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FAIR VALUE MEASUREMENT | 12 Months Ended
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Dec. 31, 2021
FAIR VALUE MEASUREMENT |
FAIR VALUE MEASUREMENT | 9. FAIR VALUE MEASUREMENT The Company measures at fair value its financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants. As of December 31, 2020 and 2021, with the exception of its listed equity securities which was measured based on unadjusted quoted prices for identical assets in active market (Level 1 inputs), the Company’s financial assets and liabilities were measured at fair value on a recurring basis in periods subsequent to their initial recognition all using the significant other observable inputs (Level 2 inputs). Foreign exchange option and forward contracts The Company entered into certain foreign currency derivative contracts to protect against volatility of future cash flows caused by the changes in foreign exchange rates. The foreign currency derivative contracts do not qualify for hedge accounting and, as a result, the changes in fair value of the foreign currency derivative contracts are recognized in the consolidated statements of operations. The Company’s foreign currency derivative instruments relate to foreign exchange options or forward contracts involving major currencies such as Renminbi, Brazilian reals, Euros, Canadian dollars and South African rand. Since its derivative instruments are not traded on an exchange, the Company values them using valuation models. Interest rate yield curves and foreign exchange rates are the significant inputs into these valuation models. These inputs are observable in active markets over the terms of the instruments the Company holds, and accordingly, the fair value measurements are classified as Level 2 in the hierarchy. The Company considers the effect of its own credit standing and that of its counterparties in valuations of its derivative financial instruments. Interest rate swap and commodity hedge In July 2020, the Company completed the sale of its class B membership interests in the Roserock project to an unrelated third party, and consequently the Company’s interest rate swap contracts with total notional amounts of approximately $399,000 were paid off following the loan repayment. In 2021, the Company entered into commodity hedge to manage part of its risks of rising raw material costs. The estimated fair value of interest rate swaps and commodity hedge was measured based on observable market data, which were considered Level 2 inputs. ​ 9. FAIR VALUE MEASUREMENT (Continued) The fair value of derivative instruments on the consolidated balance sheets as of December 31, 2020 and 2021 and the effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2019, 2020 and 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of Derivative Assets
​ | ​ | At December 31, 2020 | ​ | At December 31, 2021
​ |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
​ | ​ | ​ | ​ | $ | ​ | ​ | ​ | $
Foreign exchange forward contracts |  | Derivative assets — current |  | 22,178 |  | Derivative assets — current |  | 7,124
Foreign exchange option contracts | ​ | Derivative assets — current | ​ | 1,173 | ​ | Derivative assets — current | ​ | 162
Interest rate swap | ​ | Other non-current assets | ​ | — | ​ | Other non-current assets | ​ | 76
​ | ​ | Total |  | 23,351 | ​ | Total | ​ | 7,362
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of Derivative Liabilities
​ | ​ | At December 31, 2020 | ​ | At December 31, 2021
​ |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
​ | ​ | ​ | ​ | $ | ​ | ​ | ​ | $
Foreign exchange forward contracts | ​ | Derivative liabilities — current | ​ | 10,753 | ​ | Derivative liabilities — current | ​ | 2,622
Foreign exchange option contracts | ​ | Derivative liabilities — current | ​ | 2 | ​ | Derivative liabilities — current | ​ | —
​ |  | Total |  | 10,755 |  | Total |  | 2,622
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of Gain (Loss)
​ | ​ | ​ | ​ | Recognized in Statements
​ | ​ | Location of | ​ | of Operations
​ | ​ | Gain (Loss) Recognized | ​ | Years Ended December 31
​ |  | in Statements of Operations |  | 2019 |  | 2020 |  | 2021
​ | ​ | ​ | ​ | $ | ​ | $ | ​ | $
Foreign exchange forward contracts |  | Gain (loss) on change in fair value of derivatives, net | ​ | (20,249) |  | 49,807 |  | 22,582
Foreign exchange option contracts | ​ | Gain (loss) on change in fair value of derivatives, net | ​ | (1,022) | ​ | 1,376 | ​ | 220
Commodity hedge | ​ | Gain (loss) on change in fair value of derivatives, net | ​ | — | ​ | — | ​ | 983
Interest rate swap | ​ | Gain (loss) on change in fair value of derivatives, net | ​ | (947) | ​ | (1,182) | ​ | —
​ | ​ | Total |  | (22,218) |  | 50,001 |  | 23,785
​ Listed equity securities In December 2020, the Company received shares of a company that is listed on Shenzhen stock exchange for the disposal of its ownership of Suzhou iSilver Materials Co., Ltd, valued at RMB91,370 (approximately $14,003) on the transaction date as part of the consideration. These shares were carried at fair value of $15,056 and $20,195 as of December 31, 2020 and 2021, respectively, included as a component of Prepaid expenses and other current assets. Unrealized gains on these shares of $1,048 and $4,744 was recorded as investment income in the consolidated statements of operations for the years ended December 31, 2020 and 2021, respectively. ​ Other fair value measurements The Company measures certain long-lived assets or long-term investments at fair value on a non-recurring basis in periods after initial measurement in circumstances when the fair value of such assets is below its recorded cost and impairment is required. The Company assesses ROU assets for impairment quarterly. If the carrying value of ROU asset is determined to not be recoverable and is in excess of the estimated fair value, the Company recognizes an impairment charge in asset impairments on its consolidated statements of operations. The Company recorded impairment charges for certain manufacturing asset group of $21,866, $11,854 and $6,084 for the years ended December 31, 2019, 2020 and 2021, respectively. The fair value of these assets was measured based on prices offered by unrelated third-party willing buyers and classified as Level 3 fair value measurements as the offering prices are not observable. The impairment was recorded in general and administrative expenses of CSI Solar segment on its consolidated statements of operations. ​ 9. FAIR VALUE MEASUREMENT (Continued) Other fair value measurements (Continued) The Company recorded impairment loss on project assets of $20,194, $369 and $17,152 for the years ended December 31, 2019, 2020 and 2021, respectively. The fair value of project assets was measured based on prices offered by unrelated third-party willing buyers and classified as Level 3 fair value measurements as the offering prices are not observable. The impairment was recorded as cost of revenues on its consolidated statements of operations. The Company also holds financial instruments that are not recorded at fair value in the consolidated balance sheets, but whose fair value is required to be disclosed under the U.S. GAAP. The carrying values of cash and cash equivalents, restricted cash, trade receivables, billed and unbilled, amounts due from related parties, other receivables, accounts payables, short-term notes payable, amounts due to related parties, other payables and short-term borrowings approximate their fair values due to the shorter -term maturity of these instruments. Long-term borrowings were $446,090 and $523,634 as of December 31, 2020 and 2021, respectively, which approximate their fair values since most of the borrowings contain variable interest rates. The fair value of long-term borrowings was measured based on discounted cash flow approach, which is classified as Level 2 as the key inputs can be corroborated with market data. The carrying value of the Company’s outstanding convertible notes was $223,214 and $224,675 as of December 31, 2020 and 2021, respectively, which approximates the fair value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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