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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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