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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of provision for income taxes

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020		2021		2022
​	​	$	​	$	​	$
Income (loss) before income taxes and equity in earnings of affiliates	​	​	​	​	​	​
Canada		(31,896)	​	6,237	​	(19,357)
United States	​	(117,145)	​	66,432	​	22,275
PRC including Hong Kong and Taiwan	​	184,113	​	(35,943)	​	193,705
Japan	​	48,665	​	51,910	​	1,179
Singapore	​	(2,956)	​	(7,728)	​	69,424
Brazil	​	(39,412)	​	14,448	​	32,052
Thailand	​	74,166	​	(15,562)	​	17,155
Other		18,949	​	58,670	​	40,035
​		134,484	​	138,464	​	356,468
Current tax expense (benefit)	​	​	​	​	​	​
Canada		36,226	​	(1,124)	​	(16,707)
United States	​	(71,421)	​	15,937	​	(1,684)
PRC including Hong Kong and Taiwan	​	30,276	​	47,356	​	47,528
Japan	​	18,941	​	24,047	​	3,054
Singapore	​	(489)	​	617	​	872
Brazil	​	—	​	6,151	​	5,023
Thailand	​	—	​	—	​	—
Other		8,722	​	10,097	​	19,183
​		22,255	​	103,081	​	57,269
Deferred tax expense (benefit)	​	​	​	​	​	​
Canada		(10,792)	​	685	​	10,629
United States	​	23,173	​	(1,604)	​	1,996
PRC including Hong Kong and Taiwan	​	(17,998)	​	(65,017)	​	500
Japan	​	(10,571)	​	(353)	​	(173)
Singapore	​	—	​	—	​	231
Brazil	​	(11,670)	​	1,244	​	5,546
Thailand	​	—	​	—	​	—
Other		3,620	​	(2,192)	​	(2,645)
​		(24,238)	​	(67,237)	​	16,084
Total income tax expense (benefit)	​	​	​	​	​	​
Canada		25,434	​	(439)	​	(6,078)
United States	​	(48,248)	​	14,333	​	312
PRC including Hong Kong and Taiwan	​	12,278	​	(17,661)	​	48,028
Japan	​	8,370	​	23,694	​	2,881
Singapore	​	(489)	​	617	​	1,103
Brazil	​	(11,670)	​	7,395	​	10,569
Thailand	​	—	​	—	​	—
Other		12,342	​	7,905	​	16,538
​		(1,983)	​	35,844	​	73,353

​

Schedule of reconciliation between the provision for income tax computed by applying Canadian federal and provincial statutory tax rates to income before income taxes and the actual provision and benefit for income taxes

​

​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020		2021		2022
Combined federal and provincial income tax rate		27	%	27	%	27	%
Effect of permanent difference	​	4	%	4	%	(3)	%
Effect of different tax rate on earnings in other jurisdictions	​	(6)	%	9	%	1	%
Effect of tax holiday	​	(1)	%	(3)	%	(1)	%
Effect of true-up	​	(13)	%	4	%	(2)	%
Unrecognized tax provision	​	—	%	(5)	%	—	%
Change in valuation allowance	​	(14)	%	(3)	%	(1)	%
Effect of change in tax rate	​	2	%	(7)	%	—	%
​	​	(1)	%	26	%	21	%

​

Schedule of aggregate amount and per share effect of the tax holiday

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020		2021		2022
​	​	(In Thousands of U.S. Dollars, except per share data)
The aggregate amount		1,287	​	4,466	​	2,520
Per share — basic		0.02	​	0.07	​	0.04
Per share — diluted		0.02	​	0.07	​	0.04

​

Schedule of components of the deferred tax assets and liabilities

​

​	​	​	​	​
​		At December 31,		At December 31,
​	​	2021	​	2022
​	​	$	​	$
Deferred tax assets:	​	​	​	​
Accrued warranty costs		14,942	​	17,318
Allowance for credit losses		12,175	​	11,772
Inventory write-down		1,404		1,235
Future deductible expenses	​	24,910	​	32,351
Depreciation and impairment difference of property, plant and equipment and solar power systems		24,561		36,332
Accrued liabilities related to antidumping and countervailing duty deposits		39		40
Government subsidies	​	39,470	​	28,723
Net operating losses carry-forward		110,012		79,474
Unrealized foreign exchange loss and capital loss	​	491	​	2,677
Interest limitation	​	10,800	​	14,031
Others		47,690	​	48,761
Total deferred tax assets, gross		286,494	​	272,714
Valuation allowance		(45,682)	​	(43,488)
Total deferred tax assets, net of valuation allowance		240,812	​	229,226
​	​	​	​	​
Deferred tax liabilities:	​	​	​	​
Derivative assets		2,153	​	2,899
Depreciation difference of property, plant and equipment		27,776	​	34,914
Insurance recoverable	​	32	​	55
Unrealized foreign exchange gain		3,452	​	3,906
Others		19,046		24,856
Total deferred tax liabilities		52,459		66,630
Net deferred tax assets	​	188,353	​	162,596
Analysis as:	​	​	​	​
Deferred tax assets	​	236,503	​	229,226
Deferred tax liabilities		(48,150)	​	(66,630)
Net deferred tax assets		188,353	​	162,596

​

Schedule of movement of the valuation allowance

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020		2021		2022
​	​	$	​	$	​	$
Beginning balance		70,627	​	50,118	​	45,682
Reversals		(21,585)	​	(4,671)	​	(1,531)
Foreign exchange effect		1,076	​	235	​	(663)
Ending balance		50,118	​	45,682	​	43,488

​

Schedule of movement and balance of the Company's liability for uncertain tax positions (excluding interest and penalties)

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2020		2021		2022
​	​	$	​	$	​	$
Beginning balance		10,557	​	9,628	​	5,863
Reductions for tax positions from prior years/Statute of limitations expirations		(1,011)	​	(3,763)	​	(678)
Foreign exchange effect	​	82	​	(2)	​	(415)
Ending balance		9,628	​	5,863	​	4,770

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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