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LEASE | 12 Months Ended
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Dec. 31, 2024
LEASE |
LEASE | 12. LEASE The Company leases manufacturing facilities in various regions where the Company operates. The Company also leases land for construction and operations of solar power and battery energy storage systems, and leases office space, office equipment and motor vehicles for its sales and administrative functions. Leased assets are mainly located in the United States, PRC and Europe. The Company capitalizes lease costs to its project assets and solar power and battery energy storage systems, when such costs qualify for capitalization as during periods in which activities necessary to get the property ready for its intended use are in progress. The leases considered as ROU assets have various terms of up to 50 years. The Company also has certain leases with terms of 12 months or less, which are not recorded on the consolidated balance sheet. ​ The components of lease expense were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ |  | 2023 | ​ | 2024
Finance lease cost: | ​ | ​ |  | ​ | ​ |
Amortization of finance lease ROU assets | ​ | $ | 49,483 | ​ | $ | 75,189
Interest on finance lease liabilities | ​ | ​ | 5,368 | ​ | ​ | 8,986
Operating fixed lease cost | ​ | ​ | 24,489 | ​ | ​ | 24,992
Short-term lease cost | ​ | ​ | 1,824 | ​ | ​ | 467
Total lease expense | ​ | $ | 81,164 | ​ | $ | 109,634
​ ​ 12. LEASE (Continued) Supplemental balance sheet information for leases is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | December 31, |  | December 31,
​ |  | Balance Sheet Location | ​ | 2023 | ​ | 2024
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease ROU assets | ​ | Right-of-use assets | ​ | $ | 132,786 | ​ | $ | 280,420
Land use rights, net | ​ | Right-of use assets | ​ | ​ | 104,221 | ​ | ​ | 98,128
Total operating lease ROU assets | ​ | ​ | ​ | ​ | 237,007 | ​ | ​ | 378,548
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease ROU assets | ​ | Property, plant and equipment, net | ​ | ​ | 163,553 | ​ | ​ | 178,151
Total finance lease ROU assets | ​ | ​ | ​ | $ | 163,553 | ​ | $ | 178,151
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease | ​ | Operating lease liabilities – current | ​ | $ | 20,204 | ​ | $ | 21,327
Operating lease | ​ | Operating lease liabilities – non-current | ​ | ​ | 116,846 | ​ | ​ | 271,849
Total operating lease liabilities | ​ | ​ | ​ | $ | 137,050 | ​ | $ | 293,176
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease | ​ | Other current liabilities | ​ | $ | 88,180 | ​ | $ | 54,287
Finance lease | ​ | Other non-current liabilities | ​ | ​ | 71,651 | ​ | ​ | 132,106
Total finance lease liabilities | ​ | ​ | ​ | $ | 159,831 | ​ | $ | 186,393
​ Other supplemental information related to leases is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ |  | 2023 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ |  | ​ | ​ |
Operating cash outflows for finance leases | ​ | $ | (5,368) | ​ | $ | (8,986)
Operating cash outflows for operating leases | ​ | ​ | (19,686) | ​ | ​ | (15,032)
Financing cash outflows for finance leases | ​ | ​ | (42,319) | ​ | ​ | (72,211)
ROU assets obtained in exchange for new finance lease liabilities in non-cash transaction | ​ | ​ | 167,726 | ​ | ​ | 89,787
ROU assets obtained in exchange for new operating lease liabilities in non-cash transaction | ​ | ​ | 119,412 | ​ | ​ | 184,481
ROU assets disposed through early termination of operating leases in non-cash transaction | ​ | $ | (3,288) | ​ | $ | (954)
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31, |
​ |  | 2023 | ​ | 2024 | ​
Weighted average remaining lease term - finance leases (in years) |  | 4.0 | ​ | 6.8 | ​
Weighted average remaining lease term - operating leases (in years) |  | 14.4 | ​ | 15.5 | ​
Weighted average discount rate - finance lease |  | 5.5 | % | 5.3 | %
Weighted average discount rate - operating lease |  | 5.7 | % | 5.0 | %
​ 12. LEASE (Continued) As of December 31, 2024, maturities of operating and finance lease liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating |  | Finance |  | Total
​ | ​ | Leases | ​ | Leases | ​ | Leases
Year Ending December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 |  | $ | 25,641 | ​ | $ | 57,758 | ​ | $ | 83,399
2026 |  | ​ | 27,541 | ​ | ​ | 27,049 | ​ | ​ | 54,590
2027 |  | ​ | 26,247 | ​ | ​ | 26,236 | ​ | ​ | 52,483
2028 |  | ​ | 27,314 | ​ | ​ | 25,010 | ​ | ​ | 52,324
2029 | ​ | ​ | 27,500 | ​ | ​ | 13,797 | ​ | ​ | 41,297
Thereafter |  | ​ | 328,346 | ​ | ​ | 49,463 | ​ | ​ | 377,809
Total lease payments |  | ​ | 462,589 | ​ | ​ | 199,313 | ​ | ​ | 661,902
Less: imputed interest |  | ​ | 169,413 | ​ | ​ | 12,920 | ​ | ​ | 182,333
Present value of lease liabilities |  | $ | 293,176 | ​ | $ | 186,393 | ​ | $ | 479,569
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Analysis as: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term | ​ | $ | 21,327 | ​ | $ | 54,287 | ​ | $ | 75,614
Long-term | ​ | ​ | 271,849 | ​ | ​ | 132,106 | ​ | ​ | 403,955
Total lease liabilities | ​ | $ | 293,176 | ​ | $ | 186,393 | ​ | $ | 479,569
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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