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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2023			2024
Income (loss) before income taxes and equity in earnings (losses) of affiliates	​	​	​	​	​	​	​	​	​
Canada		$	(19,357)	​	$	(61,704)	​	$	(38,474)
United States	​	​	22,275	​	​	(49,536)	​	​	(151,101)
PRC including Hong Kong and Taiwan	​	​	193,705	​	​	230,768	​	​	134,752
Others		​	159,845	​	​	288,997	​	​	(27,479)
​		$	356,468	​	$	408,525	​	$	(82,302)
Current tax expense (benefit)	​	​	​	​	​	​	​	​	​
Canada		$	(16,707)	​	$	1,944	​	$	972
United States	​	​	(1,684)	​	​	12,570	​	​	(16,750)
PRC including Hong Kong and Taiwan	​	​	47,528	​	​	55,780	​	​	95,325
Others		​	28,132	​	​	4,756	​	​	9,244
​		​	57,269	​	​	75,050	​	​	88,791
Deferred tax expense (benefit)	​	​	​	​	​	​	​	​	​
Canada		​	10,629	​	​	2,048	​	​	(8,799)
United States	​	​	1,996	​	​	(4,176)	​	​	(31,637)
PRC including Hong Kong and Taiwan	​	​	500	​	​	(724)	​	​	(70,231)
Others		​	2,959	​	​	(12,697)	​	​	5,300
​		​	16,084	​	​	(15,549)	​	​	(105,367)
Total income tax expense (benefit)	​	​	​	​	​	​	​	​	​
Canada		​	(6,078)	​	​	3,992	​	​	(7,827)
United States	​	​	312	​	​	8,394	​	​	(48,387)
PRC including Hong Kong and Taiwan	​	​	48,028	​	​	55,056	​	​	25,094
Others		​	31,091	​	​	(7,941)	​	​	14,544
​		$	73,353	​	$	59,501	​	$	(16,576)

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,
​		2022		2023		2024
Combined federal and provincial income tax rate		27	%	27	%	27	%
Effect of permanent difference	​	(3)	​	(15)	​	13	​
Effect of different tax rate on earnings in other jurisdictions	​	1	​	(4)	​	(6)	​
Effect of tax holiday	​	(1)	​	(1)	​	—	​
Effect of true-up	​	(2)	​	—	​	9	​
Effect of cross-border tax	​	—	​	1	​	(2)	​
Tax credits	​	—	​	—	​	8	​
Change in valuation allowance	​	(1)	​	7	​	(29)	​
​	​	21	%	15	%	20	%

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2023			2024
The aggregate amount		$	2,520	​	$	3,043	​	$	41
Per share — basic		$	0.04	​	$	0.05	​	$	0.01
Per share — diluted		​	0.04	​	​	0.04	​	​	0.01

Schedule of components of the deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2023		​	2024
Deferred tax assets:	​	​	​	​	​	​
Accrued warranty costs		$	12,944	​	$	11,200
Allowance for credit losses		​	14,728	​	​	14,928
Inventory write-downs		​	5,807		​	7,022
Future deductible expenses	​	​	28,720	​	​	33,656
Depreciation difference and impairment of property, plant and equipment, project assets, solar power and battery energy storage systems		​	18,428		​	40,359
Accrued liabilities		​	39		​	10,886
Government subsidies	​	​	46,712	​	​	48,473
Net operating losses carryforwards		​	131,094		​	233,329
Interest limitations	​	​	15,471	​	​	26,199
Others		​	62,193	​	​	100,099
Total deferred tax assets, gross		​	336,136	​	​	526,151
Valuation allowance		​	(72,678)	​	​	(52,651)
Total deferred tax assets, net		$	263,458	​	$	473,500
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Investments in partnerships		$	2,261	​	$	69,327
Depreciation difference of property, plant and equipment		​	34,625	​	​	59,729
Others		​	45,942		​	75,776
Total deferred tax liabilities		$	82,828		$	204,832
Net deferred tax assets	​	$	180,630	​	$	268,668
Analysis as:	​	​	​	​	​	​
Deferred tax assets	​	​	263,458	​	​	473,500
Deferred tax liabilities		​	(82,828)	​	​	(204,832)
Net deferred tax assets		$	180,630	​	$	268,668

Schedule of movement of the valuation allowance

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2023			2024
Beginning balance		$	45,682	​	$	43,488	​	$	72,678
Additions (reversals)		​	(1,531)	​	​	28,819	​	​	(19,328)
Foreign exchange effect		​	(663)	​	​	371	​	​	(699)
Ending balance		$	43,488	​	$	72,678	​	$	52,651

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2023			2024
Beginning balance		$	5,863	​	$	4,770	​	$	4,745
Additions	​	​	—	​	​	—	​	​	146
Reductions for tax positions from prior years and statute of limitations expirations		​	(678)	​	​	(24)	​	​	(63)
Foreign exchange effect	​	​	(415)	​	​	(1)	​	​	1
Ending balance		$	4,770	​	$	4,745	​	$	4,829

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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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