XML 66 R52.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
INCOME TAXES |
Schedule of provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | $ | ​ | $ | ​ | $
Income (loss) before income taxes and equity in earnings of affiliates | ​ | ​ | ​ | ​ | ​ | ​
Canada |  | 6,237 | ​ | (19,357) | ​ | (61,704)
United States | ​ | 66,432 | ​ | 22,275 | ​ | (49,536)
PRC including Hong Kong and Taiwan | ​ | (35,943) | ​ | 193,705 | ​ | 230,768
Japan | ​ | 51,910 | ​ | 1,179 | ​ | 5,026
Singapore | ​ | (7,728) | ​ | 69,424 | ​ | 153,437
Brazil | ​ | 14,448 | ​ | 32,052 | ​ | (44,663)
Thailand | ​ | (15,562) | ​ | 17,155 | ​ | 162,303
Other |  | 58,670 | ​ | 40,035 | ​ | 12,894
​ |  | 138,464 | ​ | 356,468 | ​ | 408,525
Current tax expense (benefit) | ​ | ​ | ​ | ​ | ​ | ​
Canada |  | (1,124) | ​ | (16,707) | ​ | 1,944
United States | ​ | 15,937 | ​ | (1,684) | ​ | 12,570
PRC including Hong Kong and Taiwan | ​ | 47,356 | ​ | 47,528 | ​ | 55,780
Japan | ​ | 24,047 | ​ | 3,054 | ​ | 4,104
Singapore | ​ | 617 | ​ | 872 | ​ | 475
Brazil | ​ | 6,151 | ​ | 5,023 | ​ | (7,518)
Thailand | ​ | — | ​ | — | ​ | —
Other |  | 10,097 | ​ | 19,183 | ​ | 7,695
​ |  | 103,081 | ​ | 57,269 | ​ | 75,050
Deferred tax expense (benefit) | ​ | ​ | ​ | ​ | ​ | ​
Canada |  | 685 | ​ | 10,629 | ​ | 2,048
United States | ​ | (1,604) | ​ | 1,996 | ​ | (4,176)
PRC including Hong Kong and Taiwan | ​ | (65,017) | ​ | 500 | ​ | (724)
Japan | ​ | (353) | ​ | (173) | ​ | 2,008
Singapore | ​ | — | ​ | 231 | ​ | —
Brazil | ​ | 1,244 | ​ | 5,546 | ​ | (25,657)
Thailand | ​ | — | ​ | — | ​ | —
Other |  | (2,192) | ​ | (2,645) | ​ | 10,952
​ |  | (67,237) | ​ | 16,084 | ​ | (15,549)
Total income tax expense (benefit) | ​ | ​ | ​ | ​ | ​ | ​
Canada |  | (439) | ​ | (6,078) | ​ | 3,992
United States | ​ | 14,333 | ​ | 312 | ​ | 8,394
PRC including Hong Kong and Taiwan | ​ | (17,661) | ​ | 48,028 | ​ | 55,056
Japan | ​ | 23,694 | ​ | 2,881 | ​ | 6,112
Singapore | ​ | 617 | ​ | 1,103 | ​ | 475
Brazil | ​ | 7,395 | ​ | 10,569 | ​ | (33,175)
Thailand | ​ | — | ​ | — | ​ | —
Other |  | 7,905 | ​ | 16,538 | ​ | 18,647
​ |  | 35,844 | ​ | 73,353 | ​ | 59,501
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, |
​ |  | 2021 |  | 2022 |  | 2023 |
Combined federal and provincial income tax rate |  | 27 | % | 27 | % | 27 | %
Effect of permanent difference | ​ | 4 | % | (3) | % | (15) | %
Effect of different tax rate on earnings in other jurisdictions | ​ | 9 | % | 1 | % | (4) | %
Effect of tax holiday | ​ | (3) | % | (1) | % | (1) | %
Effect of true-up | ​ | 4 | % | (2) | % | — | %
Effect of cross-border tax | ​ | — | % | — | % | 1 | %
Unrecognized tax provision | ​ | (5) | % | — | % | — | %
Change in valuation allowance | ​ | (3) | % | (1) | % | 7 | %
Effect of change in tax rate | ​ | (7) | % | — | % | — | %
​ | ​ | 26 | % | 21 | % | 15 | %
Schedule of aggregate amount and per share effect of the tax holiday | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | (In Thousands of U.S. Dollars, except per share data)
The aggregate amount |  | 4,466 | ​ | 2,520 | ​ | 3,043
Per share — basic |  | 0.07 | ​ | 0.04 | ​ | 0.05
Per share — diluted |  | 0.07 | ​ | 0.04 | ​ | 0.04
Schedule of components of the deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​
​ |  | At December 31, |  | At December 31,
​ | ​ | 2022 | ​ | 2023
​ | ​ | $ | ​ | $
Deferred tax assets: | ​ | ​ | ​ | ​
Accrued warranty costs |  | 17,318 | ​ | 12,944
Allowance for credit losses |  | 11,772 | ​ | 14,728
Inventory write-down |  | 1,235 |  | 5,807
Future deductible expenses | ​ | 32,351 | ​ | 28,720
Depreciation and impairment difference of property, plant and equipment and solar power systems |  | 36,332 |  | 18,428
Accrued liabilities related to antidumping and countervailing duty deposits |  | 40 |  | 39
Government subsidies | ​ | 28,723 | ​ | 46,712
Net operating losses carry-forward |  | 79,474 |  | 131,094
Unrealized foreign exchange loss and capital loss | ​ | 2,677 | ​ | 190
Interest limitation | ​ | 14,031 | ​ | 15,471
Others |  | 48,761 | ​ | 62,003
Total deferred tax assets, gross |  | 272,714 | ​ | 336,136
Valuation allowance |  | (43,488) | ​ | (72,678)
Total deferred tax assets, net of valuation allowance |  | 229,226 | ​ | 263,458
​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​
Derivative assets |  | 2,899 | ​ | 654
Depreciation difference of property, plant and equipment |  | 34,914 | ​ | 34,625
Insurance recoverable | ​ | 55 | ​ | 71
Unrealized foreign exchange gain |  | 3,906 | ​ | 1,816
Others |  | 24,856 |  | 45,662
Total deferred tax liabilities |  | 66,630 |  | 82,828
Net deferred tax assets | ​ | 162,596 | ​ | 180,630
Analysis as: | ​ | ​ | ​ | ​
Deferred tax assets | ​ | 229,226 | ​ | 263,458
Deferred tax liabilities |  | (66,630) | ​ | (82,828)
Net deferred tax assets |  | 162,596 | ​ | 180,630
Schedule of movement of the valuation allowance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | $ | ​ | $ | ​ | $
Beginning balance |  | 50,118 | ​ | 45,682 | ​ | 43,488
Additions (reversals) |  | (4,671) | ​ | (1,531) | ​ | 28,819
Foreign exchange effect |  | 235 | ​ | (663) | ​ | 371
Ending balance |  | 45,682 | ​ | 43,488 | ​ | 72,678
Schedule of movement and balance of the Company's liability for uncertain tax positions (excluding interest and penalties) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | $ | ​ | $ | ​ | $
Beginning balance |  | 9,628 | ​ | 5,863 | ​ | 4,770
Reductions for tax positions from prior years/Statute of limitations expirations |  | (3,763) | ​ | (678) | ​ | (24)
Foreign exchange effect | ​ | (2) | ​ | (415) | ​ | (1)
Ending balance |  | 5,863 | ​ | 4,770 | ​ | 4,745

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 + Details
Name: | us-gaap_SummaryOfIncomeTaxHolidayTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration