Analysis of Inventory
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Inventory Disclosure
First Solar Inc., balance sheet: inventory
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Inventories | |||||||||||
| Less: Inventories, noncurrent | |||||||||||
| Inventories, current |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Raw Materials
- Raw materials exhibit a consistent upward trend over the five-year period. Starting at approximately 249 million US dollars in 2019, the value increased steadily each year, reaching nearly 478 million US dollars by 2023. The growth from 2019 to 2023 represents a significant increase, indicating either higher purchasing activity or accumulation of raw materials over time.
- Work in Process
- The work in process inventory shows a moderate upward trend with a relatively smaller magnitude compared to raw materials and finished goods. Values increased from around 60 million US dollars in 2019 to approximately 78 million US dollars in 2023. The growth is gradual and less volatile, suggesting stable production processes with a slight increase in ongoing manufacturing activities.
- Finished Goods
- Finished goods inventory increased significantly from about 295 million US dollars in 2019 to over 530 million US dollars in 2023. There was a notable rise from 2019 through 2021, followed by a minor decrease in 2022 before reaching the peak in 2023. This pattern may reflect fluctuations in sales or production efficiency, with the overall trend indicating accumulation of finished products.
- Total Inventories
- Total inventories increased substantially from approximately 604 million US dollars in 2019 to nearly 1.09 billion US dollars in 2023. The year-to-year growth was consistent, indicating increased investment in inventory assets. However, a slight decline is observed between 2021 and 2022, aligning with the decrease in finished goods and raw materials in that period.
- Noncurrent Inventories
- Noncurrent inventories, recorded as negative values, increased in absolute terms from about -161 million US dollars in 2019 to nearly -267 million US dollars in 2023. This trend suggests an increasing portion of inventories classified as noncurrent, which could be tied to longer-term inventory holdings or slower-moving stock items.
- Current Inventories
- Current inventories display a rising trend from roughly 444 million US dollars in 2019 to over 820 million US dollars in 2023. Despite a slight decrease from 2021 to 2022, the overall growth is strong, reflecting higher levels of inventory available for near-term operations or sales. The increase in current inventories aligns with the general expansion in raw materials, work in process, and finished goods.