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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-33156
First Solar, Inc.
(Exact name of registrant as specified in its charter) | | | | | |
| Delaware | 20-4623678 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
350 West Washington Street, Suite 600
Tempe, Arizona 85288
(Address of principal executive offices, including zip code)
(602) 414-9300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common stock, $0.001 par value | FSLR | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
| Smaller reporting company | ☐ | Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 25, 2024, 107,057,732 shares of the registrant’s common stock, $0.001 par value per share, were outstanding.
FIRST SOLAR, INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
Throughout this Quarterly Report on Form 10-Q, we refer to First Solar, Inc. and its consolidated subsidiaries as “First Solar,” “the Company,” “we,” “us,” and “our.” Units of electricity are typically stated in gigawatts (“GW”).
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net sales | | $ | 887,668 | | | $ | 801,090 | | | $ | 2,692,258 | | | $ | 2,160,049 | |
| Cost of sales | | 442,357 | | | 424,915 | | | 1,402,055 | | | 1,361,403 | |
| Gross profit | | 445,311 | | | 376,175 | | | 1,290,203 | | | 798,646 | |
| Operating expenses: | | | | | | | | |
| Selling, general and administrative | | 46,293 | | | 50,172 | | | 138,680 | | | 140,528 | |
| Research and development | | 50,197 | | | 41,190 | | | 144,876 | | | 108,445 | |
| Production start-up | | 26,822 | | | 12,059 | | | 69,681 | | | 54,930 | |
| Litigation loss | | — | | | — | | | 430 | | | 35,590 | |
| Total operating expenses | | 123,312 | | | 103,421 | | | 353,667 | | | 339,493 | |
| Gain on sales of businesses, net | | — | | | 211 | | | 1,115 | | | 329 | |
| Operating income | | 321,999 | | | 272,965 | | | 937,651 | | | 459,482 | |
| Foreign currency loss, net | | (5,158) | | | (987) | | | (17,665) | | | (11,586) | |
| Interest income | | 22,580 | | | 23,254 | | | 74,424 | | | 74,102 | |
| Interest expense, net | | (9,008) | | | (3,734) | | | (27,983) | | | (5,897) | |
| Other expense, net | | (3,071) | | | (1,033) | | | (6,435) | | | (1,492) | |
| Income before taxes | | 327,342 | | | 290,465 | | | 959,992 | | | 514,609 | |
| Income tax expense | | (14,386) | | | (22,067) | | | (61,064) | | | (33,071) | |
| Net income | | $ | 312,956 | | | $ | 268,398 | | | $ | 898,928 | | | $ | 481,538 | |
| | | | | | | | |
| Net income per share: | | | | | | | | |
| Basic | | $ | 2.92 | | | $ | 2.51 | | | $ | 8.40 | | | $ | 4.51 | |
| Diluted | | $ | 2.91 | | | $ | 2.50 | | | $ | 8.36 | | | $ | 4.49 | |
Weighted-average number of shares used in per share calculations: | | | | | | | | |
| Basic | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | |
| Diluted | | 107,562 | | | 107,498 | | | 107,514 | | | 107,326 | |
See accompanying notes to these condensed consolidated financial statements.
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income | | $ | 312,956 | | | $ | 268,398 | | | $ | 898,928 | | | $ | 481,538 | |
| Other comprehensive income (loss): | | | | | | | | |
Foreign currency translation adjustments | | 9,775 | | | (4,942) | | | (1,702) | | | (7,635) | |
Unrealized gain (loss) on marketable securities and restricted marketable securities, net of tax of $(464), $340, $(321) and $23 | | 9,683 | | | (8,696) | | | 6,483 | | | (3,045) | |
Unrealized (loss) gain on derivative instruments, net of tax of $0, $(214), $(131) and $(1,087) | | (1) | | | 719 | | | 490 | | | 3,527 | |
| Other comprehensive income (loss) | | 19,457 | | | (12,919) | | | 5,271 | | | (7,153) | |
| Comprehensive income | | $ | 332,413 | | | $ | 255,479 | | | $ | 904,199 | | | $ | 474,385 | |
See accompanying notes to these condensed consolidated financial statements.
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited) | | | | | | | | | | | | | | |
| | September 30,
2024 | | December 31,
2023 |
| ASSETS | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 1,005,130 | | | $ | 1,946,994 | |
| Marketable securities | | 264,691 | | | 155,495 | |
| Accounts receivable trade, net | | 762,138 | | | 660,776 | |
| Government grants receivable, net | | 6,659 | | | 659,745 | |
| Inventories | | 1,250,629 | | | 819,899 | |
| Other current assets | | 528,856 | | | 391,900 | |
| Total current assets | | 3,818,103 | | | 4,634,809 | |
| Property, plant and equipment, net | | 5,326,121 | | | 4,397,285 | |
| Deferred tax assets, net | | 237,868 | | | 142,819 | |
| Restricted marketable securities | | 211,130 | | | 198,310 | |
| Government grants receivable | | 871,745 | | | 152,208 | |
| Goodwill | | 29,585 | | | 29,687 | |
| Intangible assets, net | | 56,645 | | | 64,511 | |
| Inventories | | 269,675 | | | 266,899 | |
| Other assets | | 615,766 | | | 478,604 | |
| Total assets | | $ | 11,436,638 | | | $ | 10,365,132 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
| Current liabilities: | | | | |
| Accounts payable | | $ | 265,320 | | | $ | 207,178 | |
| Income taxes payable | | 98,446 | | | 22,134 | |
| Accrued expenses | | 520,835 | | | 524,829 | |
| Current portion of debt | | 208,261 | | | 96,238 | |
| Deferred revenue | | 645,050 | | | 413,579 | |
| Other current liabilities | | 44,253 | | | 42,200 | |
| Total current liabilities | | 1,782,165 | | | 1,306,158 | |
| Accrued solar module collection and recycling liability | | 139,035 | | | 135,123 | |
| Long-term debt | | 373,321 | | | 464,068 | |
| Deferred revenue | | 1,320,331 | | | 1,591,604 | |
| Other liabilities | | 228,138 | | | 180,710 | |
| Total liabilities | | 3,842,990 | | | 3,677,663 | |
| Commitments and contingencies | | | | |
| Stockholders’ equity: | | | | |
| Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,057,732 and 106,847,475 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | | 107 | | | 107 | |
| Additional paid-in capital | | 2,892,407 | | | 2,890,427 | |
| Accumulated earnings | | 4,869,994 | | | 3,971,066 | |
| Accumulated other comprehensive loss | | (168,860) | | | (174,131) | |
| Total stockholders’ equity | | 7,593,648 | | | 6,687,469 | |
| Total liabilities and stockholders’ equity | | $ | 11,436,638 | | | $ | 10,365,132 | |
See accompanying notes to these condensed consolidated financial statements.
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2024 |
| | | Common Stock | | Additional
Paid-In
Capital | | Accumulated Earnings | | Accumulated
Other
Comprehensive Loss | | Total
Stockholders' Equity |
| | | Shares | | Amount | | | | |
| Balance at June 30, 2024 | | 107,046 | | | $ | 107 | | | $ | 2,886,569 | | | $ | 4,557,038 | | | $ | (188,317) | | | $ | 7,255,397 | |
| Net income | | — | | | — | | | — | | | 312,956 | | | — | | | 312,956 | |
| Other comprehensive income | | — | | | — | | | — | | | — | | | 19,457 | | | 19,457 | |
Common stock issued for share-based compensation | | 16 | | | — | | | — | | | — | | | — | | | — | |
Tax withholding related to vesting of restricted stock | | (4) | | | — | | | (996) | | | — | | | — | | | (996) | |
Share-based compensation expense | | — | | | — | | | 6,834 | | | — | | | — | | | 6,834 | |
| Balance at September 30, 2024 | | 107,058 | | | $ | 107 | | | $ | 2,892,407 | | | $ | 4,869,994 | | | $ | (168,860) | | | $ | 7,593,648 | |
| | | | | | | | | | | | |
| | Three Months Ended September 30, 2023 |
| | | Common Stock | | Additional
Paid-In
Capital | | Accumulated Earnings | | Accumulated
Other
Comprehensive Loss | | Total
Stockholders' Equity |
| | | Shares | | Amount | | | | |
| Balance at June 30, 2023 | | 106,831 | | | $ | 107 | | | $ | 2,872,153 | | | $ | 3,353,429 | | | $ | (186,051) | | | $ | 6,039,638 | |
| Net income | | — | | | — | | | — | | | 268,398 | | | — | | | 268,398 | |
| Other comprehensive loss | | — | | | — | | | — | | | — | | | (12,919) | | | (12,919) | |
Common stock issued for share-based compensation | | 18 | | | — | | | — | | | — | | | — | | | — | |
Tax withholding related to vesting of restricted stock | | (5) | | | — | | | (853) | | | — | | | — | | | (853) | |
Share-based compensation expense | | — | | | — | | | 8,112 | | | — | | | — | | | 8,112 | |
| Balance at September 30, 2023 | | 106,844 | | | $ | 107 | | | $ | 2,879,412 | | | $ | 3,621,827 | | | $ | (198,970) | | | $ | 6,302,376 | |
See accompanying notes to these condensed consolidated financial statements.
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2024 |
| | | Common Stock | | Additional
Paid-In
Capital | | Accumulated Earnings | | Accumulated
Other
Comprehensive Loss | | Total
Stockholders' Equity |
| | | Shares | | Amount | | | | |
| Balance at December 31, 2023 | | 106,847 | | | $ | 107 | | | $ | 2,890,427 | | | $ | 3,971,066 | | | $ | (174,131) | | | $ | 6,687,469 | |
| Net income | | — | | | — | | | — | | | 898,928 | | | — | | | 898,928 | |
| Other comprehensive income | | — | | | — | | | — | | | — | | | 5,271 | | | 5,271 | |
Common stock issued for share-based compensation | | 338 | | | — | | | — | | | — | | | — | | | — | |
Tax withholding related to vesting of restricted stock | | (127) | | | — | | | (20,144) | | | — | | | — | | | (20,144) | |
Share-based compensation expense | | — | | | — | | | 22,124 | | | — | | | — | | | 22,124 | |
| Balance at September 30, 2024 | | 107,058 | | | $ | 107 | | | $ | 2,892,407 | | | $ | 4,869,994 | | | $ | (168,860) | | | $ | 7,593,648 | |
| | | | | | | | | | | | |
| | Nine Months Ended September 30, 2023 |
| | | Common Stock | | Additional
Paid-In
Capital | | Accumulated Earnings | | Accumulated
Other
Comprehensive Loss | | Total
Stockholders' Equity |
| | | Shares | | Amount | | | | |
| Balance at December 31, 2022 | | 106,609 | | | $ | 107 | | | $ | 2,887,476 | | | $ | 3,140,289 | | | $ | (191,817) | | | $ | 5,836,055 | |
| Net income | | — | | | — | | | — | | | 481,538 | | | — | | | 481,538 | |
| Other comprehensive loss | | — | | | — | | | — | | | — | | | (7,153) | | | (7,153) | |
| Common stock issued for share-based compensation | | 389 | | | — | | | — | | | — | | | — | | | — | |
| Tax withholding related to vesting of restricted stock | | (154) | | | — | | | (31,100) | | | — | | | — | | | (31,100) | |
| Share-based compensation expense | | — | | | — | | | 23,036 | | | — | | | — | | | 23,036 | |
| Balance at September 30, 2023 | | 106,844 | | | $ | 107 | | | $ | 2,879,412 | | | $ | 3,621,827 | | | $ | (198,970) | | | $ | 6,302,376 | |
See accompanying notes to these condensed consolidated financial statements.
FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) | | | | | | | | | | | | | | |
| | | Nine Months Ended
September 30, |
| | 2024 | | 2023 |
| Cash flows from operating activities: | | | | |
| Net income | | $ | 898,928 | | | $ | 481,538 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | | |
| Depreciation, amortization and accretion | | 299,079 | | | 218,303 | |
| Share-based compensation | | 21,987 | | | 23,209 | |
| Deferred income taxes | | (85,343) | | | (46,053) | |
| Gain on sales of businesses, net | | (1,115) | | | (329) | |
| Other, net | | 3,238 | | | 393 | |
| Changes in operating assets and liabilities: | | | | |
Accounts receivable, trade | | (68,823) | | | (385,046) | |
| Inventories | | (434,375) | | | (262,665) | |
| Government grants receivable | | (59,181) | | | (429,744) | |
| Other assets | | (183,127) | | | (126,073) | |
| Income tax receivable and payable | | 35,708 | | | (16,809) | |
| Accounts payable and accrued expenses | | (8,953) | | | 121,382 | |
| Deferred revenue | | (13,159) | | | 472,934 | |
| Other liabilities | | 2,139 | | | (9,889) | |
Net cash provided by operating activities | | 407,003 | | | 41,151 | |
| Cash flows from investing activities: | | | | |
| Purchases of property, plant and equipment | | (1,212,537) | | | (1,039,863) | |
| Purchases of marketable securities and restricted marketable securities | | (2,014,764) | | | (3,220,467) | |
Proceeds from sales and maturities of marketable securities | | 1,897,997 | | | 3,996,439 | |
| Acquisitions, net of cash acquired | | — | | | (35,739) | |
| Other investing activities | | (12,617) | | | — | |
Net cash used in investing activities | | (1,341,921) | | | (299,630) | |
| Cash flows from financing activities: | | | | |
| Proceeds from borrowings under debt arrangements, net of issuance costs | | 227,654 | | | 307,214 | |
| Repayment of debt | | (205,821) | | | — | |
| Payments of tax withholdings for restricted shares | | (20,144) | | | (31,100) | |
Contingent consideration payment and other financing activities | | (7,568) | | | — | |
Net cash (used in) provided by financing activities | | (5,879) | | | 276,114 | |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | | (2,805) | | | (855) | |
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | | (943,602) | | | 16,780 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period | | 1,965,069 | | | 1,493,462 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period | | $ | 1,021,467 | | | $ | 1,510,242 | |
| Supplemental disclosure of noncash investing and financing activities: | | | | |
| Property, plant and equipment acquisitions funded by liabilities | | $ | 264,480 | | | $ | 185,064 | |
Proceeds to be received from asset-based government grants | | $ | 159,490 | | | $ | 152,458 | |
Acquisitions funded by contingent consideration | | $ | 11,000 | | | $ | 18,500 | |
See accompanying notes to these condensed consolidated financial statements.
FIRST SOLAR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of First Solar, Inc. and its subsidiaries in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of First Solar management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Certain prior period balances have been reclassified to conform to the current period presentation.
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other period. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K, which has been filed with the SEC.
Unless expressly stated or the context otherwise requires, the terms “the Company,” “we,” “us,” “our,” and “First Solar” refer to First Solar, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report.
2. Cash, Cash Equivalents, and Marketable Securities
Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | September 30,
2024 | | December 31,
2023 |
| Cash and cash equivalents: | | | | |
| Cash | | $ | 602,749 | | | $ | 841,310 | |
| Money market funds | | 402,381 | | | 1,105,684 | |
| Total cash and cash equivalents | | 1,005,130 | | | 1,946,994 | |
| Marketable securities: | | | | |
| Foreign debt | | — | | | 34,895 | |
| U.S. debt | | 8,822 | | | 44,089 | |
| Time deposits | | 255,869 | | | 76,511 | |
| Total marketable securities | | 264,691 | | | 155,495 | |
| Total cash, cash equivalents, and marketable securities | | $ | 1,269,821 | | | $ | 2,102,489 | |
The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | Balance Sheet Line Item | | September 30,
2024 | | December 31,
2023 |
| Cash and cash equivalents | | Cash and cash equivalents | | $ | 1,005,130 | | | $ | 1,946,994 | |
Restricted cash – current | | Other current assets | | 8,262 | | | 8,262 | |
Restricted cash – noncurrent | | Other assets | | 3,612 | | | 3,621 | |
| Restricted cash equivalents – noncurrent | | Other assets | | 4,463 | | | 6,192 | |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | | | | $ | 1,021,467 | | | $ | 1,965,069 | |
During the nine months ended September 30, 2024, we sold marketable securities for proceeds of $67.5 million and realized a gain of less than $0.1 million on such sales. During the nine months ended September 30, 2023, we sold marketable securities for proceeds of $34.9 million and realized a loss of less than $0.1 million on such sales. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities.
The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of September 30, 2024 |
| | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value |
| U.S. debt | | $ | 10,000 | | | $ | — | | | $ | 1,178 | | | $ | — | | | $ | 8,822 | |
| Time deposits | | 255,869 | | | — | | | — | | | — | | | 255,869 | |
| Total | | $ | 265,869 | | | $ | — | | | $ | 1,178 | | | $ | — | | | $ | 264,691 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of December 31, 2023 |
| | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value |
| 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 | |
The contractual maturities of our marketable securities as of September 30, 2024 were as follows (in thousands):
| | | | | | | | |
| | Fair
Value |
Within one year | | $ | 255,869 | |
After one year through five years | | 4,731 | |
After five years through ten years | | 4,091 | |
| Total | | $ | 264,691 | |
3. Restricted Marketable Securities
Restricted marketable securities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | September 30,
2024 | | December 31,
2023 |
| Foreign government obligations | | $ | 52,368 | | | $ | 51,229 | |
| Supranational debt | | 23,350 | | | 15,339 | |
| U.S. debt | | 116,157 | | | 113,326 | |
| U.S. government obligations | | 19,255 | | | 18,416 | |
| Total restricted marketable securities | | $ | 211,130 | | | $ | 198,310 | |
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 funds are put into custodial accounts with an established and reputable bank, for which First Solar, Inc.; First Solar Malaysia Sdn. Bhd.; and First Solar Manufacturing GmbH are grantors. As of September 30, 2024 and December 31, 2023, such custodial accounts also included noncurrent restricted cash and cash equivalents balances of $4.5 million and $6.2 million, respectively, which were reported within “Other assets.” Trust funds may be disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), payments to customers for assuming collection and recycling obligations, and reimbursements of any overfunded amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated government or agency bonds. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted marketable securities, and an estimated solar module life of 25 years, less amounts already funded in prior years. During the nine months ended September 30, 2024, we purchased $7.9 million of restricted marketable securities as part of our ongoing management of the custodial accounts.
See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our restricted marketable securities. The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of September 30, 2024 |
| | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value |
| Foreign government obligations | | $ | 65,336 | | | $ | — | | | $ | 12,968 | | | $ | — | | | $ | 52,368 | |
| Supranational debt | | 25,405 | | | 3 | | | 2,058 | | | — | | | 23,350 | |
| U.S. debt | | 145,113 | | | — | | | 28,956 | | | — | | | 116,157 | |
| U.S. government obligations | | 24,391 | | | — | | | 5,136 | | | — | | | 19,255 | |
| Total | | $ | 260,245 | | | $ | 3 | | | $ | 49,118 | | | $ | — | | | $ | 211,130 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of December 31, 2023 |
| | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value |
| 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 September 30, 2024, the contractual maturities of these securities were between 6 years and 15 years.
4. Consolidated Balance Sheet Details
Accounts receivable trade, net
Accounts receivable trade, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Accounts receivable trade, gross | | $ | 762,746 | | | $ | 662,390 | |
| Allowance for credit losses | | (608) | | | (1,614) | |
| Accounts receivable trade, net | | $ | 762,138 | | | $ | 660,776 | |
Inventories
Inventories consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Raw materials | | $ | 486,156 | | | $ | 478,138 | |
| Work in process | | 120,050 | | | 78,463 | |
| Finished goods | | 914,098 | | | 530,197 | |
| Inventories | | $ | 1,520,304 | | | $ | 1,086,798 | |
| Inventories – current | | $ | 1,250,629 | | | $ | 819,899 | |
| Inventories – noncurrent | | $ | 269,675 | | | $ | 266,899 | |
Other current assets
Other current assets consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Spare maintenance materials and parts | | $ | 201,626 | | | $ | 148,218 | |
| Indirect tax receivables | | 113,463 | | | 65,301 | |
| Prepaid expenses | | 74,986 | | | 62,480 | |
| Operating supplies | | 50,636 | | | 43,995 | |
| Prepaid income taxes | | 25,077 | | | 7,064 | |
| Insurance receivable for accrued litigation (1) | | 21,800 | | | 21,800 | |
| Restricted cash | | 8,262 | | | 8,262 | |
| Derivative instruments (2) | | 2,228 | | | 1,778 | |
| Other | | 30,778 | | | 33,002 | |
| Other current assets | | $ | 528,856 | | | $ | 391,900 | |
——————————
(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.
(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
Property, plant and equipment, net
Property, plant and equipment, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Land | | $ | 39,054 | | | $ | 35,364 | |
| Buildings and improvements | | 1,581,512 | | | 1,037,421 | |
| Machinery and equipment | | 4,438,782 | | | 3,593,347 | |
| Office equipment and furniture | | 179,766 | | | 161,187 | |
| Leasehold improvements | | 40,330 | | | 40,084 | |
| Construction in progress | | 1,022,891 | | | 1,223,998 | |
| Property, plant and equipment, gross | | 7,302,335 | | | 6,091,401 | |
| Accumulated depreciation | | (1,976,214) | | | (1,694,116) | |
| Property, plant and equipment, net | | $ | 5,326,121 | | | $ | 4,397,285 | |
Depreciation of property, plant and equipment was $107.1 million and $287.2 million for the three and nine months ended September 30, 2024, respectively, and $80.7 million and $223.5 million for the three and nine months ended September 30, 2023, respectively.
Other assets
Other assets consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Advance payments for raw materials | | $ | 257,171 | | | $ | 204,370 | |
| Lease assets (1) | | 147,669 | | | 101,468 | |
| Income tax receivables | | 87,025 | | | 68,591 | |
| Prepaid expenses | | 36,076 | | | 23,954 | |
| Project assets | | 28,252 | | | 28,430 | |
| Restricted cash equivalents | | 4,463 | | | 6,192 | |
| Restricted cash | | 3,612 | | | 3,621 | |
| Other (2) | | 51,498 | | | 41,978 | |
| Other assets | | $ | 615,766 | | | $ | 478,604 | |
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)In November 2023, First Solar entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia. Under the agreement, Cleantech plans to construct certain photovoltaic (“PV”) solar and wind generating assets, which are expected to supply electricity to our manufacturing facility in India.
During 2024, we purchased ownership interests in two subsidiaries of Cleantech for $7.9 million. These subsidiaries own certain of the generation assets that are expected to supply our facility, and we account for our investments in these subsidiaries using the equity method. During the nine months ended September 30, 2024, we recognized $27.3 million of revenue from module sales of 108 megawatts to these subsidiaries. As of September 30, 2024, we had also received advance payments of $1.1 million from one of these subsidiaries for future module sales.
Accrued expenses
Accrued expenses consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Accrued property, plant and equipment | | $ | 215,984 | | | $ | 210,233 | |
| Accrued freight | | 91,995 | | | 58,494 | |
| Product warranty liability (1) | | 54,245 | | | 5,920 | |
| Accrued inventory | | 48,008 | | | 101,161 | |
| Accrued compensation and benefits | | 29,618 | | | 55,960 | |
| Accrued other taxes | | 28,722 | | | 26,781 | |
| Accrued interest | | 3,811 | | | 11,011 | |
| Other | | 48,452 | | | 55,269 | |
| Accrued expenses | | $ | 520,835 | | | $ | 524,829 | |
——————————
(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”
Other current liabilities
Other current liabilities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Accrued litigation (1) | | $ | 21,800 | | | $ | 21,800 | |
| Lease liabilities (2) | | 13,313 | | | 10,358 | |
| Derivative instruments (3) | | 3,071 | | | 1,744 | |
| Contingent consideration (4) | | — | | | 7,500 | |
| Other | | 6,069 | | | 798 | |
| Other current liabilities | | $ | 44,253 | | | $ | 42,200 | |
——————————
(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.
(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(3)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
(4)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.
Other liabilities
Other liabilities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 |
| Lease liabilities (1) | | $ | 99,248 | | | $ | 53,725 | |
| Deferred tax liabilities, net | | 52,937 | | | 42,771 | |
| Other taxes payable | | 35,175 | | | 39,431 | |
| Product warranty liability (2) | | 16,440 | | | 19,571 | |
| Contingent consideration (3) | | 11,000 | | | 11,000 | |
| Other | | 13,338 | | | 14,212 | |
| Other liabilities | | $ | 228,138 | | | $ | 180,710 | |
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”
(3)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.
5. Government Grants
Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“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 condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | |
| Balance Sheet Line Item | | September 30,
2024 | | December 31,
2023 |
| Property, plant and equipment, net | | $ | 153,668 | | | $ | 146,348 | |
| Other assets | | 5,822 | | | 5,860 | |
In February 2021, the state government of Tamil Nadu, India granted First Solar certain incentives associated with the construction of our first manufacturing facility in the country. 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 funding application process begins in the fiscal year following the initial period of module production and is expected to be paid in six annual installments thereafter. The timing of cash receipts is subject to the completion of audit certifications, funding applications by First Solar, and review by state government authorities. Module production in India began during the year ended December 31, 2023. We expect to submit initial funding applications by the end of 2024. Such credit is reflected on our condensed consolidated balance sheets within “Government grants receivable.”
The following table presents the benefits recognized from income-based government grants in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| Income Statement Line Item | | 2024 | | 2023 | | 2024 | | 2023 |
| Cost of sales | | $ | 266,501 | | | $ | 204,623 | | | $ | 719,508 | | | $ | 429,744 | |
| Research and development | | — | | | — | | | 4,000 | | | — | |
Production start-up | | 484 | | | — | | | 484 | | | — | |
In August 2022, the U.S. President signed into law the Inflation Reduction Act of 2022 (“IRA”). Among other things, the IRA offers a tax credit, pursuant to Section 45X of the Internal Revenue Code (“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 Internal Revenue Service (“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 condensed consolidated balance sheets within “Government grants receivable.”
In December 2023, we entered into an agreement with Fiserv, Inc. (“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 the full cash proceeds during the nine months ended September 30, 2024.
6. Derivative Financial Instruments
As a global company, we are exposed in the normal course of business to various risks, including foreign currency and commodity price risks, that could affect our financial position, results of operations, and cash flows. We may use derivative instruments to hedge against these risks and only hold such instruments for hedging purposes, not for speculative or trading purposes.
Depending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative instruments at fair value and account for changes in the fair value of derivative instruments within “Accumulated other comprehensive loss” if the derivative instruments qualify for hedge accounting. For those derivative instruments that do not qualify for hedge accounting (i.e., “economic hedges”), we record the changes in fair value directly to earnings. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments.
The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | |
| | | September 30, 2024 |
| | Other Current Assets | | | | Other Current Liabilities | | |
| Derivatives designated as hedging instruments: | | | | | | | | |
| Commodity swap contracts | | $ | — | | | | | $ | 469 | | | |
| Total derivatives designated as hedging instruments | | $ | — | | | | | $ | 469 | | | |
| | | | | | | | |
| Derivatives not designated as hedging instruments: | | | | | | | | |
| Foreign exchange forward contracts | | $ | 2,228 | | | | | $ | 2,602 | | | |
| | | | | | | | |
| Total derivatives not designated as hedging instruments | | $ | 2,228 | | | | | $ | 2,602 | | | |
| Total derivative instruments | | $ | 2,228 | | | | | $ | 3,071 | | | |
| | | | | | | | | | | | | | | | | | |
| | | 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 | | | |
The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | |
| | | | Commodity Swap Contracts | | |
| Balance as of December 31, 2023 | | | | $ | (1,493) | | | |
| Amounts recognized in other comprehensive income (loss) | | | | (1,094) | | | |
| Amount reclassified to cost of sales | | | | 1,715 | | | |
| Balance as of September 30, 2024 | | | | $ | (872) | | | |
| | | | | | |
| Balance as of December 31, 2022 | | | | $ | (7,242) | | | |
| Amounts recognized in other comprehensive income (loss) | | | | (962) | | | |
| Amount reclassified to cost of sales | | | | 5,576 | | | |
| Balance as of September 30, 2023 | | | | $ | (2,628) | | | |
The following table presents the effect of derivative instruments not designated as hedges on our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Amount of Gain (Loss) Recognized in Income Statement |
| | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | Income Statement Line Item | | 2024 | | 2023 | | 2024 | | 2023 |
| Foreign exchange forward contracts | | Foreign currency loss, net | | $ | 12,759 | | | $ | 4,533 | | | $ | (3,049) | | | $ | (9,568) | |
Foreign Currency Risk
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 condensed 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 condensed consolidated statements of operations.
As of September 30, 2024 and December 31, 2023, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions):
| | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 |
| Transaction | | Currency | | Notional Amount | | USD Equivalent |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Sell | | Canadian dollar | | CAD 4.2 | | $3.1 |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Purchase | | Euro | | €155.5 | | $173.6 |
| Sell | | Euro | | €8.6 | | $9.6 |
| Purchase | | Indian rupee | | INR 18,055.0 | | $215.7 |
| Sell | | Indian rupee | | INR 83,157.0 | | $993.3 |
| Purchase | | Japanese yen | | ¥1,464.0 | | $10.3 |
| Sell | | Japanese yen | | ¥563.6 | | $4.0 |
| Purchase | | Malaysian ringgit | | MYR 193.0 | | $46.8 |
| Sell | | Malaysian ringgit | | MYR 17.0 | | $4.1 |
| | | | | | |
| Sell | | Mexican peso | | MXN 34.6 | | $1.8 |
| Purchase | | Singapore dollar | | SGD 14.1 | | $11.0 |
| Sell | | Singapore dollar | | SGD 19.7 | | $15.4 |
| | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | 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 |
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 entitled 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.
During the nine months ended September 30, 2024, we entered into various commodity swap contracts to hedge a portion of our forecasted cash flows for purchases of steel between April 2024 and December 2024. Such swaps had an aggregate initial notional value based on short tons of forecasted steel purchases, equivalent to $7.6 million, and entitle us to receive the price based on the U.S. Midwest Hot-Rolled Coil Steel Index while requiring us to pay certain fixed prices. The notional amount of the commodity swap contracts proportionately adjusts with forecasted purchases of steel. As of September 30, 2024, the notional value associated with these contracts was $0.2 million.
These commodity swap contracts qualify for accounting as cash flow hedges in accordance with ASC 815, and we designated them as such. We report unrealized gains or losses on such contracts in “Accumulated other comprehensive loss” and subsequently reclassify applicable amounts into earnings when the hedged transactions occur and impact earnings. We determined that these derivative financial instruments were highly effective as cash flow hedges as of September 30, 2024 and December 31, 2023. In the following 12 months, we expect to reclassify into earnings $0.9 million of net unrealized losses related to these commodity swap contracts that are included in “Accumulated other comprehensive loss” at September 30, 2024 as we realize the earnings effects of the related forecasted transactions.
7. Leases
Our lease arrangements include our corporate and administrative offices, warehouses, 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 three and nine months ended September 30, 2024 and 2023, and as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Finance lease cost: | | | | | | | | |
| Amortization of right-of-use assets | | $ | 281 | | $ | — | | $ | 517 | | $ | — |
| Interest on lease liabilities | | 426 | | — | | 910 | | — |
| Operating lease cost | | 3,749 | | 2,980 | | 10,198 | | 8,931 |
| Variable lease cost | | 776 | | 512 | | 2,208 | | 2,528 |
| Short-term lease cost | | 208 | | 150 | | 686 | | 318 |
| Total lease cost | | $ | 5,440 | | $ | 3,642 | | $ | 14,519 | | $ | 11,777 |
| | | | | | | | |
Cash paid for amounts included in the measurement of: | | | | | | | | |
| Operating lease liabilities | | | | | | $ | 10,074 | | $ | 8,513 |
| Finance lease liabilities | | | | | | 264 | | — |
Lease assets obtained in exchange for: | | | | | | | | |
| Operating lease liabilities | | | | | | $ | 41,772 | | $ | 1,791 |
| Finance lease liabilities | | | | | | 13,243 | | — |
| | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | Operating Leases | | Finance
Leases | | Operating Leases | | Finance
Leases |
| Lease assets | | $ | 117,909 | | $ | 29,760 | | $ | 84,419 | | $ | 17,049 |
Lease liabilities – current | | 12,101 | | 1,212 | | 10,307 | | 51 |
Lease liabilities – noncurrent | | 69,465 | | 29,783 | | 36,662 | | 17,063 |
| | | | | | | | |
| Weighted-average remaining lease term | | 9 years | | 28 years | | 5 years | | 40 years |
| Weighted-average discount rate | | 5.5 | % | | 6.6 | % | | 5.2 | % | | 5.4 | % |
As of September 30, 2024, the future payments associated with our lease liabilities were as follows (in thousands):
| | | | | | | | | | | | | | |
| | Operating Leases | | Finance
Leases |
| Remainder of 2024 | | $ | 4,018 | | | $ | 419 | |
| 2025 | | 15,640 | | | 1,929 | |
| 2026 | | 14,000 | | | 2,798 | |
| 2027 | | 11,342 | | | 2,842 | |
| 2028 | | 11,083 | | | 2,895 | |
| 2029 | | 9,389 | | | 2,976 | |
| Thereafter | | 41,542 | | | 55,418 | |
| Total future payments | | 107,014 | | | 69,277 | |
| Less: interest | | (25,448) | | | (38,282) | |
| Total lease liabilities | | $ | 81,566 | | | $ | 30,995 | |
8. Fair Value Measurements
The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis:
•Cash Equivalents and Restricted Cash Equivalents. At September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, our marketable securities consisted of foreign debt, U.S. debt, and time deposits, and our restricted marketable securities consisted of foreign and U.S. government obligations, supranational debt, and U.S. debt. We value our marketable securities and restricted marketable securities using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements.
•Derivative Assets and Liabilities. At September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Fair Value Measurements at Reporting
Date Using |
| | September 30,
2024 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) |
| Assets: | | | | | | | | |
| Cash equivalents: | | | | | | | | |
| Money market funds | | $ | 402,381 | | | $ | 402,381 | | | $ | — | | | $ | — | |
| Restricted cash equivalents: | | | | | | | | |
| Money market funds | | 4,463 | | | 4,463 | | | — | | | — | |
| Marketable securities: | | | | | | | | |
| | | | | | | | |
| U.S. debt | | 8,822 | | | — | | | 8,822 | | | — | |
| Time deposits | | 255,869 | | | 255,869 | | | — | | | — | |
| Restricted marketable securities | | 211,130 | | | — | | | 211,130 | | | — | |
| Derivative assets | | 2,228 | | | — | | | 2,228 | | | — | |
| Total assets | | $ | 884,893 | | | $ | 662,713 | | | $ | 222,180 | | | $ | — | |
| Liabilities: | | | | | | | | |
| Derivative liabilities | | $ | 3,071 | | | $ | — | | | $ | 3,071 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Fair Value Measurements at Reporting
Date Using |
| | December 31,
2023 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) |
| Assets: | | | | | | | | |
| Cash equivalents: | | | | | | | | |
| Money market funds | | $ | 1,105,684 | | | $ | 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 of Financial Instruments
At September 30, 2024 and December 31, 2023, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2024 | | December 31, 2023 |
| | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value |
| Assets: | | | | | | | | |
| Government grants receivable - noncurrent | | $ | 871,745 | | | $ | 835,068 | | | $ | 152,208 | | | $ | 107,111 | |
| Liabilities: | | | | | | | | |
| Long-term debt, including current maturities (1) | | $ | 464,550 | | | $ | 448,862 | | | $ | 500,000 | | | $ | 453,015 | |
——————————
(1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.
The carrying values in our condensed consolidated balance sheets of our current trade accounts receivable, restricted cash, current government grants receivable, 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.
9. Debt
Our debt arrangements consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | | | Balance (USD) |
| Loan Agreement | | Currency | | September 30,
2024 | | December 31,
2023 |
| Revolving Credit Facility | | USD | | $ | — | | | $ | — | |
| India Credit Facility | | USD | | 464,550 | | | 500,000 | |
| India JPM Working Capital Facility | | INR | | 29,057 | | | 60,827 | |
| India HSBC Working Capital Facility | | INR | | 70,474 | | | — | |
| India Citibank Working Capital Facility | | INR | | 17,917 | | | — | |
| Total debt principal | | | | 581,998 | | | 560,827 | |
| Less: unamortized issuance costs | | | | (416) | | | (521) | |
| Total debt | | | | 581,582 | | | 560,306 | |
| Less: current portion | | | | (208,261) | | | (96,238) | |
| Noncurrent portion | | | | $ | 373,321 | | | $ | 464,068 | |
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 a senior secured credit facility (the “Revolving Credit Facility”) with an aggregate borrowing capacity of $1.0 billion. Borrowing under the Revolving Credit Facility bears 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), 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 September 30, 2024 and December 31, 2023, we had no outstanding debt 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 (“FSISV”), our indirect wholly-owned subsidiary, entered into a finance agreement (the “India Credit Facility”) with the U.S. International Development Finance Corporation for aggregate borrowing 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 August 2024 through the facility’s expected maturity in August 2029. The India Credit Facility is guaranteed by First Solar, Inc.
India JPM Working Capital Facility
In December 2022, FSISV entered into a working capital facility agreement (the “India JPM 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 JPM Working Capital Facility was amended to include certain working capital loans of up to INR 6.2 billion ($74.8 million). The outstanding balance matures in the first quarter of 2025. The India JPM Working Capital Facility is guaranteed by First Solar, Inc.
India HSBC Working Capital Facility
In February 2024, FSISV entered into a working capital facility agreement (the “India HSBC Working Capital Facility”) with the Hongkong and Shanghai Banking Corporation Limited, which provides certain working capital loans of up to INR 8.2 billion ($98.4 million). The outstanding balance matures in the first quarter of 2025. The India HSBC Working Capital Facility is guaranteed by First Solar, Inc.
India Citibank Working Capital Facility
In August 2024, FSISV entered into a working capital facility agreement (the “India Citibank Working Capital Facility”) with Citibank, N.A., which provides certain working capital loans of up to INR 4.5 billion ($53.8 million). The outstanding balance matures in the first quarter of 2025. The India Citibank Working Capital Facility is guaranteed by First Solar, Inc.
10. Commitments and Contingencies
Commercial Commitments
During the normal course of business, we enter into commercial commitments in the form of letters of credit and surety bonds to provide financial and performance assurance to third parties. As of September 30, 2024, 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) | | 185.4 | | | 119.4 | |
| Surety bonds | | 28.6 | | | 225.0 | |
——————————
(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, we accrue liabilities for the estimated future costs of meeting our limited warranty obligations. 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 and other factors. We make and revise these estimates based primarily on the number of solar modules under warranty installed at customer locations, our historical experience with and projections of warranty claims, and our estimated per-module replacement costs. We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. From time to time, we have taken remediation actions with respect to affected modules beyond our limited warranties and may elect to do so in the future, in which case we would incur additional expenses. Such potential voluntary future remediation
actions beyond our limited warranty obligations may be material to our condensed consolidated statements of operations if we commit to any such remediation actions.
Product warranty activities during the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | | 2024 | | 2023 | | 2024 | | 2023 |
| Product warranty liability, beginning of period | | $ | 23,695 | | | $ | 31,969 | | | $ | 25,491 | | | $ | 33,787 | |
| Accruals for new warranties issued | | 1,413 | | | 1,310 | | | 4,463 | | | 3,155 | |
| Settlements | | (4,578) | | | (1,326) | | | (9,922) | | | (4,519) | |
| Changes in estimate of product warranty liability | | 50,155 | | | (5,806) | | | 50,653 | | | (6,276) | |
| Product warranty liability, end of period | | $ | 70,685 | | | $ | 26,147 | | | $ | 70,685 | | | $ | 26,147 | |
| Current portion of warranty liability | | $ | 54,245 | | | $ | 7,647 | | | $ | 54,245 | | | $ | 7,647 | |
| Noncurrent portion of warranty liability | | $ | 16,440 | | | $ | 18,500 | | | $ | 16,440 | | | $ | 18,500 | |
We have identified manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 that may cause the modules to experience premature power loss once installed in the field. The ultimate loss we will incur for these manufacturing issues will depend on the extent of the premature power loss that is experienced in relation to the obligations under our limited product warranties, as well as any additional commitments we may make to remediate the affected modules. Based on currently available information and certain assumptions and estimates, we believe a reasonable estimate of the aggregate losses related to these manufacturing issues will range from approximately $50 million to $100 million. At this time, no individual amount within that range is a better estimate than any other amount. Accordingly, as of September 30, 2024, we increased our product warranty liability by the low end of the range, which we recorded as a reduction to revenue. The estimated range set forth above was based on our evaluation of the currently available information, including select samples of module performance data from several locations, the estimated number of affected modules, and projections of probable costs to remediate the issues. As additional information becomes available to us, our estimate of the aggregate losses related to these manufacturing issues may change, and any change in estimate may also result in a change to our product warranty liability.
During the three months ended September 30, 2023, we revised our warranty estimate based on updated information regarding our warranty claims, which reduced our module warranty liability by $5.7 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.
Indemnifications
In certain limited circumstances, we have provided indemnifications to customers or other parties under which we are contractually obligated to compensate such parties for losses they suffer resulting from a breach of a representation, warranty, or covenant; the resolution of specific matters associated with a project’s development or construction; guarantees of a third party’s payment or performance obligations; or any disallowance or lack of the right to claim all or any portion of certain tax credits. For contracts that have such indemnification provisions, we initially recognize a liability under ASC 460 for the estimated premium that would be required by a guarantor to issue the same indemnity in a standalone arm’s-length transaction with an unrelated party. We may base these estimates on the cost of insurance or other instruments that cover the underlying risks being indemnified and may purchase such instruments to mitigate our exposure to potential indemnification payments. We subsequently measure such liabilities at the greater of the initially estimated premium or the contingent liability required to be recognized under ASC 450. We recognize any indemnification liabilities as a reduction of earnings associated with the related transaction.
After an indemnification liability is recorded, we derecognize such amount pursuant to ASC 460 depending on the nature of the indemnity, which derecognition typically occurs upon expiration or settlement of the arrangement, and any contingent aspects of the indemnity are accounted for in accordance with ASC 450. As of September 30, 2024 and December 31, 2023, we accrued $2.5 million and $3.3 million of current indemnification liabilities, respectively. As of September 30, 2024, the maximum potential amount of future payments under our indemnifications was $688.8 million.
Contingent Consideration
As part of our acquisition of Evolar AB (“Evolar”) in May 2023, 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. 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. During the nine months ended September 30, 2024, we paid $7.5 million of contingent consideration to the selling shareholders, and $11.0 million remains in our long-term liabilities as of September 30, 2024.
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 condensed consolidated statements of operations.
Our module collection and recycling liability was $139.0 million and $135.1 million as of September 30, 2024 and December 31, 2023, respectively. See Note 3. “Restricted Marketable Securities” to our condensed consolidated financial statements for more information about our arrangements for funding this liability.
Legal Proceedings
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 engineering, procurement, and construction (“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
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. On May 6, 2024, such action was denied. First Solar has elected not to appeal, and considers this matter closed.
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 (“Plaintiff”), the owner of a company called Trabant Solar, Inc. In January 2023, we were notified by two of our customers that Plaintiff 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. In November 2023, the United States Patent Trial and Appeal Board declined to hear the First Solar IPR. In July 2024, Plaintiff’s counsel filed a motion seeking to withdraw as counsel. The court granted the motion and issued a 45-day stay of all proceedings while Plaintiff seeks new representation. In September 2024, Plaintiff filed a motion seeking a stay of all proceedings for 90 days, claiming health issues. The court granted the motion and issued an additional stay of all proceedings until January 2025. Because all case discovery has been stayed, 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 September 30, 2024, we recorded a $21.8 million accrued litigation payable included in “Other current liabilities” in our condensed 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 condensed consolidated balance sheet as of September 30, 2024. 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 initial verdict in an appellate court, and the plaintiff is cross appealing from the decision to reduce the award, among other issues, stemming from the trial. The parties are awaiting a briefing schedule from the Appellate Court.
On September 29, 2023 and June 5, 2024, the Company received subpoenas from the Division of Enforcement of the SEC seeking documents and information 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.
11. Revenue from Contracts with Customers
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 delivery of the modules to the location specified in the terms of the underlying contract. Our customer contracts generally contain provisions that require us to pay the customer liquidated damages if we fail to deliver modules by scheduled dates or 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. Our customer contracts also generally contain provisions that entitle us to a termination payment if the customer defaults on its contractual obligations and we terminate the contract. We account for such terminations as contract modifications in the period in which the contract is terminated. We recognize revenue for bill-and-hold arrangements at the point in time the customer obtains control of the modules when all of the following criteria have been met: (i) the arrangement is substantive, (ii) the modules are segregated and identified separately as belonging to the customer, (iii) the modules are ready for physical transfer to the customer, and (iv) we do not have the ability to use the modules or direct them to another customer.
The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the nine months ended September 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30,
2024 | | December 31,
2023 | | Nine Month Change |
| Deferred revenue | | $ | 1,965,381 | | | $ | 2,005,183 | | | $ | (39,802) | | | (2) | % |
During the nine months ended September 30, 2024, our contract liabilities decreased by $39.8 million primarily due to the recognition of revenue for sales of solar modules for which payment was received in prior years, partially offset by advance payments received in the current year for future sales of solar modules. During the nine months ended September 30, 2024 and 2023, we recognized revenue of $284.0 million and $320.3 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.
As of September 30, 2024, we had entered into contracts with customers for the future sale of 72.8 GW of solar modules for an aggregate transaction price of $21.7 billion, which we expect to recognize as revenue through 2030 as we transfer control of the modules to the customers. This volume and transaction price exclude contracts with customers in India for which payment has not been fully secured. This transaction price also 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 defined thresholds, (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.
See Note 16. “Segment Reporting” for the disaggregation of revenue by reportable segment.
12. Share-Based Compensation
The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Cost of sales | | $ | 505 | | | $ | 1,238 | | | $ | 2,920 | | | $ | 3,513 | |
| Selling, general and administrative | | 5,610 | | | 5,905 | | | 16,484 | | | 16,668 | |
| Research and development | | 677 | | | 1,047 | | | 2,603 | | | 2,959 | |
| Production start-up | | 4 | | | 8 | | | (20) | | | 69 | |
| Total share-based compensation expense | | $ | 6,796 | | | $ | 8,198 | | | $ | 21,987 | | | $ | 23,209 | |
As of September 30, 2024, we had $35.3 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 1.2 years.
In March 2020 and May 2021, the compensation committee of our board of directors approved grants of performance units (“PU” or “PUs”) for key executive officers to be earned over multi-year performance periods, which ended in December 2022 and December 2023, respectively. Vesting of the 2020 and 2021 grants of PUs was contingent upon the specific attainment targets of each grant, which targets include metrics such as contracted revenue, module wattage, return on capital, cost per watt, incremental average selling price, and operating income metrics. In March 2023, the compensation committee certified the achievement of the vesting conditions applicable to the 2020 grants, which approximated the target level of performance. In February 2024, the compensation committee certified the achievement of the vesting conditions applicable to the 2021 grants, which approximated the maximum level of performance. Accordingly, each participant received one share of common stock for each vested PU granted, net of any tax withholdings.
In March 2022, March 2023, and March 2024, the compensation committee approved additional grants of PUs for key executive officers; such grants are expected to be earned over a multi-year performance period ending in December 2024, December 2025, and December 2026, respectively. Vesting of the 2022, 2023, and 2024 grants of PUs is contingent upon the specific attainment targets of each grant, which targets include metrics such as contracted revenue, cost per watt, return on capital, production, incremental average selling price, and operating margin metrics.
Vesting of PUs 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 PUs 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.
13. Income Taxes
The Inflation Reduction Act. 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 corporate alternative minimum tax 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. Certain developments to technical guidance and regulations include the following:
•In May 2023, the U.S. Treasury Department and the IRS issued initial guidance on various sections of the IRC, including Section 45X.
•In December 2023, the U.S. Treasury Department and the IRS issued a notice of proposed rulemaking and public hearing providing initial guidance confirming certain key aspects of the Section 45X credit.
•In March 2024, the U.S. Treasury Department and the IRS issued final regulations on the direct payment election under Section 6417 of the IRC. The final regulations apply to tax years ending on or after March 11, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending before March 11, 2024, provided the final regulations are applied in their entirety and in a consistent manner. The final regulations mostly adopted and confirmed the proposed regulations previously issued in June 2023.
•In April 2024, the U.S. Treasury Department and the IRS issued final regulations on the elective transfer provisions under Section 6418 of the IRC. The final regulations apply to taxable years ending on or after April 30, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending before April 30, 2024, provided the final regulations are applied in their entirety and in a consistent manner. The final regulations mostly adopted and confirmed the proposed regulations previously issued in June 2023.
Given the complexities of the IRA, which is pending additional technical guidance and final regulations from the U.S. Treasury Department and the IRS, we expect to continue to monitor these developments and evaluate their potential future impact to our results of operations.
Foreign tax credit regulations. 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.
Pillar Two. In December 2021, the Organization for Economic Co-operation and Development released model rules for a new global minimum tax framework (“Pillar Two”). Certain governments in countries in which we operate have enacted local Pillar Two legislation, with an effective date from January 1, 2024. We currently do not expect Pillar Two to have a material impact on our 2024 financial statements. As these legislative changes develop and expand, we expect to continue to monitor the changes and evaluate their potential impact to our results of operations.
Our effective tax rate was 6.4% for the nine months ended September 30, 2024 and 2023. Although the effective tax rate was consistent across both periods, we identified certain primary drivers, which included (i) lower excess tax benefits associated with share-based compensation and (ii) a higher inclusion percentage of Global Intangible Low-Taxed Income, net of the applicable Section 250 deduction, partially offset by (iii) higher income earned in low tax jurisdictions. Our provision for income taxes differed from the amount computed by applying the U.S. statutory federal income tax rate of 21% primarily due to the effect of tax law changes associated with the IRA described above.
During the nine months ended September 30, 2024, we reversed our position to indefinitely reinvest the accumulated earnings of a foreign subsidiary and recorded discrete tax expense of approximately $6 million. There were no other changes to our indefinite reinvestment assertions during the period.
Our Malaysian subsidiary has been granted a long-term tax holiday that expires in 2027. The tax holiday, which generally provides for a full exemption from Malaysian income tax, is conditional upon our continued compliance with certain employment and investment thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday in 2027.
Our Vietnamese subsidiary 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 research and development (“R&D”) spending thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday.
We are subject to audit by federal, state, local, and foreign tax authorities. We are currently under examination in India, Chile, Singapore, the United States, and the States of Georgia and Tennessee. We believe that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax examinations cannot be predicted with certainty. If any issues addressed by our tax examinations are not resolved in a manner consistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs.
14. Net Income per Share
The calculation of basic and diluted net income per share for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Basic net income per share | | | | | | | | |
| Numerator: | | | | | | | | |
| Net income | | $ | 312,956 | | | $ | 268,398 | | | $ | 898,928 | | | $ | 481,538 | |
| Denominator: | | | | | | | | |
| Weighted-average common shares outstanding | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | |
| | | | | | | | |
| Diluted net income per share | | | | | | | | |
| Denominator: | | | | | | | | |
| Weighted-average common shares outstanding | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | |
| Effect of restricted stock and performance units | | 513 | | | 664 | | | 499 | | | 531 | |
| Weighted-average shares used in computing diluted net income per share | | 107,562 | | | 107,498 | | | 107,514 | | | 107,326 | |
| | | | | | | | |
| Net income per share: | | | | | | | | |
| Basic | | $ | 2.92 | | | $ | 2.51 | | | $ | 8.40 | | | $ | 4.51 | |
| Diluted | | $ | 2.91 | | | $ | 2.50 | | | $ | 8.36 | | | $ | 4.49 | |
There were no anti-dilutive shares for the three and nine months ended September 30, 2024 and 2023.
15. Accumulated Other Comprehensive Loss
The following table presents the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Foreign Currency Translation Adjustment | | Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities | | Unrealized Gain (Loss) on Derivative Instruments | | Total |
| Balance as of December 31, 2023 | | $ | (118,366) | | | $ | (54,610) | | | $ | (1,155) | | | $ | (174,131) | |
| Other comprehensive (loss) income before reclassifications | | (2,218) | | | 6,815 | | | (1,094) | | | 3,503 | |
| Amounts reclassified from accumulated other comprehensive loss | | 516 | | | (11) | | | 1,715 | | | 2,220 | |
Net tax effect | | — | | | (321) | | | (131) | | | (452) | |
| Net other comprehensive (loss) income | | (1,702) | | | 6,483 | | | 490 | | | 5,271 | |
| Balance as of September 30, 2024 | | $ | (120,068) | | | $ | (48,127) | | | $ | (665) | | | $ | (168,860) | |
The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Comprehensive Income Components | | Income Statement Line Item | | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Foreign currency translation adjustment: | | | | | | | | | | |
| Foreign currency translation adjustment | | Cost of sales | | $ | — | | | $ | — | | | $ | — | | | $ | 146 | |
| Foreign currency translation adjustment | | Other expense, net | | (516) | | | (1,005) | | | (516) | | | (1,015) | |
| Total foreign currency translation adjustment | | | | (516) | | | (1,005) | | | (516) | | | (869) | |
| Unrealized gain (loss) on marketable securities and restricted marketable securities | | Other expense, net | | — | | | — | | | 11 | | | (9) | |
| Unrealized loss on derivative instruments: | | | | | | | | | | |
| Commodity swap contracts | | Cost of sales | | (220) | | | (911) | | | (1,715) | | | (5,576) | |
| Total loss reclassified | | | | $ | (736) | | | $ | (1,916) | | | $ | (2,220) | | | $ | (6,454) | |
16. Segment Reporting
Our primary segment is our modules business, which involves the design, manufacture, and sale of cadmium telluride (“CdTe”) solar modules, which convert sunlight into electricity. Third-party customers of our modules segment include 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.
See Note 21. “Segment and Geographical Information” in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of our segment reporting.
The following tables provide a reconciliation of certain financial information for our reportable segment to information presented in our condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 and as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 |
| | | Modules | | Other | | Total | | Modules | | Other | | Total |
| Net sales | | $ | 886,655 | | | $ | 1,013 | | | $ | 887,668 | | | $ | 800,393 | | | $ | 697 | | | $ | 801,090 | |
Gross profit (loss) | | 448,381 | | | (3,070) | | | 445,311 | | | 367,359 | | | 8,816 | | | 376,175 | |
Depreciation and amortization expense | | 92,552 | | | 3 | | | 92,555 | | | 76,991 | | | 2 | | | 76,993 | |
| | | | | | | | | | | | |
| | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| | | Modules | | Other | | Total | | Modules | | Other | | Total |
| Net sales | | $ | 2,688,854 | | | $ | 3,404 | | | $ | 2,692,258 | | | $ | 2,139,220 | | | $ | 20,829 | | | $ | 2,160,049 | |
Gross profit (loss) | | 1,292,882 | | | (2,679) | | | 1,290,203 | | | 776,170 | | | 22,476 | | | 798,646 | |
Depreciation and amortization expense | | 260,046 | | | 9 | | | 260,055 | | | 211,161 | | | 6 | | | 211,167 | |
| | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | Modules | | Other | | Total | | Modules | | Other | | Total |
| Goodwill | | $ | 29,585 | | | $ | — | | | $ | 29,585 | | | $ | 29,687 | | | $ | — | | | $ | 29,687 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Securities Act of 1933, as amended (the “Securities Act”), which are subject to risks, uncertainties, and assumptions that are difficult to predict. All statements in this Quarterly Report on Form 10-Q, other than statements of historical fact, are forward-looking statements. These forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements, among other things, concerning: effects resulting from certain module manufacturing changes; our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, module volumes produced, module volumes sold, revenues, gross margin, operating expenses, products, projected costs (including estimated future module collection and recycling costs), warranties and anticipated claims thereunder, solar module technology and cost reduction roadmaps, product reliability, investments, and capital expenditures; our ability to successfully integrate an acquired business; our ability to continue to reduce the cost per watt of our solar modules; the impact of public policies; the potential impact of legislation intended to encourage renewable energy investments through tax credits; our ability to expand manufacturing capacity worldwide, including the construction of new manufacturing facilities in the United States and related increases in manufacturing capacity; the impact of supply chain disruptions, which may affect the procurement of raw materials used in our manufacturing process and the distribution of our modules; R&D programs and our ability to improve the wattage of our solar modules; sales and marketing initiatives; and competition. In some cases, you can identify these statements by forward-looking words, such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue,” “contingent,” and the negative or plural of these words, and other comparable terminology.
Forward-looking statements are only predictions based on our current expectations and our projections about future events. All forward-looking statements included in this Quarterly Report on Form 10-Q are based upon information available to us as of the filing date of the report and therefore speak only as of the filing date. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments, or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to:
•structural imbalances in global supply and demand for PV solar modules;
•our competitive position and other key competitive factors;
•the reduction, elimination, or expiration of government subsidies, policies, and support programs for solar energy projects and other renewable energy projects;
•the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules;
•the passage of legislation intended to encourage renewable energy investments through tax credits, such as the IRA;
•our ability to execute on our long-term strategic plans, including our ability to secure financing and realize the potential benefits of strategic acquisitions and investments;
•our ability to execute on our solar module technology and cost reduction roadmaps;
•our ability to incorporate technology improvements into our manufacturing process, including the implementation of our copper replacement (“CuRe”) program;
•our ability to avoid manufacturing interruptions, including during the ramp of our manufacturing facilities;
•our ability to improve the wattage of our solar modules;
•interest rate fluctuations and our customers’ ability to secure financing;
•the loss of any of our large customers, or the ability of our customers and counterparties to perform under their contracts with us;
•the severity and duration of public health threats, including the potential impact on the Company’s business, financial condition, and results of operations;
•our ability to attract new customers and to develop and maintain existing customer and supplier relationships;
•our ability to construct new production facilities to support new product lines;
•general economic and business conditions, including those influenced by U.S., international, and geopolitical events;
•environmental responsibility, including with respect to CdTe and other semiconductor materials;
•evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social, and governance matters;
•claims under our limited warranty obligations;
•changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements;
•effects arising from and results of pending litigation;
•future collection and recycling costs for solar modules covered by our module collection and recycling program or otherwise as required by external laws and regulation;
•supply chain disruptions;
•our ability to protect our intellectual property;
•our ability to prevent and/or minimize the impact of cybersecurity incidents or information security breaches;
•our continued investment in R&D;
•the supply and price of components and raw materials, including CdTe;
•our ability to attract, train, retain and successfully integrate key talent into our team; and
•all other matters discussed in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023, elsewhere in this Quarterly Report on Form 10-Q, and our other reports filed with the SEC.
You should carefully consider the risks and uncertainties described in this section. The following discussion and analysis of our business, financial condition, and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes thereto included in this Quarterly Report on Form 10-Q.
Executive Overview
We are a leading American solar technology company and global provider of responsibly produced eco-efficient 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 and lower-water alternative to conventional crystalline silicon PV solar modules, and the smallest environmental footprint in the industry. 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. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains.
We are the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. We recently commenced operations at our fourth manufacturing facility in the United States and are in the process of expanding our manufacturing capacity, including the construction of our fifth manufacturing facility in the United States, which is expected to commence operations in the second half of 2025. With a global footprint that spans the United States, India, Malaysia, and Vietnam, we expect to have an annual manufacturing capacity of over 25 GW by 2026.
Certain of our financial results and other key operational developments for the three months ended September 30, 2024 include the following:
•Net sales for the three months ended September 30, 2024 increased by 11% to $0.9 billion compared to $0.8 billion for the same period in 2023. The increase was primarily driven by an increase in the volume of modules sold to third parties and termination payments associated with certain customer contract terminations in the U.S. and India, partially offset by a current period reduction in revenue related to manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024. We currently believe the primary causes of the issues have been identified and we have taken actions to address such issues.
•Gross profit as a percentage of net sales for the three months ended September 30, 2024 increased 3.2 percentage points to 50.2% from 47.0% for the same period in 2023. The increase in gross profit was primarily due to termination payments associated with certain customer contract terminations in the U.S. and India and a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, partially offset by a current period reduction in revenue related to manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 and higher module storage costs.
•During the three months ended September 30, 2024, we commenced production of Series 7 modules at our first manufacturing facility in Alabama, bringing our total installed nameplate production capacity across all our facilities to approximately 19.4 GW. During the three months ended September 30, 2024, we produced 3.8 GW and sold 3.0 GW of solar modules. During 2024, we expect to produce between 15.6 GW and 15.9 GW and sell between 14.2 GW and 14.6 GW of solar modules.
•In July 2024, our dedicated R&D innovation center in Ohio was formally commissioned. This R&D facility features a high-tech pilot manufacturing line, which is expected to enable the production of full-sized prototypes of thin film and tandem PV modules, supporting the implementation of our technology roadmap.
Market Overview
Solar energy is one of the fastest growing forms of renewable energy with numerous economic and environmental benefits that make it an attractive complement to or substitute for traditional forms of energy generation. Over the past decade, the cost of producing electricity from PV solar power systems has decreased to levels that are competitive with or below the wholesale price of electricity in many markets. This price decline has opened new possibilities to develop systems in many locations with limited or no financial incentives, thereby promoting the widespread adoption of solar energy. Other technological developments in the renewable energy industry, such as the advancement of energy storage capabilities, have further enhanced the prospects of solar energy as an alternative to traditional forms of energy generation. In addition to these economic benefits, solar energy has substantial environmental benefits. For example, PV solar power systems generate no greenhouse gas or other emissions and use minimal amounts of water compared to traditional energy generation assets. As a result of these and other factors, worldwide solar markets continue to develop and expand.
Recently enacted government support programs have contributed and are expected to continue to contribute to this momentum by providing solar module manufacturers, project developers, and project owners with certain subsidies, such as grant funding provided by the U.S. Department of Energy, and tax incentives, such as tax credits available under the IRA, to accelerate the ongoing transition to clean energy. Among other things, the IRA (i) reinstates the 30% investment tax credit for qualifying solar projects that meet certain wage and apprenticeship requirements, (ii) extends the production tax credit to include energy generated from solar projects, (iii) provides incremental investment and production tax credits for solar projects that meet certain domestic content and location requirements, and (iv) offers tax credits for solar modules and solar module components manufactured in the United States and sold to third parties.
Supply and demand. As a result of the market opportunities described above, we recently commenced production of Series 7 modules at our first manufacturing facility in Alabama and are in the process of expanding our manufacturing capacity, including the construction of our fifth manufacturing facility in the United States, which is expected to commence operations in the second half of 2025. We continue to evaluate opportunities for future expansion worldwide. We believe manufacturers of solar cells and modules, particularly those in China, have significant installed production capacity, relative to global demand, and the ability for additional capacity expansion. Accordingly, we believe the solar industry may experience periods of structural imbalance between supply and demand, which could lead to periods of pricing volatility. Further, demand for solar energy in key markets, such as the United States, India, and Europe, may be affected by the nature and extent of commitments to the renewable energy transition at the local and global levels. For example, certain large oil and gas and energy companies have experienced investor pressure to pursue returns commensurate with those currently associated with fossil fuel projects. Notwithstanding these considerations, utility and corporate demand for clean energy, and overall electric load growth, especially as a result of artificial intelligence-driven data center demand, continue to increase. In light of such market realities, we continue to advocate for industrial and trade policies that provide a level playing field for manufacturers of solar cells and modules. We also continue to focus on our strategies and points of differentiation, which include our advanced module technology, our manufacturing process and distributed manufacturing presence, our R&D capabilities, the sustainability advantage of our modules, and our financial stability.
Pricing competition. The solar industry has been characterized by intense pricing competition, both at the module and system levels. This competition may result in an environment in which pricing falls rapidly, which could potentially increase demand for solar energy solutions but constrain the ability for module manufacturers and project developers to sustain meaningful and consistent profitability. Our results of operations could be adversely affected if competitors reduce pricing below their costs, bid aggressively low prices for module sale agreements, or are able to operate at minimal or negative operating margins for sustained periods of time. For certain of our competitors, including many in China, these practices may be enabled by their direct or indirect access to sovereign capital or other forms of state support. Although module average selling prices in many global markets have declined, near-term module pricing in the United States, our primary market, remains relatively stable due, in part, to the rising demand for domestically manufactured modules as a result of the IRA.
Diverse offerings. We face intense competition from manufacturers of crystalline silicon solar modules and other emerging technologies. Solar module manufacturers compete with one another on sales price per watt, which may be influenced by several module value attributes, including energy yield, wattage (through a larger form factor or an improved conversion efficiency), degradation, sustainability, and reliability. Sales price per watt may also be influenced by warranty terms, customer payment terms, and/or module content attributes. We believe that utility-scale solar will continue to be a compelling offering and will continue to represent an increasing portion of the overall electricity generation mix. However, this focus on utility-scale module offerings exists within a current market environment that includes rooftop and distributed generation solar, which may influence our future offerings.
We continue to devote significant resources to support the implementation of our technology roadmap and improve the energy output of our modules. In the course of our R&D activities, we explore various technologies in our efforts to sustain competitive differentiation of our modules. Such technologies include the development of bifacial modules, the implementation of our CuRe program, and ongoing research and development of multi-junction solar modules.
•Bifacial. While conventional solar modules are monofacial, meaning their ability to produce energy is a function of direct and diffuse irradiance on their front side, most module manufacturers offer bifacial modules that also capture diffuse irradiance on the back side of a module. Bifaciality compromises nameplate efficiency, but by converting both front and rear side irradiance, such technology may improve the overall energy production of a module relative to nameplate efficiency when applied in certain applications, which could potentially lower the overall levelized cost of electricity (“LCOE”) of a system when compared to systems using monofacial solar modules. We recently began commercial production of bifacial solar modules at certain of our manufacturing facilities and delivered our first bifacial modules to customers. Our bifacial module features an innovative transparent back contact which, in addition to converting both front and rear side irradiance, allows infrared light to pass through rather than be absorbed as heat. This design lowers the operational temperature of the module, resulting in a higher energy yield.
•CuRe. Our CuRe program is intended to improve our current semiconductor structure by replacing copper with certain other elements that are expected to enhance module performance by improving its bifaciality characteristics, improving its temperature coefficient, and improving its warranted degradation. As a result of these performance improvements, our PV solar modules are expected to produce more energy in real world operating conditions over their estimated useful lives than crystalline silicon modules with the same nameplate capacity. We currently expect to complete the lead line implementation of our CuRe technology in late 2024 and intend to begin a phased replication of the technology across our fleet in late 2025.
•Multi-junction. We continue to evaluate opportunities to develop and leverage other solar cell technologies in multi-junction applications that combine our thin film PV technology with another high efficiency PV semiconductor, with each layer optimized for a different range of the solar spectrum. We believe such applications, which are expected to utilize at least one thin-film semiconductor, have the potential to significantly increase the efficiency of PV modules beyond the limits of traditional single-junction devices. Our acquisition of Evolar is expected to accelerate the development of high efficiency multi-junction devices by integrating Evolar’s expertise with First Solar’s existing R&D capabilities.
Product efficiencies. The efficiencies gained from the vertical integration of our manufacturing model and our continued ability to reduce costs allow us to compete favorably in markets where pricing for modules and systems is highly competitive. Our cost competitiveness is based in large part on our advanced thin film semiconductor technology, module wattage, proprietary manufacturing process (which enables us to produce a CdTe module in a matter of hours using a continuous and highly automated industrial manufacturing process, as opposed to a batch process), and focus on operational excellence. In addition, our CdTe modules use approximately 2% to 3% of the amount of semiconductor material that is used to manufacture conventional crystalline silicon solar modules. The cost of polysilicon is a significant driver of the manufacturing cost of crystalline silicon solar modules, and the timing and rate of change in the cost of silicon feedstock and polysilicon could lead to changes in solar module pricing levels.
Energy performance. In many climates our solar modules provide certain energy production advantages relative to competing crystalline silicon solar modules. For example, our CdTe solar technology provides:
•a superior temperature coefficient, which results in stronger system performance in typical high insolation climates as the majority of a system’s generation, on average, occurs when module temperatures are well above 25°C (standard test conditions);
•a superior spectral response in humid environments where atmospheric moisture alters the solar spectrum relative to standard test conditions;
•a better partial shading response than competing crystalline silicon technologies, which may experience significantly lower energy generation than CdTe solar technologies when partial shading occurs; and
•an immunity to cell cracking and its resulting power output loss, a common failure often observed in crystalline silicon modules caused by poor manufacturing, handling, weather, or other conditions.
In addition to these technological advantages, we warrant that our solar modules will produce at least 98% of their labeled power output rating during the first year, with the warranty coverage reducing by a degradation factor between 0.3% and 0.5%, depending on the module series, every year thereafter throughout the limited power output warranty period of up to 30 years. As a result of these and other factors, our solar modules can produce more annual energy in real world operating conditions than conventional crystalline silicon modules with the same nameplate capacity.
While our modules are generally competitive in cost, reliability, and performance attributes, there can be no guarantee such competitiveness will continue to exist in the future to the same extent or at all. Any declines in the competitiveness of our products could result in further declines in the average selling prices of our modules and additional margin compression. Accordingly, we continue to focus on enhancing the competitiveness of our solar modules through our module technology and cost reduction roadmaps.
Certain Trends and Uncertainties
We believe that our business, financial condition, and results of operations may be favorably or unfavorably impacted by the following trends and uncertainties. See Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 for discussions of other risks (the “Risk Factors”) that may affect us.
Our business is evolving worldwide and is shaped by the varying ways in which our offerings can be compelling and economically viable solutions to energy needs in various markets. In addressing electricity demands, we are focused on providing utility-scale module offerings in key geographic markets that we believe have a significant need for mass-scale PV solar electricity, including markets throughout the United States, India, and Europe. We closely evaluate and monitor the appropriate level of resources required to support such markets and their associated sales opportunities. When deployed in utility-scale applications, our modules provide energy at a lower LCOE compared to traditional forms of energy generation, making them an attractive alternative to or replacement for aging fossil fuel-based generation resources. Accordingly, future retirements of aging energy generation resources represent a significant increase in the potential market for solar energy.
Demand for our PV solar module offerings depends, in part, on market factors outside our control. For example, many governments have proposed or enacted policies or support programs intended to encourage renewable energy investments to achieve decarbonization objectives and/or establish greater energy independence. While we compete in markets that do not require solar-specific government subsidies or support programs, our net sales and profits remain subject to variability based on the availability and size of government subsidies and economic incentives. Adverse changes in these factors could increase the cost of utility-scale systems, which could reduce demand for our solar modules. Recent developments to government support programs include the following:
•United States. In August 2022, the U.S. President signed the IRA into law, which is intended to accelerate the country’s ongoing transition to clean energy. Among other things, the financial incentives provided by the IRA have significantly increased demand for modules manufactured in the United States. Accordingly, the demand for these solar modules is expected to increase domestic manufacturing in the near term, which may result in localized supply chain constraints and periods of inflationary pricing for certain of our key raw materials. The financial incentives provided by the IRA have also increased demand for solar modules in general due to the incremental tax credit available for the qualified production of clean hydrogen that is powered by renewable resources. There are currently several critical and complex aspects of the IRA pending further technical guidance and final regulations from the IRS and the U.S. Treasury Department. Given the complexities of the IRA, we continue to evaluate the extent of benefits available to us, which we expect will favorably impact our results of operations in future periods. For example, we currently expect to qualify for the advanced manufacturing production credit under Section 45X of the IRC, which provides certain specified benefits for solar modules and solar module components manufactured in the United States and sold to third parties. See Note 5. “Government Grants” and Note 13. “Income Taxes” to our condensed consolidated financial statements for discussion of our expectation of the financial benefits available to us under the IRA and developments to technical guidance and regulations, respectively.
•United States. In September 2023, the U.S. Department of Energy Solar Energy Technologies Office (“SETO”) announced the Advancing U.S. Thin-Film Solar Photovoltaics Funding Opportunity, which provides up to $44 million for qualifying solar R&D projects related to CdTe development and the manufacturing of perovskite tandem PV products. In May 2024, SETO announced the award recipients for this funding opportunity, which included two of our R&D projects. These grants are intended to accelerate and expand domestic solar R&D to strengthen U.S. solar manufacturing and contribute to renewable energy targets.
•India. In March 2023, the government of India allocated financial incentives under the Production Linked Incentive (“PLI”) scheme to certain PV module manufacturers, including First Solar. The PLI scheme is expected to provide aggregate funding of INR 185 billion ($2.2 billion), of which INR 11.8 billion ($141 million) was allocated to First Solar, to promote the manufacturing of high efficiency solar modules in India and to reduce India’s dependency on foreign imports of solar modules. Under the PLI scheme, manufacturers were selected through a competitive bid process and may be entitled to receive certain cash incentives over a five-year period following the commissioning of their manufacturing facilities. Among other things, such incentives are subject to attaining certain minimum thresholds for module efficiency and temperature coefficient and require that a certain proportion of raw materials be sourced from the domestic market. Such conditions will be evaluated on a quarterly basis from 2026 through 2031. At this time, it is uncertain to what extent we may qualify for such incentives.
Demand for our solar energy solutions also depends on domestic or international trade policies and government regulations, which may be proposed, revised, and/or enacted across short- and long-term time horizons with varying degrees of impact to our net sales, profit, and manufacturing operations. Changes in these policies and regulations could adversely impact the competitive landscape of solar markets, which could reduce demand for our solar modules. Recent revisions or proposed changes to trade policy and government regulations include the following:
•United States. The United States currently imposes antidumping and countervailing duties (“AD/CVDs”) on certain imported crystalline silicon PV cells and modules from China and Taiwan. Such AD/CVDs can change over time pursuant to annual reviews conducted by the U.S. Department of Commerce (“USDOC”), and a decline in duty rates or the USDOC’s failure to fully enforce U.S. AD/CVD laws could have an adverse impact on our operating results. In August 2023, the USDOC issued final affirmative circumvention rulings, finding that solar panels completed in Cambodia, Malaysia, Thailand, and Vietnam using parts and components produced in China circumvent the pre-existing AD/CVD orders on China. Such duties apply to circumventing imports on or after June 6, 2024, as well as any circumventing imports prior to that date that are not used or installed on or before December 3, 2024. Our operating results could be adversely impacted if the USDOC and other U.S. government agencies do not enforce the affirmative circumvention rulings as expected or if pending litigation challenges result in a modification of the rulings. Conversely, effective enforcement could positively impact our operating results.
•United States. In October 2023, a coalition of U.S. aluminum extruders and a labor union filed AD/CVD petitions with the USDOC and the U.S. International Trade Commission (“USITC”) related to aluminum extrusions from 15 countries. The USDOC and USITC have initiated investigations based on the petitions. We import certain items that appear to be within the scope of the investigations. The USITC issued affirmative preliminary AD/CVD determinations in November 2023, and its final AD/CVD determinations are expected to be announced on October 30, 2024. The USDOC issued preliminary and final AD determinations in May and September 2024, respectively, both of which found that our Malaysian supplier of aluminum extrusions was not dumping.
•United States. In April 2024, the American Alliance for Solar Manufacturing Trade Committee, which includes First Solar, filed a set of AD/CVD petitions with the USDOC and the USITC to impose duties on certain unfairly traded solar products from Cambodia, Malaysia, Thailand, and Vietnam. The investigations could potentially lead to the imposition of AD/CVD orders on such solar products. In June 2024, the USITC issued affirmative preliminary determinations. In early October 2024, the USDOC announced preliminary affirmative determinations in the CVD investigations, finding that silicon solar cells and panels from Cambodia, Malaysia, Thailand, and Vietnam are unfairly subsidized at rates ranging from de minimis to nearly 300%, depending on the particular foreign producer. The USDOC has imposed provisional CVDs accordingly. The USDOC is expected to announce preliminary determinations in the AD investigations in November 2024.
•India. The Approved List of Models and Manufacturers (“ALMM”) was introduced in 2021 as a non-tariff barrier to incentivize local manufacturing of PV modules by approving the list of models and manufacturers who can participate in certain solar development projects. The ALMM is approved by the Ministry of New and Renewable Energy, and any modifications to the list and its application may affect future investments in solar module manufacturing in India. In April 2024, the government of India reimposed the ALMM, thereby requiring solar project developers to procure qualifying modules from companies on the list, which includes our Indian manufacturing facility. Our operating results could be adversely impacted if the ALMM requirements are significantly relaxed to allow modules to be imported from other countries. Also in April 2024, the ALMM was amended to include specific minimum conversion efficiency thresholds for CdTe solar technologies starting at 18% for solar lighting, 18.5% for rooftop applications, and 19% for utility-scale applications.
Our ability to provide solar modules on economically attractive terms is also affected by the availability and cost of logistics services associated with the procurement of raw materials or equipment used in our manufacturing process and the shipping, handling, storage, and distribution of our modules. To mitigate certain logistics costs, we employ commercial contract structures that provide additional consideration to us if the cost of logistics services, excluding demurrage and detention, exceeds defined thresholds. We may also adjust our shipping plans to include additional lead times for module deliveries and/or utilize our network of U.S. distribution centers to mitigate logistics costs. Additionally, our manufacturing capacity expansions are expected to bring production activities closer to customer demand, further mitigating our exposure to the cost of ocean freight.
We generally price and sell our solar modules on a per watt basis. As of September 30, 2024, we had entered into contracts with customers for the future sale of 72.8 GW of solar modules for an aggregate transaction price of $21.7 billion, which we expect to recognize as revenue through 2030 as we transfer control of the modules to our customers. This volume and transaction price exclude contracts with customers in India for which payment has not been fully secured. This volume includes contracts for the sale of 37.3 GW of solar modules with anticipated price adjustments for future module technology improvements, including enhancements to certain energy related attributes. Based on these potential improvements, the contracted module volume as of September 30, 2024, the expected timing such improvements being incorporated into our manufacturing process, and the expected timing of module deliveries, such adjustments, if realized, could result in additional revenue of up to $0.7 billion, the majority of which would be recognized between 2026 and 2028. In addition to these price adjustments, certain of our contracts with customers may include favorable price adjustments associated with sales freight in excess of defined thresholds and/or favorable or unfavorable price adjustments associated with changes to (i) certain commodity prices, (ii) the module wattage committed for delivery, and (iii) the volume of modules sold that meet certain U.S. domestic content requirements. As a result, the revenue recognized from such contracts may increase or decrease in future periods relative to the original transaction price.
We monitor our modules’ expected performance through quality and reliability testing, as well as actual performance in certain field installation sites. Any declines in the expected performance attributes of our modules could adversely impact our financial results due to declines in the average selling prices of our modules and additional margin compression. For example, the recently identified manufacturing issues affecting certain Series 7 modules may adversely impact the average selling prices of our modules or the carrying value of our inventories. These manufacturing issues may also increase product warranty claims by our customers to resolve the premature power loss in affected modules. The remediation of any identified issues in our manufacturing process may result in increased costs as we resolve the identified issues. Any future manufacturing issues, including any additional commitment made by us to remediate the affected modules beyond our limited warranty, could also adversely impact our reputation, financial position, operating results, and cash flows. We may also be subject to certain other risks and uncertainties surrounding module performance as described in Item 1A. “Risk Factors – Problems with product quality or performance may cause us to incur significant and/or unexpected contractual damages and/or warranty and related expenses, damage our market reputation, and prevent us from maintaining or increasing our market share.”
We continue to increase the nameplate production capacity of our existing manufacturing facilities by improving our production throughput, increasing module wattage, and reducing manufacturing yield losses. Additionally, we are in the process of expanding our manufacturing capacity by approximately 5.8 GW, including the construction of our fifth manufacturing facility in the United States, as well as capacity expansion at our existing facilities. This additional capacity, and any other potential investments to add to or otherwise modify our existing manufacturing capacity in response to market demand and competition, may require significant internal and possibly external sources of capital, and may be subject to certain risks and uncertainties described in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.
Results of Operations
The following table sets forth our condensed consolidated statements of operations as a percentage of net sales for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net sales | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
| Cost of sales | | 49.8 | % | | 53.0 | % | | 52.1 | % | | 63.0 | % |
| Gross profit | | 50.2 | % | | 47.0 | % | | 47.9 | % | | 37.0 | % |
| Selling, general and administrative | | 5.2 | % | | 6.3 | % | | 5.2 | % | | 6.5 | % |
| Research and development | | 5.7 | % | | 5.1 | % | | 5.4 | % | | 5.0 | % |
| Production start-up | | 3.0 | % | | 1.5 | % | | 2.6 | % | | 2.5 | % |
| Litigation loss | | — | % | | — | % | | — | % | | 1.6 | % |
| Gain on sales of businesses, net | | — | % | | — | % | | — | % | | — | % |
| Operating income | | 36.3 | % | | 34.1 | % | | 34.8 | % | | 21.3 | % |
| Foreign currency loss, net | | (0.6) | % | | (0.1) | % | | (0.7) | % | | (0.5) | % |
| Interest income | | 2.5 | % | | 2.9 | % | | 2.8 | % | | 3.4 | % |
| Interest expense, net | | (1.0) | % | | (0.5) | % | | (1.0) | % | | (0.3) | % |
| Other expense, net | | (0.3) | % | | (0.1) | % | | (0.2) | % | | (0.1) | % |
| Income tax expense | | (1.6) | % | | (2.8) | % | | (2.3) | % | | (1.5) | % |
| Net income | | 35.3 | % | | 33.5 | % | | 33.4 | % | | 22.3 | % |
Segment Overview
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.
Net sales
We generally price and sell our solar modules on a per watt basis. During the three and nine months ended September 30, 2024, we sold the majority of our solar modules to developers and operators of systems in the United States, and substantially all of our modules business sales were denominated in U.S. dollars. 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 delivery of the modules to the location specified in the terms of the underlying contract. Net sales from our residual business operations primarily consists of revenue recognized for sales of development projects or completed systems, including any modules installed in such systems and any revenue from energy generated by such systems.
The following table shows net sales by reportable segment for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Modules | | $ | 886,655 | | | $ | 800,393 | | | $ | 86,262 | | | 11 | % | | $ | 2,688,854 | | | $ | 2,139,220 | | | $ | 549,634 | | | 26 | % |
| Other | | 1,013 | | | 697 | | | 316 | | | 45 | % | | 3,404 | | | 20,829 | | | (17,425) | | | (84) | % |
| Net sales | | $ | 887,668 | | | $ | 801,090 | | | $ | 86,578 | | | 11 | % | | $ | 2,692,258 | | | $ | 2,160,049 | | | $ | 532,209 | | | 25 | % |
Net sales increased $86.6 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 primarily due to a 9% increase in the volume of modules sold to third parties and termination payments of $72.3 million associated with certain customer contract terminations in the U.S. and India, partially offset by a current period reduction in revenue of approximately $50 million related to manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024.
Net sales increased $532.2 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 primarily due to a 21% increase in the volume of modules sold to third parties and an increase in termination payments of $93.4 million associated with certain customer contract terminations in the U.S. and India, partially offset by approximately $50 million for the manufacturing issues discussed above and the recognition of contingent earnouts in the previous period for historical project sales related to our residual business operations.
Cost of sales
Our modules business cost of sales includes the cost of raw materials and components for manufacturing solar modules, such as glass, transparent conductive coatings, CdTe and other thin film semiconductors, laminate materials, connector assemblies, edge seal materials, and frames or back rails. In addition, our cost of sales includes direct labor for the manufacturing of solar modules and manufacturing overhead, such as engineering, equipment maintenance, quality and production control, and information technology. Our cost of sales also includes depreciation of manufacturing plant and equipment, facility-related expenses, environmental health and safety costs, and costs associated with shipping, warranties, and solar module collection and recycling (excluding accretion). Cost of sales for our residual business operations includes project-related costs, such as development costs (legal, consulting, transmission upgrade, interconnection, permitting, and other similar costs), EPC costs (consisting primarily of solar modules, inverters, electrical and mounting hardware, project management and engineering, and construction labor), and site-specific costs.
The following table shows cost of sales by reportable segment for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Modules | | $ | 438,274 | | | $ | 433,034 | | | $ | 5,240 | | | 1 | % | | $ | 1,395,972 | | | $ | 1,363,050 | | | $ | 32,922 | | | 2 | % |
| Other | | 4,083 | | | (8,119) | | | 12,202 | | | N/A | | 6,083 | | | (1,647) | | | 7,730 | | | N/A |
| Cost of sales | | $ | 442,357 | | | $ | 424,915 | | | $ | 17,442 | | | 4 | % | | $ | 1,402,055 | | | $ | 1,361,403 | | | $ | 40,652 | | | 3 | % |
| % of net sales | | 49.8 | % | | 53.0 | % | | | | | | 52.1 | % | | 63.0 | % | | | | |
Cost of sales increased $17.4 million, or 4%, and decreased 3.2 percentage points as a percent of net sales for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase in cost of sales was driven by a $5.2 million increase in our modules segment cost of sales primarily due to (i) higher costs of $47.3 million due to an increase in the volume of modules sold and (ii) higher module storage costs of $22.6 million. These increases were partially offset by (iii) a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, which decreased cost of sales by $60.4 million. The increase in cost of sales was also driven by (iv) a $12.2 million increase in our residual business operations’ cost of sales primarily due to a favorable prior period settlement with a former supplier, which resulted in an $8.4 million benefit to cost of sales.
Cost of sales increased $40.7 million, or 3%, and decreased 10.9 percentage points as a percent of net sales for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase in cost of sales was driven by a $32.9 million increase in our modules segment cost of sales primarily due to (i) higher costs of $309.9 million due to an increase in the volume of modules sold and (ii) higher module storage costs of $66.5 million. These increases were partially offset by (iii) the recognition of the above-mentioned advanced manufacturing production credit, which decreased cost of sales by $288.3 million, (iv) lower sales freight of $36.1 million, and (v) lower production ramp costs of $30.0 million. The increase in cost of sales was also driven by (vi) a $7.7 million increase in our residual business operations’ cost of sales as operations continue to wind down.
Gross profit
Gross profit may be affected by numerous factors, including the selling prices of our modules and the selling prices of projects and services included in our residual business operations, our manufacturing costs, the capacity utilization of our manufacturing facilities, and foreign exchange rates. Gross profit may also be affected by the mix of net sales from our modules business and residual business operations.
The following table shows gross profit for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Gross profit | | $ | 445,311 | | | $ | 376,175 | | | $ | 69,136 | | | 18 | % | | $ | 1,290,203 | | | $ | 798,646 | | | $ | 491,557 | | | 62 | % |
| % of net sales | | 50.2 | % | | 47.0 | % | | | | | | 47.9 | % | | 37.0 | % | | | | |
Gross profit as a percentage of net sales increased 3.2 percentage points to 50.2% during the three months ended September 30, 2024 from 47.0% during the three months ended September 30, 2023 primarily due to (i) termination payments associated with certain customer contract terminations in the U.S. and India and (ii) a higher sales mix of modules qualifying for the advanced manufacturing production credit described above. These increases were partially offset by (iii) a current period reduction in revenue related to the previously described manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 and (iv) higher module storage costs.
Gross profit as a percentage of net sales increased 10.9 percentage points to 47.9% during the nine months ended September 30, 2024 from 37.0% during the nine months ended September 30, 2023 primarily due to (i) a higher sales mix of modules qualifying for the advanced manufacturing production credit described above, (ii) the customer contract termination payments described above, and (iii) an increase in the volume of modules sold. These increases were partially offset by (iv) higher module storage costs and (v) a current period reduction in revenue related to the previously described manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024.
Selling, general and administrative
Selling, general and administrative expense consists primarily of salaries and other personnel-related costs, professional fees, insurance costs, and other business development and selling expenses.
The following table shows selling, general and administrative expense for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Selling, general and administrative | | $ | 46,293 | | | $ | 50,172 | | | $ | (3,879) | | | (8) | % | | $ | 138,680 | | | $ | 140,528 | | | $ | (1,848) | | | (1) | % |
| % of net sales | | 5.2 | % | | 6.3 | % | | | | | | 5.2 | % | | 6.5 | % | | | | |
Selling, general and administrative expense for the three and nine months ended September 30, 2024 decreased compared to the three and nine months ended September 30, 2023 primarily due to lower employee bonus expense and lower expected credit losses, partially offset by higher costs for certain legal matters and consulting services.
Research and development
Research and development expense consists primarily of salaries and other personnel-related costs; the cost of products, materials, and outside services used in our R&D activities; and depreciation and amortization expense associated with R&D specific facilities and equipment. We maintain a number of programs and activities to improve our technology and processes in order to enhance the performance and reduce the costs of our solar modules.
The following table shows research and development expense for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Research and development | | $ | 50,197 | | | $ | 41,190 | | | $ | 9,007 | | | 22 | % | | $ | 144,876 | | | $ | 108,445 | | | $ | 36,431 | | | 34 | % |
| % of net sales | | 5.7 | % | | 5.1 | % | | | | | | 5.4 | % | | 5.0 | % | | | | |
Research and development expense for the three and nine months ended September 30, 2024 increased compared to the three and nine months ended September 30, 2023 primarily due to higher depreciation and maintenance costs resulting from our significant investments in R&D facilities and equipment.
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.
The following table shows production start-up expense for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Production start-up | | $ | 26,822 | | | $ | 12,059 | | | $ | 14,763 | | | 122 | % | | $ | 69,681 | | | $ | 54,930 | | | $ | 14,751 | | | 27 | % |
| % of net sales | | 3.0 | % | | 1.5 | % | | | | | | 2.6 | % | | 2.5 | % | | | | |
During the three and nine months ended September 30, 2024, we incurred production start-up expense primarily for our fourth manufacturing facility in the U.S., which commenced operations during the three months ended September 30, 2024. During the three and nine months ended September 30, 2023, we incurred production start-up expense primarily for our first manufacturing facility in India, which commenced operations during 2023.
Foreign currency loss, net
Foreign currency loss, net consists of the net effect of gains and losses resulting from holding assets and liabilities and conducting transactions denominated in currencies other than our subsidiaries’ functional currencies.
The following table shows foreign currency loss, net for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Foreign currency loss, net | | $ | (5,158) | | | $ | (987) | | | $ | (4,171) | | | 423 | % | | $ | (17,665) | | | $ | (11,586) | | | $ | (6,079) | | | 52 | % |
Foreign currency loss, net for the three and nine months ended September 30, 2024 increased compared to the three and nine months ended September 30, 2023 largely due to higher costs associated with hedging activities related to our subsidiaries in India and certain other subsidiaries with exposure to the Euro.
Interest income
Interest income is earned on our cash, cash equivalents, marketable securities, restricted cash, restricted cash equivalents, and restricted marketable securities. Interest income also includes interest earned from late customer payments.
The following table shows interest income for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Interest income | | $ | 22,580 | | | $ | 23,254 | | | $ | (674) | | | (3) | % | | $ | 74,424 | | | $ | 74,102 | | | $ | 322 | | | — | % |
Interest income for the three and nine months ended September 30, 2024 was consistent with the three and nine months ended September 30, 2023.
Interest expense, net
Interest expense, net is primarily comprised of interest incurred on debt. We may capitalize interest expense to our property, plant and equipment when such costs qualify for interest capitalization, which reduces the amount of net interest expense reported in any given period.
The following table shows interest expense, net for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Interest expense, net | | $ | (9,008) | | | $ | (3,734) | | | $ | (5,274) | | | 141 | % | | $ | (27,983) | | | $ | (5,897) | | | $ | (22,086) | | | 375 | % |
Interest expense, net for the three and nine months ended September 30, 2024 increased compared to the three and nine months ended September 30, 2023 primarily due to additional borrowing under various arrangements in India.
Other expense, net
Other expense, net is primarily comprised of miscellaneous items and realized gains and losses on the sale of marketable securities and restricted marketable securities.
The following table shows other expense, net for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Other expense, net | | $ | (3,071) | | | $ | (1,033) | | | $ | (2,038) | | | 197 | % | | $ | (6,435) | | | $ | (1,492) | | | $ | (4,943) | | | 331 | % |
Other expense, net for the three and nine months ended September 30, 2024 increased compared to the three and nine months ended September 30, 2023 primarily due to commitment fees on our Revolving Credit Facility and costs associated with the liquidation of certain inactive legal entities.
Income tax expense
Income tax expense or benefit, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect our best estimate of current and future taxes to be paid. We are subject to income taxes in both the United States and numerous foreign jurisdictions in which we operate, principally Singapore, Malaysia, Vietnam, and India. Significant judgments and estimates are required to determine our consolidated income tax expense. The statutory federal corporate income tax rate in the United States is 21%, and the tax rates in Singapore, Malaysia, Vietnam, and India are 17%, 24%, 20%, and 17%, respectively. In Malaysia, we have been granted a long-term tax holiday, scheduled to expire in 2027, pursuant to which substantially all of our income earned in Malaysia is exempt from income tax, conditional upon our continued compliance with certain employment and investment thresholds. In Vietnam, we have been granted a long-term tax incentive, scheduled to expire at the end of 2036, pursuant to which income earned in Vietnam is subject to reduced annual tax rates, conditional upon our continued compliance with certain revenue and R&D spending thresholds.
The following table shows income tax expense for the three and nine months ended September 30, 2024 and 2023:
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| | | Three Months Ended
September 30, | | | | Nine Months Ended
September 30, | | | | |
| (Dollars in thousands) | | 2024 | | 2023 | | Three Month Change | | 2024 | | 2023 | | Nine Month Change |
| Income tax expense | | $ | (14,386) | | | $ | (22,067) | | | $ | 7,681 | | | (35) | % | | $ | (61,064) | | | $ | (33,071) | | | $ | (27,993) | | | 85 | % |
| Effective tax rate | | 4.4 | % | | 7.6 | % | | | | | | 6.4 | % | | 6.4 | % | | | | |
Our tax rate is affected by the advanced manufacturing production credit under Section 45X and recurring items such as tax rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions. The rate is also affected by discrete items that may occur in any given period but are not consistent from period to period. During the nine months ended September 30, 2024, we reversed our position to indefinitely reinvest the accumulated earnings of a foreign subsidiary and recorded discrete tax expense of approximately $6 million. There were no other changes to our indefinite reinvestment assertions during the period.
Income tax expense decreased $7.7 million during the three months ended September 30, 2024 compared to the three months ended September 30, 2023 primarily due to higher prior period losses in certain jurisdictions for which no tax benefit could be recorded, partially offset by higher pretax income and the effect of tax law changes associated with the proposed FTC regulations.
Income tax expense increased $28.0 million during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 primarily due to higher pretax income, lower excess tax benefits associated with share-based compensation, and the discrete tax expense associated with the reversal of our indefinite reinvestment assertion described above, partially offset by higher prior period losses in certain jurisdictions for which no tax benefit could be recorded.
Critical Accounting Policies and Estimates
In preparing our condensed consolidated financial statements in conformity with U.S. GAAP, we make estimates and assumptions that affect the amounts of reported assets, liabilities, revenues, and expenses, as well as the disclosure of contingent liabilities. Some of our accounting policies require the application of significant judgment in the selection of the appropriate assumptions for making these estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. We base our judgments and estimates on our historical experience, our forecasts, and other available information as appropriate. We believe the judgments and estimates involved in accrued solar module collection and recycling, product warranties, and government grants have the greatest potential impact on our condensed consolidated financial statements. The actual results experienced by us may differ materially and adversely from our estimates. To the extent there are material differences between our estimates and the actual results, our future results of operations will be affected. For a description of the accounting policies that require the most significant judgment and estimates in the preparation of our condensed consolidated financial statements, refer to our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our accounting policies during the nine months ended September 30, 2024.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures, which requires greater disaggregation of an entity’s income tax disclosures. Among other things, ASU 2023-09 requires entities to disclose (i) specific categories in the effective tax rate reconciliation, (ii) pretax income or loss from continuing operations, separated between domestic and foreign jurisdictions, (iii) income tax expense or benefit from continuing operations, separated by federal, state, and foreign jurisdictions, and (iv) income taxes paid to federal, state, and foreign jurisdictions. ASU 2023-09 is effective for public companies for annual periods beginning after December 15, 2024; although early adoption is permitted, we do not intend to do so. We are currently evaluating the impact ASU 2023-09 will have on our consolidated financial statements and associated disclosures.
Liquidity and Capital Resources
As of September 30, 2024, we believe that our cash, cash equivalents, marketable securities, cash flows from operating activities, and contracts with customers for the future sale of solar modules will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. In addition, we have availability under our Revolving Credit Facility, which is unused as of September 30, 2024. As necessary, we also believe we will have adequate access to the capital markets. We monitor our working capital to ensure we have adequate liquidity, both domestically and internationally. We intend to maintain appropriate debt levels based upon cash flow expectations, our overall cost of capital, and expected cash requirements for operations, including near-term construction activities and purchases of manufacturing equipment for our newest manufacturing facilities in the United States. However, our ability to raise capital on terms commercially acceptable to us could be constrained if there is insufficient lender or investor interest due to company-specific, industry-wide, or broader market concerns. Any incremental debt financing could result in increased debt service expenses and/or restrictive covenants, which could limit our ability to pursue our strategic plans.
As of September 30, 2024, we had $1.3 billion in cash, cash equivalents, and marketable securities compared to $2.1 billion as of December 31, 2023. This decrease was primarily driven by purchases of property, plant and equipment for our U.S. and Indian facilities, various operating expenditures, and certain advance payments for raw materials, partially offset by proceeds from the sale of Section 45X tax credits and net cash receipts from module sales. As of September 30, 2024 and December 31, 2023, $0.5 billion and $1.2 billion of our cash, cash equivalents, and marketable securities, respectively, was held by our foreign subsidiaries and was primarily based in U.S. dollar denominated holdings. Our investment policy seeks to preserve our investment principal and maintain adequate liquidity to meet our cash flow requirements, while at the same time optimizing the return on our investments. Such policy applies to all invested funds, whether managed internally or externally. Pursuant to such policy, we place our investments with a diversified group of high-quality financial institutions and limit the concentration of such investments with any one counterparty. We place significant emphasis on the creditworthiness of financial institutions and assess the credit ratings and financial health of our counterparty financial institutions when making investment decisions.
We utilize a variety of tax planning and financing strategies in an effort to ensure that our worldwide cash is available in the locations in which it is needed. If certain international funds were needed for our operations in the United States, we may be required to accrue and pay certain U.S. and foreign taxes to repatriate such funds. We maintain the intent and ability to permanently reinvest our accumulated earnings outside the United States, with the exception of certain subsidiaries for which applicable income taxes have been recorded as of September 30, 2024. During the nine months ended September 30, 2024, we reversed our position to indefinitely reinvest the accumulated earnings of a foreign subsidiary, allowing us to repatriate $1.0 billion of offshore funds to support our strategic investments in the United States. Our worldwide cash may also be affected by changes to foreign government banking regulations that restrict our ability to move funds among various jurisdictions under certain circumstances, which could negatively impact our access to capital, resulting in an adverse effect on our liquidity and capital resources.
Although we compete in markets that do not require solar-specific government subsidies or support programs, such incentives continue to influence the demand for PV solar energy around the world. For example, the financial incentives provided by the IRA are expected to increase both the demand for, and the domestic manufacturing of, solar modules in the United States. We continue to evaluate the extent of benefits available to us by the IRA, which are expected to favorably impact our liquidity and capital resources in future periods. For example, we currently expect to qualify for the advanced manufacturing production credit under Section 45X of the IRC, which provides certain specified benefits 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. 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. Accordingly, we expect the advanced manufacturing production credit will provide us with a significant
source of funding throughout its 10-year period. 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 the full cash proceeds during the nine months ended September 30, 2024. For more information about certain risks associated with the benefits available to us under the IRA, see Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023. See Note 5. “Government Grants” to our condensed consolidated financial statements for further information about government grants.
As a result of various market opportunities and increased demand for our products, we commenced production of Series 7 modules at our third manufacturing facility in Ohio and our first manufacturing facility in India during 2023 and at our first manufacturing facility in Alabama during the three months ended September 30, 2024. We are in the process of expanding our manufacturing capacity, including the construction of our fifth manufacturing facility in the United States, which is expected to commence operations in the second half of 2025. We anticipate our remaining investment in this U.S. facility to be approximately $0.9 billion, which is expected to be incurred throughout 2024 and 2025. The capital expenditures necessary to expand our capacity may be financed, in part, by cash on hand, advance payments from customers for module sales in future periods, the advanced manufacturing production credit described above, and/or near-term bridge financing instruments.
In addition to the expansion described above, we continue to increase the nameplate production capacity of our existing manufacturing facilities by improving our production throughput, increasing module wattage, and reducing manufacturing yield losses. We have a demonstrated history of innovation, continuous improvement, and manufacturing success driven by our significant investments in various R&D initiatives. We continue to invest significant financial resources in such initiatives, including the completion of a dedicated R&D innovation center in the United States to support the implementation of our technology roadmap. This facility features a high-tech pilot manufacturing line, which is expected to enable the production of full-sized prototypes of thin film and tandem PV modules. Such R&D facility was commissioned in July 2024. During 2024, we expect to spend approximately $1.6 billion for capital expenditures, including the new facilities mentioned above, and upgrades to machinery and equipment that we believe will further increase our module wattage and expand capacity and throughput at our facilities. These capital investments, and any other potential investments to implement our technology roadmap, may require significant internal and possibly external sources of capital, and may be subject to certain risks and uncertainties described in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.
We have also committed and expect to continue to commit significant working capital to purchase various raw materials used in our module manufacturing process. Our failure to obtain raw materials and components that meet our quality, quantity, and cost requirements in a timely manner could interrupt or impair our ability to manufacture our solar modules or increase our manufacturing costs. Accordingly, we may enter into long-term supply agreements to mitigate potential risks related to the procurement of key raw materials and components, and such agreements may be noncancelable or cancelable with a significant penalty. For example, we have entered into long-term supply agreements for the purchase of certain specified minimum volumes of substrate glass and cover glass for our PV solar modules. We have the right to terminate certain of these agreements upon payment of specified termination penalties (which, in aggregate, are up to $503.5 million as of September 30, 2024 and decline over the remaining supply periods). Additionally, for certain strategic suppliers, we have made, and may in the future be required to make, certain advance payments to secure the raw materials necessary for our module manufacturing.
We have also committed certain financial resources to fulfill our solar module collection and recycling obligations and have established a trust under which these funds are put into custodial accounts with an established and reputable bank. As of September 30, 2024, such funds were comprised of restricted marketable securities of $211.1 million and associated restricted cash and cash equivalents balances of $4.5 million. As of September 30, 2024, our module collection and recycling liability was $139.0 million. 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 adjust the funded amounts for our estimated collection and recycling obligations 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.
As of September 30, 2024, we had no off-balance sheet debt or similar obligations, other than financial assurance related instruments, which are not classified as debt. We do not guarantee any third-party debt. See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for further information about our financial assurance related instruments.
Cash Flows
The following table summarizes key cash flow activity for the nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | |
| | | Nine Months Ended
September 30, |
| | | 2024 | | 2023 |
Net cash provided by operating activities | | $ | 407,003 | | | $ | 41,151 | |
Net cash used in investing activities | | (1,341,921) | | | (299,630) | |
Net cash (used in) provided by financing activities | | (5,879) | | | 276,114 | |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | | (2,805) | | | (855) | |
| Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | | $ | (943,602) | | | $ | 16,780 | |
Operating Activities
The increase in net cash provided by operating activities was primarily driven by proceeds from the sale of Section 45X tax credits and higher cash receipts from module sales in the current period, partially offset by an increase in payments made to suppliers compared to the prior period.
Investing Activities
The increase in net cash used in investing activities was primarily due to lower proceeds from the sales and maturities of marketable securities in the current period and higher purchases of property, plant and equipment in the current period for our U.S. and Indian facilities, partially offset by lower purchases of marketable securities and restricted marketable securities in the current period.
Financing Activities
The decrease in net cash provided by financing activities was primarily due to repayment of debt in the current period.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes to the information previously provided under Item 7A. of our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our “disclosure controls and procedures” as defined in Exchange Act Rule 13a-15(e) and 15d-15(e). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2024 our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
We also carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of our “internal control over financial reporting” as defined in Exchange Act Rule 13a-15(f) and 15d-15(f) to determine whether any changes in our internal control over financial reporting occurred during the three months ended September 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, there were no such changes in our internal control over financial reporting that occurred during the three months ended September 30, 2024.
CEO and CFO Certifications
We have attached as exhibits to this Quarterly Report on Form 10-Q the certifications of our Chief Executive Officer and Chief Financial Officer, which are required in accordance with the Exchange Act. We recommend that this Item 4. be read in conjunction with those certifications for a more complete understanding of the subject matter presented.
Limitations on the Effectiveness of Controls
Control systems, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control systems’ objectives are being met. Further, the design of any system of controls must reflect the fact that there are resource constraints, and the benefits of all controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of error or mistake. Control systems can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
See Note 10. “Commitments and Contingencies” under the heading “Legal Proceedings” of our condensed consolidated financial statements for legal proceedings and related matters.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023, which could materially affect our business, financial condition, results of operations, and cash flows. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently consider immaterial may also materially adversely affect our business, financial condition, results of operations, and cash flows. Except for the risk factor set forth below, there have been no material changes in the risk factors contained in our Annual Report on Form 10-K.
Problems with product quality or performance may cause us to incur significant and/or unexpected contractual damages and/or warranty and related expenses, damage our market reputation, and prevent us from maintaining or increasing our market share.
We perform a variety of module quality and life tests under different environmental conditions upon which we base our assessments of future module performance over the duration of the warranty. However, if our thin film solar modules perform below expectations, we could experience significant warranty and related expenses, damage to our market reputation, and erosion of our market share. With respect to our modules, we provide a limited 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. Among other things, our solar module warranty also covers the resulting power output loss from cell cracking.
We have identified manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 that may cause the modules to experience premature power loss once installed in the field. We currently believe the primary causes of the issues have been identified and we have taken actions to address such issues. The ultimate loss we will incur for these manufacturing issues will depend on the extent of the premature power loss that is experienced in relation to the obligations under our limited product warranties, as well as any additional commitments we may make to remediate the affected modules. Based on currently available information and certain assumptions and estimates, we believe a reasonable estimate of the aggregate losses related to these manufacturing issues will range from approximately $50 million to $100 million. At this time, no individual amount within that range is a better estimate than any other amount. Accordingly, we increased our product warranty liability by the low end of the range. The estimated range set forth above was based on our evaluation of the currently available information, including select samples of module performance data from several locations, the estimated number of affected modules, and projections of probable costs to remediate the issues. If any of our estimates or assumptions related to the above referenced manufacturing issues are not accurate, we may be required to accrue additional expenses, which could adversely impact our reputation, financial position, operating results, and cash flows.
If any of the other assumptions used in estimating our module warranties prove incorrect, we may also be required to accrue additional expenses, which could adversely impact our financial position, operating results, and cash flows. Although we have taken significant precautions to avoid future manufacturing issues from occurring, any manufacturing issues, including any additional commitments made by us to take remediation actions in respect of affected modules beyond the stated remedies in our warranties, could also adversely impact our reputation, financial position, operating results, and cash flows.
Although our module performance warranties extend for up to 30 years, our oldest solar modules manufactured during the qualification of our pilot production line have only been in use since 2001. Accordingly, our warranties are based on a variety of quality and life tests that enable predictions of durability and future performance. These predictions, however, could prove to be materially different from the actual performance during the warranty period, causing us to incur substantial expense to repair or replace defective solar modules or provide financial remuneration in the future. For example, our solar modules could suffer various failures, including breakage, delamination, corrosion, or performance degradation in excess of expectations, and our manufacturing operations or supply chain could be subject to material or process variations that could cause affected modules to fail or underperform compared to our expectations. These risks could be amplified as we implement design and process changes in connection with our efforts to improve our products and module wattage as part of our long-term strategic plans. In addition, if we increase the number of installations in extreme climates, we may experience increased failure rates due to deployment into such field conditions. Any widespread product failures may damage our market reputation, cause our net sales to decline, require us to repair or replace the defective modules or provide financial remuneration, and result in us taking voluntary remedial measures beyond those required by our standard warranty terms to enhance customer satisfaction, which could have a material adverse effect on our reputation, financial position, operating results, and cash flows.
In resolving claims under both the limited defect and power output warranties, we typically have the option of either repairing or replacing the covered modules or, under the limited power output warranty, providing additional modules to remedy the power shortfall or making certain cash payments; however, historical versions of our module warranty did not provide a refund remedy. Consequently, we may be obligated to repair or replace the covered modules under such historical programs. As our manufacturing process may change from time-to-time in accordance with our technology roadmap, we may elect to stop production of older versions of our modules that would constitute compatible replacement modules. In some jurisdictions, our inability to provide compatible replacement modules could potentially expose us to liabilities beyond the limitations of our module warranties, which could adversely impact our reputation, financial position, operating results, and cash flows.
In addition to our limited solar module warranties described above, for PV solar power systems we have constructed for customers in prior periods, we have provided limited warranties for defects in engineering design, installation, and balance of systems (“BoS”) part workmanship for a period of one to two years following the substantial completion of a system or a block within the system. BoS parts represent mounting, electrical, and other parts used in PV solar power systems. In resolving claims under such BoS warranties, we have the option of remedying the defect through repair or replacement. As with our modules, these warranties are based on a variety of quality and life tests that enable predictions of durability and future performance. Any underperformance or failures in BoS equipment beyond our expectations may also adversely impact our reputation, financial position, operating results, and cash flows.
In addition, our contracts with customers may include provisions with particular product specifications, minimum wattage requirements, and specified delivery schedules. These contracts may be terminated, or we may incur significant liquidated damages or other damages, if we fail to perform our contractual obligations. In addition, our costs to perform under these contracts may exceed our estimates, which could adversely impact our profitability. Any failures to comply with our contracts for the sale of our modules could adversely impact our reputation, financial position, operating results, and cash flows.
Item 5. Other Information
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 September 30, 2024, none of our officers or directors adopted or terminated non-Rule 10b5-1 trading arrangements. However, certain of our officers adopted Rule 10b5-1 trading plans for the sale of our securities. The following table provides certain terms of such plans:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name | | Position | | Action | | Adoption Date | | Expiration Date | | Aggregate Number of
Securities to be Sold (1) |
Markus Gloeckler | | Chief Technology Officer | | Adoption | | August 1, 2024 | | December 31, 2024 | | 4,973 |
| Caroline Stockdale | | Chief People & Communications Officer | | Adoption | | August 16, 2024 | | August 15, 2025 | | 9,942 |
——————————
(1)Represents the gross number of shares subject to the Rule 10b5-1(c) plan, excluding the potential effect of shares withheld for taxes.
Item 6. Exhibits
The following exhibits are filed with this Quarterly Report on Form 10-Q: | | | | | | | | |
| Exhibit Number | | Exhibit Description |
| 3.1 | | |
| 3.2 | | |
| 31.1* | | |
| 31.2* | | |
32.1† | | |
| 101.INS | | XBRL Instance Document – the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | | XBRL Taxonomy Extension Schema Document |
| 101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | | XBRL Taxonomy Label Linkbase Document |
| 101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | | Cover page formatted as Inline XBRL and contained in Exhibit 101 |
——————————
* Filed herewith.
† Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in such filings.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
| FIRST SOLAR, INC. |
| | | |
| Date: October 29, 2024 | By: | | /s/ BYRON JEFFERS |
| Name: | | Byron Jeffers |
| Title: | | Chief Accounting Officer |
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 15 U.S.C. SECTION 7241, AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Mark R. Widmar, certify that:
(1)I have reviewed the Quarterly Report on Form 10-Q of First Solar, Inc., a Delaware corporation, for the period ended September 30, 2024, as filed with the Securities and Exchange Commission;
(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for, the periods presented in this report;
(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | |
| | | |
| October 29, 2024 | By: | | /s/ MARK R. WIDMAR |
| Name: | | Mark R. Widmar |
| Title: | | Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 15 U.S.C. SECTION 7241, AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Alexander R. Bradley, certify that:
(1)I have reviewed the Quarterly Report on Form 10-Q of First Solar, Inc., a Delaware corporation, for the period ended September 30, 2024, as filed with the Securities and Exchange Commission;
(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for, the periods presented in this report;
(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | |
| | | |
| October 29, 2024 | By: | | /s/ ALEXANDER R. BRADLEY |
| Name: | | Alexander R. Bradley |
| Title: | | Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of First Solar, Inc., a Delaware corporation, for the period ended September 30, 2024, as filed with the Securities and Exchange Commission, each of the undersigned officers of First Solar, Inc. certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his respective knowledge:
(1)the quarterly report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)the information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of First Solar, Inc. for the periods presented therein
| | | | | | | | | | | |
| | | |
| October 29, 2024 | By: | | /s/ MARK R. WIDMAR |
| Name: | | Mark R. Widmar |
| Title: | | Chief Executive Officer |
| | | | | | | | | | | |
| | | |
| October 29, 2024 | By: | | /s/ ALEXANDER R. BRADLEY |
| Name: | | Alexander R. Bradley |
| Title: | | Chief Financial Officer |
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v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Net sales |
$ 887,668
|
$ 801,090
|
$ 2,692,258
|
$ 2,160,049
|
| Cost of sales |
442,357
|
424,915
|
1,402,055
|
1,361,403
|
| Gross profit |
445,311
|
376,175
|
1,290,203
|
798,646
|
| Operating expenses: |
|
|
|
|
| Selling, general and administrative |
46,293
|
50,172
|
138,680
|
140,528
|
| Research and development |
50,197
|
41,190
|
144,876
|
108,445
|
| Production start-up |
26,822
|
12,059
|
69,681
|
54,930
|
| Litigation loss |
0
|
0
|
430
|
35,590
|
| Total operating expenses |
123,312
|
103,421
|
353,667
|
339,493
|
| Gain on sales of businesses, net |
0
|
211
|
1,115
|
329
|
| Operating income |
321,999
|
272,965
|
937,651
|
459,482
|
| Foreign currency loss, net |
(5,158)
|
(987)
|
(17,665)
|
(11,586)
|
| Interest income |
22,580
|
23,254
|
74,424
|
74,102
|
| Interest expense, net |
(9,008)
|
(3,734)
|
(27,983)
|
(5,897)
|
| Other expense, net |
(3,071)
|
(1,033)
|
(6,435)
|
(1,492)
|
| Income before taxes |
327,342
|
290,465
|
959,992
|
514,609
|
| Income tax expense |
(14,386)
|
(22,067)
|
(61,064)
|
(33,071)
|
| Net income |
$ 312,956
|
$ 268,398
|
$ 898,928
|
$ 481,538
|
| Net income per share: |
|
|
|
|
| Basic |
$ 2.92
|
$ 2.51
|
$ 8.40
|
$ 4.51
|
| Diluted |
$ 2.91
|
$ 2.50
|
$ 8.36
|
$ 4.49
|
| Weighted-average number of shares used in per share calculations: |
|
|
|
|
| Basic |
107,049
|
106,834
|
107,015
|
106,795
|
| Diluted |
107,562
|
107,498
|
107,514
|
107,326
|
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v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Net income |
$ 312,956
|
$ 268,398
|
$ 898,928
|
$ 481,538
|
| Other comprehensive income (loss) |
|
|
|
|
| Foreign currency translation adjustments |
9,775
|
(4,942)
|
(1,702)
|
(7,635)
|
| Unrealized gain (loss) on marketable securities and restricted marketable securities, net of tax of $(464), $340, $(321) and $23 |
9,683
|
(8,696)
|
6,483
|
(3,045)
|
| Unrealized (loss) gain on derivative instruments, net of tax of $0, $(214), $(131) and $(1,087) |
(1)
|
719
|
490
|
3,527
|
| Other comprehensive income (loss) |
19,457
|
(12,919)
|
5,271
|
(7,153)
|
| Comprehensive income |
332,413
|
255,479
|
904,199
|
474,385
|
| Supplemental Income Statement Elements [Abstract] |
|
|
|
|
| Unrealized gain (loss) on marketable securities and restricted marketable securities, tax |
(464)
|
340
|
(321)
|
23
|
| Unrealized (loss) gain on derivative instruments, tax |
$ 0
|
$ (214)
|
$ (131)
|
$ (1,087)
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 1,005,130
|
$ 1,946,994
|
| Marketable securities |
264,691
|
155,495
|
| Accounts receivable trade, net |
762,138
|
660,776
|
| Government grants receivable, net |
6,659
|
659,745
|
| Inventories |
1,250,629
|
819,899
|
| Other current assets |
528,856
|
391,900
|
| Total current assets |
3,818,103
|
4,634,809
|
| Property, plant and equipment, net |
5,326,121
|
4,397,285
|
| Deferred tax assets, net |
237,868
|
142,819
|
| Restricted marketable securities |
211,130
|
198,310
|
| Government grants receivable |
871,745
|
152,208
|
| Goodwill |
29,585
|
29,687
|
| Intangibles assets, net |
56,645
|
64,511
|
| Inventories |
269,675
|
266,899
|
| Other assets |
615,766
|
478,604
|
| Total assets |
11,436,638
|
10,365,132
|
| Current liabilities: |
|
|
| Accounts payable |
265,320
|
207,178
|
| Income taxes payable |
98,446
|
22,134
|
| Accrued expenses |
520,835
|
524,829
|
| Current portion of debt |
208,261
|
96,238
|
| Deferred revenue |
645,050
|
413,579
|
| Other current liabilities |
44,253
|
42,200
|
| Total current liabilities |
1,782,165
|
1,306,158
|
| Accrued solar module collection and recycling liability |
139,035
|
135,123
|
| Long-term debt |
373,321
|
464,068
|
| Deferred revenue |
1,320,331
|
1,591,604
|
| Other liabilities |
228,138
|
180,710
|
| Total liabilities |
3,842,990
|
3,677,663
|
| Commitments and contingencies |
|
|
| Stockholders' equity: |
|
|
| Common stock, $0.001 par value per share; 500,000,000 shares authorized; 107,057,732 and 106,847,475 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively |
107
|
107
|
| Additional paid-in capital |
2,892,407
|
2,890,427
|
| Accumulated earnings |
4,869,994
|
3,971,066
|
| Accumulated other comprehensive loss |
(168,860)
|
(174,131)
|
| Total stockholders' equity |
7,593,648
|
6,687,469
|
| Total liabilities and stockholders' equity |
$ 11,436,638
|
$ 10,365,132
|
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v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Common Stock, Par Value Per Share |
$ 0.001
|
$ 0.001
|
| Common Stock, Shares Authorized |
500,000,000
|
500,000,000
|
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v3.24.3
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Earnings [Member] |
Accumulated Other Comprehensive Loss [Member] |
| Common stock, shares, beginning balance at Dec. 31, 2022 |
|
106,609,000
|
|
|
|
| Stockholders' equity, beginning balance at Dec. 31, 2022 |
$ 5,836,055
|
$ 107
|
$ 2,887,476
|
$ 3,140,289
|
$ (191,817)
|
| Net income |
481,538
|
|
|
481,538
|
|
| Other comprehensive income (loss) |
(7,153)
|
|
|
|
(7,153)
|
| Common stock issued for share-based compensation, shares |
|
389,000
|
|
|
|
| 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 |
(31,100)
|
$ 0
|
(31,100)
|
|
|
| Share-based compensation expense |
23,036
|
|
23,036
|
|
|
| Common stock, shares, ending balance at Sep. 30, 2023 |
|
106,844,000
|
|
|
|
| Stockholders' equity, ending balance at Sep. 30, 2023 |
6,302,376
|
$ 107
|
2,879,412
|
3,621,827
|
(198,970)
|
| Common stock, shares, beginning balance at Jun. 30, 2023 |
|
106,831,000
|
|
|
|
| Stockholders' equity, beginning balance at Jun. 30, 2023 |
6,039,638
|
$ 107
|
2,872,153
|
3,353,429
|
(186,051)
|
| Net income |
268,398
|
|
|
268,398
|
|
| Other comprehensive income (loss) |
(12,919)
|
|
|
|
(12,919)
|
| Common stock issued for share-based compensation, shares |
|
18,000
|
|
|
|
| Common stock issued for share-based compensation |
0
|
$ 0
|
0
|
|
|
| Tax withholding related to vesting of restricted stock, shares |
|
(5,000)
|
|
|
|
| Tax withholding related to vesting of restricted stock |
(853)
|
$ 0
|
(853)
|
|
|
| Share-based compensation expense |
8,112
|
|
8,112
|
|
|
| Common stock, shares, ending balance at Sep. 30, 2023 |
|
106,844,000
|
|
|
|
| Stockholders' equity, ending balance at Sep. 30, 2023 |
$ 6,302,376
|
$ 107
|
2,879,412
|
3,621,827
|
(198,970)
|
| Common stock, shares, beginning balance at Dec. 31, 2023 |
106,847,475
|
106,847,000
|
|
|
|
| Stockholders' equity, beginning balance at Dec. 31, 2023 |
$ 6,687,469
|
$ 107
|
2,890,427
|
3,971,066
|
(174,131)
|
| Net income |
898,928
|
|
|
898,928
|
|
| Other comprehensive income (loss) |
5,271
|
|
|
|
5,271
|
| Common stock issued for share-based compensation, shares |
|
338,000
|
|
|
|
| Common stock issued for share-based compensation |
0
|
$ 0
|
0
|
|
|
| Tax withholding related to vesting of restricted stock, shares |
|
(127,000)
|
|
|
|
| Tax withholding related to vesting of restricted stock |
(20,144)
|
$ 0
|
(20,144)
|
|
|
| Share-based compensation expense |
$ 22,124
|
|
22,124
|
|
|
| Common stock, shares, ending balance at Sep. 30, 2024 |
107,057,732
|
107,058,000
|
|
|
|
| Stockholders' equity, ending balance at Sep. 30, 2024 |
$ 7,593,648
|
$ 107
|
2,892,407
|
4,869,994
|
(168,860)
|
| Common stock, shares, beginning balance at Jun. 30, 2024 |
|
107,046,000
|
|
|
|
| Stockholders' equity, beginning balance at Jun. 30, 2024 |
7,255,397
|
$ 107
|
2,886,569
|
4,557,038
|
(188,317)
|
| Net income |
312,956
|
|
|
312,956
|
|
| Other comprehensive income (loss) |
19,457
|
|
|
|
19,457
|
| Common stock issued for share-based compensation, shares |
|
16,000
|
|
|
|
| Common stock issued for share-based compensation |
0
|
$ 0
|
0
|
|
|
| Tax withholding related to vesting of restricted stock, shares |
|
(4,000)
|
|
|
|
| Tax withholding related to vesting of restricted stock |
(996)
|
$ 0
|
(996)
|
|
|
| Share-based compensation expense |
$ 6,834
|
|
6,834
|
|
|
| Common stock, shares, ending balance at Sep. 30, 2024 |
107,057,732
|
107,058,000
|
|
|
|
| Stockholders' equity, ending balance at Sep. 30, 2024 |
$ 7,593,648
|
$ 107
|
$ 2,892,407
|
$ 4,869,994
|
$ (168,860)
|
| X |
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v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 898,928
|
$ 481,538
|
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
| Depreciation, amortization and accretion |
299,079
|
218,303
|
| Share-based compensation |
21,987
|
23,209
|
| Deferred income taxes |
(85,343)
|
(46,053)
|
| Gain on sales of businesses, net |
(1,115)
|
(329)
|
| Other, net |
3,238
|
393
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable, trade |
(68,823)
|
(385,046)
|
| Inventories |
(434,375)
|
(262,665)
|
| Government grants receivable |
(59,181)
|
(429,744)
|
| Other assets |
(183,127)
|
(126,073)
|
| Income tax receivable and payable |
35,708
|
(16,809)
|
| Accounts payable and accrued expenses |
(8,953)
|
121,382
|
| Deferred revenue |
(13,159)
|
472,934
|
| Other liabilities |
2,139
|
(9,889)
|
| Net cash provided by operating activities |
407,003
|
41,151
|
| Cash flows from investing activities: |
|
|
| Purchases of property, plant and equipment |
(1,212,537)
|
(1,039,863)
|
| Purchases of marketable securities and restricted marketable securities |
(2,014,764)
|
(3,220,467)
|
| Proceeds from sales and maturities of marketable securities |
1,897,997
|
3,996,439
|
| Acquisitions, net of cash acquired |
0
|
(35,739)
|
| Other investing activities |
(12,617)
|
0
|
| Net cash used in investing activities |
(1,341,921)
|
(299,630)
|
| Cash flows from financing activities: |
|
|
| Proceeds from borrowings under debt arrangements, net of issuance costs |
227,654
|
307,214
|
| Repayments of Debt |
(205,821)
|
0
|
| Payments of tax withholdings for restricted shares |
(20,144)
|
(31,100)
|
| Contingent consideration payment and other financing activities |
(7,568)
|
0
|
| Net cash (used in) provided by financing activities |
(5,879)
|
276,114
|
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents |
(2,805)
|
(855)
|
| Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents |
(943,602)
|
16,780
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period |
1,965,069
|
1,493,462
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period |
1,021,467
|
1,510,242
|
| Supplemental disclosure of noncash investing and financing activities: |
|
|
| Property, plant and equipment acquisitions funded by liabilities |
264,480
|
185,064
|
| Proceeds to be received from asset-based government grants |
159,490
|
152,458
|
| Acquisitions funded by contingent consideration |
$ 11,000
|
$ 18,500
|
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v3.24.3
1. Basis of Presentation (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of First Solar, Inc. and its subsidiaries in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of First Solar management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Certain prior period balances have been reclassified to conform to the current period presentation.
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other period. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K, which has been filed with the SEC.
Unless expressly stated or the context otherwise requires, the terms “the Company,” “we,” “us,” “our,” and “First Solar” refer to First Solar, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report.
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v3.24.3
2. Cash, Cash Equivalents, and Marketable Securities (Notes)
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Cash, Cash Equivalents, and Short-Term Investments [Abstract] |
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| Cash, Cash Equivalents, and Marketable Securities |
2. Cash, Cash Equivalents, and Marketable Securities
Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Cash and cash equivalents: | | | | | | Cash | | $ | 602,749 | | | $ | 841,310 | | | Money market funds | | 402,381 | | | 1,105,684 | | | Total cash and cash equivalents | | 1,005,130 | | | 1,946,994 | | | Marketable securities: | | | | | | Foreign debt | | — | | | 34,895 | | | U.S. debt | | 8,822 | | | 44,089 | | | Time deposits | | 255,869 | | | 76,511 | | | Total marketable securities | | 264,691 | | | 155,495 | | | Total cash, cash equivalents, and marketable securities | | $ | 1,269,821 | | | $ | 2,102,489 | |
The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Line Item | | September 30,
2024 | | December 31,
2023 | | Cash and cash equivalents | | Cash and cash equivalents | | $ | 1,005,130 | | | $ | 1,946,994 | | Restricted cash – current | | Other current assets | | 8,262 | | | 8,262 | | Restricted cash – noncurrent | | Other assets | | 3,612 | | | 3,621 | | | Restricted cash equivalents – noncurrent | | Other assets | | 4,463 | | | 6,192 | | | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | | | | $ | 1,021,467 | | | $ | 1,965,069 | |
During the nine months ended September 30, 2024, we sold marketable securities for proceeds of $67.5 million and realized a gain of less than $0.1 million on such sales. During the nine months ended September 30, 2023, we sold marketable securities for proceeds of $34.9 million and realized a loss of less than $0.1 million on such sales. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities.
The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | U.S. debt | | $ | 10,000 | | | $ | — | | | $ | 1,178 | | | $ | — | | | $ | 8,822 | | | Time deposits | | 255,869 | | | — | | | — | | | — | | | 255,869 | | | Total | | $ | 265,869 | | | $ | — | | | $ | 1,178 | | | $ | — | | | $ | 264,691 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | 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 | |
The contractual maturities of our marketable securities as of September 30, 2024 were as follows (in thousands): | | | | | | | | | | | Fair
Value | Within one year | | $ | 255,869 | | After one year through five years | | 4,731 | | After five years through ten years | | 4,091 | | | Total | | $ | 264,691 | |
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v3.24.3
3. Restricted Marketable Securities (Notes)
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Securities, Available-for-Sale, Restricted [Abstract] |
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| Restricted Cash and Investments |
3. Restricted Marketable Securities
Restricted marketable securities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Foreign government obligations | | $ | 52,368 | | | $ | 51,229 | | | Supranational debt | | 23,350 | | | 15,339 | | | U.S. debt | | 116,157 | | | 113,326 | | | U.S. government obligations | | 19,255 | | | 18,416 | | | Total restricted marketable securities | | $ | 211,130 | | | $ | 198,310 | |
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 funds are put into custodial accounts with an established and reputable bank, for which First Solar, Inc.; First Solar Malaysia Sdn. Bhd.; and First Solar Manufacturing GmbH are grantors. As of September 30, 2024 and December 31, 2023, such custodial accounts also included noncurrent restricted cash and cash equivalents balances of $4.5 million and $6.2 million, respectively, which were reported within “Other assets.” Trust funds may be disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), payments to customers for assuming collection and recycling obligations, and reimbursements of any overfunded amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated government or agency bonds. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted marketable securities, and an estimated solar module life of 25 years, less amounts already funded in prior years. During the nine months ended September 30, 2024, we purchased $7.9 million of restricted marketable securities as part of our ongoing management of the custodial accounts.
See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our restricted marketable securities. The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | Foreign government obligations | | $ | 65,336 | | | $ | — | | | $ | 12,968 | | | $ | — | | | $ | 52,368 | | | Supranational debt | | 25,405 | | | 3 | | | 2,058 | | | — | | | 23,350 | | | U.S. debt | | 145,113 | | | — | | | 28,956 | | | — | | | 116,157 | | | U.S. government obligations | | 24,391 | | | — | | | 5,136 | | | — | | | 19,255 | | | Total | | $ | 260,245 | | | $ | 3 | | | $ | 49,118 | | | $ | — | | | $ | 211,130 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | 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 September 30, 2024, the contractual maturities of these securities were between 6 years and 15 years.
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v3.24.3
4. Consolidated Balance Sheet Details (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Consolidated Balance Sheet Details |
4. Consolidated Balance Sheet Details
Accounts receivable trade, net
Accounts receivable trade, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Accounts receivable trade, gross | | $ | 762,746 | | | $ | 662,390 | | | Allowance for credit losses | | (608) | | | (1,614) | | | Accounts receivable trade, net | | $ | 762,138 | | | $ | 660,776 | |
Inventories
Inventories consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Raw materials | | $ | 486,156 | | | $ | 478,138 | | | Work in process | | 120,050 | | | 78,463 | | | Finished goods | | 914,098 | | | 530,197 | | | Inventories | | $ | 1,520,304 | | | $ | 1,086,798 | | | Inventories – current | | $ | 1,250,629 | | | $ | 819,899 | | | Inventories – noncurrent | | $ | 269,675 | | | $ | 266,899 | |
Other current assets
Other current assets consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Spare maintenance materials and parts | | $ | 201,626 | | | $ | 148,218 | | | Indirect tax receivables | | 113,463 | | | 65,301 | | | Prepaid expenses | | 74,986 | | | 62,480 | | | Operating supplies | | 50,636 | | | 43,995 | | | Prepaid income taxes | | 25,077 | | | 7,064 | | | Insurance receivable for accrued litigation (1) | | 21,800 | | | 21,800 | | | Restricted cash | | 8,262 | | | 8,262 | | | Derivative instruments (2) | | 2,228 | | | 1,778 | | | Other | | 30,778 | | | 33,002 | | | Other current assets | | $ | 528,856 | | | $ | 391,900 | |
—————————— (1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.
(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments. Property, plant and equipment, net
Property, plant and equipment, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Land | | $ | 39,054 | | | $ | 35,364 | | | Buildings and improvements | | 1,581,512 | | | 1,037,421 | | | Machinery and equipment | | 4,438,782 | | | 3,593,347 | | | Office equipment and furniture | | 179,766 | | | 161,187 | | | Leasehold improvements | | 40,330 | | | 40,084 | | | Construction in progress | | 1,022,891 | | | 1,223,998 | | | Property, plant and equipment, gross | | 7,302,335 | | | 6,091,401 | | | Accumulated depreciation | | (1,976,214) | | | (1,694,116) | | | Property, plant and equipment, net | | $ | 5,326,121 | | | $ | 4,397,285 | |
Depreciation of property, plant and equipment was $107.1 million and $287.2 million for the three and nine months ended September 30, 2024, respectively, and $80.7 million and $223.5 million for the three and nine months ended September 30, 2023, respectively.
Other assets
Other assets consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Advance payments for raw materials | | $ | 257,171 | | | $ | 204,370 | | | Lease assets (1) | | 147,669 | | | 101,468 | | | Income tax receivables | | 87,025 | | | 68,591 | | | Prepaid expenses | | 36,076 | | | 23,954 | | | Project assets | | 28,252 | | | 28,430 | | | Restricted cash equivalents | | 4,463 | | | 6,192 | | | Restricted cash | | 3,612 | | | 3,621 | | | Other (2) | | 51,498 | | | 41,978 | | | Other assets | | $ | 615,766 | | | $ | 478,604 | |
—————————— (1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)In November 2023, First Solar entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia. Under the agreement, Cleantech plans to construct certain photovoltaic (“PV”) solar and wind generating assets, which are expected to supply electricity to our manufacturing facility in India.
During 2024, we purchased ownership interests in two subsidiaries of Cleantech for $7.9 million. These subsidiaries own certain of the generation assets that are expected to supply our facility, and we account for our investments in these subsidiaries using the equity method. During the nine months ended September 30, 2024, we recognized $27.3 million of revenue from module sales of 108 megawatts to these subsidiaries. As of September 30, 2024, we had also received advance payments of $1.1 million from one of these subsidiaries for future module sales. Accrued expenses
Accrued expenses consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Accrued property, plant and equipment | | $ | 215,984 | | | $ | 210,233 | | | Accrued freight | | 91,995 | | | 58,494 | | | Product warranty liability (1) | | 54,245 | | | 5,920 | | | Accrued inventory | | 48,008 | | | 101,161 | | | Accrued compensation and benefits | | 29,618 | | | 55,960 | | | Accrued other taxes | | 28,722 | | | 26,781 | | | Accrued interest | | 3,811 | | | 11,011 | | | Other | | 48,452 | | | 55,269 | | | Accrued expenses | | $ | 520,835 | | | $ | 524,829 | |
—————————— (1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”
Other current liabilities
Other current liabilities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Accrued litigation (1) | | $ | 21,800 | | | $ | 21,800 | | | Lease liabilities (2) | | 13,313 | | | 10,358 | | | Derivative instruments (3) | | 3,071 | | | 1,744 | | | Contingent consideration (4) | | — | | | 7,500 | | | Other | | 6,069 | | | 798 | | | Other current liabilities | | $ | 44,253 | | | $ | 42,200 | |
—————————— (1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.
(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(3)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
(4)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements. Other liabilities
Other liabilities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Lease liabilities (1) | | $ | 99,248 | | | $ | 53,725 | | | Deferred tax liabilities, net | | 52,937 | | | 42,771 | | | Other taxes payable | | 35,175 | | | 39,431 | | | Product warranty liability (2) | | 16,440 | | | 19,571 | | | Contingent consideration (3) | | 11,000 | | | 11,000 | | | Other | | 13,338 | | | 14,212 | | | Other liabilities | | $ | 228,138 | | | $ | 180,710 | |
—————————— (1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”
(3)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.
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v3.24.3
5. Government Grants (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Government Assistance [Abstract] |
|
| Government Assistance |
5. Government Grants
Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“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 condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | Balance Sheet Line Item | | September 30,
2024 | | December 31,
2023 | | Property, plant and equipment, net | | $ | 153,668 | | | $ | 146,348 | | | Other assets | | 5,822 | | | 5,860 | |
In February 2021, the state government of Tamil Nadu, India granted First Solar certain incentives associated with the construction of our first manufacturing facility in the country. 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 funding application process begins in the fiscal year following the initial period of module production and is expected to be paid in six annual installments thereafter. The timing of cash receipts is subject to the completion of audit certifications, funding applications by First Solar, and review by state government authorities. Module production in India began during the year ended December 31, 2023. We expect to submit initial funding applications by the end of 2024. Such credit is reflected on our condensed consolidated balance sheets within “Government grants receivable.” The following table presents the benefits recognized from income-based government grants in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | Income Statement Line Item | | 2024 | | 2023 | | 2024 | | 2023 | | Cost of sales | | $ | 266,501 | | | $ | 204,623 | | | $ | 719,508 | | | $ | 429,744 | | | Research and development | | — | | | — | | | 4,000 | | | — | | Production start-up | | 484 | | | — | | | 484 | | | — | |
In August 2022, the U.S. President signed into law the Inflation Reduction Act of 2022 (“IRA”). Among other things, the IRA offers a tax credit, pursuant to Section 45X of the Internal Revenue Code (“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 Internal Revenue Service (“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 condensed consolidated balance sheets within “Government grants receivable.”
In December 2023, we entered into an agreement with Fiserv, Inc. (“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 the full cash proceeds during the nine months ended September 30, 2024.
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v3.24.3
6. Derivative Financial Instruments (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Derivative Financial Instruments |
6. Derivative Financial Instruments
As a global company, we are exposed in the normal course of business to various risks, including foreign currency and commodity price risks, that could affect our financial position, results of operations, and cash flows. We may use derivative instruments to hedge against these risks and only hold such instruments for hedging purposes, not for speculative or trading purposes.
Depending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative instruments at fair value and account for changes in the fair value of derivative instruments within “Accumulated other comprehensive loss” if the derivative instruments qualify for hedge accounting. For those derivative instruments that do not qualify for hedge accounting (i.e., “economic hedges”), we record the changes in fair value directly to earnings. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments. The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Other Current Assets | | | | Other Current Liabilities | | | | Derivatives designated as hedging instruments: | | | | | | | | | | Commodity swap contracts | | $ | — | | | | | $ | 469 | | | | | Total derivatives designated as hedging instruments | | $ | — | | | | | $ | 469 | | | | | | | | | | | | | | Derivatives not designated as hedging instruments: | | | | | | | | | | Foreign exchange forward contracts | | $ | 2,228 | | | | | $ | 2,602 | | | | | | | | | | | | | | Total derivatives not designated as hedging instruments | | $ | 2,228 | | | | | $ | 2,602 | | | | | Total derivative instruments | | $ | 2,228 | | | | | $ | 3,071 | | | |
| | | | | | | | | | | | | | | | | | | | | | 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 | | | |
The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | Commodity Swap Contracts | | | | Balance as of December 31, 2023 | | | | $ | (1,493) | | | | | Amounts recognized in other comprehensive income (loss) | | | | (1,094) | | | | | Amount reclassified to cost of sales | | | | 1,715 | | | | | Balance as of September 30, 2024 | | | | $ | (872) | | | | | | | | | | | | Balance as of December 31, 2022 | | | | $ | (7,242) | | | | | Amounts recognized in other comprehensive income (loss) | | | | (962) | | | | | Amount reclassified to cost of sales | | | | 5,576 | | | | | Balance as of September 30, 2023 | | | | $ | (2,628) | | | |
The following table presents the effect of derivative instruments not designated as hedges on our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in Income Statement | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | Income Statement Line Item | | 2024 | | 2023 | | 2024 | | 2023 | | Foreign exchange forward contracts | | Foreign currency loss, net | | $ | 12,759 | | | $ | 4,533 | | | $ | (3,049) | | | $ | (9,568) | |
Foreign Currency Risk
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 condensed 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 condensed consolidated statements of operations.
As of September 30, 2024 and December 31, 2023, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions): | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Transaction | | Currency | | Notional Amount | | USD Equivalent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sell | | Canadian dollar | | CAD 4.2 | | $3.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Purchase | | Euro | | €155.5 | | $173.6 | | Sell | | Euro | | €8.6 | | $9.6 | | Purchase | | Indian rupee | | INR 18,055.0 | | $215.7 | | Sell | | Indian rupee | | INR 83,157.0 | | $993.3 | | Purchase | | Japanese yen | | ¥1,464.0 | | $10.3 | | Sell | | Japanese yen | | ¥563.6 | | $4.0 | | Purchase | | Malaysian ringgit | | MYR 193.0 | | $46.8 | | Sell | | Malaysian ringgit | | MYR 17.0 | | $4.1 | | | | | | | | | Sell | | Mexican peso | | MXN 34.6 | | $1.8 | | Purchase | | Singapore dollar | | SGD 14.1 | | $11.0 | | Sell | | Singapore dollar | | SGD 19.7 | | $15.4 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 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 |
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 entitled 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.
During the nine months ended September 30, 2024, we entered into various commodity swap contracts to hedge a portion of our forecasted cash flows for purchases of steel between April 2024 and December 2024. Such swaps had an aggregate initial notional value based on short tons of forecasted steel purchases, equivalent to $7.6 million, and entitle us to receive the price based on the U.S. Midwest Hot-Rolled Coil Steel Index while requiring us to pay certain fixed prices. The notional amount of the commodity swap contracts proportionately adjusts with forecasted purchases of steel. As of September 30, 2024, the notional value associated with these contracts was $0.2 million.
These commodity swap contracts qualify for accounting as cash flow hedges in accordance with ASC 815, and we designated them as such. We report unrealized gains or losses on such contracts in “Accumulated other comprehensive loss” and subsequently reclassify applicable amounts into earnings when the hedged transactions occur and impact earnings. We determined that these derivative financial instruments were highly effective as cash flow hedges as of September 30, 2024 and December 31, 2023. In the following 12 months, we expect to reclassify into earnings $0.9 million of net unrealized losses related to these commodity swap contracts that are included in “Accumulated other comprehensive loss” at September 30, 2024 as we realize the earnings effects of the related forecasted transactions.
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
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v3.24.3
7. Leases (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Lessee, Operating Leases |
7. Leases
Our lease arrangements include our corporate and administrative offices, warehouses, 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 three and nine months ended September 30, 2024 and 2023, and as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | $ | 281 | | $ | — | | $ | 517 | | $ | — | | Interest on lease liabilities | | 426 | | — | | 910 | | — | | Operating lease cost | | 3,749 | | 2,980 | | 10,198 | | 8,931 | | Variable lease cost | | 776 | | 512 | | 2,208 | | 2,528 | | Short-term lease cost | | 208 | | 150 | | 686 | | 318 | | Total lease cost | | $ | 5,440 | | $ | 3,642 | | $ | 14,519 | | $ | 11,777 | | | | | | | | | | Cash paid for amounts included in the measurement of: | | | | | | | | | | Operating lease liabilities | | | | | | $ | 10,074 | | $ | 8,513 | | Finance lease liabilities | | | | | | 264 | | — | Lease assets obtained in exchange for: | | | | | | | | | | Operating lease liabilities | | | | | | $ | 41,772 | | $ | 1,791 | | Finance lease liabilities | | | | | | 13,243 | | — | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Operating Leases | | Finance
Leases | | Operating Leases | | Finance
Leases | | Lease assets | | $ | 117,909 | | $ | 29,760 | | $ | 84,419 | | $ | 17,049 | Lease liabilities – current | | 12,101 | | 1,212 | | 10,307 | | 51 | Lease liabilities – noncurrent | | 69,465 | | 29,783 | | 36,662 | | 17,063 | | | | | | | | | | | Weighted-average remaining lease term | | 9 years | | 28 years | | 5 years | | 40 years | | Weighted-average discount rate | | 5.5 | % | | 6.6 | % | | 5.2 | % | | 5.4 | % |
As of September 30, 2024, the future payments associated with our lease liabilities were as follows (in thousands): | | | | | | | | | | | | | | | | | Operating Leases | | Finance
Leases | | Remainder of 2024 | | $ | 4,018 | | | $ | 419 | | | 2025 | | 15,640 | | | 1,929 | | | 2026 | | 14,000 | | | 2,798 | | | 2027 | | 11,342 | | | 2,842 | | | 2028 | | 11,083 | | | 2,895 | | | 2029 | | 9,389 | | | 2,976 | | | Thereafter | | 41,542 | | | 55,418 | | | Total future payments | | 107,014 | | | 69,277 | | | Less: interest | | (25,448) | | | (38,282) | | | Total lease liabilities | | $ | 81,566 | | | $ | 30,995 | |
|
| Lessee, Finance Leases |
7. Leases
Our lease arrangements include our corporate and administrative offices, warehouses, 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 three and nine months ended September 30, 2024 and 2023, and as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | $ | 281 | | $ | — | | $ | 517 | | $ | — | | Interest on lease liabilities | | 426 | | — | | 910 | | — | | Operating lease cost | | 3,749 | | 2,980 | | 10,198 | | 8,931 | | Variable lease cost | | 776 | | 512 | | 2,208 | | 2,528 | | Short-term lease cost | | 208 | | 150 | | 686 | | 318 | | Total lease cost | | $ | 5,440 | | $ | 3,642 | | $ | 14,519 | | $ | 11,777 | | | | | | | | | | Cash paid for amounts included in the measurement of: | | | | | | | | | | Operating lease liabilities | | | | | | $ | 10,074 | | $ | 8,513 | | Finance lease liabilities | | | | | | 264 | | — | Lease assets obtained in exchange for: | | | | | | | | | | Operating lease liabilities | | | | | | $ | 41,772 | | $ | 1,791 | | Finance lease liabilities | | | | | | 13,243 | | — | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Operating Leases | | Finance
Leases | | Operating Leases | | Finance
Leases | | Lease assets | | $ | 117,909 | | $ | 29,760 | | $ | 84,419 | | $ | 17,049 | Lease liabilities – current | | 12,101 | | 1,212 | | 10,307 | | 51 | Lease liabilities – noncurrent | | 69,465 | | 29,783 | | 36,662 | | 17,063 | | | | | | | | | | | Weighted-average remaining lease term | | 9 years | | 28 years | | 5 years | | 40 years | | Weighted-average discount rate | | 5.5 | % | | 6.6 | % | | 5.2 | % | | 5.4 | % |
As of September 30, 2024, the future payments associated with our lease liabilities were as follows (in thousands): | | | | | | | | | | | | | | | | | Operating Leases | | Finance
Leases | | Remainder of 2024 | | $ | 4,018 | | | $ | 419 | | | 2025 | | 15,640 | | | 1,929 | | | 2026 | | 14,000 | | | 2,798 | | | 2027 | | 11,342 | | | 2,842 | | | 2028 | | 11,083 | | | 2,895 | | | 2029 | | 9,389 | | | 2,976 | | | Thereafter | | 41,542 | | | 55,418 | | | Total future payments | | 107,014 | | | 69,277 | | | Less: interest | | (25,448) | | | (38,282) | | | Total lease liabilities | | $ | 81,566 | | | $ | 30,995 | |
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v3.24.3
8. Fair Value Measurements (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
8. Fair Value Measurements
The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis:
•Cash Equivalents and Restricted Cash Equivalents. At September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, our marketable securities consisted of foreign debt, U.S. debt, and time deposits, and our restricted marketable securities consisted of foreign and U.S. government obligations, supranational debt, and U.S. debt. We value our marketable securities and restricted marketable securities using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements.
•Derivative Assets and Liabilities. At September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | September 30,
2024 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 402,381 | | | $ | 402,381 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 4,463 | | | 4,463 | | | — | | | — | | | Marketable securities: | | | | | | | | | | | | | | | | | | | U.S. debt | | 8,822 | | | — | | | 8,822 | | | — | | | Time deposits | | 255,869 | | | 255,869 | | | — | | | — | | | Restricted marketable securities | | 211,130 | | | — | | | 211,130 | | | — | | | Derivative assets | | 2,228 | | | — | | | 2,228 | | | — | | | Total assets | | $ | 884,893 | | | $ | 662,713 | | | $ | 222,180 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 3,071 | | | $ | — | | | $ | 3,071 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | December 31,
2023 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 1,105,684 | | | $ | 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 of Financial Instruments
At September 30, 2024 and December 31, 2023, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 |
| | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Assets: | | | | | | | | | | Government grants receivable - noncurrent | | $ | 871,745 | | | $ | 835,068 | | | $ | 152,208 | | | $ | 107,111 | | | Liabilities: | | | | | | | | | | Long-term debt, including current maturities (1) | | $ | 464,550 | | | $ | 448,862 | | | $ | 500,000 | | | $ | 453,015 | |
—————————— (1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.
The carrying values in our condensed consolidated balance sheets of our current trade accounts receivable, restricted cash, current government grants receivable, 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.
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-Topic 820
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v3.24.3
9. Debt (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Instruments [Abstract] |
|
| Debt |
9. Debt
Our debt arrangements consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Balance (USD) | | Loan Agreement | | Currency | | September 30,
2024 | | December 31,
2023 | | Revolving Credit Facility | | USD | | $ | — | | | $ | — | | | India Credit Facility | | USD | | 464,550 | | | 500,000 | | | India JPM Working Capital Facility | | INR | | 29,057 | | | 60,827 | | | India HSBC Working Capital Facility | | INR | | 70,474 | | | — | | | India Citibank Working Capital Facility | | INR | | 17,917 | | | — | | | Total debt principal | | | | 581,998 | | | 560,827 | | | Less: unamortized issuance costs | | | | (416) | | | (521) | | | Total debt | | | | 581,582 | | | 560,306 | | | Less: current portion | | | | (208,261) | | | (96,238) | | | Noncurrent portion | | | | $ | 373,321 | | | $ | 464,068 | |
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 a senior secured credit facility (the “Revolving Credit Facility”) with an aggregate borrowing capacity of $1.0 billion. Borrowing under the Revolving Credit Facility bears 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), 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 September 30, 2024 and December 31, 2023, we had no outstanding debt 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 (“FSISV”), our indirect wholly-owned subsidiary, entered into a finance agreement (the “India Credit Facility”) with the U.S. International Development Finance Corporation for aggregate borrowing 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 August 2024 through the facility’s expected maturity in August 2029. The India Credit Facility is guaranteed by First Solar, Inc. India JPM Working Capital Facility
In December 2022, FSISV entered into a working capital facility agreement (the “India JPM 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 JPM Working Capital Facility was amended to include certain working capital loans of up to INR 6.2 billion ($74.8 million). The outstanding balance matures in the first quarter of 2025. The India JPM Working Capital Facility is guaranteed by First Solar, Inc.
India HSBC Working Capital Facility
In February 2024, FSISV entered into a working capital facility agreement (the “India HSBC Working Capital Facility”) with the Hongkong and Shanghai Banking Corporation Limited, which provides certain working capital loans of up to INR 8.2 billion ($98.4 million). The outstanding balance matures in the first quarter of 2025. The India HSBC Working Capital Facility is guaranteed by First Solar, Inc.
India Citibank Working Capital Facility
In August 2024, FSISV entered into a working capital facility agreement (the “India Citibank Working Capital Facility”) with Citibank, N.A., which provides certain working capital loans of up to INR 4.5 billion ($53.8 million). The outstanding balance matures in the first quarter of 2025. The India Citibank Working Capital Facility is guaranteed by First Solar, Inc.
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v3.24.3
10. Commitments and Contingencies (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
10. Commitments and Contingencies
Commercial Commitments
During the normal course of business, we enter into commercial commitments in the form of letters of credit and surety bonds to provide financial and performance assurance to third parties. As of September 30, 2024, 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) | | 185.4 | | | 119.4 | | | Surety bonds | | 28.6 | | | 225.0 | |
—————————— (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, we accrue liabilities for the estimated future costs of meeting our limited warranty obligations. 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 and other factors. We make and revise these estimates based primarily on the number of solar modules under warranty installed at customer locations, our historical experience with and projections of warranty claims, and our estimated per-module replacement costs. We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. From time to time, we have taken remediation actions with respect to affected modules beyond our limited warranties and may elect to do so in the future, in which case we would incur additional expenses. Such potential voluntary future remediation actions beyond our limited warranty obligations may be material to our condensed consolidated statements of operations if we commit to any such remediation actions.
Product warranty activities during the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Product warranty liability, beginning of period | | $ | 23,695 | | | $ | 31,969 | | | $ | 25,491 | | | $ | 33,787 | | | Accruals for new warranties issued | | 1,413 | | | 1,310 | | | 4,463 | | | 3,155 | | | Settlements | | (4,578) | | | (1,326) | | | (9,922) | | | (4,519) | | | Changes in estimate of product warranty liability | | 50,155 | | | (5,806) | | | 50,653 | | | (6,276) | | | Product warranty liability, end of period | | $ | 70,685 | | | $ | 26,147 | | | $ | 70,685 | | | $ | 26,147 | | | Current portion of warranty liability | | $ | 54,245 | | | $ | 7,647 | | | $ | 54,245 | | | $ | 7,647 | | | Noncurrent portion of warranty liability | | $ | 16,440 | | | $ | 18,500 | | | $ | 16,440 | | | $ | 18,500 | |
We have identified manufacturing issues affecting certain Series 7 modules manufactured in 2023 and 2024 that may cause the modules to experience premature power loss once installed in the field. The ultimate loss we will incur for these manufacturing issues will depend on the extent of the premature power loss that is experienced in relation to the obligations under our limited product warranties, as well as any additional commitments we may make to remediate the affected modules. Based on currently available information and certain assumptions and estimates, we believe a reasonable estimate of the aggregate losses related to these manufacturing issues will range from approximately $50 million to $100 million. At this time, no individual amount within that range is a better estimate than any other amount. Accordingly, as of September 30, 2024, we increased our product warranty liability by the low end of the range, which we recorded as a reduction to revenue. The estimated range set forth above was based on our evaluation of the currently available information, including select samples of module performance data from several locations, the estimated number of affected modules, and projections of probable costs to remediate the issues. As additional information becomes available to us, our estimate of the aggregate losses related to these manufacturing issues may change, and any change in estimate may also result in a change to our product warranty liability.
During the three months ended September 30, 2023, we revised our warranty estimate based on updated information regarding our warranty claims, which reduced our module warranty liability by $5.7 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.
Indemnifications
In certain limited circumstances, we have provided indemnifications to customers or other parties under which we are contractually obligated to compensate such parties for losses they suffer resulting from a breach of a representation, warranty, or covenant; the resolution of specific matters associated with a project’s development or construction; guarantees of a third party’s payment or performance obligations; or any disallowance or lack of the right to claim all or any portion of certain tax credits. For contracts that have such indemnification provisions, we initially recognize a liability under ASC 460 for the estimated premium that would be required by a guarantor to issue the same indemnity in a standalone arm’s-length transaction with an unrelated party. We may base these estimates on the cost of insurance or other instruments that cover the underlying risks being indemnified and may purchase such instruments to mitigate our exposure to potential indemnification payments. We subsequently measure such liabilities at the greater of the initially estimated premium or the contingent liability required to be recognized under ASC 450. We recognize any indemnification liabilities as a reduction of earnings associated with the related transaction. After an indemnification liability is recorded, we derecognize such amount pursuant to ASC 460 depending on the nature of the indemnity, which derecognition typically occurs upon expiration or settlement of the arrangement, and any contingent aspects of the indemnity are accounted for in accordance with ASC 450. As of September 30, 2024 and December 31, 2023, we accrued $2.5 million and $3.3 million of current indemnification liabilities, respectively. As of September 30, 2024, the maximum potential amount of future payments under our indemnifications was $688.8 million.
Contingent Consideration
As part of our acquisition of Evolar AB (“Evolar”) in May 2023, 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. 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. During the nine months ended September 30, 2024, we paid $7.5 million of contingent consideration to the selling shareholders, and $11.0 million remains in our long-term liabilities as of September 30, 2024.
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 condensed consolidated statements of operations.
Our module collection and recycling liability was $139.0 million and $135.1 million as of September 30, 2024 and December 31, 2023, respectively. See Note 3. “Restricted Marketable Securities” to our condensed consolidated financial statements for more information about our arrangements for funding this liability.
Legal Proceedings
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 engineering, procurement, and construction (“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 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. On May 6, 2024, such action was denied. First Solar has elected not to appeal, and considers this matter closed.
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 (“Plaintiff”), the owner of a company called Trabant Solar, Inc. In January 2023, we were notified by two of our customers that Plaintiff 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. In November 2023, the United States Patent Trial and Appeal Board declined to hear the First Solar IPR. In July 2024, Plaintiff’s counsel filed a motion seeking to withdraw as counsel. The court granted the motion and issued a 45-day stay of all proceedings while Plaintiff seeks new representation. In September 2024, Plaintiff filed a motion seeking a stay of all proceedings for 90 days, claiming health issues. The court granted the motion and issued an additional stay of all proceedings until January 2025. Because all case discovery has been stayed, 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 September 30, 2024, we recorded a $21.8 million accrued litigation payable included in “Other current liabilities” in our condensed 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 condensed consolidated balance sheet as of September 30, 2024. 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 initial verdict in an appellate court, and the plaintiff is cross appealing from the decision to reduce the award, among other issues, stemming from the trial. The parties are awaiting a briefing schedule from the Appellate Court.
On September 29, 2023 and June 5, 2024, the Company received subpoenas from the Division of Enforcement of the SEC seeking documents and information 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.
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v3.24.3
11. Revenue from Contracts with Customers (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue from Contracts with Customers [Text Block] |
11. Revenue from Contracts with Customers
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 delivery of the modules to the location specified in the terms of the underlying contract. Our customer contracts generally contain provisions that require us to pay the customer liquidated damages if we fail to deliver modules by scheduled dates or 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. Our customer contracts also generally contain provisions that entitle us to a termination payment if the customer defaults on its contractual obligations and we terminate the contract. We account for such terminations as contract modifications in the period in which the contract is terminated. We recognize revenue for bill-and-hold arrangements at the point in time the customer obtains control of the modules when all of the following criteria have been met: (i) the arrangement is substantive, (ii) the modules are segregated and identified separately as belonging to the customer, (iii) the modules are ready for physical transfer to the customer, and (iv) we do not have the ability to use the modules or direct them to another customer.
The following table reflects the changes in our contract liabilities, which we classify as “Deferred revenue,” for the nine months ended September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Nine Month Change | | Deferred revenue | | $ | 1,965,381 | | | $ | 2,005,183 | | | $ | (39,802) | | | (2) | % |
During the nine months ended September 30, 2024, our contract liabilities decreased by $39.8 million primarily due to the recognition of revenue for sales of solar modules for which payment was received in prior years, partially offset by advance payments received in the current year for future sales of solar modules. During the nine months ended September 30, 2024 and 2023, we recognized revenue of $284.0 million and $320.3 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.
As of September 30, 2024, we had entered into contracts with customers for the future sale of 72.8 GW of solar modules for an aggregate transaction price of $21.7 billion, which we expect to recognize as revenue through 2030 as we transfer control of the modules to the customers. This volume and transaction price exclude contracts with customers in India for which payment has not been fully secured. This transaction price also 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 defined thresholds, (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.
See Note 16. “Segment Reporting” for the disaggregation of revenue by reportable segment.
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v3.24.3
12. Share-Based Compensation (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement, Recognized Amount [Abstract] |
|
| Share-Based Compensation |
12. Share-Based Compensation
The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Cost of sales | | $ | 505 | | | $ | 1,238 | | | $ | 2,920 | | | $ | 3,513 | | | Selling, general and administrative | | 5,610 | | | 5,905 | | | 16,484 | | | 16,668 | | | Research and development | | 677 | | | 1,047 | | | 2,603 | | | 2,959 | | | Production start-up | | 4 | | | 8 | | | (20) | | | 69 | | | Total share-based compensation expense | | $ | 6,796 | | | $ | 8,198 | | | $ | 21,987 | | | $ | 23,209 | |
As of September 30, 2024, we had $35.3 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 1.2 years.
In March 2020 and May 2021, the compensation committee of our board of directors approved grants of performance units (“PU” or “PUs”) for key executive officers to be earned over multi-year performance periods, which ended in December 2022 and December 2023, respectively. Vesting of the 2020 and 2021 grants of PUs was contingent upon the specific attainment targets of each grant, which targets include metrics such as contracted revenue, module wattage, return on capital, cost per watt, incremental average selling price, and operating income metrics. In March 2023, the compensation committee certified the achievement of the vesting conditions applicable to the 2020 grants, which approximated the target level of performance. In February 2024, the compensation committee certified the achievement of the vesting conditions applicable to the 2021 grants, which approximated the maximum level of performance. Accordingly, each participant received one share of common stock for each vested PU granted, net of any tax withholdings.
In March 2022, March 2023, and March 2024, the compensation committee approved additional grants of PUs for key executive officers; such grants are expected to be earned over a multi-year performance period ending in December 2024, December 2025, and December 2026, respectively. Vesting of the 2022, 2023, and 2024 grants of PUs is contingent upon the specific attainment targets of each grant, which targets include metrics such as contracted revenue, cost per watt, return on capital, production, incremental average selling price, and operating margin metrics.
Vesting of PUs 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 PUs 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.
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v3.24.3
13. Income Taxes (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
13. Income Taxes
The Inflation Reduction Act. 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 corporate alternative minimum tax 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. Certain developments to technical guidance and regulations include the following:
•In May 2023, the U.S. Treasury Department and the IRS issued initial guidance on various sections of the IRC, including Section 45X.
•In December 2023, the U.S. Treasury Department and the IRS issued a notice of proposed rulemaking and public hearing providing initial guidance confirming certain key aspects of the Section 45X credit.
•In March 2024, the U.S. Treasury Department and the IRS issued final regulations on the direct payment election under Section 6417 of the IRC. The final regulations apply to tax years ending on or after March 11, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending before March 11, 2024, provided the final regulations are applied in their entirety and in a consistent manner. The final regulations mostly adopted and confirmed the proposed regulations previously issued in June 2023.
•In April 2024, the U.S. Treasury Department and the IRS issued final regulations on the elective transfer provisions under Section 6418 of the IRC. The final regulations apply to taxable years ending on or after April 30, 2024, but taxpayers may choose to apply the rules in the final regulations in taxable years ending before April 30, 2024, provided the final regulations are applied in their entirety and in a consistent manner. The final regulations mostly adopted and confirmed the proposed regulations previously issued in June 2023.
Given the complexities of the IRA, which is pending additional technical guidance and final regulations from the U.S. Treasury Department and the IRS, we expect to continue to monitor these developments and evaluate their potential future impact to our results of operations.
Foreign tax credit regulations. 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.
Pillar Two. In December 2021, the Organization for Economic Co-operation and Development released model rules for a new global minimum tax framework (“Pillar Two”). Certain governments in countries in which we operate have enacted local Pillar Two legislation, with an effective date from January 1, 2024. We currently do not expect Pillar Two to have a material impact on our 2024 financial statements. As these legislative changes develop and expand, we expect to continue to monitor the changes and evaluate their potential impact to our results of operations. Our effective tax rate was 6.4% for the nine months ended September 30, 2024 and 2023. Although the effective tax rate was consistent across both periods, we identified certain primary drivers, which included (i) lower excess tax benefits associated with share-based compensation and (ii) a higher inclusion percentage of Global Intangible Low-Taxed Income, net of the applicable Section 250 deduction, partially offset by (iii) higher income earned in low tax jurisdictions. Our provision for income taxes differed from the amount computed by applying the U.S. statutory federal income tax rate of 21% primarily due to the effect of tax law changes associated with the IRA described above.
During the nine months ended September 30, 2024, we reversed our position to indefinitely reinvest the accumulated earnings of a foreign subsidiary and recorded discrete tax expense of approximately $6 million. There were no other changes to our indefinite reinvestment assertions during the period.
Our Malaysian subsidiary has been granted a long-term tax holiday that expires in 2027. The tax holiday, which generally provides for a full exemption from Malaysian income tax, is conditional upon our continued compliance with certain employment and investment thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday in 2027.
Our Vietnamese subsidiary 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 research and development (“R&D”) spending thresholds, which we are currently in compliance with and expect to continue to comply with through the expiration of the tax holiday.
We are subject to audit by federal, state, local, and foreign tax authorities. We are currently under examination in India, Chile, Singapore, the United States, and the States of Georgia and Tennessee. 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.
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v3.24.3
14. Net Income per Share (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Net Income per Share |
14. Net Income per Share
The calculation of basic and diluted net income per share for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Basic net income per share | | | | | | | | | | Numerator: | | | | | | | | | | Net income | | $ | 312,956 | | | $ | 268,398 | | | $ | 898,928 | | | $ | 481,538 | | | Denominator: | | | | | | | | | | Weighted-average common shares outstanding | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | | | | | | | | | | | | Diluted net income per share | | | | | | | | | | Denominator: | | | | | | | | | | Weighted-average common shares outstanding | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | | | Effect of restricted stock and performance units | | 513 | | | 664 | | | 499 | | | 531 | | | Weighted-average shares used in computing diluted net income per share | | 107,562 | | | 107,498 | | | 107,514 | | | 107,326 | | | | | | | | | | | | Net income per share: | | | | | | | | | | Basic | | $ | 2.92 | | | $ | 2.51 | | | $ | 8.40 | | | $ | 4.51 | | | Diluted | | $ | 2.91 | | | $ | 2.50 | | | $ | 8.36 | | | $ | 4.49 | |
There were no anti-dilutive shares for the three and nine months ended September 30, 2024 and 2023.
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v3.24.3
15. Accumulated Other Comprehensive Loss (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Accumulated Other Comprehensive Loss |
15. Accumulated Other Comprehensive Loss
The following table presents the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustment | | Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities | | Unrealized Gain (Loss) on Derivative Instruments | | Total | | Balance as of December 31, 2023 | | $ | (118,366) | | | $ | (54,610) | | | $ | (1,155) | | | $ | (174,131) | | | Other comprehensive (loss) income before reclassifications | | (2,218) | | | 6,815 | | | (1,094) | | | 3,503 | | | Amounts reclassified from accumulated other comprehensive loss | | 516 | | | (11) | | | 1,715 | | | 2,220 | | Net tax effect | | — | | | (321) | | | (131) | | | (452) | | | Net other comprehensive (loss) income | | (1,702) | | | 6,483 | | | 490 | | | 5,271 | | | Balance as of September 30, 2024 | | $ | (120,068) | | | $ | (48,127) | | | $ | (665) | | | $ | (168,860) | |
The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Comprehensive Income Components | | Income Statement Line Item | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Foreign currency translation adjustment: | | | | | | | | | | | | Foreign currency translation adjustment | | Cost of sales | | $ | — | | | $ | — | | | $ | — | | | $ | 146 | | | Foreign currency translation adjustment | | Other expense, net | | (516) | | | (1,005) | | | (516) | | | (1,015) | | | Total foreign currency translation adjustment | | | | (516) | | | (1,005) | | | (516) | | | (869) | | | Unrealized gain (loss) on marketable securities and restricted marketable securities | | Other expense, net | | — | | | — | | | 11 | | | (9) | | | Unrealized loss on derivative instruments: | | | | | | | | | | | | Commodity swap contracts | | Cost of sales | | (220) | | | (911) | | | (1,715) | | | (5,576) | | | Total loss reclassified | | | | $ | (736) | | | $ | (1,916) | | | $ | (2,220) | | | $ | (6,454) | |
|
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v3.24.3
16. Segment Reporting (Notes)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting Information, Profit (Loss) [Abstract] |
|
| Segment Reporting |
16. Segment Reporting
Our primary segment is our modules business, which involves the design, manufacture, and sale of cadmium telluride (“CdTe”) solar modules, which convert sunlight into electricity. Third-party customers of our modules segment include 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.
See Note 21. “Segment and Geographical Information” in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of our segment reporting.
The following tables provide a reconciliation of certain financial information for our reportable segment to information presented in our condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 and as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | | | Modules | | Other | | Total | | Modules | | Other | | Total | | Net sales | | $ | 886,655 | | | $ | 1,013 | | | $ | 887,668 | | | $ | 800,393 | | | $ | 697 | | | $ | 801,090 | | Gross profit (loss) | | 448,381 | | | (3,070) | | | 445,311 | | | 367,359 | | | 8,816 | | | 376,175 | | Depreciation and amortization expense | | 92,552 | | | 3 | | | 92,555 | | | 76,991 | | | 2 | | | 76,993 | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | | | Modules | | Other | | Total | | Modules | | Other | | Total | | Net sales | | $ | 2,688,854 | | | $ | 3,404 | | | $ | 2,692,258 | | | $ | 2,139,220 | | | $ | 20,829 | | | $ | 2,160,049 | | Gross profit (loss) | | 1,292,882 | | | (2,679) | | | 1,290,203 | | | 776,170 | | | 22,476 | | | 798,646 | | Depreciation and amortization expense | | 260,046 | | | 9 | | | 260,055 | | | 211,161 | | | 6 | | | 211,167 | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Modules | | Other | | Total | | Modules | | Other | | Total | | Goodwill | | $ | 29,585 | | | $ | — | | | $ | 29,585 | | | $ | 29,687 | | | $ | — | | | $ | 29,687 | |
|
| X |
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
| Net income |
$ 312,956
|
$ 268,398
|
$ 898,928
|
$ 481,538
|
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v3.24.3
Insider Trading Arrangements
|
3 Months Ended |
|
Sep. 30, 2024
shares
|
|---|
| 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 September 30, 2024, none of our officers or directors adopted or terminated non-Rule 10b5-1 trading arrangements. However, certain of our officers adopted Rule 10b5-1 trading plans for the sale of our securities. The following table provides certain terms of such plans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Name | | Position | | Action | | Adoption Date | | Expiration Date | | Aggregate Number of
Securities to be Sold (1) | Markus Gloeckler | | Chief Technology Officer | | Adoption | | August 1, 2024 | | December 31, 2024 | | 4,973 | | Caroline Stockdale | | Chief People & Communications Officer | | Adoption | | August 16, 2024 | | August 15, 2025 | | 9,942 |
—————————— (1)Represents the gross number of shares subject to the Rule 10b5-1(c) plan, excluding the potential effect of shares withheld for taxes.
|
| Non-Rule 10b5-1 Arrangement Adopted |
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|
| Rule 10b5-1 Arrangement Terminated |
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|
| Non-Rule 10b5-1 Arrangement Terminated |
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|
| Markus Gloeckler [Member] |
|
| Trading Arrangements, by Individual |
|
| Name |
Markus Gloeckler
|
| Title |
Chief Technology Officer
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Adoption Date |
August 1, 2024
|
| Expiration Date |
December 31, 2024
|
| Aggregate Available |
4,973
|
| Caroline Stockdale [Member] |
|
| Trading Arrangements, by Individual |
|
| Name |
Caroline Stockdale
|
| Title |
Chief People & Communications Officer
|
| Rule 10b5-1 Arrangement Adopted |
true
|
| Adoption Date |
August 16, 2024
|
| Expiration Date |
August 15, 2025
|
| Aggregate Available |
9,942
|
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v3.24.3
2. Cash, Cash Equivalents and Marketable Securities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Cash, Cash Equivalents, and Short-Term Investments [Abstract] |
|
| Schedule of Cash, Cash Equivalents, and Marketable Securities |
Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Cash and cash equivalents: | | | | | | Cash | | $ | 602,749 | | | $ | 841,310 | | | Money market funds | | 402,381 | | | 1,105,684 | | | Total cash and cash equivalents | | 1,005,130 | | | 1,946,994 | | | Marketable securities: | | | | | | Foreign debt | | — | | | 34,895 | | | U.S. debt | | 8,822 | | | 44,089 | | | Time deposits | | 255,869 | | | 76,511 | | | Total marketable securities | | 264,691 | | | 155,495 | | | Total cash, cash equivalents, and marketable securities | | $ | 1,269,821 | | | $ | 2,102,489 | |
|
| 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 condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Line Item | | September 30,
2024 | | December 31,
2023 | | Cash and cash equivalents | | Cash and cash equivalents | | $ | 1,005,130 | | | $ | 1,946,994 | | Restricted cash – current | | Other current assets | | 8,262 | | | 8,262 | | Restricted cash – noncurrent | | Other assets | | 3,612 | | | 3,621 | | | Restricted cash equivalents – noncurrent | | Other assets | | 4,463 | | | 6,192 | | | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | | | | $ | 1,021,467 | | | $ | 1,965,069 | |
|
| Available-for-sale Marketable Securities |
The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | U.S. debt | | $ | 10,000 | | | $ | — | | | $ | 1,178 | | | $ | — | | | $ | 8,822 | | | Time deposits | | 255,869 | | | — | | | — | | | — | | | 255,869 | | | Total | | $ | 265,869 | | | $ | — | | | $ | 1,178 | | | $ | — | | | $ | 264,691 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | 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 | |
|
| Available-for-sale Marketable Securities by Maturity |
The contractual maturities of our marketable securities as of September 30, 2024 were as follows (in thousands): | | | | | | | | | | | Fair
Value | Within one year | | $ | 255,869 | | After one year through five years | | 4,731 | | After five years through ten years | | 4,091 | | | Total | | $ | 264,691 | |
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v3.24.3
3. Restricted Marketable Securities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Securities, Available-for-Sale, Restricted [Abstract] |
|
| Schedule of Restricted Marketable Securities |
Restricted marketable securities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Foreign government obligations | | $ | 52,368 | | | $ | 51,229 | | | Supranational debt | | 23,350 | | | 15,339 | | | U.S. debt | | 116,157 | | | 113,326 | | | U.S. government obligations | | 19,255 | | | 18,416 | | | Total restricted marketable securities | | $ | 211,130 | | | $ | 198,310 | |
|
| Restricted Available-for-sale Marketable Securities |
The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | Foreign government obligations | | $ | 65,336 | | | $ | — | | | $ | 12,968 | | | $ | — | | | $ | 52,368 | | | Supranational debt | | 25,405 | | | 3 | | | 2,058 | | | — | | | 23,350 | | | U.S. debt | | 145,113 | | | — | | | 28,956 | | | — | | | 116,157 | | | U.S. government obligations | | 24,391 | | | — | | | 5,136 | | | — | | | 19,255 | | | Total | | $ | 260,245 | | | $ | 3 | | | $ | 49,118 | | | $ | — | | | $ | 211,130 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | Allowance for Credit Losses | | Fair
Value | | 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 | |
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v3.24.3
4. Consolidated Balance Sheet Details (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Schedule of Accounts Receivable Trade, Net |
Accounts receivable trade, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Accounts receivable trade, gross | | $ | 762,746 | | | $ | 662,390 | | | Allowance for credit losses | | (608) | | | (1,614) | | | Accounts receivable trade, net | | $ | 762,138 | | | $ | 660,776 | |
|
| Schedule of Inventories, Current and Noncurrent |
Inventories consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Raw materials | | $ | 486,156 | | | $ | 478,138 | | | Work in process | | 120,050 | | | 78,463 | | | Finished goods | | 914,098 | | | 530,197 | | | Inventories | | $ | 1,520,304 | | | $ | 1,086,798 | | | Inventories – current | | $ | 1,250,629 | | | $ | 819,899 | | | Inventories – noncurrent | | $ | 269,675 | | | $ | 266,899 | |
|
| Schedule of Other Current Assets |
Other current assets consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Spare maintenance materials and parts | | $ | 201,626 | | | $ | 148,218 | | | Indirect tax receivables | | 113,463 | | | 65,301 | | | Prepaid expenses | | 74,986 | | | 62,480 | | | Operating supplies | | 50,636 | | | 43,995 | | | Prepaid income taxes | | 25,077 | | | 7,064 | | | Insurance receivable for accrued litigation (1) | | 21,800 | | | 21,800 | | | Restricted cash | | 8,262 | | | 8,262 | | | Derivative instruments (2) | | 2,228 | | | 1,778 | | | Other | | 30,778 | | | 33,002 | | | Other current assets | | $ | 528,856 | | | $ | 391,900 | |
—————————— (1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.
(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
|
| Schedule of Property, Plant and Equipment, Net |
Property, plant and equipment, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Land | | $ | 39,054 | | | $ | 35,364 | | | Buildings and improvements | | 1,581,512 | | | 1,037,421 | | | Machinery and equipment | | 4,438,782 | | | 3,593,347 | | | Office equipment and furniture | | 179,766 | | | 161,187 | | | Leasehold improvements | | 40,330 | | | 40,084 | | | Construction in progress | | 1,022,891 | | | 1,223,998 | | | Property, plant and equipment, gross | | 7,302,335 | | | 6,091,401 | | | Accumulated depreciation | | (1,976,214) | | | (1,694,116) | | | Property, plant and equipment, net | | $ | 5,326,121 | | | $ | 4,397,285 | |
|
| Schedule of Other Assets |
Other assets consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Advance payments for raw materials | | $ | 257,171 | | | $ | 204,370 | | | Lease assets (1) | | 147,669 | | | 101,468 | | | Income tax receivables | | 87,025 | | | 68,591 | | | Prepaid expenses | | 36,076 | | | 23,954 | | | Project assets | | 28,252 | | | 28,430 | | | Restricted cash equivalents | | 4,463 | | | 6,192 | | | Restricted cash | | 3,612 | | | 3,621 | | | Other (2) | | 51,498 | | | 41,978 | | | Other assets | | $ | 615,766 | | | $ | 478,604 | |
—————————— (1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)In November 2023, First Solar entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia. Under the agreement, Cleantech plans to construct certain photovoltaic (“PV”) solar and wind generating assets, which are expected to supply electricity to our manufacturing facility in India.
During 2024, we purchased ownership interests in two subsidiaries of Cleantech for $7.9 million. These subsidiaries own certain of the generation assets that are expected to supply our facility, and we account for our investments in these subsidiaries using the equity method. During the nine months ended September 30, 2024, we recognized $27.3 million of revenue from module sales of 108 megawatts to these subsidiaries. As of September 30, 2024, we had also received advance payments of $1.1 million from one of these subsidiaries for future module sales.
|
| Schedule of Accrued Expenses |
Accrued expenses consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Accrued property, plant and equipment | | $ | 215,984 | | | $ | 210,233 | | | Accrued freight | | 91,995 | | | 58,494 | | | Product warranty liability (1) | | 54,245 | | | 5,920 | | | Accrued inventory | | 48,008 | | | 101,161 | | | Accrued compensation and benefits | | 29,618 | | | 55,960 | | | Accrued other taxes | | 28,722 | | | 26,781 | | | Accrued interest | | 3,811 | | | 11,011 | | | Other | | 48,452 | | | 55,269 | | | Accrued expenses | | $ | 520,835 | | | $ | 524,829 | |
—————————— (1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”
|
| Schedule of Other Current Liabilities |
Other current liabilities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Accrued litigation (1) | | $ | 21,800 | | | $ | 21,800 | | | Lease liabilities (2) | | 13,313 | | | 10,358 | | | Derivative instruments (3) | | 3,071 | | | 1,744 | | | Contingent consideration (4) | | — | | | 7,500 | | | Other | | 6,069 | | | 798 | | | Other current liabilities | | $ | 44,253 | | | $ | 42,200 | |
—————————— (1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.
(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(3)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.
(4)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.
|
| Schedule of Other Liabilities |
Other liabilities consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Lease liabilities (1) | | $ | 99,248 | | | $ | 53,725 | | | Deferred tax liabilities, net | | 52,937 | | | 42,771 | | | Other taxes payable | | 35,175 | | | 39,431 | | | Product warranty liability (2) | | 16,440 | | | 19,571 | | | Contingent consideration (3) | | 11,000 | | | 11,000 | | | Other | | 13,338 | | | 14,212 | | | Other liabilities | | $ | 228,138 | | | $ | 180,710 | |
—————————— (1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
(2)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”
(3)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.
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v3.24.3
5. Government Grants (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | Balance Sheet Line Item | | September 30,
2024 | | December 31,
2023 | | Property, plant and equipment, net | | $ | 153,668 | | | $ | 146,348 | | | Other assets | | 5,822 | | | 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 condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | Income Statement Line Item | | 2024 | | 2023 | | 2024 | | 2023 | | Cost of sales | | $ | 266,501 | | | $ | 204,623 | | | $ | 719,508 | | | $ | 429,744 | | | Research and development | | — | | | — | | | 4,000 | | | — | | Production start-up | | 484 | | | — | | | 484 | | | — | |
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v3.24.3
6. Derivative Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The following tables present the fair values of derivative instruments included in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Other Current Assets | | | | Other Current Liabilities | | | | Derivatives designated as hedging instruments: | | | | | | | | | | Commodity swap contracts | | $ | — | | | | | $ | 469 | | | | | Total derivatives designated as hedging instruments | | $ | — | | | | | $ | 469 | | | | | | | | | | | | | | Derivatives not designated as hedging instruments: | | | | | | | | | | Foreign exchange forward contracts | | $ | 2,228 | | | | | $ | 2,602 | | | | | | | | | | | | | | Total derivatives not designated as hedging instruments | | $ | 2,228 | | | | | $ | 2,602 | | | | | Total derivative instruments | | $ | 2,228 | | | | | $ | 3,071 | | | |
| | | | | | | | | | | | | | | | | | | | | | 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 | | | |
|
| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] |
The following table presents the pretax amounts related to derivative instruments designated as cash flow hedges affecting accumulated other comprehensive income (loss) and our condensed consolidated statements of operations for the nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | Commodity Swap Contracts | | | | Balance as of December 31, 2023 | | | | $ | (1,493) | | | | | Amounts recognized in other comprehensive income (loss) | | | | (1,094) | | | | | Amount reclassified to cost of sales | | | | 1,715 | | | | | Balance as of September 30, 2024 | | | | $ | (872) | | | | | | | | | | | | Balance as of December 31, 2022 | | | | $ | (7,242) | | | | | Amounts recognized in other comprehensive income (loss) | | | | (962) | | | | | Amount reclassified to cost of sales | | | | 5,576 | | | | | Balance as of September 30, 2023 | | | | $ | (2,628) | | | |
|
| Derivative Instruments, Gain (Loss) [Table Text Block] |
The following table presents the effect of derivative instruments not designated as hedges on our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in Income Statement | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | Income Statement Line Item | | 2024 | | 2023 | | 2024 | | 2023 | | Foreign exchange forward contracts | | Foreign currency loss, net | | $ | 12,759 | | | $ | 4,533 | | | $ | (3,049) | | | $ | (9,568) | |
|
| Schedule of Notional Value of Foreign Exchange Forward Derivatives [Table Text Block] |
As of September 30, 2024 and December 31, 2023, the notional values of our foreign exchange forward contracts that do not qualify for hedge accounting were as follows (notional amounts and U.S. dollar equivalents in millions): | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Transaction | | Currency | | Notional Amount | | USD Equivalent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sell | | Canadian dollar | | CAD 4.2 | | $3.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Purchase | | Euro | | €155.5 | | $173.6 | | Sell | | Euro | | €8.6 | | $9.6 | | Purchase | | Indian rupee | | INR 18,055.0 | | $215.7 | | Sell | | Indian rupee | | INR 83,157.0 | | $993.3 | | Purchase | | Japanese yen | | ¥1,464.0 | | $10.3 | | Sell | | Japanese yen | | ¥563.6 | | $4.0 | | Purchase | | Malaysian ringgit | | MYR 193.0 | | $46.8 | | Sell | | Malaysian ringgit | | MYR 17.0 | | $4.1 | | | | | | | | | Sell | | Mexican peso | | MXN 34.6 | | $1.8 | | Purchase | | Singapore dollar | | SGD 14.1 | | $11.0 | | Sell | | Singapore dollar | | SGD 19.7 | | $15.4 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 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 |
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v3.24.3
7. Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of lease cost and related information |
The following table presents certain quantitative information related to our lease arrangements for the three and nine months ended September 30, 2024 and 2023, and as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | $ | 281 | | $ | — | | $ | 517 | | $ | — | | Interest on lease liabilities | | 426 | | — | | 910 | | — | | Operating lease cost | | 3,749 | | 2,980 | | 10,198 | | 8,931 | | Variable lease cost | | 776 | | 512 | | 2,208 | | 2,528 | | Short-term lease cost | | 208 | | 150 | | 686 | | 318 | | Total lease cost | | $ | 5,440 | | $ | 3,642 | | $ | 14,519 | | $ | 11,777 | | | | | | | | | | Cash paid for amounts included in the measurement of: | | | | | | | | | | Operating lease liabilities | | | | | | $ | 10,074 | | $ | 8,513 | | Finance lease liabilities | | | | | | 264 | | — | Lease assets obtained in exchange for: | | | | | | | | | | Operating lease liabilities | | | | | | $ | 41,772 | | $ | 1,791 | | Finance lease liabilities | | | | | | 13,243 | | — | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Operating Leases | | Finance
Leases | | Operating Leases | | Finance
Leases | | Lease assets | | $ | 117,909 | | $ | 29,760 | | $ | 84,419 | | $ | 17,049 | Lease liabilities – current | | 12,101 | | 1,212 | | 10,307 | | 51 | Lease liabilities – noncurrent | | 69,465 | | 29,783 | | 36,662 | | 17,063 | | | | | | | | | | | Weighted-average remaining lease term | | 9 years | | 28 years | | 5 years | | 40 years | | Weighted-average discount rate | | 5.5 | % | | 6.6 | % | | 5.2 | % | | 5.4 | % |
|
| Operating lease liability maturity |
As of September 30, 2024, the future payments associated with our lease liabilities were as follows (in thousands): | | | | | | | | | | | | | | | | | Operating Leases | | Finance
Leases | | Remainder of 2024 | | $ | 4,018 | | | $ | 419 | | | 2025 | | 15,640 | | | 1,929 | | | 2026 | | 14,000 | | | 2,798 | | | 2027 | | 11,342 | | | 2,842 | | | 2028 | | 11,083 | | | 2,895 | | | 2029 | | 9,389 | | | 2,976 | | | Thereafter | | 41,542 | | | 55,418 | | | Total future payments | | 107,014 | | | 69,277 | | | Less: interest | | (25,448) | | | (38,282) | | | Total lease liabilities | | $ | 81,566 | | | $ | 30,995 | |
|
| Finance lease liabilities maturity |
As of September 30, 2024, the future payments associated with our lease liabilities were as follows (in thousands): | | | | | | | | | | | | | | | | | Operating Leases | | Finance
Leases | | Remainder of 2024 | | $ | 4,018 | | | $ | 419 | | | 2025 | | 15,640 | | | 1,929 | | | 2026 | | 14,000 | | | 2,798 | | | 2027 | | 11,342 | | | 2,842 | | | 2028 | | 11,083 | | | 2,895 | | | 2029 | | 9,389 | | | 2,976 | | | Thereafter | | 41,542 | | | 55,418 | | | Total future payments | | 107,014 | | | 69,277 | | | Less: interest | | (25,448) | | | (38,282) | | | Total lease liabilities | | $ | 81,566 | | | $ | 30,995 | |
|
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v3.24.3
8. Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair value of assets and liabilities measured on a recurring basis |
At September 30, 2024 and December 31, 2023, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | September 30,
2024 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 402,381 | | | $ | 402,381 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 4,463 | | | 4,463 | | | — | | | — | | | Marketable securities: | | | | | | | | | | | | | | | | | | | U.S. debt | | 8,822 | | | — | | | 8,822 | | | — | | | Time deposits | | 255,869 | | | 255,869 | | | — | | | — | | | Restricted marketable securities | | 211,130 | | | — | | | 211,130 | | | — | | | Derivative assets | | 2,228 | | | — | | | 2,228 | | | — | | | Total assets | | $ | 884,893 | | | $ | 662,713 | | | $ | 222,180 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 3,071 | | | $ | — | | | $ | 3,071 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | December 31,
2023 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 1,105,684 | | | $ | 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 | | | $ | — | |
|
| Carrying value and fair value of financial instruments not measured at fair value |
At September 30, 2024 and December 31, 2023, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 |
| | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Assets: | | | | | | | | | | Government grants receivable - noncurrent | | $ | 871,745 | | | $ | 835,068 | | | $ | 152,208 | | | $ | 107,111 | | | Liabilities: | | | | | | | | | | Long-term debt, including current maturities (1) | | $ | 464,550 | | | $ | 448,862 | | | $ | 500,000 | | | $ | 453,015 | |
—————————— (1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.
|
| X |
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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v3.24.3
9. Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Instruments [Abstract] |
|
| Schedule of Debt Arrangements |
Our debt arrangements consisted of the following at September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Balance (USD) | | Loan Agreement | | Currency | | September 30,
2024 | | December 31,
2023 | | Revolving Credit Facility | | USD | | $ | — | | | $ | — | | | India Credit Facility | | USD | | 464,550 | | | 500,000 | | | India JPM Working Capital Facility | | INR | | 29,057 | | | 60,827 | | | India HSBC Working Capital Facility | | INR | | 70,474 | | | — | | | India Citibank Working Capital Facility | | INR | | 17,917 | | | — | | | Total debt principal | | | | 581,998 | | | 560,827 | | | Less: unamortized issuance costs | | | | (416) | | | (521) | | | Total debt | | | | 581,582 | | | 560,306 | | | Less: current portion | | | | (208,261) | | | (96,238) | | | Noncurrent portion | | | | $ | 373,321 | | | $ | 464,068 | |
|
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v3.24.3
10. Commitments and Contingencies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Schedule of Commercial Commitments |
As of September 30, 2024, 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) | | 185.4 | | | 119.4 | | | Surety bonds | | 28.6 | | | 225.0 | |
—————————— (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 three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Product warranty liability, beginning of period | | $ | 23,695 | | | $ | 31,969 | | | $ | 25,491 | | | $ | 33,787 | | | Accruals for new warranties issued | | 1,413 | | | 1,310 | | | 4,463 | | | 3,155 | | | Settlements | | (4,578) | | | (1,326) | | | (9,922) | | | (4,519) | | | Changes in estimate of product warranty liability | | 50,155 | | | (5,806) | | | 50,653 | | | (6,276) | | | Product warranty liability, end of period | | $ | 70,685 | | | $ | 26,147 | | | $ | 70,685 | | | $ | 26,147 | | | Current portion of warranty liability | | $ | 54,245 | | | $ | 7,647 | | | $ | 54,245 | | | $ | 7,647 | | | Noncurrent portion of warranty liability | | $ | 16,440 | | | $ | 18,500 | | | $ | 16,440 | | | $ | 18,500 | |
|
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
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- DefinitionTabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
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v3.24.3
11. Revenue from Contracts with Customers (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| 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 nine months ended September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | Nine Month Change | | Deferred revenue | | $ | 1,965,381 | | | $ | 2,005,183 | | | $ | (39,802) | | | (2) | % |
|
| X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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v3.24.3
12. Share-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement, Recognized Amount [Abstract] |
|
| Schedule of Share-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations |
The following table presents share-based compensation expense recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Cost of sales | | $ | 505 | | | $ | 1,238 | | | $ | 2,920 | | | $ | 3,513 | | | Selling, general and administrative | | 5,610 | | | 5,905 | | | 16,484 | | | 16,668 | | | Research and development | | 677 | | | 1,047 | | | 2,603 | | | 2,959 | | | Production start-up | | 4 | | | 8 | | | (20) | | | 69 | | | Total share-based compensation expense | | $ | 6,796 | | | $ | 8,198 | | | $ | 21,987 | | | $ | 23,209 | |
|
| X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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v3.24.3
14. Net Income per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Net Income per Share, Basic and Diluted |
The calculation of basic and diluted net income per share for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Basic net income per share | | | | | | | | | | Numerator: | | | | | | | | | | Net income | | $ | 312,956 | | | $ | 268,398 | | | $ | 898,928 | | | $ | 481,538 | | | Denominator: | | | | | | | | | | Weighted-average common shares outstanding | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | | | | | | | | | | | | Diluted net income per share | | | | | | | | | | Denominator: | | | | | | | | | | Weighted-average common shares outstanding | | 107,049 | | | 106,834 | | | 107,015 | | | 106,795 | | | Effect of restricted stock and performance units | | 513 | | | 664 | | | 499 | | | 531 | | | Weighted-average shares used in computing diluted net income per share | | 107,562 | | | 107,498 | | | 107,514 | | | 107,326 | | | | | | | | | | | | Net income per share: | | | | | | | | | | Basic | | $ | 2.92 | | | $ | 2.51 | | | $ | 8.40 | | | $ | 4.51 | | | Diluted | | $ | 2.91 | | | $ | 2.50 | | | $ | 8.36 | | | $ | 4.49 | |
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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v3.24.3
15. Accumulated Other Comprehensive Loss (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 nine months ended September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustment | | Unrealized Gain (Loss) on Marketable Securities and Restricted Marketable Securities | | Unrealized Gain (Loss) on Derivative Instruments | | Total | | Balance as of December 31, 2023 | | $ | (118,366) | | | $ | (54,610) | | | $ | (1,155) | | | $ | (174,131) | | | Other comprehensive (loss) income before reclassifications | | (2,218) | | | 6,815 | | | (1,094) | | | 3,503 | | | Amounts reclassified from accumulated other comprehensive loss | | 516 | | | (11) | | | 1,715 | | | 2,220 | | Net tax effect | | — | | | (321) | | | (131) | | | (452) | | | Net other comprehensive (loss) income | | (1,702) | | | 6,483 | | | 490 | | | 5,271 | | | Balance as of September 30, 2024 | | $ | (120,068) | | | $ | (48,127) | | | $ | (665) | | | $ | (168,860) | |
|
| Reclassification out of Accumulated Other Comprehensive Loss |
The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Comprehensive Income Components | | Income Statement Line Item | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Foreign currency translation adjustment: | | | | | | | | | | | | Foreign currency translation adjustment | | Cost of sales | | $ | — | | | $ | — | | | $ | — | | | $ | 146 | | | Foreign currency translation adjustment | | Other expense, net | | (516) | | | (1,005) | | | (516) | | | (1,015) | | | Total foreign currency translation adjustment | | | | (516) | | | (1,005) | | | (516) | | | (869) | | | Unrealized gain (loss) on marketable securities and restricted marketable securities | | Other expense, net | | — | | | — | | | 11 | | | (9) | | | Unrealized loss on derivative instruments: | | | | | | | | | | | | Commodity swap contracts | | Cost of sales | | (220) | | | (911) | | | (1,715) | | | (5,576) | | | Total loss reclassified | | | | $ | (736) | | | $ | (1,916) | | | $ | (2,220) | | | $ | (6,454) | |
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-Topic 220
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-Paragraph 14A
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v3.24.3
16. Segment Reporting (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting Information, Profit (Loss) [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
The following tables provide a reconciliation of certain financial information for our reportable segment to information presented in our condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 and as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | | | Modules | | Other | | Total | | Modules | | Other | | Total | | Net sales | | $ | 886,655 | | | $ | 1,013 | | | $ | 887,668 | | | $ | 800,393 | | | $ | 697 | | | $ | 801,090 | | Gross profit (loss) | | 448,381 | | | (3,070) | | | 445,311 | | | 367,359 | | | 8,816 | | | 376,175 | | Depreciation and amortization expense | | 92,552 | | | 3 | | | 92,555 | | | 76,991 | | | 2 | | | 76,993 | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | | | Modules | | Other | | Total | | Modules | | Other | | Total | | Net sales | | $ | 2,688,854 | | | $ | 3,404 | | | $ | 2,692,258 | | | $ | 2,139,220 | | | $ | 20,829 | | | $ | 2,160,049 | | Gross profit (loss) | | 1,292,882 | | | (2,679) | | | 1,290,203 | | | 776,170 | | | 22,476 | | | 798,646 | | Depreciation and amortization expense | | 260,046 | | | 9 | | | 260,055 | | | 211,161 | | | 6 | | | 211,167 | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Modules | | Other | | Total | | Modules | | Other | | Total | | Goodwill | | $ | 29,585 | | | $ | — | | | $ | 29,585 | | | $ | 29,687 | | | $ | — | | | $ | 29,687 | |
|
| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
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v3.24.3
2. Cash, Cash Equivalents, and Marketable Securities (Details) - Cash, Cash Equivalents, and Marketable Securities - USD ($)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
| Cash and cash equivalents |
$ 1,005,130
|
|
$ 1,946,994
|
|
| Marketable securities |
264,691
|
|
155,495
|
|
| Total cash, cash equivalents, and marketable securities |
1,269,821
|
|
2,102,489
|
|
| Restricted cash - current |
8,262
|
|
8,262
|
|
| Restricted cash - noncurrent |
3,612
|
|
3,621
|
|
| Restricted cash equivalents - noncurrent |
4,463
|
|
6,192
|
|
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents |
1,021,467
|
$ 1,510,242
|
1,965,069
|
$ 1,493,462
|
| Marketable Securities, Sale Proceeds |
67,500
|
34,900
|
|
|
| Marketable Securities, Realized Gain |
100
|
|
|
|
| Marketable Securities, Realized Loss |
|
$ (100)
|
|
|
| Foreign debt [Member] |
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
| Marketable securities |
0
|
|
34,895
|
|
| U.S. debt [Member] |
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
| Marketable securities |
8,822
|
|
44,089
|
|
| Time deposits [Member] |
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
| Marketable securities |
255,869
|
|
76,511
|
|
| Cash [Member] |
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
| Cash and cash equivalents |
602,749
|
|
841,310
|
|
| Money market funds [Member] |
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
| Cash and cash equivalents |
$ 402,381
|
|
$ 1,105,684
|
|
| X |
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v3.24.3
2. Cash, Cash Equivalents, and Marketable Securities (Details) - Available For Sale - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
$ 265,869
|
$ 157,158
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
88
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
1,178
|
1,705
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
46
|
| Marketable securities, total |
264,691
|
155,495
|
| Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] |
|
|
| Debt Securities, Available-for-sale, Maturity, Rolling within One Year |
255,869
|
|
| Debt securities, Available-for-sale, Debt Maturities, Rolling Year One Through Five |
4,731
|
|
| Debt securities, Available-for-sale, Debt Maturities, Rolling Year Five Through Ten |
4,091
|
|
| Foreign debt [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
|
35,000
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
|
0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
|
91
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
|
14
|
| Marketable securities, total |
0
|
34,895
|
| U.S. debt [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
10,000
|
45,625
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
88
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
1,178
|
1,614
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
10
|
| Marketable securities, total |
8,822
|
44,089
|
| Time deposits [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
255,869
|
76,533
|
| 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 |
0
|
22
|
| Marketable securities, total |
$ 255,869
|
$ 76,511
|
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-Paragraph 2
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-Section S99
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-Topic 320
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v3.24.3
3. Restricted Marketable Securities (Details) - Restricted Marketable Securities - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted marketable securities |
$ 211,130
|
$ 198,310
|
| Product minimum service life |
25 years
|
|
| Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted marketable securities |
$ 211,130
|
198,310
|
| Payments to acquire restricted marketable securities |
7,900
|
|
| Cash Held In Trust [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted cash and cash equivalents - noncurrent |
4,500
|
6,200
|
| Foreign government obligations [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted marketable securities |
52,368
|
51,229
|
| Supranational debt [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted marketable securities |
23,350
|
15,339
|
| U.S. debt [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted marketable securities |
116,157
|
113,326
|
| U.S. government obligations [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Restricted marketable securities |
$ 19,255
|
$ 18,416
|
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v3.24.3
3. Restricted Marketable Securities (Details) - Available For Sale - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
$ 265,869
|
$ 157,158
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
88
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
1,178
|
1,705
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
46
|
| Restricted marketable securities |
211,130
|
198,310
|
| Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
260,245
|
253,834
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
3
|
0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
49,118
|
55,480
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
44
|
| Restricted marketable securities |
$ 211,130
|
198,310
|
| Minimum [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Contractual maturities of Debt securities, Available-for-sale, range start (in years) |
6 years
|
|
| Maximum [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Contractual Maturities Of Debt securities, Available-for-sale, Range End (In Years) |
15 years
|
|
| Foreign government obligations [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
$ 65,336
|
65,202
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
12,968
|
13,963
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
10
|
| Restricted marketable securities |
52,368
|
51,229
|
| Supranational debt [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
25,405
|
17,688
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
3
|
0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
2,058
|
2,349
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
0
|
| Restricted marketable securities |
23,350
|
15,339
|
| U.S. debt [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
10,000
|
45,625
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
88
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
1,178
|
1,614
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
10
|
| U.S. debt [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
145,113
|
146,484
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
28,956
|
33,129
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
29
|
| Restricted marketable securities |
116,157
|
113,326
|
| U.S. government obligations [Member] | Restricted Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Amortized Cost |
24,391
|
24,460
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0
|
0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
5,136
|
6,039
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
0
|
5
|
| Restricted marketable securities |
$ 19,255
|
$ 18,416
|
| X |
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v3.24.3
4. Consolidated Balance Sheet Details (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Accounts receivable trade |
|
|
|
|
|
| Accounts receivable trade, gross |
$ 762,746
|
|
$ 762,746
|
|
$ 662,390
|
| Allowance for credit losses |
(608)
|
|
(608)
|
|
(1,614)
|
| Accounts receivable trade, net |
762,138
|
|
762,138
|
|
660,776
|
| Inventories |
|
|
|
|
|
| Raw materials |
486,156
|
|
486,156
|
|
478,138
|
| Work in process |
120,050
|
|
120,050
|
|
78,463
|
| Finished goods |
914,098
|
|
914,098
|
|
530,197
|
| Inventories |
1,520,304
|
|
1,520,304
|
|
1,086,798
|
| Inventories - current |
1,250,629
|
|
1,250,629
|
|
819,899
|
| Inventories - noncurrent |
269,675
|
|
269,675
|
|
266,899
|
| Other current assets |
|
|
|
|
|
| Spare maintenance materials and parts |
201,626
|
|
201,626
|
|
148,218
|
| Indirect tax receivables, current |
113,463
|
|
113,463
|
|
65,301
|
| Prepaid expenses |
74,986
|
|
74,986
|
|
62,480
|
| Operating supplies |
50,636
|
|
50,636
|
|
43,995
|
| Prepaid income taxes |
25,077
|
|
25,077
|
|
7,064
|
| Insurance receivable for accrued litigation |
21,800
|
|
21,800
|
|
21,800
|
| Restricted cash |
8,262
|
|
8,262
|
|
8,262
|
| Derivative instruments |
2,228
|
|
2,228
|
|
1,778
|
| Other |
30,778
|
|
30,778
|
|
33,002
|
| Other current assets |
528,856
|
|
528,856
|
|
391,900
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
7,302,335
|
|
7,302,335
|
|
6,091,401
|
| Accumulated depreciation |
(1,976,214)
|
|
(1,976,214)
|
|
(1,694,116)
|
| Property, plant and equipment, net |
5,326,121
|
|
5,326,121
|
|
4,397,285
|
| Other assets |
|
|
|
|
|
| Advance payments for raw materials |
257,171
|
|
257,171
|
|
204,370
|
| Lease assets |
147,669
|
|
147,669
|
|
101,468
|
| Income tax receivables |
87,025
|
|
87,025
|
|
68,591
|
| Prepaid expense |
36,076
|
|
36,076
|
|
23,954
|
| Project assets |
28,252
|
|
28,252
|
|
28,430
|
| Restricted cash equivalents - noncurrent |
4,463
|
|
4,463
|
|
6,192
|
| Restricted cash - noncurrent |
3,612
|
|
3,612
|
|
3,621
|
| Other |
51,498
|
|
51,498
|
|
41,978
|
| Other assets |
615,766
|
|
615,766
|
|
478,604
|
| Net sales |
887,668
|
$ 801,090
|
2,692,258
|
$ 2,160,049
|
|
| Accrued expenses |
|
|
|
|
|
| Accrued property, plant and equipment |
215,984
|
|
215,984
|
|
210,233
|
| Accrued freight |
91,995
|
|
91,995
|
|
58,494
|
| Product warranty liability, current |
54,245
|
|
54,245
|
|
5,920
|
| Accrued inventory |
48,008
|
|
48,008
|
|
101,161
|
| Accrued compensation and benefits |
29,618
|
|
29,618
|
|
55,960
|
| Accrued other taxes |
28,722
|
|
28,722
|
|
26,781
|
| Accrued interest |
3,811
|
|
3,811
|
|
11,011
|
| Other |
48,452
|
|
48,452
|
|
55,269
|
| Accrued expenses |
520,835
|
|
520,835
|
|
524,829
|
| Other current liabilities |
|
|
|
|
|
| Accrued litigation |
21,800
|
|
21,800
|
|
21,800
|
| Lease liabilities, current |
13,313
|
|
13,313
|
|
10,358
|
| Derivative instruments |
3,071
|
|
3,071
|
|
1,744
|
| Contingent consideration, current |
0
|
|
0
|
|
7,500
|
| Other |
6,069
|
|
6,069
|
|
798
|
| Other current liabilities |
44,253
|
|
44,253
|
|
42,200
|
| Other liabilities |
|
|
|
|
|
| Lease liabilities, noncurrent |
99,248
|
|
99,248
|
|
53,725
|
| Deferred tax liabilities, net |
52,937
|
|
52,937
|
|
42,771
|
| Other taxes payable |
35,175
|
|
35,175
|
|
39,431
|
| Product warranty liability, noncurrent |
16,440
|
|
16,440
|
|
19,571
|
| Contingent consideration, noncurrent |
11,000
|
|
11,000
|
|
11,000
|
| Other |
13,338
|
|
13,338
|
|
14,212
|
| Other liabilities |
228,138
|
|
228,138
|
|
180,710
|
| Cleantech Solar |
|
|
|
|
|
| Other assets |
|
|
|
|
|
| Payment to acquire equity method investments |
|
|
7,900
|
|
|
| Net sales |
|
|
27,300
|
|
|
| Advance payments received |
|
|
1,100
|
|
|
| Property, Plant and Equipment [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Depreciation |
107,100
|
$ 80,700
|
287,200
|
$ 223,500
|
|
| Land [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
39,054
|
|
39,054
|
|
35,364
|
| Buildings and improvements [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
1,581,512
|
|
1,581,512
|
|
1,037,421
|
| Machinery and equipment [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
4,438,782
|
|
4,438,782
|
|
3,593,347
|
| Office equipment and furniture [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
179,766
|
|
179,766
|
|
161,187
|
| Leasehold improvements [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
40,330
|
|
40,330
|
|
40,084
|
| Construction in progress [Member] |
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
| Property, plant and equipment, gross |
$ 1,022,891
|
|
$ 1,022,891
|
|
$ 1,223,998
|
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- DefinitionAccrued inventory, current
| Name: |
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| Namespace Prefix: |
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
5. Government Grants (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| 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
|
|
|
|
|
| Cost of sales [Member] |
|
|
|
|
|
| Government Assistance [Line Items] |
|
|
|
|
|
| Government Assistance, Amount, Consolidated Statement of Operations |
|
$ 266,501
|
$ 204,623
|
$ 719,508
|
$ 429,744
|
| Government Assistance, Consolidated Statement of Operations [Extensible Enumeration] |
|
Cost of sales
|
Cost of sales
|
Cost of sales
|
Cost of sales
|
| Research and development [Member] |
|
|
|
|
|
| Government Assistance [Line Items] |
|
|
|
|
|
| Government Assistance, Amount, Consolidated Statement of Operations |
|
$ 0
|
$ 0
|
$ 4,000
|
$ 0
|
| Government Assistance, Consolidated Statement of Operations [Extensible Enumeration] |
|
Research and development
|
Research and development
|
Research and development
|
Research and development
|
| Production start-up [Member] |
|
|
|
|
|
| Government Assistance [Line Items] |
|
|
|
|
|
| Government Assistance, Amount, Consolidated Statement of Operations |
|
$ 484
|
$ 0
|
$ 484
|
$ 0
|
| Government Assistance, Consolidated Statement of Operations [Extensible Enumeration] |
|
Production start-up
|
Production start-up
|
Production start-up
|
Production start-up
|
| Property, Plant and Equipment [Member] |
|
|
|
|
|
| Government Assistance [Line Items] |
|
|
|
|
|
| Government Assistance, Amount, Noncurrent, Consolidated Balance Sheet |
$ 146,348
|
$ 153,668
|
|
$ 153,668
|
|
| Government Assistance, 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 Assistance, Amount, Noncurrent, Consolidated Balance Sheet |
$ 5,860
|
$ 5,822
|
|
$ 5,822
|
|
| Government Assistance, Noncurrent, Consolidated Balance Sheet [Extensible Enumeration] |
Other assets
|
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|
|
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|
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v3.24.3
6. Derivative Financial Instruments (Details) - Summary - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Other Current Assets |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Assets (Liabilities), at Fair Value, Net |
$ 2,228
|
$ 1,778
|
| Other Current Assets | Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Asset, Fair Value, Gross Asset |
0
|
0
|
| Other Current Assets | Not Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Asset, Fair Value, Gross Asset |
2,228
|
1,778
|
| Other Current Liabilities |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Assets (Liabilities), at Fair Value, Net |
(3,071)
|
(1,744)
|
| Other Current Liabilities | Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Liability, Fair Value, Gross Liability |
469
|
344
|
| Other Current Liabilities | Not Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Liability, Fair Value, Gross Liability |
2,602
|
1,400
|
| Commodity swap contracts | Other Current Assets | Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Asset, Fair Value, Gross Asset |
0
|
0
|
| Commodity swap contracts | Other Current Liabilities | Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Liability, Fair Value, Gross Liability |
469
|
344
|
| Foreign exchange forward contracts | Other Current Assets | Not Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Asset, Fair Value, Gross Asset |
2,228
|
1,778
|
| Foreign exchange forward contracts | Other Current Liabilities | Not Designated as Hedging Instrument [Member] |
|
|
| Derivatives, Fair Value [Line Items] |
|
|
| Derivative Liability, Fair Value, Gross Liability |
$ 2,602
|
$ 1,400
|
| X |
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v3.24.3
6. Derivative Financial Instruments (Details) - Hedging Relationship - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Commodity swap contracts | Designated as Hedging Instrument [Member] | Cash Flow Hedging |
|
|
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
| Balance in accumulated other comprehensive income (loss) |
$ (872)
|
$ (2,628)
|
$ (872)
|
$ (2,628)
|
$ (1,493)
|
$ (7,242)
|
| Amounts recognized in other comprehensive income (loss) |
|
|
(1,094)
|
(962)
|
|
|
| Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net |
|
|
$ 1,715
|
$ 5,576
|
|
|
| Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] |
|
|
Cost of sales
|
Cost of sales
|
|
|
| Foreign exchange forward contracts | Not Designated as Hedging Instrument [Member] |
|
|
|
|
|
|
| Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
| Derivative, Gain (Loss) on Derivative, Net |
$ 12,759
|
$ 4,533
|
$ (3,049)
|
$ (9,568)
|
|
|
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Foreign currency loss, net
|
Foreign currency loss, net
|
Foreign currency loss, net
|
Foreign currency loss, net
|
|
|
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
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-Section 50
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-Section 50
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-Topic 815
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-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
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-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (d)
-Publisher FASB
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v3.24.3
| X |
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
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|
v3.24.3
6. Derivative Financial Instruments (Details) - Transaction Exposure - Foreign exchange forward contracts - 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 |
9 Months Ended |
12 Months Ended |
|
|
|
Sep. 30, 2024
CAD ($)
|
Dec. 31, 2023
CAD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
EUR (€)
|
Sep. 30, 2024
INR (₨)
|
Sep. 30, 2024
JPY (¥)
|
Sep. 30, 2024
MYR (RM)
|
Sep. 30, 2024
MXN ($)
|
Sep. 30, 2024
SGD ($)
|
Dec. 31, 2023
USD ($)
|
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, 2023
CLP ($)
|
| Canada, Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, Currency Sold |
Canadian dollar
|
Canadian dollar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chile, Pesos |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, Currency Sold |
|
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 Bought |
Indian rupee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, Currency Sold |
Singapore dollar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long [Member] | Euro Member Countries, Euro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
$ 173.6
|
€ 155.5
|
|
|
|
|
|
$ 108.7
|
€ 98.3
|
|
|
|
|
|
|
| Long [Member] | India, Rupees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
215.7
|
|
₨ 18,055.0
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long [Member] | Japan, Yen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
10.3
|
|
|
¥ 1,464.0
|
|
|
|
7.5
|
|
|
¥ 1,053.6
|
|
|
|
|
| Long [Member] | Malaysia, Ringgits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
46.8
|
|
|
|
RM 193.0
|
|
|
35.0
|
|
|
|
RM 160.7
|
|
|
|
| Long [Member] | Singapore, Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
11.0
|
|
|
|
|
|
$ 14.1
|
4.9
|
|
|
|
|
|
$ 6.5
|
|
| Short [Member] | Canada, Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
$ 4.2
|
$ 4.2
|
3.1
|
|
|
|
|
|
|
3.2
|
|
|
|
|
|
|
|
| Short [Member] | Chile, Pesos |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
|
|
|
|
|
|
|
1.6
|
|
|
|
|
|
|
$ 1,372.6
|
| Short [Member] | Euro Member Countries, Euro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
9.6
|
€ 8.6
|
|
|
|
|
|
15.6
|
€ 14.1
|
|
|
|
|
|
|
| Short [Member] | India, Rupees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
993.3
|
|
₨ 83,157.0
|
|
|
|
|
756.9
|
|
₨ 62,967.4
|
|
|
|
|
|
| Short [Member] | Japan, Yen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
4.0
|
|
|
¥ 563.6
|
|
|
|
5.0
|
|
|
¥ 705.2
|
|
|
|
|
| Short [Member] | Malaysia, Ringgits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
4.1
|
|
|
|
RM 17.0
|
|
|
|
|
|
|
|
|
|
|
| Short [Member] | Mexico, Pesos |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
1.8
|
|
|
|
|
$ 34.6
|
|
$ 2.0
|
|
|
|
|
$ 34.6
|
|
|
| Short [Member] | Singapore, Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative, notional amount |
|
|
$ 15.4
|
|
|
|
|
|
$ 19.7
|
|
|
|
|
|
|
|
|
| X |
- DefinitionIdentification of the specific currency to be purchased upon settlement or exercise of the foreign currency derivative.
| Name: |
us-gaap_DerivativeCurrencyBought |
| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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| Period Type: |
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v3.24.3
7. Leases (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Leases [Abstract] |
|
|
|
|
|
| Finance lease, amortization of right-of-use assets |
$ 281
|
$ 0
|
$ 517
|
$ 0
|
|
| Finance lease, interest on lease liabilities |
426
|
0
|
910
|
0
|
|
| Operating lease cost |
3,749
|
2,980
|
10,198
|
8,931
|
|
| Variable lease cost |
776
|
512
|
2,208
|
2,528
|
|
| Short-term lease cost |
208
|
150
|
686
|
318
|
|
| Total lease cost |
5,440
|
$ 3,642
|
14,519
|
11,777
|
|
| Payments of amounts included in the measurement of operating lease liabilities |
|
|
10,074
|
8,513
|
|
| Payments of amounts included in the measurement of finance lease liabilities |
|
|
264
|
0
|
|
| Lease assets obtained in exchange for operating lease liabilities |
|
|
41,772
|
1,791
|
|
| Lease assets obtained in exchange for finance lease liabilities |
|
|
13,243
|
$ 0
|
|
| Operating lease assets |
117,909
|
|
117,909
|
|
$ 84,419
|
| Operating lease liabilities - current |
12,101
|
|
12,101
|
|
10,307
|
| Operating lease liabilities - noncurrent |
$ 69,465
|
|
$ 69,465
|
|
$ 36,662
|
| Operating lease, Weighted-average remaining lease term |
9 years
|
|
9 years
|
|
5 years
|
| Operating lease, Weighted-average discount rate |
5.50%
|
|
5.50%
|
|
5.20%
|
| Finance lease assets |
$ 29,760
|
|
$ 29,760
|
|
$ 17,049
|
| Finance lease liabilities - current |
1,212
|
|
1,212
|
|
51
|
| Finance lease liabilities - noncurrent |
$ 29,783
|
|
$ 29,783
|
|
$ 17,063
|
| Finance lease, Weighted-average remaining lease term |
28 years
|
|
28 years
|
|
40 years
|
| Finance lease, Weighted-average discount rate |
6.60%
|
|
6.60%
|
|
5.40%
|
| Lessee, Operating Lease, Liability, to be Paid [Abstract] |
|
|
|
|
|
| Operating lease, liability, to be paid, remainder of fiscal year |
$ 4,018
|
|
$ 4,018
|
|
|
| Operating lease, liability, to be paid, year one |
15,640
|
|
15,640
|
|
|
| Operating lease, liability, to be paid, year two |
14,000
|
|
14,000
|
|
|
| Operating lease, liability, to be paid, year three |
11,342
|
|
11,342
|
|
|
| Operating lease, liability, to be paid, year four |
11,083
|
|
11,083
|
|
|
| Operating lease, liability, to be paid, year five |
9,389
|
|
9,389
|
|
|
| Operating lease, liability, to be paid, after year five |
41,542
|
|
41,542
|
|
|
| Operating lease liabilities, total future payments |
107,014
|
|
107,014
|
|
|
| Less: interest on operating lease liabilities |
(25,448)
|
|
(25,448)
|
|
|
| Total operating lease liabilities |
81,566
|
|
81,566
|
|
|
| Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
|
|
|
| Finance lease, liability, to be paid, remainder of fiscal year |
419
|
|
419
|
|
|
| Finance lease, liability, to be paid, year one |
1,929
|
|
1,929
|
|
|
| Finance lease, liability, to be paid, year two |
2,798
|
|
2,798
|
|
|
| Finance lease, liability, to be paid, year three |
2,842
|
|
2,842
|
|
|
| Finance lease, liability, to be paid, year four |
2,895
|
|
2,895
|
|
|
| Finance lease, liability, to be paid, year five |
2,976
|
|
2,976
|
|
|
| Finance lease, liability, to be paid, after year five |
55,418
|
|
55,418
|
|
|
| Finance lease liabilities, total future payments |
69,277
|
|
69,277
|
|
|
| Less: interest on finance lease liabilities |
(38,282)
|
|
(38,282)
|
|
|
| Total finance lease liabilities |
$ 30,995
|
|
$ 30,995
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] |
Other assets
|
|
Other assets
|
|
Other assets
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] |
Other current liabilities
|
|
Other current liabilities
|
|
Other current liabilities
|
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] |
Other liabilities
|
|
Other liabilities
|
|
Other liabilities
|
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] |
Other assets
|
|
Other assets
|
|
Other assets
|
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Other current liabilities
|
|
Other current liabilities
|
|
Other current liabilities
|
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Other liabilities
|
|
Other liabilities
|
|
Other liabilities
|
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-Topic 842
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-Section 55
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-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Topic 842
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-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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v3.24.3
8. Fair Value Measurements (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets: |
|
|
| Marketable securities |
$ 264,691
|
$ 155,495
|
| Restricted marketable securities |
211,130
|
198,310
|
| Foreign debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
0
|
34,895
|
| U.S. debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
8,822
|
44,089
|
| Time deposits [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
255,869
|
76,511
|
| Fair Value, Measurements, Recurring [Member] |
|
|
| Assets: |
|
|
| Cash equivalents, Money market funds |
402,381
|
1,105,684
|
| Restricted cash equivalents, Money market funds |
4,463
|
6,192
|
| Restricted marketable securities |
211,130
|
198,310
|
| Derivative assets |
2,228
|
1,778
|
| Total assets |
884,893
|
1,467,459
|
| Liabilities: |
|
|
| Derivative liabilities |
3,071
|
1,744
|
| Fair Value, Measurements, Recurring [Member] | Foreign debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
|
34,895
|
| Fair Value, Measurements, Recurring [Member] | U.S. debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
8,822
|
44,089
|
| Fair Value, Measurements, Recurring [Member] | Time deposits [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
255,869
|
76,511
|
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Assets: |
|
|
| Cash equivalents, Money market funds |
402,381
|
1,105,684
|
| Restricted cash equivalents, Money market funds |
4,463
|
6,192
|
| Restricted marketable securities |
0
|
0
|
| Derivative assets |
0
|
0
|
| Total assets |
662,713
|
1,188,387
|
| Liabilities: |
|
|
| Derivative liabilities |
0
|
0
|
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
|
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 |
255,869
|
76,511
|
| 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 |
211,130
|
198,310
|
| Derivative assets |
2,228
|
1,778
|
| Total assets |
222,180
|
279,072
|
| Liabilities: |
|
|
| Derivative liabilities |
3,071
|
1,744
|
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
|
34,895
|
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. debt [Member] |
|
|
| Assets: |
|
|
| Marketable securities |
8,822
|
44,089
|
| 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
|
| 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
|
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
8. Fair Value Measurements (Details) - Balance Sheet Grouping - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] |
|
|
| Government grants receivable - noncurrent |
$ 871,745
|
$ 152,208
|
| Carrying Value Measurement [Member] |
|
|
| Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] |
|
|
| Government grants receivable - noncurrent |
871,745
|
152,208
|
| Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] |
|
|
| Long-term debt, including current maturities |
464,550
|
500,000
|
| Estimate of Fair Value Measurement [Member] |
|
|
| Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] |
|
|
| Government grants receivable - noncurrent |
835,068
|
107,111
|
| Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] |
|
|
| Long-term debt, including current maturities |
$ 448,862
|
$ 453,015
|
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
9. Debt (Details)
$ in Thousands, ₨ in Billions |
1 Months Ended |
9 Months Ended |
|
|
|
|
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Aug. 31, 2024
USD ($)
|
Aug. 31, 2024
INR (₨)
|
Feb. 29, 2024
USD ($)
|
Feb. 29, 2024
INR (₨)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
INR (₨)
|
Jul. 27, 2022
USD ($)
|
| Debt |
|
|
|
|
|
|
|
|
|
| Total debt principal |
|
$ 581,998
|
|
|
|
|
$ 560,827
|
|
|
| Less: unamortized issuance costs |
|
(416)
|
|
|
|
|
(521)
|
|
|
| Total debt |
|
581,582
|
|
|
|
|
560,306
|
|
|
| Current portion of debt |
|
208,261
|
|
|
|
|
96,238
|
|
|
| Noncurrent portion of debt |
|
$ 373,321
|
|
|
|
|
464,068
|
|
|
| Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| 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 |
Borrowing under the Revolving Credit Facility bears 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] |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.125%
|
|
|
|
|
|
|
|
|
| Revolving Credit Facility | Maximum [Member] |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
0.375%
|
|
|
|
|
|
|
|
|
| India Credit Facility |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Debt instrument, currency |
|
USD
|
|
|
|
|
|
|
|
| Long-term debt, gross |
|
$ 464,550
|
|
|
|
|
500,000
|
|
|
| India Credit Facility | DFC | FS India Solar Ventures Private Limited |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility, Current Borrowing Capacity |
|
|
|
|
|
|
|
|
$ 500,000
|
| India JPM Working Capital Facility |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Debt instrument, currency |
|
INR
|
|
|
|
|
|
|
|
| Short-term debt |
|
$ 29,057
|
|
|
|
|
60,827
|
|
|
| India JPM Working Capital Facility | JPMorgan Chase Bank, N.A. | FS India Solar Ventures Private Limited |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility, Current Borrowing Capacity |
|
|
|
|
|
|
74,800
|
₨ 6.2
|
|
| India HSBC Working Capital Facility |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Debt instrument, currency |
|
INR
|
|
|
|
|
|
|
|
| Short-term debt |
|
$ 70,474
|
|
|
|
|
0
|
|
|
| India HSBC Working Capital Facility | Hong Kong and Shanghai Banking Corporation Limited | FS India Solar Ventures Private Limited |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility, Current Borrowing Capacity |
|
|
|
|
$ 98,400
|
₨ 8.2
|
|
|
|
| India Citibank Working Capital Facility |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Debt instrument, currency |
|
INR
|
|
|
|
|
|
|
|
| Short-term debt |
|
$ 17,917
|
|
|
|
|
$ 0
|
|
|
| India Citibank Working Capital Facility | Citibank, N.A. | FS India Solar Ventures Private Limited |
|
|
|
|
|
|
|
|
|
| Debt |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility, Current Borrowing Capacity |
|
|
$ 53,800
|
₨ 4.5
|
|
|
|
|
|
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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| X |
- Details
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- Details
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| X |
- Details
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| Namespace Prefix: |
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| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| X |
- Details
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| Namespace Prefix: |
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|
| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| X |
- Details
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| Namespace Prefix: |
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|
v3.24.3
| X |
- DefinitionLetters of Credit Outstanding, Secured by Cash
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| Namespace Prefix: |
fslr_ |
| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionLetters of Credit, Remaining Borrowing Capacity
| Name: |
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| Namespace Prefix: |
fslr_ |
| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionLine of Credit Facility, Letter of Credit Sub-Limit
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
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v3.24.3
10. Commitments and Contingencies (Details) - Product Warranties - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Movement in Standard Product Warranty Accrual [Roll Forward] |
|
|
|
|
| Product warranty liability, beginning of period |
$ 23,695
|
$ 31,969
|
$ 25,491
|
$ 33,787
|
| Accruals for new warranties issued |
1,413
|
1,310
|
4,463
|
3,155
|
| Settlements |
(4,578)
|
(1,326)
|
(9,922)
|
(4,519)
|
| Changes in estimate of product warranty liability |
50,155
|
(5,806)
|
50,653
|
(6,276)
|
| Product warranty liability, end of period |
70,685
|
26,147
|
70,685
|
26,147
|
| Current portion of warranty liability |
54,245
|
7,647
|
54,245
|
7,647
|
| Noncurrent portion of warranty liability |
16,440
|
18,500
|
16,440
|
$ 18,500
|
| Standard Product Warranty Accrual, Period Increase (Decrease) |
|
$ (5,700)
|
|
|
| Warranty Obligations | Minimum [Member] |
|
|
|
|
| Movement in Standard Product Warranty Accrual [Roll Forward] |
|
|
|
|
| Loss Contingency, Estimate of Possible Loss |
50,000
|
|
50,000
|
|
| Warranty Obligations | Maximum [Member] |
|
|
|
|
| Movement in Standard Product Warranty Accrual [Roll Forward] |
|
|
|
|
| Loss Contingency, Estimate of Possible Loss |
$ 100,000
|
|
$ 100,000
|
|
| X |
- DefinitionReflects the estimated amount of loss from the specified contingency as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
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-Section 50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
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-Section 55
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-2
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| X |
- DefinitionAmount as of the balance sheet date of the aggregate standard product warranty liability. Does not include the balance for the extended product warranty liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
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| X |
- DefinitionAmount as of the balance sheet date of the aggregate standard product warranty liability that is expected to be paid within one year or the normal operating cycle, if longer. Does not include the balance for the extended product warranty liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
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-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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| X |
- DefinitionAmount as of the balance sheet date of the aggregate standard product warranty liability that is expected to be paid after one year or beyond the normal operating cycle, if longer. Does not include the balance for the extended product warranty liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
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-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of decrease in the standard product warranty accrual from payments made in cash or in kind to satisfy claims under the terms of the standard product warranty. Excludes extended product warranties. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of increase (decrease) in the standard product warranty accrual. Excludes extended product warranties. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of increase (decrease) in the standard product warranty accrual from changes in estimates attributable to preexisting product warranties. Excludes extended product warranties. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
us-gaap_LossContingenciesByNatureOfContingencyAxis=us-gaap_WarrantyObligationsMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MinimumMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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v3.24.3
| X |
- References
+ Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe current carrying amount of the liability for the freestanding or embedded guarantor's obligations under the guarantee or each group of similar guarantees. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4
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| X |
- DefinitionMaximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4
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|
v3.24.3
10. Commitments and Contingencies (Details) - Contingent Consideration - USD ($)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024 |
Dec. 31, 2023 |
May 31, 2023 |
| Business Acquisition, Contingent Consideration [Line Items] |
|
|
|
| Contingent consideration, current |
$ 0
|
$ 7,500
|
|
| Contingent consideration, noncurrent |
11,000
|
11,000
|
|
| Evolar AB |
|
|
|
| Business Acquisition, Contingent Consideration [Line Items] |
|
|
|
| Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High |
|
|
$ 42,500
|
| Contingent consideration, current |
|
7,500
|
|
| Contingent consideration, noncurrent |
11,000
|
$ 11,000
|
|
| Contingent consideration payment |
$ 7,500
|
|
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
us-gaap_BusinessAcquisitionContingentConsiderationLineItems |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionFor contingent consideration arrangements recognized in connection with a business combination, this element represents an estimate of the high-end of the potential range (undiscounted) of the consideration which may be paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1
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| Namespace Prefix: |
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| Data Type: |
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| X |
- DefinitionAmount of liability recognized arising from contingent consideration in a business combination, expected to be settled within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479613/805-30-35-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 25
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479668/805-30-25-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of liability recognized arising from contingent consideration in a business combination, expected to be settled beyond one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479613/805-30-35-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 25
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479668/805-30-25-6
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of cash outflow, not made soon after acquisition date of business combination, to settle contingent consideration liability up to amount recognized at acquisition date, including, but not limited to, measurement period adjustment and less amount paid soon after acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 15
-Subparagraph (f)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-15
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
us-gaap_BusinessAcquisitionAxis=fslr_EvolarABMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
| X |
- DefinitionSolar Module Collection And Recycling Liability
| Name: |
fslr_SolarModuleCollectionAndRecyclingLiability |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
10. Commitments and Contingencies (Details) - Legal Proceedings - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Estimated Litigation Liability [Line Items] |
|
|
|
|
|
|
| Litigation loss |
$ 0
|
$ 0
|
|
$ 430
|
$ 35,590
|
|
| Accrued litigation |
21,800
|
|
|
21,800
|
|
$ 21,800
|
| Insurance receivable for accrued litigation |
21,800
|
|
|
21,800
|
|
21,800
|
| Southern Power Company Arbitration [Member] |
|
|
|
|
|
|
| Estimated Litigation Liability [Line Items] |
|
|
|
|
|
|
| Litigation loss |
|
|
|
|
|
$ 35,600
|
| Subcontractor Workplace Injury [Member] |
|
|
|
|
|
|
| Estimated Litigation Liability [Line Items] |
|
|
|
|
|
|
| Litigation Settlement, Amount Awarded to Other Party |
|
$ 21,800
|
$ 51,300
|
|
|
|
| Accrued litigation |
21,800
|
|
|
21,800
|
|
|
| Insurance receivable for accrued litigation |
$ 21,800
|
|
|
$ 21,800
|
|
|
| X |
- DefinitionEstimated Litigation Liability [Line Items]
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount due in settlement of a claim for reimbursement from an insurance company when the Company has suffered a loss covered under an insurance policy. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionCarrying amount of reserve for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs, which is expected to be paid within one year of the date of the statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_LitigationReserveCurrent |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount awarded to other party in judgment or settlement of litigation.
| Name: |
us-gaap_LitigationSettlementAmountAwardedToOtherParty |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe amount of loss pertaining to the specified contingency that was charged against earnings in the period, including the effects of revisions in previously reported estimates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_LitigationCaseAxis=fslr_SouthernPowerCompanyArbitrationMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_LitigationCaseAxis=fslr_OtherMattersAndClaimsWorkplaceInjuryMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
11. Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Revenue from Contracts with Customers [Line Items] |
|
|
|
| Deferred revenue |
$ 1,965,381
|
|
$ 2,005,183
|
| Contract Liabilities, Net Change |
$ (39,802)
|
|
|
| Contract Liabilities, Percent Change |
(2.00%)
|
|
|
| Sales Revenue Net, from Beginning Contract Liability |
$ 284,000
|
$ 320,300
|
|
| Solar modules [Member] |
|
|
|
| Revenue from Contracts with Customers [Line Items] |
|
|
|
| Remaining Performance Obligation, Aggregate Transaction Price |
$ 21,700,000
|
|
|
| X |
- DefinitionContract Liability, Net Change
| Name: |
fslr_ContractLiabilityNetChange |
| Namespace Prefix: |
fslr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionContract Liability, Percent Change
| Name: |
fslr_ContractLiabilityPercentChange |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition[Line Items] for Revenue from Contracts with Customers [Table]
| Name: |
fslr_RevenuefromContractswithCustomersLineItems |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-8
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(26)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13
| Name: |
us-gaap_RevenueRemainingPerformanceObligation |
| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
srt_ProductOrServiceAxis=fslr_SolarModuleMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
12. Share-Based Compensation (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
| Share-based compensation expense |
$ 6,796
|
$ 8,198
|
$ 21,987
|
$ 23,209
|
| Restricted Stock and Performance Units |
|
|
|
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
| Share-based compensation expense, unrecognized, unvested restricted stock and performance units |
35,300
|
|
$ 35,300
|
|
| Share-based compensation expense, unrecognized, unvested weighted average period of recognition (in years) |
|
|
1 year 2 months 12 days
|
|
| Cost of sales [Member] |
|
|
|
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
| Share-based compensation expense |
505
|
1,238
|
$ 2,920
|
3,513
|
| Selling, general and administrative [Member] |
|
|
|
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
| Share-based compensation expense |
5,610
|
5,905
|
16,484
|
16,668
|
| Research and development [Member] |
|
|
|
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
| Share-based compensation expense |
677
|
1,047
|
2,603
|
2,959
|
| Production start-up [Member] |
|
|
|
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
| Share-based compensation expense |
$ 4
|
$ 8
|
$ (20)
|
$ 69
|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
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v3.24.3
13. Income Taxes (Details) - USD ($)
$ in Millions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
48 Months Ended |
108 Months Ended |
Aug. 31, 2022 |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2036 |
Dec. 31, 2032 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
|
|
| Corporate Alternative Minimum Tax, Inflation Reduction Act, Percent |
15.00%
|
|
|
|
|
|
| Excise Tax on Stock Buybacks, Inflation Reduction Act, Percent |
1.00%
|
|
|
|
|
|
| Effective income tax rate |
|
|
6.40%
|
6.40%
|
|
|
| U.S. statutory federal income tax rate |
|
|
21.00%
|
|
|
|
| Reversal of indefinite reinvestment assertion, Discrete tax expense |
|
$ 6
|
|
|
|
|
| Forecast |
|
|
|
|
|
|
| Income Tax Holiday [Line Items] |
|
|
|
|
|
|
| Vietnam long-term tax incentive tax rate |
|
|
|
|
10.00%
|
5.00%
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v3.24.3
14. Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Earnings Per Share [Abstract] |
|
|
|
|
| Net income |
$ 312,956
|
$ 268,398
|
$ 898,928
|
$ 481,538
|
| Weighted-average common shares outstanding |
107,049
|
106,834
|
107,015
|
106,795
|
| Effect of restricted stock and performance units |
513
|
664
|
499
|
531
|
| Weighted-average shares used in computing diluted net income per share |
107,562
|
107,498
|
107,514
|
107,326
|
| Net income per share, basic |
$ 2.92
|
$ 2.51
|
$ 8.40
|
$ 4.51
|
| Net income per share, diluted |
$ 2.91
|
$ 2.50
|
$ 8.36
|
$ 4.49
|
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v3.24.3
15. Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Stockholders' equity, beginning balance |
$ 7,255,397
|
$ 6,039,638
|
$ 6,687,469
|
$ 5,836,055
|
| Amounts reclassified from accumulated other comprehensive loss |
736
|
1,916
|
2,220
|
6,454
|
| Net other comprehensive (loss) income |
19,457
|
(12,919)
|
5,271
|
(7,153)
|
| Stockholders' equity, ending balance |
7,593,648
|
6,302,376
|
7,593,648
|
6,302,376
|
| Cost of sales |
442,357
|
424,915
|
1,402,055
|
1,361,403
|
| Other expense, net |
(3,071)
|
(1,033)
|
(6,435)
|
(1,492)
|
| Total loss reclassified |
(736)
|
(1,916)
|
(2,220)
|
(6,454)
|
| Foreign Currency Translation Adjustment [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Stockholders' equity, beginning balance |
|
|
(118,366)
|
|
| Other comprehensive loss income before reclassifications |
|
|
(2,218)
|
|
| Amounts reclassified from accumulated other comprehensive loss |
|
|
516
|
|
| Net tax effect |
|
|
0
|
|
| Net other comprehensive (loss) income |
|
|
(1,702)
|
|
| Stockholders' equity, ending balance |
(120,068)
|
|
(120,068)
|
|
| Total loss reclassified |
|
|
(516)
|
|
| Foreign Currency Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Cost of sales |
0
|
0
|
0
|
146
|
| Other expense, net |
(516)
|
(1,005)
|
(516)
|
(1,015)
|
| Total amount reclassified |
(516)
|
(1,005)
|
(516)
|
(869)
|
| Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Stockholders' equity, beginning balance |
|
|
(54,610)
|
|
| Other comprehensive loss income before reclassifications |
|
|
6,815
|
|
| Amounts reclassified from accumulated other comprehensive loss |
|
|
(11)
|
|
| Net tax effect |
|
|
(321)
|
|
| Net other comprehensive (loss) income |
|
|
6,483
|
|
| Stockholders' equity, ending balance |
(48,127)
|
|
(48,127)
|
|
| Total loss reclassified |
|
|
11
|
|
| Unrealized (Loss) Gain on Marketable Securities and Restricted Marketable Securities [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Other expense, net |
0
|
0
|
11
|
(9)
|
| Unrealized (Loss) Gain on Derivative Instruments [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Stockholders' equity, beginning balance |
|
|
(1,155)
|
|
| Other comprehensive loss income before reclassifications |
|
|
(1,094)
|
|
| Amounts reclassified from accumulated other comprehensive loss |
|
|
1,715
|
|
| Net tax effect |
|
|
(131)
|
|
| Net other comprehensive (loss) income |
|
|
490
|
|
| Stockholders' equity, ending balance |
(665)
|
|
(665)
|
|
| Total loss reclassified |
|
|
(1,715)
|
|
| Total, Accumulated Other Comprehensive (Loss) Income [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Stockholders' equity, beginning balance |
(188,317)
|
(186,051)
|
(174,131)
|
(191,817)
|
| Other comprehensive loss income before reclassifications |
|
|
3,503
|
|
| Amounts reclassified from accumulated other comprehensive loss |
|
|
2,220
|
|
| Net tax effect |
|
|
(452)
|
|
| Net other comprehensive (loss) income |
19,457
|
(12,919)
|
5,271
|
(7,153)
|
| Stockholders' equity, ending balance |
(168,860)
|
(198,970)
|
(168,860)
|
(198,970)
|
| Total loss reclassified |
|
|
(2,220)
|
|
| Commodity swap contracts | Unrealized (Loss) Gain on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Cost of sales |
$ (220)
|
$ (911)
|
$ (1,715)
|
$ (5,576)
|
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v3.24.3
16. Segment Reporting (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net sales |
$ 887,668
|
$ 801,090
|
$ 2,692,258
|
$ 2,160,049
|
|
| Gross profit (loss) |
445,311
|
376,175
|
1,290,203
|
798,646
|
|
| Depreciation and amortization expense |
92,555
|
76,993
|
260,055
|
211,167
|
|
| Goodwill |
29,585
|
|
29,585
|
|
$ 29,687
|
| Modules [Member] |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net sales |
886,655
|
800,393
|
2,688,854
|
2,139,220
|
|
| Gross profit (loss) |
448,381
|
367,359
|
1,292,882
|
776,170
|
|
| Depreciation and amortization expense |
92,552
|
76,991
|
260,046
|
211,161
|
|
| Goodwill |
29,585
|
|
29,585
|
|
29,687
|
| Other [Member] |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Net sales |
1,013
|
697
|
3,404
|
20,829
|
|
| Gross profit (loss) |
(3,070)
|
8,816
|
(2,679)
|
22,476
|
|
| Depreciation and amortization expense |
3
|
$ 2
|
9
|
$ 6
|
|
| Goodwill |
$ 0
|
|
$ 0
|
|
$ 0
|
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