no verdict, and we are awaiting a new trial to be scheduled. On September 29, 2023, the Company received a subpoena from the Division of Enforcement of the SEC seeking documents and information since 2019 relating to the Company’s operations in India, the Company's entry into a PV module supply agreement with an India-based customer, and certain aspects of the Company's technology roadmap, among other things. The Company is cooperating with the SEC and cannot predict the ultimate timing, scope, or outcome of this matter. 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. |
Note 15. Revenue from Contracts
Note 15. Revenue from Contracts with Customers (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers [Text Block] | 15. Revenue from Contracts with Customers The following table presents the disaggregation of revenue from contracts with customers for the years ended December 31, 2023, 2022, and 2021 along with the reportable segment for each category (in thousands): Category Segment 2023 2022 2021 Solar modules Modules $ 3,296,809 $ 2,428,278 $ 2,331,380 Solar power systems Other 19,951 153,290 513,362 O&M services Other 1,861 11,995 43,060 Energy generation Other (19) 25,756 37,614 EPC services (1) Other — — (2,039) Net sales $ 3,318,602 $ 2,619,319 $ 2,923,377 —————————— (1) For certain of our EPC agreements, we provide an energy performance test during the first or second year of a system’s operation to demonstrate that the actual energy generation for the applicable period meets or exceeds the modeled energy expectation, after certain adjustments. If there is an underperformance event with regard to these tests, we may incur liquidated damages as specified in the applicable EPC agreement. During the year ended December 31, 2021, we accrued liquidated damages for certain of these agreements, which we recognized as a reduction to revenue. 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. For certain contracts, we may also be required to make liquidated damage payments if we fail to deliver modules that meet certain U.S. domestic content requirements. 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, 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 years ended December 31, 2023, 2022, and 2021, revenue increased $12.3 million, $1.5 million and $71.3 million, respectively, due to adjustments to the estimated transaction prices for certain projects we previously sold, which represented 3.1%, 0.9%, and 2.1% of the aggregate revenue for such projects, respectively. Changes for the year ended December 31, 2021 were primarily due to a $65.1 million settlement of an outstanding indemnification arrangement associated with the prior sale of a project. The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the year ended December 31, 2023 (in thousands): 2023 2022 Change Deferred revenue $ 2,005,183 $ 1,207,940 $ 797,243 66 % During the year ended December 31, 2023, our contract liabilities increased by $797.2 million primarily due to advance payments received in the current year for future sales of solar modules, partially offset by the recognition of revenue for sales of solar modules for which payment was received in prior years. During the years ended December 31, 2023 and 2022, we recognized revenue of $432.7 million and $279.1 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. As of December 31, 2023, we had entered into contracts with customers for the future sale of 78.3 GW of solar modules for an aggregate transaction price of $23.3 billion, which we expect to recognize as revenue through 2030 as we transfer control of the modules to the customers. Such aggregate transaction price excludes estimates of variable consideration associated with (i) future module technology improvements, including enhancements to certain energy related attributes, (ii) sales freight in excess of a defined threshold, (iii) changes to certain commodity prices, and (iv) the module wattage committed for delivery, among other things. As a result, the revenue recognized from such contracts may increase or decrease in future periods relative to the original transaction price. These contracts may also be subject to amendments as agreed to by the parties to the contract. 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. |
Note 16. Stockholders' Equity (
Note 16. Stockholders' Equity (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock Disclosures [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 16. Stockholders’ Equity Preferred Stock As of December 31, 2023 and 2022, we had authorized 30,000,000 shares of undesignated preferred stock, $0.001 par value, none of which was issued and outstanding. Our board of directors is authorized to determine the rights, preferences, and restrictions on any series of preferred stock that we may issue. Common Stock As of December 31, 2023 and 2022, we had authorized 500,000,000 shares of common stock, $0.001 par value, of which 106,847,475 and 106,609,094 shares, respectively, were issued and outstanding. Each share of common stock is entitled to a single vote. We have not declared or paid any dividends through December 31, 2023. |
Note 17. Share-Based Compensati
Note 17. Share-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 17. Share-Based Compensation The following table presents share-based compensation expense recognized in our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Cost of sales (1) $ 4,798 $ 3,174 $ 892 Selling, general and administrative (1) 25,217 22,367 19,578 Research and development (2) 4,133 3,080 432 Production start-up 71 35 — Total share-based compensation expense $ 34,219 $ 28,656 $ 20,902 —————————— (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 departing the Company as part of the transactions. See Note 4. “Sales of Businesses” to our 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 year ended December 31, 2021. As of December 31, 2023, we had $36.3 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. During the years ended December 31, 2023, 2022, and 2021, we recognized an income tax benefit in our statement of operations of $19.3 million, $7.3 million, and $7.5 million, respectively, related to share-based compensation expense, including excess tax benefits. We authorize our transfer agent to issue new shares, net of shares withheld for taxes as appropriate, for the vesting of restricted stock and performance units or grants of unrestricted stock. Share-Based Compensation Plans During the year ended December 31, 2020, we adopted our 2020 Omnibus Plan, under which directors, officers, employees, and consultants of First Solar, Inc. (including any of its affiliates) are eligible to participate in various forms of share-based compensation. The 2020 Omnibus Plan is administered by the compensation committee (or any other committee designated by our board of directors), which is authorized to, among other things, determine the recipients of grants, the exercise price, and the vesting schedule of any awards made under the 2020 Omnibus Plan. Our board of directors may amend, modify, or terminate the 2020 Omnibus Plan without the approval of our stockholders, except for amendments that would increase the maximum number of shares of our common stock available for awards under the 2020 Omnibus Plan, increase the maximum number of shares of our common stock that may be delivered by incentive stock options, or modify the requirements for participation in the 2020 Omnibus Plan. The 2020 Omnibus Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares, restricted stock units, performance units, cash incentive awards, performance compensation awards, and other equity-based and equity-related awards. In addition, the shares underlying any forfeited, expired, terminated, or canceled awards become available for new award grants. We may not grant awards under the 2020 Omnibus Plan after 2030, which is the tenth anniversary of the 2020 Omnibus Plan’s approval by our stockholders. As of December 31, 2023, we had 6,581,106 shares available for future issuance under the 2020 Omnibus Plan. Restricted Stock and Performance Units We issue shares to the holders of restricted stock units on the date the restricted units vest. The majority of shares issued are net of applicable withholding taxes, which we pay on behalf of our associates. As a result, the actual number of shares issued will be less than the number of restricted stock units granted. Prior to vesting, restricted stock units do not have dividend equivalent rights or voting rights, and the shares underlying the restricted stock units are not considered issued and outstanding. In July 2019, the compensation committee 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 to be earned over a multi-year performance period, which ended in December 2022. Vesting of the 2020 grants of performance units was contingent upon the relative attainment of target contracted revenue, module wattage, and return on capital metrics. In March 2023, the compensation committee certified the achievement of the vesting conditions applicable to the grants, which approximated the target level of performance. Accordingly, each participant received one share of common stock for each vested performance unit granted, net of any tax withholdings. In May 2021, the compensation committee approved additional grants of performance units for key executive officers to be earned over a multi-year performance period, which ended 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, to be certified by the compensation committee in 2024. 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. In March 2023, 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 2025. Vesting of the 2023 grants of performance units is contingent upon the relative attainment of target contracted revenue, production, and operating margin 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. The following is a summary of our restricted stock unit activity, including performance unit activity, for the year ended December 31, 2023: Number of Shares Weighted-Average Unvested restricted stock units at December 31, 2022 1,310,887 $ 69.51 Restricted stock units granted (1) 185,155 210.45 Restricted stock units vested (381,945) 52.44 Restricted stock units forfeited (153,649) 52.11 Unvested restricted stock units at December 31, 2023 960,448 $ 106.25 —————————— (1) Restricted stock units granted include the maximum amount of performance units available for issuance under our long-term incentive program for key executive officers and associates. The actual number of shares to be issued will depend on the relative attainment of the performance metrics described above. We estimate the fair value of our restricted stock unit awards based on our stock price on the grant date. For the years ended December 31, 2022 and 2021, the weighted-average grant-date fair value for restricted stock units granted in such years was $89.21 and $78.86, respectively. The total fair value of restricted stock units vested during 2023, 2022, and 2021 was $20.0 million, $26.4 million, and $27.8 million, respectively. Unrestricted Stock During the years ended December 31, 2023, 2022, and 2021, we awarded 11,246; 19,868; and 19,513, respectively, of fully vested, unrestricted shares of our common stock, excluding amounts withheld for taxes, to the chair and independent members of our board of directors. Accordingly, we recognized $2.1 million, $1.9 million, and $1.8 million of share-based compensation expense for these awards during the years ended December 31, 2023, 2022, and 2021, respectively. |
Note 18. Income Taxes (Notes)
Note 18. Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes In August 2022, the U.S. President signed into law the IRA, which revised U.S. tax law by, among other things, including a new CAMT of 15% on certain large corporations, imposing a 1% excise tax on stock buybacks, and providing various incentives to address climate change, including the introduction of the advanced manufacturing production credit under Section 45X of the IRC. The provisions of the IRA are generally effective for tax years beginning after 2022. In May 2023, the U.S. Treasury Department and the IRS issued initial guidance on the domestic content bonus credit under various sections of the IRC, including Section 45X. In June 2023, the U.S. Treasury Department and the IRS issued notices of proposed rulemaking and public hearing and temporary regulations providing initial guidance on the direct payment election under Section 6417 of the IRC and the elective transfer provisions of Section 6418 of the IRC. In December 2023, the U.S. Treasury Department and the IRS issued a notice of proposed rulemaking and public hearing providing initial guidance that confirms certain key aspects of the Section 45X credit. Given the complexities of the IRA, which is pending technical guidance and final regulations from the IRS and U.S. Treasury Department, we will continue to monitor these developments and evaluate the potential future impact to our results of operations. In November 2022, the U.S. Treasury Department released proposed foreign tax credit (“FTC”) regulations addressing various aspects of the U.S. FTC regime. Among other items, these proposed regulations provide certain exceptions for determining creditable foreign withholding taxes. Taxpayers may rely on these proposed regulations, which apply to tax years beginning on or after December 28, 2021. As a result of these proposed regulations, foreign withholding taxes will continue to be creditable. In July 2023, the U.S. Treasury Department issued Notice 2023-55, which provides temporary relief for taxpayers in determining whether a foreign tax is eligible for a foreign tax credit for taxable years beginning on or after December 28, 2021 and ending before December 31, 2023. In December 2023, the U.S. Treasury Department issued Notice 2023-80, which extends this relief period until future guidance is issued. In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes a number of federal corporate tax relief provisions that are intended to support the ongoing liquidity of U.S. corporations. Among other provisions, the CARES Act allows net operating losses incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years. As a result of the CARES Act, during 2023 we amended our 2016 U.S. corporate income tax return to carry back our 2019 and 2020 net operating losses, which restored certain foreign tax credits. Such restored foreign tax credits were utilized on our concurrently amended 2017 and 2018 U.S. corporate income tax returns. These amended returns also restored other general business credits we expect to utilize in future tax years before the credits expire and eliminated the transition tax liability for accumulated earnings of foreign subsidiaries resulting from the Tax Cuts and Jobs Act. Although we continue to evaluate our plans for the reinvestment or repatriation of unremitted foreign earnings, we expect to indefinitely reinvest the earnings of our foreign subsidiaries to fund our international operations, with the exception of certain subsidiaries for which applicable taxes have been recorded as of December 31, 2023. Accordingly, we have not recorded any provision for additional U.S. or foreign withholding taxes related to the outside basis differences of our foreign subsidiaries in which we expect to indefinitely reinvest their earnings. However, our future plans for repatriation of unremitted foreign earnings could be affected by our current and future manufacturing expansion activities and the timing of cash collections associated with the IRA credits. The U.S. and non-U.S. components of our income or loss before income taxes for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 U.S. income (loss) $ 787,598 $ (17,652) $ 315,297 Non-U.S. income 103,692 26,250 256,865 Income before taxes $ 891,290 $ 8,598 $ 572,162 The components of our income tax expense or benefit for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 Current expense: Federal $ 44,693 $ 8,434 $ 9,531 State 8,285 399 3,469 Foreign 20,767 49,984 10,109 Total current expense 73,745 58,817 23,109 Deferred (benefit) expense: Federal (23,390) (13,928) 58,510 State (1,413) (700) 3,775 Foreign 11,571 8,575 18,075 Total deferred (benefit) expense (13,232) (6,053) 80,360 Total income tax expense $ 60,513 $ 52,764 $ 103,469 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 meeting certain employment and investment thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday in 2027. Our Vietnamese subsidiary has been granted a long-term tax incentive that generally provides a full exemption from Vietnamese income tax through 2023, followed by reduced annual tax rates of 5% through 2032 and 10% through 2036. Such long-term tax incentive is conditional upon our continued compliance with certain revenue and 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. Our income tax results differed from the amount computed by applying the relevant U.S. statutory federal corporate income tax rate to our income or loss before income taxes for the following reasons for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Tax Percent Tax Percent Tax Percent Statutory income tax expense $ 187,171 21.0 % $ 1,806 21.0 % $ 120,154 21.0 % Non-deductible expenses (1) 20,283 2.3 % 10,776 125.3 % 3,955 0.7 % Changes in valuation allowance 10,873 1.2 % 22,239 258.6 % 2,603 0.5 % Foreign dividend income 9,115 1.0 % 2,857 33.2 % 2,611 0.5 % State tax, net of federal benefit 5,468 0.6 % 700 8.1 % 4,757 0.8 % Foreign tax rate differential 1,018 0.1 % (4,227) (49.1) % 4,632 0.8 % Change in tax contingency 9 — % 4,326 50.3 % 2,198 0.4 % Return to provision adjustments (3,972) (0.4) % (1,767) (20.5) % (4,932) (0.9) % Tax credits (9,337) (1.0) % (12,654) (147.2) % (3,395) (0.6) % Effect of tax holiday (11,501) (1.3) % 27,424 318.9 % (32,339) (5.7) % Share-based compensation (11,955) (1.4) % (1,017) (11.8) % (2,991) (0.5) % Section 45X production credit (138,546) (15.5) % — — % — — % Other $ 1,887 0.2 % $ 2,301 26.9 % $ 6,216 1.1 % Reported income tax expense $ 60,513 6.8 % $ 52,764 613.7 % $ 103,469 18.1 % —————————— (1) Includes, among other things, excess compensation for executive officers that is not deductible for tax purposes pursuant to Section 162(m) of the IRC. During the year ended December 31, 2023, we made net tax payments of $90.9 million. During the year ended December 31, 2022, we received net tax refunds of $3.9 million. During the year ended December 31, 2021, we made net tax payments of $38.2 million. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities calculated under U.S. GAAP and the amounts calculated for preparing our income tax returns. The items that gave rise to our deferred taxes as of December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Deferred tax assets: Long-term contracts $ 211,974 $ 23,531 Net operating losses 119,822 122,950 Capitalized research and development 53,146 32,932 Inventory 30,787 1,490 Accrued expenses 29,503 28,226 Compensation 16,451 13,167 Tax credits 14,800 103,260 Equity in earnings 4,464 4,172 Deferred expenses 1,590 1,735 Other 28,908 23,827 Deferred tax assets, gross 511,445 355,290 Valuation allowance (149,424) (135,763) Deferred tax assets, net of valuation allowance 362,021 219,527 Deferred tax liabilities: Property, plant and equipment (234,394) (150,477) Investment in foreign subsidiaries (6,034) (5,689) Acquisition accounting / basis difference (3,964) (4,065) Restricted marketable securities and derivatives (2,087) — Capitalized interest (1,294) (1,331) Other (14,200) (8,214) Deferred tax liabilities $ (261,973) $ (169,776) Net deferred tax assets $ 100,048 $ 49,751 We use the deferral method of accounting for investment tax credits under which the credits are recognized as reductions in the carrying value of the related assets. The use of the deferral method also results in a basis difference from the recognition of a deferred tax asset and an immediate income tax benefit for the future tax depreciation of the related assets. Such basis differences are accounted for pursuant to the income statement method. The following table shows changes in the valuation allowance against our deferred tax assets during the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Valuation allowance, beginning of year $ 135,763 $ 123,917 $ 127,711 Additions 15,109 58,922 8,976 Reversals (1,448) (47,076) (12,770) Valuation allowance, end of year $ 149,424 $ 135,763 $ 123,917 We maintained a valuation allowance of $149.4 million and $135.8 million as of December 31, 2023 and 2022, respectively, against certain of our deferred tax assets, as it is more likely than not that such amounts will not be fully realized. During the year ended December 31, 2023, the valuation allowance increased by $13.7 million primarily due to current year operating losses in certain jurisdictions, partially offset by the partial release of the valuation allowance in jurisdictions with current year operating income. As of December 31, 2023, we had federal and aggregate state net operating loss carryforwards of $7.6 million and $74.1 million, respectively. As of December 31, 2022, we had federal and aggregate state net operating loss carryforwards of $9.0 million and $423.3 million, respectively. If not used, the federal net operating loss carryforwards incurred prior to 2018 will begin to expire in 2030, and the state net operating loss carryforwards will begin to expire in 2029. Federal net operating losses arising in tax years beginning in 2018 may be carried forward indefinitely, and the associated deduction is limited to 80% of taxable income. The utilization of our net operating loss carryforwards is also subject to an annual limitation under Section 382 of the IRC due to changes in ownership. Based on our analysis, we do not believe such limitation will impact our realization of the net operating loss carryforwards as we anticipate utilizing them prior to expiration. As of December 31, 2023, we also had U.S. foreign tax credit carryforwards of $13.9 million. If not used, these credits will begin to expire in 2029. The following table shows a reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Unrecognized tax benefits, beginning of year $ 14,493 $ 7,811 $ 5,370 Increases related to prior year tax positions 2,516 4,569 — Decreases related to prior year tax positions (437) — (44) Decreases from lapse in statute of limitations — (361) (492) Decreases relating to settlements with authorities (2,122) — — Increases related to current tax positions 2,273 2,474 2,977 Unrecognized tax benefits, end of year $ 16,723 $ 14,493 $ 7,811 If recognized, $16.7 million of unrecognized tax benefits, excluding interest and penalties, would reduce our annual effective tax rate. Due to the uncertain and complex application of tax laws and regulations, it is possible that the ultimate resolution of uncertain tax positions may result in liabilities that could be materially different from these estimates. In such an event, we will record additional tax expense or benefit in the period in which such resolution occurs. Our policy is to recognize any interest and penalties that we may incur related to our tax positions as a component of income tax expense or benefit. During the years ended December 31, 2023, 2022, and 2021, we recognized interest and penalties of $0.4 million, $0.3 million, and $0.3 million, respectively, related to unrecognized tax benefits. 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 Florida. 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. The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which we operate: Tax Years Vietnam 2013 - 2022 United States 2016 - 2022 India 2017 - 2022 Singapore 2018 - 2022 Malaysia 2019 - 2022 In certain of the jurisdictions noted above, we operate through more than one legal entity, each of which has different open years subject to examination. The table above presents the open years subject to examination for the most material of the legal entities in each jurisdiction. Additionally, tax years are not closed until the statute of limitations in each jurisdiction expires. In the jurisdictions noted above, the statute of limitations can extend beyond the open years subject to examination. |
Note 19. Net Income (Loss) per
Note 19. Net Income (Loss) per Share (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | 19. Net Income (Loss) per Share The calculation of basic and diluted net income (loss) per share for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands, except per share amounts): 2023 2022 2021 Basic net income (loss) per share Numerator: Net income (loss) $ 830,777 $ (44,166) $ 468,693 Denominator: Weighted-average common shares outstanding 106,795 106,551 106,263 Diluted net income (loss) per share Denominator: Weighted-average common shares outstanding 106,795 106,551 106,263 Effect of restricted stock and performance units 577 — 661 Weighted-average shares used in computing diluted net income (loss) per share 107,372 106,551 106,924 Net income (loss) per share: Basic $ 7.78 $ (0.41) $ 4.41 Diluted $ 7.74 $ (0.41) $ 4.38 The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net income (loss) per share for the years ended December 31, 2023, 2022, and 2021 as such shares would have had an anti-dilutive effect (in thousands): 2023 2022 2021 Anti-dilutive shares — 576 14 |
Note_20. Accumulated Other Comp
Note 20. Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 20. Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss, net of tax, for the year ended December 31, 2023 (in thousands): Foreign Currency Translation Adjustment Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities Unrealized (Loss) Gain on Derivative Contracts Total Balance as of December 31, 2022 $ (121,473) $ (64,780) $ (5,564) $ (191,817) Other comprehensive income (loss) before reclassifications 1,487 10,739 (977) 11,249 Amounts reclassified from accumulated other comprehensive loss 1,620 9 6,726 8,355 Net tax effect — (578) (1,340) (1,918) Net other comprehensive income 3,107 10,170 4,409 17,686 Balance as of December 31, 2023 $ (118,366) $ (54,610) $ (1,155) $ (174,131) The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Comprehensive Income Components Income Statement Line Item 2023 2022 2021 Foreign currency translation adjustment: Foreign currency translation adjustment Cost of sales $ 146 $ — $ 269 Foreign currency translation adjustment Gain on sales of businesses, net — 3,756 — Foreign currency translation adjustment Other (expense) income, net (1,766) 959 (1,203) Total foreign currency translation adjustment (1,620) 4,715 (934) Unrealized (loss) gain on marketable securities and restricted marketable securities Other (expense) income, net (9) — 11,696 Unrealized (loss) gain on derivative contracts: Foreign exchange forward contracts Cost of sales — 1,671 (1,906) Commodity swap contracts Cost of sales (6,726) (859) 3,003 Total unrealized (loss) gain on derivative contracts (6,726) 812 1,097 Total (loss) gain reclassified $ (8,355) $ 5,527 $ 11,859 |
Note 21. Segment and Geographic
Note 21. Segment and Geographical Information (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | 21. Segment and Geographical Information Our primary segment is our modules business, which involves the design, manufacture, and sale of CdTe solar modules, which convert sunlight into electricity. Third-party customers of our modules segment include system developers, independent power producers, utilities, commercial and industrial companies, and other system owners and operators. Our residual business operations include certain project development activities, O&M services, the results of operations from PV solar power systems we owned and operated in certain international regions, and the sale of such systems to third-party customers. Our business is managed by our Chief Executive Officer, who is also considered our chief operating decision maker (“CODM”). Our CODM views sales of solar modules as the primary driver of our consolidated operating results. Our modules segment contributes to our operating results by providing the fundamental technologies and solar modules that drive our business and sales opportunities. Accordingly, our CODM generally makes decisions about allocating resources and assessing performance of the company based on the gross profit of our modules segment. However, information about our modules segment assets is not reported to the CODM for purposes of making such decisions. Accordingly, we exclude such asset information from our reportable segment financial disclosures. The following tables provide a reconciliation of certain financial information for our reportable segment to information presented in our consolidated financial statements for the years ended December 31, 2023, 2022, and 2021 (in thousands): Year Ended December 31, 2023 Modules Other Total Net sales $ 3,296,809 $ 21,793 $ 3,318,602 Gross profit 1,277,421 23,258 1,300,679 Depreciation and amortization expense 294,843 7 294,850 Goodwill 29,687 — 29,687 Year Ended December 31, 2022 Modules Other Total Net sales $ 2,428,278 $ 191,041 $ 2,619,319 Gross profit (loss) 115,397 (45,539) 69,858 Depreciation and amortization expense 230,827 9,361 240,188 Goodwill 14,462 — 14,462 Year Ended December 31, 2021 Modules Other Total Net sales $ 2,331,380 $ 591,997 $ 2,923,377 Gross profit 472,926 257,028 729,954 Depreciation and amortization expense 219,712 12,189 231,901 Goodwill 14,462 — 14,462 The following table presents net sales for the years ended December 31, 2023, 2022, and 2021 by geographic region, based on the customer country of invoicing (in thousands): 2023 2022 2021 United States $ 3,187,603 $ 2,193,619 $ 2,456,597 France 68,302 67,656 121,537 Japan 6,949 46,426 207,609 Chile 9 173,279 32,050 All other foreign countries 55,739 138,339 105,584 Net sales $ 3,318,602 $ 2,619,319 $ 2,923,377 The following table presents long-lived assets, which include property, plant and equipment, lease assets, project assets, and PV solar power systems as of December 31, 2023 and 2022 by geographic region, based on the physical location of the assets (in thousands): 2023 2022 United States $ 2,734,952 $ 1,876,218 Malaysia 718,692 791,750 Vietnam 544,380 611,031 India 478,667 341,616 All other foreign countries 50,492 45,822 Long-lived assets $ 4,527,183 $ 3,666,437 |
Note 22. Concentrations of Risk
Note 22. Concentrations of Risks (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | 22. Concentrations of Risks Customer Concentration Risk. The following customers each comprised 10% or more of our total net sales for the years ended December 31, 2023, 2022, and 2021: 2023 2022 2021 % of Net Sales % of Net Sales % of Net Sales Customer #1 10 % 10 % * Customer #2 * 14 % * Customer #3 * 10 % * Customer #4 * * 12 % Customer #5 * * 10 % —————————— * Net sales for these customers were less than 10% of our total net sales for the period. Supplier Risk . Several of our key raw materials and components, in particular CdTe and substrate glass, and manufacturing equipment are either single-sourced or sourced from a limited number of suppliers. Failure of any of our key suppliers to perform could disrupt our supply chain and adversely impact our operations by impairing our ability to deliver solar modules to customers in the required quality and quantities and at a price that is profitable to us. Production Risk. Shortages of essential components and equipment could occur due to increases in demand or interruptions of supply, which may be exacerbated by the availability of logistics services, thereby adversely affecting our ability to meet customer demand for our products. Our solar modules are currently produced at our facilities in Ohio, Malaysia, Vietnam, and India. Damage to or disruption of these facilities could interrupt our business and adversely affect our ability to generate net sales. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ 830,777 | $ (44,166) | $ 468,693 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | From time to time, our directors and officers may adopt plans for the purchase or sale of our securities. Such plans may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K). During the three months ended December 31, 2023, none of our officers or directors adopted or terminated Rule 10b5-1 trading arrangements or adopted or terminated non-Rule 10b5-1 trading arrangements. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Note 2. Summary of Significan_2
Note 2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. These consolidated financial statements include the accounts of First Solar, Inc. and its subsidiaries and are prepared in accordance with U.S. GAAP. We eliminated all intercompany transactions and balances during consolidation. Certain prior year balances were reclassified to conform to the current year presentation. |
Use of Estimates | Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to accrued solar module collection and recycling liabilities, product warranties, and government grants. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. |
Fair Value Measurements | Fair Value Measurements. We measure certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market. • Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. • Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques. • Level 3 – Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability. |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents with the exception of time deposits and U.S. Treasury securities, which are presented as marketable securities. Restricted Cash and Restricted Cash Equivalents . Restricted cash and restricted cash equivalents consist of deposits held by various banks to secure certain of our letters of credit, as well as deposits held in custodial accounts to fund the estimated future costs of our solar module collection and recycling obligations. Restricted cash for our letters of credit is classified as current or noncurrent based on the maturity date of the corresponding letter of credit. Restricted cash and restricted cash equivalents held in custodial accounts are classified as noncurrent to align with the nature of the corresponding module collection and recycling liabilities. |
Marketable Securities and Restricted Marketable Securities | Marketable Securities and Restricted Marketable Securities. We determine the classification of our marketable securities and restricted marketable securities at the time of purchase and reevaluate such designation at each balance sheet date. As of December 31, 2023 and 2022, all of our marketable securities and restricted marketable securities were classified as available-for-sale debt securities. Accordingly, we record them at fair value and account for the net unrealized gains and losses as part of “Accumulated other comprehensive loss” until realized. We record realized gains and losses on the sale of our marketable securities and restricted marketable securities in “Other (expense) income, net” computed using the specific identification method. We may sell marketable securities prior to their stated maturities after consideration of our liquidity requirements. Accordingly, we view unrestricted securities with maturities beyond 12 months as available to support our current operations and classify such securities as current assets under “Marketable securities” in our consolidated balance sheets. Restricted marketable securities consist of long-term duration marketable securities that we hold in custodial accounts to fund the estimated future costs of our solar module collection and recycling obligations. Accordingly, we classify restricted marketable securities as noncurrent assets under “Restricted marketable securities” in our consolidated balance sheets. |
Accounts Receivables Trade | Accounts Receivable Trade . We record trade accounts receivable for our unconditional rights to consideration arising from our performance under contracts with customers. The carrying value of such receivables, net of the allowance for credit losses, represents their estimated net realizable value. Our module sales generally include up to 45-day payment terms following the transfer of control of the products to the customer. In addition, certain module sales agreements require a down payment for a portion of the transaction price upon or shortly after entering into the agreement or related purchase order. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised product to a customer and when the customer pays for that product will be one year or less. |
Allowance for Credit Losses | Allowance for Credit Losses. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from such asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable based primarily on our collection history, which we review annually, and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. We estimate credit losses associated with our marketable securities and restricted marketable securities based on the external credit ratings for such investments and the historical loss rates associated with such credit ratings, which we obtain from third parties. Such methods and estimates are adjusted, as appropriate, for relevant past events, current conditions, and reasonable and supportable forecasts. We recognize writeoffs within the allowance for credit losses when cash receipts associated with our financial assets are deemed uncollectible. |
Government Grants | Government Grants. We account for government assistance that is not subject to the scope of ASC 740 using a grant accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance , and recognize such grants when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction to such asset’s cost basis, which reduces future depreciation. Other government grants not related to long-lived assets are considered income-based grants, which are initially recognized as “Government grants receivable” and as a reduction to the related cost of activities that generated the benefit. We recognize grants expected to be received directly from a government entity at their stated value. When we expect to transfer grants to a third party, we recognize the grants at, or adjust their carrying value to, the amount expected to be received from the transaction. Proceeds received from asset-based grants are presented as cash inflows from investing activities on the consolidated statements of cash flows, whereas proceeds received from income-based grants are presented as cash inflows from operating activities. |
Inventories - Current and Noncurrent | Inventories – Current and Noncurrent. We report our inventories at the lower of cost or net realizable value. We determine cost on a first-in, first-out basis and include both the costs of acquisition and manufacturing in our inventory costs. These costs include direct materials, direct labor, and indirect manufacturing costs, including depreciation and amortization. Our capitalization of indirect costs is based on the normal utilization of our plants. If our plant utilization is abnormally low, the portion of our indirect manufacturing costs related to the abnormal utilization level is expensed as incurred. Other abnormal manufacturing costs, such as wasted materials or excess yield losses, are also expensed as incurred. As needed, we may purchase critical raw materials that are used in our core production process in quantities that exceed anticipated consumption within our normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as noncurrent. We regularly review the cost of inventories, including noncurrent inventories, against their estimated net realizable value and record write-downs if any inventories have costs in excess of their net realizable values. We also regularly evaluate the quantities and values of our inventories, including noncurrent inventories, in light of current market conditions and trends, among other factors, and record write-downs for any quantities in excess of demand or for any obsolescence. This evaluation considers the use of modules in our product warranties, module selling prices, product obsolescence, strategic raw material requirements, and other factors. |
Property, Plant and Equipment | Property, Plant and Equipment. We report our property, plant and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditures that substantially add to the value of or substantially extend the useful life of the assets. We capitalize costs related to computer software obtained or developed for internal use, which generally includes enterprise-level business and finance software that we customize to meet our specific operational requirements. We expense repair and maintenance costs at the time we incur them. We begin depreciation for our property, plant and equipment when the assets are placed in service. We consider such assets to be placed in service when they are both in the location and condition for their intended use. We compute depreciation expense using the straight-line method over the estimated useful lives of assets, as presented in the table below. We depreciate leasehold improvements over the shorter of their estimated useful lives or the remaining term of the lease. The estimated useful life of an asset is reassessed whenever applicable facts and circumstances indicate a change in the asset’s estimated useful life has occurred. Useful Lives Buildings and building improvements 25 – 40 Manufacturing machinery and equipment 5 – 15 Furniture, fixtures, computer hardware, and computer software 3 – 7 Leasehold improvements up to 15 |
Asset Impairments | Asset Impairments. We assess long-lived assets classified as “held and used,” including our property, plant and equipment; lease assets; and intangible assets, for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable. These events and changes in circumstances may include a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; a significant adverse change in the business climate that could affect the value of a long-lived asset; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; a current-period operating or cash flow loss combined with a history of such losses or a projection of future losses associated with the use of a long-lived asset; or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When impairment indicators are present, we compare undiscounted future cash flows, including the eventual disposition of the asset group at market value, to the asset group’s carrying value to determine if the asset group is recoverable. If the carrying value of the asset group exceeds the undiscounted future cash flows, we measure any impairment by comparing the fair value of the asset group to its carrying value. Fair value is generally determined by considering (i) internally developed discounted cash flows for the asset group, (ii) third-party valuations, and/or (iii) information available regarding the current market value for such assets. If the fair value of an asset group is determined to be less than its carrying value, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Estimating future cash flows requires significant judgment, and such projections may vary from the cash flows eventually realized. We consider a long-lived asset to be abandoned after we have ceased use of the asset and we have no intent to use or repurpose it in the future. Abandoned long-lived assets are recorded at their salvage value, if any. We classify long-lived assets or asset groups we plan to sell as “held for sale” on our consolidated balance sheets only after certain criteria have been met, including: (i) management has the authority and commits to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a buyer and the plan to sell the asset have been initiated, (iv) the sale of the asset is probable within 12 months, (v) the asset is being actively marketed at a reasonable sales price relative to its current fair value, and (vi) it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made. We record assets or asset groups held for sale at the lower of their carrying value or fair value less costs to sell. If, due to unanticipated circumstances, such assets or asset groups are not sold in the 12 months after being classified as held for sale, then classification as held for sale would continue as long as the above criteria are still met. |
Goodwill | Goodwill. Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. We do not amortize goodwill, but instead test goodwill for impairment at least annually. We perform impairment tests between the scheduled annual test in the fourth quarter if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit that has goodwill is less than its carrying value. We may first make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment test. Such qualitative impairment test considers various factors, including macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant events affecting our company or a reporting unit. If we determine through the qualitative assessment that a reporting unit’s fair value is more likely than not greater than its carrying value, the quantitative impairment test is not required. If the qualitative assessment indicates it is more likely than not that a reporting unit’s fair value is less than its carrying value, we perform a quantitative impairment test. We may also elect to proceed directly to the quantitative impairment test without considering qualitative factors. The quantitative impairment test is the comparison of the fair value of a reporting unit with its carrying amount, including goodwill. We define the fair value of a reporting unit as the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. Our modules business represents our only reporting unit and we primarily use an income approach to estimate its fair value. Significant judgment is required when estimating the fair value of a reporting unit, including the forecasting of future operating results and the selection of discount and expected future growth rates used to determine projected cash flows. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not impaired, and no further analysis is required. Conversely, if the carrying value of a reporting unit exceeds its estimated fair value, we record an impairment loss equal to the excess, not to exceed the total amount of goodwill allocated to the reporting unit. |
Intangible Assets | Intangible Assets. Intangible assets primarily include acquired technologies, in-process research and development (“IPR&D”) from prior business acquisitions, and our internally-generated intangible assets, substantially all of which are patents on technologies related to our products and production processes. We record an asset for patents after the patent has been issued based on the legal, filing, and other costs incurred to secure it. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and periodically assessed for impairment. When the IPR&D project is complete, it is reclassified as a finite-lived intangible asset. We amortize finite-lived intangible assets on a straight-line basis over their estimated useful lives, which generally range from 5 to 20 years. |
Leases | Leases. Upon commencement of a lease, we recognize a lease liability for the present value of the lease payments not yet paid, discounted using an interest rate that represents our ability to borrow on a collateralized basis over a period that approximates the lease term. We also recognize a lease asset, which represents our right to control the use of the underlying property, plant or equipment, at an amount equal to the lease liability, adjusted for prepayments, initial direct costs, and any incentives received. We subsequently recognize the cost of operating leases on a straight-line basis over the lease term. Finance lease right-of-use assets are amortized over the shorter of the estimated useful life of the underlying assets or the lease term, and interest expense on a finance lease liability is recognized using the effective interest method over the lease term. Any variable lease costs, which represent amounts owed to the lessor that are not fixed per the terms of the contract, are recognized in the period in which they are incurred. Any costs included in our lease arrangements that are not directly related to the leased assets, such as maintenance charges, are included as part of the lease costs. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. We recognize the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. Many of our leases contain renewal or termination options that are exercisable at our discretion. At the commencement date of a lease, we include in the lease term any periods covered by a renewal option and exclude from the lease term any periods covered by a termination option, to the extent we are reasonably certain to exercise such options. In making this determination, the lease term applied would not exceed the expected economic life of the underlying asset. |
Deferred Revenue | Deferred Revenue. When we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods to the customer under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Such deferred revenue results from advance payments received on sales of solar modules. Deferred revenue is classified as current or noncurrent based on the expected date that module shipments commence for each sales contract. As a practical expedient, we do not adjust the consideration in a contract for the effects of a significant financing component when we expect, at contract inception, that the period between a customer’s advance payment and our transfer of a promised product or service to the customer will be one year or less. Additionally, we do not adjust the consideration in a contract for the effects of a significant financing component when the consideration is received as a form of performance security. |
Product Warranties | Product Warranties. We provide a limited PV solar module warranty covering defects in materials and workmanship under normal use and service conditions for up to 12.5 years. We also typically warrant that modules installed in accordance with agreed-upon specifications will produce at least 98% of their labeled power output rating during the first year, with the warranty coverage reducing by a degradation factor every year thereafter throughout the limited power output warranty period of up to 30 years. As an alternative form of our standard limited module power output warranty, from time to time we have also offered an aggregated or system-level limited module performance warranty, which is designed for utility-scale systems and provides 25-year system-level energy degradation protection. This warranty represents a practical expedient to address the challenge of identifying, from the potential millions of modules installed in a utility-scale system, individual modules that may be performing below warranty thresholds by focusing on the aggregate energy generated by the system rather than the power output of individual modules. When we recognize revenue for sales of modules, we accrue liabilities for the estimated future costs of meeting our limited warranty obligations. 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 quality and reliability testing and actual performance in certain field installation sites. |
Accrued Solar Module Collection and Recycling Liability | Accrued Solar Module Collection and Recycling Liability. Historically, we recognized expense at the time of sale for the estimated cost of our future obligations for collecting and recycling solar modules covered by our solar module collection and recycling program. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information. |
Derivative Instruments | Derivative Instruments. We recognize derivative instruments on our consolidated balance sheets at fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a derivative instrument that will not be accounted for using hedge accounting methods. As of December 31, 2023 and 2022, all of our derivative instruments were designated as cash flow hedges or as derivative instruments not accounted for using hedge accounting methods. We record changes in the fair value of a derivative instrument that is designated and qualifies as a cash flow hedge in “Accumulated other comprehensive loss” until our earnings are affected by the variability of the cash flows from the underlying hedged item. We record any amounts excluded from effectiveness testing in current period earnings in the same income statement line item in which the earnings effect of the hedged item is reported. We report changes in the fair value of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments on the consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. At the inception of a hedge, we formally document all relationships between hedging instruments and the underlying hedged items as well as our risk-management objective and strategy for undertaking the hedge transaction. We also formally assess (both at inception and on an ongoing basis) whether our derivative instruments are highly effective in offsetting changes in the fair value or cash flows of the underlying hedged items and whether those derivatives are expected to remain highly effective in future periods. When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. When we discontinue hedge accounting and the derivative instrument remains outstanding, we carry the derivative instrument at its fair value on our consolidated balance sheets and recognize subsequent changes in its fair value in current period earnings. |
Accumulated Other Comprehensive Income or Loss | Accumulated Other Comprehensive Income or Loss. Our accumulated other comprehensive income or loss includes foreign currency translation adjustments, unrealized gains and losses on available-for-sale debt securities, and unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges. We record these components of accumulated other comprehensive income or loss net of tax and release such tax effects when the underlying components affect earnings. |
Revenue Recognition | Revenue Recognition – Module Sales. 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. For certain contracts, we may also be required to make liquidated damage payments if we fail to deliver modules that meet certain U.S. domestic content requirements. We recognize these liquidated damages as a reduction of revenue in the period we transfer control of the modules to the customer. Shipping and Handling Costs. We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, we record amounts billed for shipping and handling costs as a component of net sales and classify such costs as a component of cost of sales. |
Revenue, Transaction Price Measurement, Tax Exclusion | Taxes Collected from Customers and Remitted to Governmental Authorities. We exclude from our measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of net sales or cost of sales. |
Research and Development | Research and Development. We incur research and development costs during the process of researching and developing new products and enhancing our existing products, technologies, and manufacturing processes. Our research and development costs consist primarily of employee compensation, materials, outside services, and depreciation. We expense these costs as incurred until the resulting product has been completed, tested, and made ready for commercial manufacturing. |
Production Start-Up | Production Start-Up. Production start-up expense consists of costs associated with operating a production line before it is qualified for commercial production, including the cost of raw materials for solar modules run through the production line during the qualification phase, employee compensation for individuals supporting production start-up activities, and applicable facility related costs. Production start-up expense also includes costs related to the selection of a new site and implementation costs for manufacturing process improvements to the extent we cannot capitalize these expenditures. |
Share-Based Compensation | Share-Based Compensation. We recognize share-based compensation expense for the estimated grant-date fair value of equity awards issued as compensation to employees over the requisite service period, which is generally four five |
Foreign Currency Translation | Foreign Currency Translation. 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. The functional currency of our subsidiaries in Malaysia, Singapore, and Vietnam is the U.S. dollar; therefore, we do not translate their financial statements. Gains and losses arising from the remeasurement of monetary assets and liabilities denominated in currencies other than a subsidiary’s functional currency are included in “Foreign currency loss, net” in the period in which they occur. |
Income Taxes | Income Taxes. We use the asset and liability method to account for income taxes whereby we calculate deferred tax assets or liabilities using the enacted tax rates and tax law applicable to when any temporary differences are expected to reverse. We establish valuation allowances, when necessary, to reduce deferred tax assets to the extent it is more likely than not that such deferred tax assets will not be realized. We do not provide deferred taxes related to the U.S. GAAP basis in excess of the outside tax basis in the investment in our foreign subsidiaries to the extent such amounts relate to indefinitely reinvested earnings and profits of such foreign subsidiaries. Income tax expense includes (i) deferred tax expense, which generally represents the net change in deferred tax assets or liabilities during the year plus any change in valuation allowances, and (ii) current tax expense, which represents the amount of tax currently payable to or receivable from taxing authorities. We only recognize tax benefits related to uncertain tax positions that are more likely than not of being sustained upon examination. For those positions that satisfy such recognition criteria, the amount of tax benefit that we recognize is the largest amount of tax benefit that is more likely than not of being sustained on ultimate settlement of the uncertain tax position. |
Per Share Data | Per Share Data. |
Note 2. Summary of Significan_3
Note 2. Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment, Useful Lives [Table Text Block] | Useful Lives Buildings and building improvements 25 – 40 Manufacturing machinery and equipment 5 – 15 Furniture, fixtures, computer hardware, and computer software 3 – 7 Leasehold improvements up to 15 |
Note 5. Goodwill and Intangib_2
Note 5. Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill for the modules business consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2022 Acquisitions (Impairments) Foreign Currency Translation Adjustments December 31, 2023 Gross amount (1) $ 407,827 $ 14,952 $ 273 $ 423,052 Accumulated impairment losses (393,365) — — (393,365) Total $ 14,462 $ 14,952 $ 273 $ 29,687 December 31, 2021 Acquisitions (Impairments) Foreign Currency Translation Adjustments December 31, 2022 Gross amount (1) $ 407,827 $ — $ — $ 407,827 Accumulated impairment losses (393,365) — — (393,365) Total $ 14,462 $ — $ — $ 14,462 —————————— (1) See Note 3. “Business Acquisitions” to our consolidated financial statements for discussion of our business acquisitions. |
Schedule of Intangible Assets, Net | The following tables summarize our intangible assets at December 31, 2023 and 2022 (in thousands): December 31, 2023 Gross Amount Accumulated Amortization Net Amount Developed technology $ 97,645 $ (78,659) $ 18,986 In-process research and development (1) 43,159 — 43,159 Patents 9,438 (7,072) 2,366 Total $ 150,242 $ (85,731) $ 64,511 December 31, 2022 Gross Amount Accumulated Amortization Net Amount Developed technology $ 97,347 $ (68,650) $ 28,697 Patents 8,970 (6,561) 2,409 Total $ 106,317 $ (75,211) $ 31,106 —————————— (1) See Note 3. “Business Acquisitions” to our consolidated financial statements for discussion of our business acquisitions. |
Schedule of Intangible Asset Future Amortization Expense | Estimated future amortization expense for our definite-lived intangible assets was as follows at December 31, 2023 (in thousands): Amortization Expense 2024 $ 10,487 2025 4,016 2026 2,633 2027 2,533 2028 813 Thereafter 870 Total amortization expense $ 21,352 |
Note 6. Cash, Cash Equivalent_2
Note 6. Cash, Cash Equivalents, and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 and 2022 (in thousands): 2023 2022 Cash and cash equivalents: Cash $ 841,310 $ 1,476,945 Money market funds 1,105,684 4,324 Total cash and cash equivalents 1,946,994 1,481,269 Marketable securities: Foreign debt 34,895 59,777 U.S. debt 44,089 56,463 Time deposits 76,511 980,472 Total marketable securities 155,495 1,096,712 Total cash, cash equivalents, and marketable securities $ 2,102,489 $ 2,577,981 |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our consolidated balance sheets as of December 31, 2023 and 2022 to the total of such amounts as presented in the consolidated statements of cash flows (in thousands): Balance Sheet Line Item 2023 2022 Cash and cash equivalents Cash and cash equivalents $ 1,946,994 $ 1,481,269 Restricted cash – current Other current assets 8,262 3,175 Restricted cash – noncurrent Other assets 3,621 2,734 Restricted cash equivalents – noncurrent Other assets 6,192 6,284 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,965,069 $ 1,493,462 |
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 December 31, 2023 and 2022 (in thousands): As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 35,000 $ — $ 91 $ 14 $ 34,895 U.S. debt 45,625 88 1,614 10 44,089 Time deposits 76,533 — — 22 76,511 Total $ 157,158 $ 88 $ 1,705 $ 46 $ 155,495 As of December 31, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign debt $ 59,940 $ — $ 140 $ 23 $ 59,777 U.S. debt 58,308 — 1,823 22 56,463 Time deposits 980,810 — — 338 980,472 Total $ 1,099,058 $ — $ 1,963 $ 383 $ 1,096,712 |
Available-for-sale Marketable Securities by Maturity | The contractual maturities of our marketable securities as of December 31, 2023 were as follows (in thousands): Fair One year or less $ 141,892 One year to two years 5,156 Two years to three years 4,554 Three years to four years — Four years to five years — More than five years 3,893 Total $ 155,495 |
Note 7. Restricted marketable_2
Note 7. Restricted marketable securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Securities, Available-for-Sale, Restricted [Abstract] | |
Schedule of restricted marketable securities | Restricted marketable securities consisted of the following as of December 31, 2023 and 2022 (in thousands): 2023 2022 Foreign government obligations $ 51,229 $ 46,886 Supranational debt 15,339 8,661 U.S. debt 113,326 109,328 U.S. government obligations 18,416 17,195 Total restricted marketable securities $ 198,310 $ 182,070 |
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 December 31, 2023 and 2022 (in thousands): As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 65,202 $ — $ 13,963 $ 10 $ 51,229 Supranational debt 17,688 — 2,349 — 15,339 U.S. debt 146,484 — 33,129 29 113,326 U.S. government obligations 24,460 — 6,039 5 18,416 Total $ 253,834 $ — $ 55,480 $ 44 $ 198,310 As of December 31, 2022 Amortized Unrealized Unrealized Allowance for Credit Losses Fair Foreign government obligations $ 64,008 $ — $ 17,112 $ 10 $ 46,886 Supranational debt 11,146 — 2,485 — 8,661 U.S. debt 148,288 — 38,932 28 109,328 U.S. government obligations 24,551 — 7,352 4 17,195 Total $ 247,993 $ — $ 65,881 $ 42 $ 182,070 |
Note 8. Consolidated Balance _2
Note 8. Consolidated Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable trade, net Accounts receivable trade, net consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Accounts receivable trade, gross $ 662,390 $ 325,379 Allowance for credit losses (1,614) (1,042) Accounts receivable trade, net $ 660,776 $ 324,337 |
Schedule of Inventories, Current and Noncurrent | Inventories consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Raw materials $ 478,138 $ 397,912 Work in process 78,463 66,641 Finished goods 530,197 417,218 Inventories $ 1,086,798 $ 881,771 Inventories – current $ 819,899 $ 621,376 Inventories – noncurrent $ 266,899 $ 260,395 |
Schedule of Other Current Assets | Other current assets consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Spare maintenance materials and parts $ 148,218 $ 114,428 Indirect tax receivables 65,301 5,274 Prepaid expenses 62,480 43,262 Operating supplies 43,995 47,492 Insurance receivable for accrued litigation (1) 21,800 — Restricted cash 8,262 3,175 Prepaid income taxes 7,064 8,314 Derivative instruments (2) 1,778 2,018 Other 33,002 43,764 Other current assets $ 391,900 $ 267,727 —————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings. (2) See Note 10. “Derivative Financial Instruments” to our 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 December 31, 2023 and 2022 (in thousands): 2023 2022 Land $ 35,364 $ 35,259 Buildings and improvements 1,037,421 893,049 Machinery and equipment 3,593,347 2,762,801 Office equipment and furniture 161,187 146,467 Leasehold improvements 40,084 40,160 Construction in progress 1,223,998 1,121,938 Property, plant and equipment, gross 6,091,401 4,999,674 Accumulated depreciation (1,694,116) (1,462,772) Property, plant and equipment, net $ 4,397,285 $ 3,536,902 |
Schedule of Other Assets | Other assets consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Advance payments for raw materials $ 204,370 $ 91,260 Lease assets (1) 101,468 93,185 Income tax receivables 68,591 56,993 Project assets 28,430 30,108 Prepaid expenses 23,954 11,714 Restricted cash equivalents 6,192 6,284 Restricted cash 3,621 2,734 Other (2) 41,978 63,914 Other assets $ 478,604 $ 356,192 —————————— (1) See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (2) Included $6.2 million of PV solar power systems on our consolidated balance sheet as of December 31, 2022. During 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, 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 consolidated statements of operations. In December 2022, we completed the sale of the project to a subsidiary of Toesca Asset Management. |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Accrued property, plant and equipment $ 210,233 $ 148,777 Accrued inventory 101,161 44,679 Accrued freight 58,494 77,136 Accrued compensation and benefits 55,960 47,939 Accrued other taxes 26,781 19,765 Accrued interest 11,011 2,920 Product warranty liability (1) 5,920 10,660 Other 55,269 30,906 Accrued expenses $ 524,829 $ 382,782 —————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our “Product Warranties.” |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Accrued litigation (1) $ 21,800 $ — Lease liabilities (2) 10,358 9,193 Contingent consideration (3) 7,500 — Derivative instruments (4) 1,744 6,668 Other 798 5,384 Other current liabilities $ 42,200 $ 21,245 —————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings. (2) See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (3) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements. (4) See Note 10. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments. |
Schedule of Other Liabilities | Other liabilities consisted of the following at December 31, 2023 and 2022 (in thousands): 2023 2022 Lease liabilities (1) $ 53,725 $ 40,589 Deferred tax liabilities, net (2) 42,771 28,929 Other taxes payable 39,431 13,284 Product warranty liability (3) 19,571 23,127 Contingent consideration (4) 11,000 — Other 14,212 14,008 Other liabilities $ 180,710 $ 119,937 —————————— (1) See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (2) See Note 18. “Income Taxes” to our consolidated financial statements for discussion of our net deferred tax liabilities. (3) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our “Product Warranties.” (4) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements. |
Note 9. Government Grants (Tabl
Note 9. Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Government Assistance [Abstract] | |
Schedule of Benefits Recognized From Asset-Based Government Grants | The following table presents the benefits recognized from asset-based government grants in our consolidated balance sheet as of December 31, 2023 and December 31, 2022 (in thousands): Balance Sheet Line Item 2023 2022 Property, plant and equipment, net $ 146,348 $ — Other assets 5,860 — |
Schedule of Benefits Recognized From Income-Based Government Grants | The following table presents the benefits recognized from income-based government grants in our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Income Statement Line Item 2023 2022 2021 Cost of sales $ 659,745 $ — $ — |
Note 10. Derivative Financial_2
Note 10. Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables present the fair values of derivative instruments included in our consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Other Current Assets Other Current Liabilities Derivatives designated as hedging instruments: Commodity swap contracts $ — $ 344 Total derivatives designated as hedging instruments $ — $ 344 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 1,778 $ 1,400 Total derivatives not designated as hedging instruments $ 1,778 $ 1,400 Total derivative instruments $ 1,778 $ 1,744 December 31, 2022 Other Current Assets Other Assets Other Current Liabilities Other Liabilities Derivatives designated as hedging instruments: Commodity swap contracts $ — $ 17 $ 4,447 $ 144 Total derivatives designated as hedging instruments $ — $ 17 $ 4,447 $ 144 Derivatives not designated as hedging instruments: Foreign exchange forward contracts $ 2,018 $ — $ 2,221 $ — Total derivatives not designated as hedging instruments $ 2,018 $ — $ 2,221 $ — Total derivative instruments $ 2,018 $ 17 $ 6,668 $ 144 |
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 consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Foreign Exchange Forward Contracts Commodity Swap Contracts Total Balance as of December 31, 2020 $ (3,644) $ 1,472 $ (2,172) Amounts recognized in other comprehensive income (loss) 2,864 1,531 4,395 Amount reclassified to cost of sales 1,906 (3,003) (1,097) Balance as of December 31, 2021 1,126 — 1,126 Amounts recognized in other comprehensive income (loss) 545 (8,101) (7,556) Amount reclassified to cost of sales (1,671) 859 (812) Balance as of December 31, 2022 — (7,242) (7,242) Amounts recognized in other comprehensive income (loss) — (977) (977) Amount reclassified to cost of sales — 6,726 6,726 Balance as of December 31, 2023 $ — $ (1,493) $ (1,493) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents gains and losses related to derivative instruments not designated as hedges affecting our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Amount of (Loss) Gain Recognized in Income Income Statement Line Item 2023 2022 2021 Foreign exchange forward contracts Cost of sales $ — $ 583 $ 57 Foreign exchange forward contracts Foreign currency loss, net (8,406) 75,421 15,053 Interest rate swap contracts Interest expense, net — — (315) |
Schedule of Notional Value of Foreign Exchange Forward Derivatives [Table Text Block] | As of December 31, 2023 and 2022, 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): December 31, 2023 Transaction Currency Notional Amount USD Equivalent Sell Canadian dollar CAD 4.2 $3.2 Sell Chilean peso CLP 1,372.6 $1.6 Purchase Euro €98.3 $108.7 Sell Euro €14.1 $15.6 Sell Indian rupee INR 62,967.4 $756.9 Purchase Japanese yen ¥1,053.6 $7.5 Sell Japanese yen ¥705.2 $5.0 Purchase Malaysian ringgit MYR 160.7 $35.0 Sell Mexican peso MXN 34.6 $2.0 Purchase Singapore dollar SGD 6.5 $4.9 December 31, 2022 Transaction Currency Notional Amount USD Equivalent Sell Canadian dollar CAD 4.2 $3.1 Sell Chilean peso CLP 5,996.5 $7.0 Purchase Euro €160.2 $170.5 Sell Euro €38.4 $40.9 Sell Indian rupee INR 27,119.5 $327.4 Purchase Japanese yen ¥2,982.7 $22.4 Sell Japanese yen ¥8,950.3 $67.1 Purchase Malaysian ringgit MYR 99.8 $22.6 Sell Malaysian ringgit MYR 13.7 $3.1 Sell Mexican peso MXN 34.6 $1.8 Purchase Singapore dollar SGD 1.4 $1.0 |
Note 11. Leases (Tables)
Note 11. Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of lease cost and related information | The following table presents certain quantitative information related to our lease arrangements for the years ended December 31, 2023 and 2022, and as of December 31, 2023 and 2022 (in thousands): 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 14 $ — Interest on lease liabilities 51 — Operating lease cost 12,090 14,634 Variable lease cost 3,421 2,517 Short-term lease cost 472 339 Total lease cost $ 16,048 $ 17,490 Payments of amounts included in the measurement of operating lease liabilities $ 11,815 $ 15,359 Lease assets obtained in exchange for: Operating lease liabilities $ 7,163 $ 4,394 Finance lease liabilities 17,063 — December 31, 2023 December 31, 2022 Operating Leases Finance Operating Leases Lease assets $ 84,419 $ 17,049 $ 93,185 Lease liabilities – current 10,307 51 9,193 Lease liabilities – noncurrent 36,662 17,063 40,589 Weighted-average remaining lease term 5 years 40 years 6 years Weighted-average discount rate 5.2 % 5.4 % 5.1 % |
Finance lease liabilities maturity | As of December 31, 2023, the future payments associated with our lease liabilities were as follows (in thousands): Operating Leases Finance Leases 2024 $ 12,251 $ 158 2025 11,476 196 2026 9,916 1,014 2027 7,346 1,014 2028 6,978 1,016 Thereafter 5,315 43,266 Total future payments 53,282 46,664 Less: interest (6,313) (29,550) Total lease liabilities $ 46,969 $ 17,114 |
Operating lease liabilities maturity | As of December 31, 2023, the future payments associated with our lease liabilities were as follows (in thousands): Operating Leases Finance Leases 2024 $ 12,251 $ 158 2025 11,476 196 2026 9,916 1,014 2027 7,346 1,014 2028 6,978 1,016 Thereafter 5,315 43,266 Total future payments 53,282 46,664 Less: interest (6,313) (29,550) Total lease liabilities $ 46,969 $ 17,114 |
Note 12. Fair Value Measureme_2
Note 12. Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets and liabilities measured on recurring basis | At December 31, 2023 and 2022, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): Fair Value Measurements at Reporting December 31, 2023 Quoted Prices Significant Significant Assets: Cash equivalents: Money market funds $ 1,105,684 $ 1,105,684 $ — $ — Restricted cash equivalents: Money market funds 6,192 6,192 — — Marketable securities: Foreign debt 34,895 — 34,895 — U.S. debt 44,089 — 44,089 — Time deposits 76,511 76,511 — — Restricted marketable securities 198,310 — 198,310 — Derivative assets 1,778 — 1,778 — Total assets $ 1,467,459 $ 1,188,387 $ 279,072 $ — Liabilities: Derivative liabilities $ 1,744 $ — $ 1,744 $ — Fair Value Measurements at Reporting December 31, 2022 Quoted Prices Significant Significant Assets: Cash equivalents: Money market funds $ 4,324 $ 4,324 $ — $ — Restricted cash equivalents: Money market funds 6,284 6,284 — — Marketable securities: Foreign debt 59,777 — 59,777 — U.S. debt 56,463 — 56,463 — Time deposits 980,472 980,472 — — Restricted marketable securities 182,070 — 182,070 — Derivative assets 2,035 — 2,035 — Total assets $ 1,291,425 $ 991,080 $ 300,345 $ — Liabilities: Derivative liabilities $ 6,812 $ — $ 6,812 $ — |
Carrying value and fair value of financial instruments not measured at fair value | At December 31, 2023 and 2022, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Government grants receivable - noncurrent $ 152,208 $ 107,111 $ — $ — Liabilities: Long-term debt (1) $ 500,000 $ 453,015 $ 185,000 $ 160,986 —————————— (1) Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year. |
Note 13. Debt (Tables)
Note 13. Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Schedule of Debt Arrangements | Our debt arrangements consisted of the following at December 31, 2023 and 2022 (in thousands): Balance (USD) Loan Agreement Currency 2023 2022 Revolving Credit Facility USD $ — $ — India Credit Facility USD 500,000 185,000 India Working Capital Facility INR 60,827 — Total debt principal 560,827 185,000 Less: unamortized issuance costs (521) (651) Total debt 560,306 184,349 Less: current portion (96,238) — Noncurrent portion $ 464,068 $ 184,349 |
Schedule of Borrowing Rate on Debt | As of December 31, 2023, our debt borrowing rates were as follows: Loan Agreement Interest Rate Effective Interest Rate India Credit Facility U.S. Treasury Constant Maturity Yield plus 1.75% 5.72% India Working Capital Facility India Treasury bill rate plus 2% 8.87% |
Schedule of Maturities of Debt Arrangements | At December 31, 2023, the future principal payments on our debt arrangements were due as follows (in thousands): Total Debt 2024 $ 96,277 2025 90,900 2026 90,900 2027 90,950 2028 91,000 Thereafter 100,800 Total debt future principal payments $ 560,827 |
Note 14. Commitments and Cont_2
Note 14. Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | As of December 31, 2023, the issued and outstanding amounts and available capacities under these commitments were as follows (in millions): Issued and Outstanding Available Capacity Revolving Credit Facility (1) $ — $ 250.0 Bilateral facilities (2) 188.8 116.3 Surety bonds 21.6 232.0 —————————— (1) Our Revolving Credit Facility provides us with a sub-limit of $250.0 million to issue letters of credit, at a fee based on the applicable margin for Term SOFR loans, a fronting fee, and other customary letter of credit fees. (2) Of the total letters of credit issued under the bilateral facilities, $9.3 million was secured with cash. |
Schedule of Product Warranty Liability | Product warranty activities during the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 Product warranty liability, beginning of period $ 33,787 $ 52,553 $ 95,096 Accruals for new warranties issued 5,416 4,727 9,266 Settlements (6,058) (12,690) (12,337) Changes in estimate of product warranty liability (7,654) (10,803) (39,472) Product warranty liability, end of period $ 25,491 $ 33,787 $ 52,553 Current portion of warranty liability $ 5,920 $ 10,660 $ 13,598 Noncurrent portion of warranty liability $ 19,571 $ 23,127 $ 38,955 |
Note 15. Revenue from Contrac_2
Note 15. Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Revenue, by Type of Revenue [Table Text Block] | The following table presents the disaggregation of revenue from contracts with customers for the years ended December 31, 2023, 2022, and 2021 along with the reportable segment for each category (in thousands): Category Segment 2023 2022 2021 Solar modules Modules $ 3,296,809 $ 2,428,278 $ 2,331,380 Solar power systems Other 19,951 153,290 513,362 O&M services Other 1,861 11,995 43,060 Energy generation Other (19) 25,756 37,614 EPC services (1) Other — — (2,039) Net sales $ 3,318,602 $ 2,619,319 $ 2,923,377 —————————— (1) For certain of our EPC agreements, we provide an energy performance test during the first or second year of a system’s operation to demonstrate that the actual energy generation for the applicable period meets or exceeds the modeled energy expectation, after certain adjustments. If there is an underperformance event with regard to these tests, we may incur liquidated damages as specified in the applicable EPC agreement. During the year ended December 31, 2021, we accrued liquidated damages for certain of these agreements, which we recognized as a reduction to revenue. |
Changes in Contract Liabilities [Table Text Block] | The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the year ended December 31, 2023 (in thousands): 2023 2022 Change Deferred revenue $ 2,005,183 $ 1,207,940 $ 797,243 66 % |
Note 17. Share-Based Compensa_2
Note 17. Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Compensation Expense Recognized in the Consolidated Statements of Operations | The following table presents share-based compensation expense recognized in our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Cost of sales (1) $ 4,798 $ 3,174 $ 892 Selling, general and administrative (1) 25,217 22,367 19,578 Research and development (2) 4,133 3,080 432 Production start-up 71 35 — Total share-based compensation expense $ 34,219 $ 28,656 $ 20,902 —————————— (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 departing the Company as part of the transactions. See Note 4. “Sales of Businesses” to our 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 year ended December 31, 2021. |
Schedule of Restricted Stock and Performance Unit Activity | The following is a summary of our restricted stock unit activity, including performance unit activity, for the year ended December 31, 2023: Number of Shares Weighted-Average Unvested restricted stock units at December 31, 2022 1,310,887 $ 69.51 Restricted stock units granted (1) 185,155 210.45 Restricted stock units vested (381,945) 52.44 Restricted stock units forfeited (153,649) 52.11 Unvested restricted stock units at December 31, 2023 960,448 $ 106.25 —————————— (1) Restricted stock units granted include the maximum amount of performance units available for issuance under our long-term incentive program for key executive officers and associates. The actual number of shares to be issued will depend on the relative attainment of the performance metrics described above. |
Note 18. Income Taxes (Tables)
Note 18. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income or Loss before Income Tax, Domestic and Foreign [Table Text Block] | The U.S. and non-U.S. components of our income or loss before income taxes for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 U.S. income (loss) $ 787,598 $ (17,652) $ 315,297 Non-U.S. income 103,692 26,250 256,865 Income before taxes $ 891,290 $ 8,598 $ 572,162 |
Schedule of Components of Income Tax [Table Text Block] | The components of our income tax expense or benefit for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 Current expense: Federal $ 44,693 $ 8,434 $ 9,531 State 8,285 399 3,469 Foreign 20,767 49,984 10,109 Total current expense 73,745 58,817 23,109 Deferred (benefit) expense: Federal (23,390) (13,928) 58,510 State (1,413) (700) 3,775 Foreign 11,571 8,575 18,075 Total deferred (benefit) expense (13,232) (6,053) 80,360 Total income tax expense $ 60,513 $ 52,764 $ 103,469 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Our income tax results differed from the amount computed by applying the relevant U.S. statutory federal corporate income tax rate to our income or loss before income taxes for the following reasons for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Tax Percent Tax Percent Tax Percent Statutory income tax expense $ 187,171 21.0 % $ 1,806 21.0 % $ 120,154 21.0 % Non-deductible expenses (1) 20,283 2.3 % 10,776 125.3 % 3,955 0.7 % Changes in valuation allowance 10,873 1.2 % 22,239 258.6 % 2,603 0.5 % Foreign dividend income 9,115 1.0 % 2,857 33.2 % 2,611 0.5 % State tax, net of federal benefit 5,468 0.6 % 700 8.1 % 4,757 0.8 % Foreign tax rate differential 1,018 0.1 % (4,227) (49.1) % 4,632 0.8 % Change in tax contingency 9 — % 4,326 50.3 % 2,198 0.4 % Return to provision adjustments (3,972) (0.4) % (1,767) (20.5) % (4,932) (0.9) % Tax credits (9,337) (1.0) % (12,654) (147.2) % (3,395) (0.6) % Effect of tax holiday (11,501) (1.3) % 27,424 318.9 % (32,339) (5.7) % Share-based compensation (11,955) (1.4) % (1,017) (11.8) % (2,991) (0.5) % Section 45X production credit (138,546) (15.5) % — — % — — % Other $ 1,887 0.2 % $ 2,301 26.9 % $ 6,216 1.1 % Reported income tax expense $ 60,513 6.8 % $ 52,764 613.7 % $ 103,469 18.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The items that gave rise to our deferred taxes as of December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Deferred tax assets: Long-term contracts $ 211,974 $ 23,531 Net operating losses 119,822 122,950 Capitalized research and development 53,146 32,932 Inventory 30,787 1,490 Accrued expenses 29,503 28,226 Compensation 16,451 13,167 Tax credits 14,800 103,260 Equity in earnings 4,464 4,172 Deferred expenses 1,590 1,735 Other 28,908 23,827 Deferred tax assets, gross 511,445 355,290 Valuation allowance (149,424) (135,763) Deferred tax assets, net of valuation allowance 362,021 219,527 Deferred tax liabilities: Property, plant and equipment (234,394) (150,477) Investment in foreign subsidiaries (6,034) (5,689) Acquisition accounting / basis difference (3,964) (4,065) Restricted marketable securities and derivatives (2,087) — Capitalized interest (1,294) (1,331) Other (14,200) (8,214) Deferred tax liabilities $ (261,973) $ (169,776) Net deferred tax assets $ 100,048 $ 49,751 |
Summary of Valuation Allowance [Table Text Block] | The following table shows changes in the valuation allowance against our deferred tax assets during the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Valuation allowance, beginning of year $ 135,763 $ 123,917 $ 127,711 Additions 15,109 58,922 8,976 Reversals (1,448) (47,076) (12,770) Valuation allowance, end of year $ 149,424 $ 135,763 $ 123,917 |
Summary of Income Tax Contingencies [Table Text Block] | The following table shows a reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Unrecognized tax benefits, beginning of year $ 14,493 $ 7,811 $ 5,370 Increases related to prior year tax positions 2,516 4,569 — Decreases related to prior year tax positions (437) — (44) Decreases from lapse in statute of limitations — (361) (492) Decreases relating to settlements with authorities (2,122) — — Increases related to current tax positions 2,273 2,474 2,977 Unrecognized tax benefits, end of year $ 16,723 $ 14,493 $ 7,811 |
Summary of Income Tax Examinations [Table Text Block] | The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which we operate: Tax Years Vietnam 2013 - 2022 United States 2016 - 2022 India 2017 - 2022 Singapore 2018 - 2022 Malaysia 2019 - 2022 |
Note 19. Net Income (Loss) pe_2
Note 19. Net Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) per Share, Basic and Diluted | The calculation of basic and diluted net income (loss) per share for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands, except per share amounts): 2023 2022 2021 Basic net income (loss) per share Numerator: Net income (loss) $ 830,777 $ (44,166) $ 468,693 Denominator: Weighted-average common shares outstanding 106,795 106,551 106,263 Diluted net income (loss) per share Denominator: Weighted-average common shares outstanding 106,795 106,551 106,263 Effect of restricted stock and performance units 577 — 661 Weighted-average shares used in computing diluted net income (loss) per share 107,372 106,551 106,924 Net income (loss) per share: Basic $ 7.78 $ (0.41) $ 4.41 Diluted $ 7.74 $ (0.41) $ 4.38 |
Schedule of Antidilutive Securities Excluded from Computation of Net Income (Loss) per Share | The following table summarizes the potential shares of common stock that were excluded from the computation of diluted net income (loss) per share for the years ended December 31, 2023, 2022, and 2021 as such shares would have had an anti-dilutive effect (in thousands): 2023 2022 2021 Anti-dilutive shares — 576 14 |
Note_20. Accumulated Other Co_2
Note 20. Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | The following table presents the changes in accumulated other comprehensive loss, net of tax, for the year ended December 31, 2023 (in thousands): Foreign Currency Translation Adjustment Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities Unrealized (Loss) Gain on Derivative Contracts Total Balance as of December 31, 2022 $ (121,473) $ (64,780) $ (5,564) $ (191,817) Other comprehensive income (loss) before reclassifications 1,487 10,739 (977) 11,249 Amounts reclassified from accumulated other comprehensive loss 1,620 9 6,726 8,355 Net tax effect — (578) (1,340) (1,918) Net other comprehensive income 3,107 10,170 4,409 17,686 Balance as of December 31, 2023 $ (118,366) $ (54,610) $ (1,155) $ (174,131) |
Reclassification out of Accumulated Other Comprehensive Loss | The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands): Comprehensive Income Components Income Statement Line Item 2023 2022 2021 Foreign currency translation adjustment: Foreign currency translation adjustment Cost of sales $ 146 $ — $ 269 Foreign currency translation adjustment Gain on sales of businesses, net — 3,756 — Foreign currency translation adjustment Other (expense) income, net (1,766) 959 (1,203) Total foreign currency translation adjustment (1,620) 4,715 (934) Unrealized (loss) gain on marketable securities and restricted marketable securities Other (expense) income, net (9) — 11,696 Unrealized (loss) gain on derivative contracts: Foreign exchange forward contracts Cost of sales — 1,671 (1,906) Commodity swap contracts Cost of sales (6,726) (859) 3,003 Total unrealized (loss) gain on derivative contracts (6,726) 812 1,097 Total (loss) gain reclassified $ (8,355) $ 5,527 $ 11,859 |
Note 21. Segment and Geograph_2
Note 21. Segment and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [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 consolidated financial statements for the years ended December 31, 2023, 2022, and 2021 (in thousands): Year Ended December 31, 2023 Modules Other Total Net sales $ 3,296,809 $ 21,793 $ 3,318,602 Gross profit 1,277,421 23,258 1,300,679 Depreciation and amortization expense 294,843 7 294,850 Goodwill 29,687 — 29,687 Year Ended December 31, 2022 Modules Other Total Net sales $ 2,428,278 $ 191,041 $ 2,619,319 Gross profit (loss) 115,397 (45,539) 69,858 Depreciation and amortization expense 230,827 9,361 240,188 Goodwill 14,462 — 14,462 Year Ended December 31, 2021 Modules Other Total Net sales $ 2,331,380 $ 591,997 $ 2,923,377 Gross profit 472,926 257,028 729,954 Depreciation and amortization expense 219,712 12,189 231,901 Goodwill 14,462 — 14,462 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | The following table presents net sales for the years ended December 31, 2023, 2022, and 2021 by geographic region, based on the customer country of invoicing (in thousands): 2023 2022 2021 United States $ 3,187,603 $ 2,193,619 $ 2,456,597 France 68,302 67,656 121,537 Japan 6,949 46,426 207,609 Chile 9 173,279 32,050 All other foreign countries 55,739 138,339 105,584 Net sales $ 3,318,602 $ 2,619,319 $ 2,923,377 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following table presents long-lived assets, which include property, plant and equipment, lease assets, project assets, and PV solar power systems as of December 31, 2023 and 2022 by geographic region, based on the physical location of the assets (in thousands): 2023 2022 United States $ 2,734,952 $ 1,876,218 Malaysia 718,692 791,750 Vietnam 544,380 611,031 India 478,667 341,616 All other foreign countries 50,492 45,822 Long-lived assets $ 4,527,183 $ 3,666,437 |
Note 22. Concentrations of Ri_2
Note 22. Concentrations of Risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | The following customers each comprised 10% or more of our total net sales for the years ended December 31, 2023, 2022, and 2021: 2023 2022 2021 % of Net Sales % of Net Sales % of Net Sales Customer #1 10 % 10 % * Customer #2 * 14 % * Customer #3 * 10 % * Customer #4 * * 12 % Customer #5 * * 10 % —————————— * Net sales for these customers were less than 10% of our total net sales for the period. |
Note 2. Summary of Significan_4
Note 2. Summary of Significant Accounting Policies (Details) - PP&E Table | Dec. 31, 2023 |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Minimum [Member] | Manufacturing Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Furniture, Fixtures, Computer Hardware, and Computer Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Manufacturing Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Furniture, Fixtures, Computer Hardware, and Computer Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Note 2. Summary of Significan_5
Note 2. Summary of Significant Accounting Policies (Details) - Textuals | 12 Months Ended |
Dec. 31, 2023 | |
Minimum [Member] | |
Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Maximum [Member] | |
Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Standard Limited Module Workmanship Warranty Term | 12 years 6 months |
Standard Limited Module Power Output Warranty | 98% |
Standard Limited Power Output Warranty Term | 30 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 3. Business Acquisitions (
Note 3. Business Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Acquisitions, net of cash acquired | $ 35,739 | $ 0 | $ 0 | |
Evolar AB [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
Acquisitions, net of cash acquired | $ 35,500 | |||
Cash Acquired from Acquisition | 500 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 42,500 | $ 42,500 | ||
Business Combination, Contingent Consideration, Liability | 18,500 | |||
Goodwill from acquisition | 15,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 9,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,000 | |||
Evolar AB [Member] | In Process Research and Development | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 47,000 |
Note 4. Sales of Businesses (De
Note 4. Sales of Businesses (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sales of businesses, net | $ 6,883 | $ 253,511 | $ 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 | 490,800 | ¥ 66,400 | ||
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 | |||
Chilean 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 | |||
Australian O&M Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of businesses | 6,000 | |||
Gain on sales of businesses, net | 4,400 | |||
Japanese O&M Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of businesses | 4,800 | ¥ 692.7 | ||
Gain on sales of businesses, net | $ 1,400 | |||
U.S. Project Development Businesses | ||||
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 |
Note 5. Goodwill and Intangib_3
Note 5. Goodwill and Intangible Assets (Details) - Goodwill - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 29,687 | $ 14,462 | $ 14,462 |
Goodwill, period increase (decrease) | 14,952 | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 273 | 0 | |
Modules segment | |||
Goodwill [Line Items] | |||
Goodwill, gross | 423,052 | 407,827 | 407,827 |
Goodwill, accumulated impairment losses | (393,365) | (393,365) | (393,365) |
Goodwill | 29,687 | 14,462 | $ 14,462 |
Goodwill from acquisition | 14,952 | 0 | |
Goodwill impairment | 0 | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 273 | 0 | |
Goodwill impaired, foreign currency translation gain (loss) | $ 0 | $ 0 |
Note 5. Goodwill and Intangib_4
Note 5. Goodwill and Intangible Assets (Details) - Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 150,242 | $ 106,317 | |
Intangible assets, accumulated amortization | (85,731) | (75,211) | |
Intangible assets, net | 64,511 | 31,106 | |
Amortization of intangible assets | 10,500 | 10,900 | $ 10,900 |
Finite-lived intangible assets [Abstract] | |||
Finite-lived intangible assets, net | 21,352 | ||
In Process Research and Development | |||
Indefinite-lived Intangible Assets [Abstract] | |||
Indefinite-lived intangible assets | 43,159 | ||
Developed technology [Member] | |||
Intangible Assets [Line Items] | |||
Intangible assets, accumulated amortization | (78,659) | (68,650) | |
Finite-lived intangible assets [Abstract] | |||
Finite-lived intangible assets, gross | 97,645 | 97,347 | |
Finite-lived intangible assets, net | 18,986 | 28,697 | |
Patents [Member] | |||
Intangible Assets [Line Items] | |||
Intangible assets, accumulated amortization | (7,072) | (6,561) | |
Finite-lived intangible assets [Abstract] | |||
Finite-lived intangible assets, gross | 9,438 | 8,970 | |
Finite-lived intangible assets, net | $ 2,366 | $ 2,409 |
Note 5. Goodwill and Intangib_5
Note 5. Goodwill and Intangible Assets (Details) - Schedule of Estimated Annual Amortization of Intangible Assets $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Intangible Assets, Amortization Expense, Year One | $ 10,487 |
Intangible Assets, Amortization Expense, Year Two | 4,016 |
Intangible Assets, Amortization Expense, Year Three | 2,633 |
Intangible Assets, Amortization Expense, Year Four | 2,533 |
Intangible Assets, Amortization Expense, Year Five | 813 |
Intangible Assets, Amortization Expense, Thereafter | 870 |
Total amortization expense | $ 21,352 |
Note 6. Cash, Cash Equivalent_3
Note 6. Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Cash and cash equivalents | $ 1,946,994 | $ 1,481,269 | ||
Marketable securities | 155,495 | 1,096,712 | ||
Total cash, cash equivalents, and marketable securities | 2,102,489 | 2,577,981 | ||
Restricted cash - current | 8,262 | 3,175 | ||
Restricted cash - noncurrent | 3,621 | 2,734 | ||
Restricted cash equivalents - noncurrent | 6,192 | 6,284 | ||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 1,965,069 | $ 1,455,837 | 1,493,462 | $ 1,273,594 |
Marketable securities, sale proceeds | 34,900 | 5,500 | ||
Marketable securities, realized loss | (100) | |||
Marketable securities, realized gain | $ 100 | |||
Foreign debt [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Marketable securities | 34,895 | 59,777 | ||
U.S. debt [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Marketable securities | 44,089 | 56,463 | ||
Time deposits [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Marketable securities | 76,511 | 980,472 | ||
Cash [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cash and cash equivalents | 841,310 | 1,476,945 | ||
Money Market Funds [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cash and cash equivalents | $ 1,105,684 | $ 4,324 |
Note 6. Cash, Cash Equivalent_4
Note 6. Cash, Cash Equivalents, and Marketable Securities (Details) - Available For Sale - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 157,158 | $ 1,099,058 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 88 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,705 | 1,963 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 46 | 383 |
Marketable securities | 155,495 | 1,096,712 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | ||
Debt Securities, Available-for-sale, Maturities, Rolling within One Year | 141,892 | |
Debt securities, Available-for-sale, Maturities, Rolling Year One Through Two | 5,156 | |
Debt securities, Available-for-sale, Maturities, Rolling Year Two Through Three | 4,554 | |
Debt Securities, Available-for-sale, Maturities, Rolling Year Three Through Four | 0 | |
Debt Securities, Available-for-sale, Maturities, Rolling Year Four Through Five | 0 | |
Debt Securities, Available-for-sale, Maturities, Rolling Year More Than Five | 3,893 | |
Foreign debt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 35,000 | 59,940 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 91 | 140 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 14 | 23 |
Marketable securities | 34,895 | 59,777 |
U.S. debt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 45,625 | 58,308 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 88 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,614 | 1,823 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 10 | 22 |
Marketable securities | 44,089 | 56,463 |
Time deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 76,533 | 980,810 |
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 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 22 | 338 |
Marketable securities | $ 76,511 | $ 980,472 |
Note 7. Restricted marketable_3
Note 7. Restricted marketable securities (Details) - Restricted marketable securities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | $ 198,310 | $ 182,070 | |
Product minimum service life | 25 years | ||
Gains on sale of restricted marketable securities | $ (9) | 0 | $ 11,696 |
Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 198,310 | 182,070 | |
Proceeds from sale of restricted marketable securities | 258,900 | ||
Gains on sale 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 and cash equivalents - noncurrent | 6,200 | 6,700 | |
Foreign government obligations [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 51,229 | 46,886 | |
Supranational Debt [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 15,339 | 8,661 | |
U.S. debt [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | 113,326 | 109,328 | |
U.S. government obligations [Member] | Restricted Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Restricted marketable securities | $ 18,416 | $ 17,195 |
Note 7. Restricted Marketable_4
Note 7. Restricted Marketable Securities (Details) - Available For Sale - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 157,158 | $ 1,099,058 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 88 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,705 | 1,963 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 46 | 383 |
Restricted marketable securities | 198,310 | 182,070 |
Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 253,834 | 247,993 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 55,480 | 65,881 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 44 | 42 |
Restricted marketable securities | $ 198,310 | 182,070 |
Minimum [Member] | Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities of available-for-sale marketable securities, range start (in years) | 7 years | |
Maximum [Member] | Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities of available-for-sale marketable securities, range end (in years) | 16 years | |
Foreign government obligations [Member] | Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 65,202 | 64,008 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 13,963 | 17,112 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 10 | 10 |
Restricted marketable securities | 51,229 | 46,886 |
Supranational Debt [Member] | Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 17,688 | 11,146 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,349 | 2,485 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Restricted marketable securities | 15,339 | 8,661 |
U.S. debt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 45,625 | 58,308 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 88 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,614 | 1,823 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 10 | 22 |
U.S. debt [Member] | Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 146,484 | 148,288 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 33,129 | 38,932 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 29 | 28 |
Restricted marketable securities | 113,326 | 109,328 |
U.S. government obligations [Member] | Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 24,460 | 24,551 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6,039 | 7,352 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 5 | 4 |
Restricted marketable securities | $ 18,416 | $ 17,195 |
Note 8. Consolidated Balance _3
Note 8. Consolidated Balance Sheet Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable trade | |||
Accounts receivable trade, gross | $ 662,390 | $ 325,379 | |
Accounts receivable trade, Allowance for credit losses | (1,614) | (1,042) | |
Accounts receivable trade, net | 660,776 | 324,337 | |
Inventories | |||
Raw materials | 478,138 | 397,912 | |
Work in process | 78,463 | 66,641 | |
Finished goods | 530,197 | 417,218 | |
Inventories | 1,086,798 | 881,771 | |
Inventories - current | 819,899 | 621,376 | |
Inventories - noncurrent | 266,899 | 260,395 | |
Other current assets | |||
Spare maintenance materials and parts | 148,218 | 114,428 | |
Indirect tax receivables | 65,301 | 5,274 | |
Prepaid expenses | 62,480 | 43,262 | |
Operating supplies | 43,995 | 47,492 | |
Insurance receivable for accrued litigation | 21,800 | 0 | |
Restricted cash | 8,262 | 3,175 | |
Prepaid income taxes | 7,064 | 8,314 | |
Derivative instruments | 1,778 | 2,018 | |
Other | 33,002 | 43,764 | |
Other current assets | 391,900 | 267,727 | |
Property, plant and equipment, net | |||
Property, plant and equipment, gross | 6,091,401 | 4,999,674 | |
Accumulated depreciation | (1,694,116) | (1,462,772) | |
Property, plant and equipment, net | 4,397,285 | 3,536,902 | |
Other assets | |||
Advance payments for raw materials | 204,370 | 91,260 | |
Lease assets | 101,468 | 93,185 | |
Income tax receivables | 68,591 | 56,993 | |
Project assets | 28,430 | 30,108 | |
Prepaid expense | 23,954 | 11,714 | |
Restricted cash equivalents - noncurrent | 6,192 | 6,284 | |
Restricted cash - noncurrent | 3,621 | 2,734 | |
Other | 41,978 | 63,914 | |
Other assets | 478,604 | 356,192 | |
PV solar power systems, net | 6,200 | ||
Impairments loss | 1,568 | 63,338 | $ 22,876 |
Accrued expenses | |||
Accrued property, plant, and equipment | 210,233 | 148,777 | |
Accrued inventory | 101,161 | 44,679 | |
Accrued freight | 58,494 | 77,136 | |
Accrued compensation and benefits | 55,960 | 47,939 | |
Accrued other taxes | 26,781 | 19,765 | |
Accrued interest | 11,011 | 2,920 | |
Product warranty liability | 5,920 | 10,660 | |
Other | 55,269 | 30,906 | |
Accrued expenses | 524,829 | 382,782 | |
Other current liabilities | |||
Accrued litigation | 21,800 | 0 | |
Lease liabilities, current | 10,358 | 9,193 | |
Contingent consideration, current | 7,500 | 0 | |
Derivative instruments | 1,744 | 6,668 | |
Other | 798 | 5,384 | |
Other current liabilities | 42,200 | 21,245 | |
Other liabilities | |||
Lease liabilities, noncurrent | 53,725 | 40,589 | |
Deferred income tax liabilities, net | 42,771 | 28,929 | |
Other taxes payable | 39,431 | 13,284 | |
Product warranty liability | 19,571 | 23,127 | |
Contingent Consideration, Noncurrent | 11,000 | 0 | |
Other | 14,212 | 14,008 | |
Other liabilities | 180,710 | 119,937 | |
Luz del Norte PV solar power plant | |||
Other assets | |||
Impairments loss | 57,800 | ||
Property, plant and equipment [Member] | |||
Property, plant and equipment, net | |||
Depreciation | 310,000 | 244,900 | $ 233,200 |
Land [Member] | |||
Property, plant and equipment, net | |||
Property, plant and equipment, gross | 35,364 | 35,259 | |
Building and improvements [Member] | |||
Property, plant and equipment, net | |||
Property, plant and equipment, gross | 1,037,421 | 893,049 | |
Machinery and equipment [Member] | |||
Property, plant and equipment, net | |||
Property, plant and equipment, gross | 3,593,347 | 2,762,801 | |
Office equipment and furniture [Member] | |||
Property, plant and equipment, net | |||
Property, plant and equipment, gross | 161,187 | 146,467 | |
Leasehold improvements [Member] | |||
Property, plant and equipment, net | |||
Property, plant and equipment, gross | 40,084 | 40,160 | |
Construction in progress [Member] | |||
Property, plant and equipment, net | |||
Property, plant and equipment, gross | $ 1,223,998 | $ 1,121,938 |
Note 9. Government Grants (Deta
Note 9. Government Grants (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Government Assistance [Line Items] | |||||
Government assistance, gross amount prior to transfer | $ 687,200 | ||||
Aggregate transaction price for sale of Section 45X tax credits | 659,700 | ||||
Cash proceeds received from sale of Section 45X tax credits | $ 336,000 | ||||
Loss from sale of Section 45X tax credits | $ 27,500 | ||||
Tax Credit Pursuant to Section 45X of the Internal Revenue Code [Member] | |||||
Government Assistance [Line Items] | |||||
Government Grants, Amount, Consolidated Statements of Operations | $ 659,745 | $ 0 | $ 0 | ||
Government Grants, Consolidated Statements of Operations [Extensible Enumeration] | Cost of sales | Cost of sales | Cost of sales | ||
Property, plant and equipment [Member] | |||||
Government Assistance [Line Items] | |||||
Government Grants, Amount, Noncurrent, Consolidated Balance Sheet | $ 146,348 | $ 146,348 | $ 0 | ||
Government Grants, Noncurrent, Consolidated Balance Sheet [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net | Property, plant and equipment, net | ||
Other Assets [Member] | |||||
Government Assistance [Line Items] | |||||
Government Grants, Amount, Noncurrent, Consolidated Balance Sheet | $ 5,860 | $ 5,860 | $ 0 | ||
Government Grants, Noncurrent, Consolidated Balance Sheet [Extensible Enumeration] | Other assets | Other assets | Other assets |
Note 10. Derivative Financial_3
Note 10. Derivative Financial Instruments (Details) - Summary - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1,778 | $ 2,018 |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,778 | 2,018 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 17 | |
Other Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 17 | |
Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,744) | (6,668) |
Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 344 | 4,447 |
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,400 | 2,221 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (144) | |
Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 144 | |
Other Noncurrent Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Commodity swap contracts [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Commodity swap contracts [Member] | Other Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 17 | |
Commodity swap contracts [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 344 | 4,447 |
Commodity swap contracts [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 144 | |
Foreign exchange forward contracts [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,778 | 2,018 |
Foreign exchange forward contracts [Member] | Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
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 | $ 1,400 | 2,221 |
Foreign exchange forward contracts [Member] | Other Noncurrent Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 |
Note 10. Derivative Financial_4
Note 10. Derivative Financial Instruments (Details) - Hedging Relationship - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Balance in accumulated other comprehensive income (loss) | $ (1,493) | $ (7,242) | $ 1,126 | $ (2,172) |
Amounts recognized in other comprehensive income (loss) | (977) | (7,556) | 4,395 | |
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ 6,726 | $ (812) | $ (1,097) | |
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 | Cost of sales | |
Not Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | Cost of sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 583 | $ 57 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales | Cost of sales | |
Not Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | Foreign currency loss, net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (8,406) | $ 75,421 | $ 15,053 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign currency loss, net | Foreign currency loss, net | Foreign currency loss, net | |
Not Designated as Hedging Instrument [Member] | Interest rate swap contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ (315) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Balance in accumulated other comprehensive income (loss) | $ 0 | $ 0 | $ 1,126 | (3,644) |
Amounts recognized in other comprehensive income (loss) | 0 | 545 | 2,864 | |
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ 0 | $ (1,671) | $ 1,906 | |
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 | Cost of sales | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange forward contracts [Member] | Cost of sales [Member] | Maximum [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments, gain (loss) recognized in income, amount excluded from effectiveness testing, net | $ (100) | $ (100) | ||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity swap contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Balance in accumulated other comprehensive income (loss) | $ (1,493) | (7,242) | 0 | $ 1,472 |
Amounts recognized in other comprehensive income (loss) | (977) | (8,101) | 1,531 | |
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ 6,726 | $ 859 | $ (3,003) | |
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 | Cost of sales |
Note 10. Derivative Financial_5
Note 10. Derivative Financial Instruments (Details) - Risk Management - Commodity swap contracts [Member] - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Jul. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 70.5 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (1.5) |
Note 10. Derivative Financial_6
Note 10. Derivative Financial Instruments (Details) - Transaction Exposure - Foreign exchange forward contracts [Member] - Not Designated as Hedging Instrument [Member] € in Millions, ₨ in Millions, ¥ in Millions, RM in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||||||||||||||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CLP ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 INR (₨) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 MYR (RM) | Dec. 31, 2023 MXN ($) | Dec. 31, 2023 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 INR (₨) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 SGD ($) | |
Canada, Dollars | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, Currency Sold | Canadian dollar | Canadian dollar | ||||||||||||||||
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 | |||||||||||||||||
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] | Euro Member Countries, Euro | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 108.7 | € 98.3 | $ 170.5 | € 160.2 | ||||||||||||||
Long [Member] | Japan, Yen | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 7.5 | ¥ 1,053.6 | 22.4 | ¥ 2,982.7 | ||||||||||||||
Long [Member] | Malaysia, Ringgits | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 35 | RM 160.7 | 22.6 | RM 99.8 | ||||||||||||||
Long [Member] | Singapore, Dollars | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 4.9 | $ 6.5 | 1 | $ 1.4 | ||||||||||||||
Short [Member] | Canada, Dollars | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 4.2 | $ 4.2 | 3.2 | 3.1 | ||||||||||||||
Short [Member] | Chile, Pesos | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 1.6 | $ 1,372.6 | 7 | $ 5,996.5 | ||||||||||||||
Short [Member] | Euro Member Countries, Euro | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 15.6 | € 14.1 | 40.9 | € 38.4 | ||||||||||||||
Short [Member] | India, Rupees | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 756.9 | ₨ 62,967.4 | 327.4 | ₨ 27,119.5 | ||||||||||||||
Short [Member] | Japan, Yen | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 5 | ¥ 705.2 | 67.1 | ¥ 8,950.3 | ||||||||||||||
Short [Member] | Malaysia, Ringgits | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | 3.1 | RM 13.7 | ||||||||||||||||
Short [Member] | Mexico, Pesos | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 2 | $ 34.6 | $ 1.8 | $ 34.6 |
Note 11. Leases (Details)
Note 11. Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Finance lease, amortization of right-of-use assets | $ 14 | $ 0 |
Finance lease, interest on lease liabilities | 51 | 0 |
Operating lease cost | 12,090 | 14,634 |
Variable lease cost | 3,421 | 2,517 |
Short-term lease cost | 472 | 339 |
Total lease cost | 16,048 | 17,490 |
Payments of amounts included in the measurement of operating lease liabilities | 11,815 | 15,359 |
Lease assets obtained in exchange for operating lease liabilities | 7,163 | 4,394 |
Lease assets obtained in exchange for finance lease liabilities | 17,063 | 0 |
Operating lease assets | 84,419 | 93,185 |
Operating lease liabilities - current | 10,307 | 9,193 |
Operating lease liabilities - noncurrent | $ 36,662 | $ 40,589 |
Operating lease, Weighted-average remaining lease term | 5 years | 6 years |
Operating lease, Weighted-average discount rate | 5.20% | 5.10% |
Finance lease assets | $ 17,049 | |
Finance lease liabilities - current | 51 | |
Finance lease liabilities - noncurrent | $ 17,063 | |
Finance lease, Weighted-average remaining lease term | 40 years | |
Finance lease, Weighted-average discount rate | 5.40% | |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
Operating Lease, Liability, to be Paid, Year One | $ 12,251 | |
Operating Lease, Liability, to be Paid, Year Two | 11,476 | |
Operating Lease, Liability, to be Paid, Year Three | 9,916 | |
Operating Lease, Liability, to be Paid, Year Four | 7,346 | |
Operating Lease, Liability, to be Paid, Year Five | 6,978 | |
Operating Lease, Liability, to be Paid, after Year Five | 5,315 | |
Operating lease liabilities, total future payments | 53,282 | |
Less: interest on operating lease liablities | (6,313) | |
Total operating lease liabilities | 46,969 | |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Finance Lease, Liability, to be Paid, Year One | 158 | |
Finance Lease, Liability, to be Paid, Year Two | 196 | |
Finance Lease, Liability, to be Paid, Year Three | 1,014 | |
Finance Lease, Liability, to be Paid, Year Four | 1,014 | |
Finance Lease, Liability, to be Paid, Year Five | 1,016 | |
Finance Lease, Liability, to be Paid, after Year Five | 43,266 | |
Finance lease liabilities, total future payments | 46,664 | |
Finance Lease, Liability, Undiscounted Excess Amount | (29,550) | |
Total finance lease liabilities | $ 17,114 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Note 12. Fair Value Measureme_3
Note 12. Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Marketable securities | $ 155,495 | $ 1,096,712 |
Restricted marketable securities | 198,310 | 182,070 |
Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 34,895 | 59,777 |
U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 44,089 | 56,463 |
Time deposits [Member] | ||
Assets: | ||
Marketable securities | 76,511 | 980,472 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents, Money market funds | 1,105,684 | 4,324 |
Restricted cash equivalents, Money market funds | 6,192 | 6,284 |
Restricted marketable securities | 198,310 | 182,070 |
Derivative assets | 1,778 | 2,035 |
Total assets | 1,467,459 | 1,291,425 |
Liabilities: | ||
Derivative liabilities | 1,744 | 6,812 |
Fair Value, Measurements, Recurring [Member] | Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 34,895 | 59,777 |
Fair Value, Measurements, Recurring [Member] | U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 44,089 | 56,463 |
Fair Value, Measurements, Recurring [Member] | Time deposits [Member] | ||
Assets: | ||
Marketable securities | 76,511 | 980,472 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash equivalents, Money market funds | 1,105,684 | 4,324 |
Restricted cash equivalents, Money market funds | 6,192 | 6,284 |
Restricted marketable securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 1,188,387 | 991,080 |
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 | 76,511 | 980,472 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash equivalents, Money market funds | 0 | 0 |
Restricted cash equivalents, Money market funds | 0 | 0 |
Restricted marketable securities | 198,310 | 182,070 |
Derivative assets | 1,778 | 2,035 |
Total assets | 279,072 | 300,345 |
Liabilities: | ||
Derivative liabilities | 1,744 | 6,812 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign debt [Member] | ||
Assets: | ||
Marketable securities | 34,895 | 59,777 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. debt [Member] | ||
Assets: | ||
Marketable securities | 44,089 | 56,463 |
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 3 [Member] | ||
Assets: | ||
Cash equivalents, Money market funds | 0 | 0 |
Restricted cash equivalents, Money market funds | 0 | 0 |
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 |
Note 12. Fair Value Measureme_4
Note 12. Fair Value Measurements (Details) - Balance Sheet Grouping - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Government grants receivable - noncurrent | $ 152,208 | $ 0 |
Carrying Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Government grants receivable - noncurrent | 152,208 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | 500,000 | 185,000 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Government grants receivable - noncurrent | 107,111 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | $ 453,015 | $ 160,986 |
Note 13. Debt (Details)
Note 13. Debt (Details) $ in Thousands, ₨ in Billions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 INR (₨) | Jul. 27, 2022 USD ($) | |
Long-term Debt [Abstract] | ||||||
Total debt principal | $ 560,827 | $ 185,000 | ||||
Less: unamortized discount and issuance costs | (521) | (651) | ||||
Total debt | 560,306 | 184,349 | ||||
Current portion of debt | 96,238 | 0 | ||||
Noncurrent portion of debt | 464,068 | 184,349 | ||||
Interest Paid | 15,000 | 11,600 | $ 12,700 | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Total Debt, Maturity, Year One | 96,277 | |||||
Total Debt, Maturity, Year Two | 90,900 | |||||
Total Debt, Maturity, Year Three | 90,900 | |||||
Total Debt, Maturity, Year Four | 90,950 | |||||
Total Debt, Maturity, Year Five | 91,000 | |||||
Total Debt, Maturity, after Year Five | 100,800 | |||||
Total debt future principal payments | $ 560,827 | 185,000 | ||||
Revolving Credit Facility | ||||||
Long-term Debt [Abstract] | ||||||
Debt Instrument, Currency | USD | |||||
Revolving credit facility | $ 0 | 0 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | |||||
Debt Instrument, Description of Variable Rate Basis | Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at our option, (i) the Term Secured Overnight Financing Rate (“Term SOFR”), plus a credit spread of 0.10%, plus a margin that ranges from 1.25% to 2.25% or (ii) an alternate base rate as defined in the credit agreement, plus a margin that ranges from 0.25% to 1.25% | |||||
Revolving Credit Facility | Minimum [Member] | ||||||
Long-term Debt [Abstract] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |||||
Revolving Credit Facility | Maximum [Member] | ||||||
Long-term Debt [Abstract] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||
India Credit Facility | ||||||
Long-term Debt [Abstract] | ||||||
Debt Instrument, Currency | USD | |||||
Long-term debt, gross | $ 500,000 | 185,000 | ||||
India Credit Facility | DFC | ||||||
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% | |||||
Debt Instrument, Effective Interest Rate | 5.72% | |||||
India Credit Facility | DFC | FS India Solar Ventures Private Limited | ||||||
Long-term Debt [Abstract] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | |||||
India Working Capital Facility | ||||||
Long-term Debt [Abstract] | ||||||
Debt Instrument, Currency | INR | |||||
Short-Term Debt | $ 60,827 | $ 0 | ||||
India Working Capital Facility | JPMorgan Chase Bank, N.A | ||||||
Long-term Debt [Abstract] | ||||||
Debt Instrument, Description of Variable Rate Basis | India Treasury bill rate plus 2% | |||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||
Debt Instrument, Effective Interest Rate | 8.87% | |||||
India Working Capital Facility | JPMorgan Chase Bank, N.A | FS India Solar Ventures Private Limited | ||||||
Long-term Debt [Abstract] | ||||||
Short-Term Debt | $ 60,800 | ₨ 5.1 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 74,800 | ₨ 6.2 |
Note 14. Commitments and Cont_3
Note 14. Commitments and Contingencies (Details) - Commercial Commitments $ in Millions | Dec. 31, 2023 USD ($) |
Bilateral Facilities [Member] | |
Debt Instrument [Line Items] | |
Letters of Credit Outstanding, Amount | $ 188.8 |
Letters of Credit, Remaining Borrowing Capacity | 116.3 |
Letters of Credit Outstanding, Secured by Cash | 9.3 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Letters of Credit Outstanding, Amount | 0 |
Letters of Credit, Remaining Borrowing Capacity | 250 |
Line of Credit Facility, Letter of Credit Sub-Limit | 250 |
Surety Bond | |
Debt Instrument [Line Items] | |
Surety Bonds Outstanding, Amount | 21.6 |
Surety Bond Capacity, Remaining Borrowing Capacity | $ 232 |
Note 14. Commitments and Cont_4
Note 14. Commitments and Contingencies (Details) - Product Warranties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Product warranty liability, beginning of period | $ 33,787 | $ 52,553 | $ 95,096 |
Accruals for new warranties issued | 5,416 | 4,727 | 9,266 |
Settlements | (6,058) | (12,690) | (12,337) |
Changes in estimate of product warranty liability | (7,654) | (10,803) | (39,472) |
Product warranty liability, end of period | 25,491 | 33,787 | 52,553 |
Current portion of warranty liability | 5,920 | 10,660 | 13,598 |
Noncurrent portion of warranty liability | 19,571 | 23,127 | 38,955 |
Standard Product Warranty Accrual, Period Increase (Decrease) | $ (5,400) | $ (10,200) | $ (33,100) |
Note 14. Commitments and Cont_5
Note 14. Commitments and Contingencies (Details) - Contingent Consideration - USD ($) $ in Thousands | Dec. 31, 2023 | May 31, 2023 | Dec. 31, 2022 |
Business Acquisition, Contingent Consideration [Line Items] | |||
Contingent consideration, current | $ 7,500 | $ 0 | |
Contingent Consideration, Noncurrent | 11,000 | $ 0 | |
Evolar AB [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 42,500 | $ 42,500 | |
Contingent consideration, current | 7,500 | ||
Contingent Consideration, Noncurrent | $ 11,000 |
Note 14. Commitments and Cont_6
Note 14. Commitments and Contingencies (Details) - Solar Module Collection and Recycling Liability - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | 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 | $ 135,123 | 128,114 | |
Solar module collection and recycling expense, accretion expense | $ 5,500 | $ 5,500 | $ 5,400 |
Note 14. Commitments and Cont_7
Note 14. Commitments and Contingencies (Details) - Legal Proceedings - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Estimated Litigation Liability [Line Items] | |||||
Litigation loss | $ 35,590 | $ 0 | $ 0 | ||
Accrued litigation | 21,800 | 0 | |||
Insurance receivable for accrued litigation | 21,800 | $ 0 | |||
Southern Power Company Arbitration | |||||
Estimated Litigation Liability [Line Items] | |||||
Litigation loss | 35,600 | ||||
Other Matters and Claims - Workplace Injury | |||||
Estimated Litigation Liability [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 21,800 | $ 51,300 | |||
Accrued litigation | 21,800 | ||||
Insurance receivable for accrued litigation | $ 21,800 |
Note 15. Revenue from Contrac_3
Note 15. Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contracts with Customers [Line Items] | |||
Net sales | $ 3,318,602 | $ 2,619,319 | $ 2,923,377 |
Increase in revenue from net changes in transaction price | $ 12,300 | $ 1,500 | $ 71,300 |
Net change in estimate as a percentage of aggregate revenue | 3.10% | 0.90% | 2.10% |
Indemnification liabilities, adjustment to revenue | $ 65,100 | ||
Deferred revenue | $ 2,005,183 | $ 1,207,940 | |
Contract liability, net change | $ 797,243 | ||
Contract liability, percent change | 66% | ||
Sales revenue net, from beginning contract liability | $ 432,700 | 279,100 | |
Solar Modules [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Net sales | 3,296,809 | 2,428,278 | 2,331,380 |
Remaining performance obligation, aggregate transaction price | 23,300,000 | ||
Solar Power Systems [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Net sales | 19,951 | 153,290 | 513,362 |
O&M Services [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Net sales | 1,861 | 11,995 | 43,060 |
Energy Generation [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Net sales | (19) | 25,756 | 37,614 |
EPC Services [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Net sales | $ 0 | $ 0 | $ (2,039) |
Note 16. Stockholders' Equity_2
Note 16. Stockholders' Equity (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Stock Disclosures [Abstract] | ||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Issued | 106,847,475 | 106,609,094 |
Common Stock, Shares Outstanding | 106,847,475 | 106,609,094 |
Note 17. Share-Based Compensa_3
Note 17. Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 34,219 | $ 28,656 | $ 20,902 |
Share-based compensation expense, income tax benefit | 19,300 | 7,300 | 7,500 |
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 | $ 36,300 | ||
Share-based compensation expense, unrecognized, unvested weighted average period of recognition (in years) | 1 year 4 months 24 days | ||
Vested, unrestricted shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 2,100 | 1,900 | 1,800 |
Cost of sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 4,798 | 3,174 | 892 |
Selling, general and administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 25,217 | 22,367 | 19,578 |
Research and development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 4,133 | 3,080 | 432 |
Production start-up [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 71 | $ 35 | $ 0 |
Note 17. Share-Based Compensa_4
Note 17. Share-Based Compensation (Details) - RSUs & PUs - Restricted stock and performance units [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested restricted stock units at beginning of period (shares) | 1,310,887 | ||
Unvested restricted stock units at beginning of period (weighted average grant-date fair value) | $ 69.51 | ||
Restricted stock units granted (shares) | 185,155 | ||
Restricted stock units granted (weighted average grant-date fair value) | $ 210.45 | $ 89.21 | $ 78.86 |
Restricted stock units vested (shares) | (381,945) | ||
Restricted stock units vested (weighted average grant-date fair value) | $ 52.44 | ||
Restricted stock units forfeited (shares) | (153,649) | ||
Restricted stock units forfeited (weighted average grant-date fair value) | $ 52.11 | ||
Unvested restricted stock units at end of period (shares) | 960,448 | 1,310,887 | |
Unvested restricted stock units at end of period (weighted average grant-date fair value) | $ 106.25 | $ 69.51 | |
Fair value of vested, restricted stock units | $ 20 | $ 26.4 | $ 27.8 |
2020 Omnibus Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,581,106 |
Note 17. Share-Based Compensa_5
Note 17. Share-Based Compensation (Details) - Stock Awards - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 34,219 | $ 28,656 | $ 20,902 |
Vested, unrestricted shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock units granted (shares) | 11,246 | 19,868 | 19,513 |
Share-based compensation expense | $ 2,100 | $ 1,900 | $ 1,800 |
Note 18. Income Taxes (Details)
Note 18. Income Taxes (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 48 Months Ended | 108 Months Ended | |||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2036 | Dec. 31, 2032 | Dec. 31, 2020 | |
Components of Income Tax Expense (Benefit) [Abstract] | |||||||
Corporate Alternative Minimum Tax, Inflation Reduction Act, Percent | 15% | ||||||
Excise Tax on Stock Buybacks, Inflation Reduction Act, Percent | 1% | ||||||
Income (loss) before Taxes and Equity in Earnings [Abstract] | |||||||
U.S. income (loss) | $ 787,598 | $ (17,652) | $ 315,297 | ||||
Non-U.S. income | 103,692 | 26,250 | 256,865 | ||||
Income before taxes | 891,290 | 8,598 | 572,162 | ||||
Current Expense (Benefit) [Abstract] | |||||||
Federal | 44,693 | 8,434 | 9,531 | ||||
State | 8,285 | 399 | 3,469 | ||||
Foreign | 20,767 | 49,984 | 10,109 | ||||
Total current expense | 73,745 | 58,817 | 23,109 | ||||
Deferred (Benefit) Expense [Abstract] | |||||||
Federal | (23,390) | (13,928) | 58,510 | ||||
State | (1,413) | (700) | 3,775 | ||||
Foreign | 11,571 | 8,575 | 18,075 | ||||
Total deferred (benefit) expense | (13,232) | (6,053) | 80,360 | ||||
Income tax expense | 60,513 | 52,764 | 103,469 | ||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||||
Statutory income tax expense ($) | $ 187,171 | $ 1,806 | $ 120,154 | ||||
Statutory income tax expense (%) | 21% | 21% | 21% | ||||
Non-deductible expenses ($) | $ 20,283 | $ 10,776 | $ 3,955 | ||||
Non-deductible expenses (%) | 2.30% | 125.30% | 0.70% | ||||
Changes in valuation allowance ($) | $ 10,873 | $ 22,239 | $ 2,603 | ||||
Changes in valuation allowance (%) | 1.20% | 258.60% | 0.50% | ||||
Foreign dividend income ($) | $ 9,115 | $ 2,857 | $ 2,611 | ||||
Foreign dividend income (%) | 1% | 33.20% | 0.50% | ||||
State tax, net of federal benefit ($) | $ 5,468 | $ 700 | $ 4,757 | ||||
State tax, net of federal benefit (%) | 0.60% | 8.10% | 0.80% | ||||
Foreign tax rate differential ($) | $ 1,018 | $ (4,227) | $ 4,632 | ||||
Foreign tax rate differential (%) | 0.10% | (49.10%) | 0.80% | ||||
Change in tax contingency ($) | $ 9 | $ 4,326 | $ 2,198 | ||||
Change in tax contingency (%) | 0% | 50.30% | 0.40% | ||||
Return to provision adjustments ($) | $ (3,972) | $ (1,767) | $ (4,932) | ||||
Return to provision adjustments (%) | (0.40%) | (20.50%) | (0.90%) | ||||
Tax credits ($) | $ (9,337) | $ (12,654) | $ (3,395) | ||||
Tax credits (%) | (1.00%) | (147.20%) | (0.60%) | ||||
Effect of tax holiday ($) | $ (11,501) | $ 27,424 | $ (32,339) | ||||
Effect of tax holiday (%) | (1.30%) | 318.90% | (5.70%) | ||||
Share-based compensation ($) | $ (11,955) | $ (1,017) | $ (2,991) | ||||
Share-based compensation (%) | (1.40%) | (11.80%) | (0.50%) | ||||
Section 45X production credit ($) | $ (138,546) | $ 0 | $ 0 | ||||
Section 45X production credit (%) | (15.50%) | 0% | 0% | ||||
Other ($) | $ 1,887 | $ 2,301 | $ 6,216 | ||||
Other (%) | 0.20% | 26.90% | 1.10% | ||||
Reported income tax expense | $ 60,513 | $ 52,764 | $ 103,469 | ||||
Reported income tax expense (%) | 6.80% | 613.70% | 18.10% | ||||
Tax payments, net | $ 90,900 | $ 38,200 | |||||
Tax refunds, net | $ 3,900 | ||||||
Deferred tax assets [Abstract] | |||||||
Long-term contracts | 211,974 | 23,531 | |||||
Net operating losses | 119,822 | 122,950 | |||||
Capitalized research and development | 53,146 | 32,932 | |||||
Inventory | 30,787 | 1,490 | |||||
Accrued expenses | 29,503 | 28,226 | |||||
Compensation | 16,451 | 13,167 | |||||
Tax credits | 14,800 | 103,260 | |||||
Equity in earnings | 4,464 | 4,172 | |||||
Deferred expenses | 1,590 | 1,735 | |||||
Other | 28,908 | 23,827 | |||||
Deferred tax assets, gross | 511,445 | 355,290 | |||||
Valuation allowance | (149,424) | (135,763) | $ (123,917) | $ (127,711) | |||
Deferred tax assets, net of valuation allowance | 362,021 | 219,527 | |||||
Deferred tax liabilities [Abstract] | |||||||
Property, plant and equipment | (234,394) | (150,477) | |||||
Investment in foreign subsidiaries | (6,034) | (5,689) | |||||
Acquisition accounting / basis difference | (3,964) | (4,065) | |||||
Restricted marketable securities and derivatives | (2,087) | 0 | |||||
Capitalized interest | (1,294) | (1,331) | |||||
Other | (14,200) | (8,214) | |||||
Deferred tax liabilities | (261,973) | (169,776) | |||||
Net deferred tax assets | $ 100,048 | $ 49,751 | |||||
Forecast | |||||||
Deferred (Benefit) Expense [Abstract] | |||||||
Vietnam long-term tax incentive tax rate | 10% | 5% |
Note 18. Income Taxes (Detail_2
Note 18. Income Taxes (Details) - Valuation Allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation Of Valuation Allowance [Roll Forward] | |||
Valuation allowance, beginning of year | $ 135,763 | $ 123,917 | $ 127,711 |
Additions | 15,109 | 58,922 | 8,976 |
Reversals | (1,448) | (47,076) | (12,770) |
Valuation allowance, end of year | 149,424 | 135,763 | $ 123,917 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 13,700 | ||
Federal Net Operating Loss Deduction Limit, Percent | 80% | ||
Domestic Tax Authority [Member] | |||
Reconciliation Of Valuation Allowance [Roll Forward] | |||
Operating Loss Carryforwards | $ 7,600 | 9,000 | |
State and Local Jurisdiction [Member] | |||
Reconciliation Of Valuation Allowance [Roll Forward] | |||
Operating Loss Carryforwards | 74,100 | $ 423,300 | |
Foreign Tax Credit Carryforward [Member] | |||
Reconciliation Of Valuation Allowance [Roll Forward] | |||
Tax Credit Carryforward, Amount | $ 13,900 |
Note 18. Income Taxes (Detail_3
Note 18. Income Taxes (Details) - Uncertainties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of year | $ 14,493 | $ 7,811 | $ 5,370 |
Increases related to prior year tax positions | 2,516 | 4,569 | 0 |
Decreases related to prior year tax positions | (437) | 0 | (44) |
Decreases from lapse in statute of limitations | 0 | (361) | (492) |
Decreases relating to settlements with authorities | (2,122) | 0 | 0 |
Increases related to current tax positions | 2,273 | 2,474 | 2,977 |
Unrecognized tax benefits, end of year | 16,723 | 14,493 | 7,811 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 400 | $ 300 | $ 300 |
Vietnam | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Open Tax Years | 2013 - 2022 | ||
United States | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Open Tax Years | 2016 - 2022 | ||
India | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Open Tax Years | 2017 - 2022 | ||
Singapore | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Open Tax Years | 2018 - 2022 | ||
Malaysia | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Open Tax Years | 2019 - 2022 |
Note 19. Net Income (Loss) pe_3
Note 19. Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 830,777 | $ (44,166) | $ 468,693 |
Weighted-average common shares outstanding | 106,795 | 106,551 | 106,263 |
Effect of restricted stock and performance units | 577 | 0 | 661 |
Weighted-average shares used in computing diluted net income (loss) per share | 107,372 | 106,551 | 106,924 |
Net income (loss) per share, basic | $ 7.78 | $ (0.41) | $ 4.41 |
Net income (loss) per share, diluted | $ 7.74 | $ (0.41) | $ 4.38 |
Anti-dilutive shares | 0 | 576 | 14 |
Note_20. Accumulated Other Co_3
Note 20. Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning balance | $ 5,836,055 | $ 5,959,551 | $ 5,520,928 |
Amounts reclassified from accumulated other comprehensive loss | 8,355 | (5,527) | (11,859) |
Net other comprehensive income | 17,686 | (95,455) | (34,636) |
Stockholders' equity, ending balance | 6,687,469 | 5,836,055 | 5,959,551 |
Cost of sales | 2,017,923 | 2,549,461 | 2,193,423 |
Gain on sales of businesses, net | 6,883 | 253,511 | 147,284 |
Other (expense) income, net | (29,145) | 31,189 | 314 |
Total (loss) gain reclassified | (8,355) | 5,527 | 11,859 |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning balance | (121,473) | ||
Other comprehensive income (loss) before reclassifications | 1,487 | ||
Amounts reclassified from accumulated other comprehensive loss | 1,620 | ||
Net tax effect | 0 | ||
Net other comprehensive income | 3,107 | ||
Stockholders' equity, ending balance | (118,366) | (121,473) | |
Total (loss) gain reclassified | (1,620) | ||
Foreign Currency Translation Adjustment [Member] | Reclassification from Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | 146 | 0 | 269 |
Gain on sales of businesses, net | 0 | 3,756 | 0 |
Other (expense) income, net | (1,766) | 959 | (1,203) |
Total amount reclassified | (1,620) | 4,715 | (934) |
Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning balance | (64,780) | ||
Other comprehensive income (loss) before reclassifications | 10,739 | ||
Amounts reclassified from accumulated other comprehensive loss | 9 | ||
Net tax effect | (578) | ||
Net other comprehensive income | 10,170 | ||
Stockholders' equity, ending balance | (54,610) | (64,780) | |
Total (loss) gain reclassified | (9) | ||
Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities [Member] | Reclassification from Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other (expense) income, net | (9) | 0 | 11,696 |
Unrealized (Loss) Gain on Derivative Contracts [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning balance | (5,564) | ||
Other comprehensive income (loss) before reclassifications | (977) | ||
Amounts reclassified from accumulated other comprehensive loss | 6,726 | ||
Net tax effect | (1,340) | ||
Net other comprehensive income | 4,409 | ||
Stockholders' equity, ending balance | (1,155) | (5,564) | |
Total (loss) gain reclassified | (6,726) | ||
Unrealized (Loss) Gain on Derivative Contracts [Member] | Reclassification from Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total amount reclassified | (6,726) | 812 | 1,097 |
Unrealized (Loss) Gain on Derivative Contracts [Member] | Reclassification from Accumulated Other Comprehensive Loss [Member] | Foreign exchange forward contracts [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | 0 | 1,671 | (1,906) |
Unrealized (Loss) Gain on Derivative Contracts [Member] | Reclassification from Accumulated Other Comprehensive Loss [Member] | Commodity swap contracts [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | (6,726) | (859) | 3,003 |
Total, Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning balance | (191,817) | (96,362) | (61,726) |
Other comprehensive income (loss) before reclassifications | 11,249 | ||
Amounts reclassified from accumulated other comprehensive loss | 8,355 | ||
Net tax effect | (1,918) | ||
Net other comprehensive income | 17,686 | (95,455) | (34,636) |
Stockholders' equity, ending balance | (174,131) | $ (191,817) | $ (96,362) |
Total (loss) gain reclassified | $ (8,355) |
Note 21. Segment and Geograph_3
Note 21. Segment and Geographical Information (Details) - Select Items for Reportable Segments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,318,602 | $ 2,619,319 | $ 2,923,377 |
Gross profit (loss) | 1,300,679 | 69,858 | 729,954 |
Depreciation and amortization expense | 294,850 | 240,188 | 231,901 |
Goodwill | 29,687 | 14,462 | 14,462 |
Modules segment | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,296,809 | 2,428,278 | 2,331,380 |
Gross profit (loss) | 1,277,421 | 115,397 | 472,926 |
Depreciation and amortization expense | 294,843 | 230,827 | 219,712 |
Goodwill | 29,687 | 14,462 | 14,462 |
Other segment | |||
Segment Reporting Information [Line Items] | |||
Net sales | 21,793 | 191,041 | 591,997 |
Gross profit (loss) | 23,258 | (45,539) | 257,028 |
Depreciation and amortization expense | 7 | 9,361 | 12,189 |
Goodwill | $ 0 | $ 0 | $ 0 |
Note 21. Segment and Geograph_4
Note 21. Segment and Geographical Information (Details) - Revenues and Long-Lived Assets by Geographic Region - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 3,318,602 | $ 2,619,319 | $ 2,923,377 |
Long-lived assets | 4,527,183 | 3,666,437 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 3,187,603 | 2,193,619 | 2,456,597 |
Long-lived assets | 2,734,952 | 1,876,218 | |
France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 68,302 | 67,656 | 121,537 |
Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 6,949 | 46,426 | 207,609 |
Chile | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 9 | 173,279 | 32,050 |
Malaysia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 718,692 | 791,750 | |
Vietnam | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 544,380 | 611,031 | |
India | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 478,667 | 341,616 | |
All other foreign countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 55,739 | 138,339 | $ 105,584 |
Long-lived assets | $ 50,492 | $ 45,822 |
Note 22. Concentrations of Ri_3
Note 22. Concentrations of Risks (Details) - Customer Concentration Risk [Member] - Net sales [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer One [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | 10% | |
Customer Two [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14% | ||
Customer Three [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | ||
Customer Four [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12% | ||
Customer Five [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | ||
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage, disclosure threshold | 10% | ||
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage, disclosure threshold | 10% |