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4. Consolidated Balance Sheet Details (Notes) | 9 Months Ended
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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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