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3. Restricted Marketable Securities (Notes) | 9 Months Ended
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Sep. 30, 2024
Debt Securities, Available-for-Sale, Restricted [Abstract] |
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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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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