Name: First Solar Inc. (NASDAQ:FSLR) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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First Solar Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	1,946,994)	1,481,269)	1,450,654)	1,227,002)	1,352,741)
Marketable securities	155,495)	1,096,712)	375,389)	520,066)	811,506)
Accounts receivable trade, net	660,776)	324,337)	429,436)	266,086)	475,039)
Government grants receivable, net	659,745)	—)	—)	—)	—)
Inventories	819,899)	621,376)	666,299)	567,587)	443,513)
Project assets	—)	—)	—)	—)	3,524)
Assets held for sale	—)	—)	—)	155,685)	—)
Spare maintenance materials and parts	148,218)	114,428)	112,070)	98,855)	—)
Indirect tax receivables	65,301)	5,274)	—)	—)	—)
Prepaid expenses	62,480)	43,262)	28,232)	26,000)	137,927)
Operating supplies	43,995)	47,492)	41,034)	35,679)	—)
Insurance receivable for accrued litigation	21,800)	—)	—)	—)	—)
Restricted cash	8,262)	3,175)	1,532)	1,745)	13,697)
Prepaid income taxes	7,064)	8,314)	41,379)	71,051)	47,811)
Derivative instruments	1,778)	2,018)	5,816)	3,315)	1,199)
Notes receivable, net	—)	—)	—)	—)	23,873)
Other	33,002)	43,764)	39,402)	41,464)	289,004)
Other current assets	391,900)	267,727)	269,465)	278,109)	513,511)
Current assets	4,634,809)	3,791,421)	3,191,243)	3,014,535)	3,599,834)
Property, plant and equipment, net	4,397,285)	3,536,902)	2,649,587)	2,402,285)	2,181,149)
Finance lease assets	17,049)	—)	—)	—)	—)
Property, plant and equipment, net, including finance lease assets	4,414,334)	3,536,902)	2,649,587)	2,402,285)	2,181,149)
Deferred tax assets, net	142,819)	78,680)	59,162)	104,099)	130,771)
Restricted marketable securities	198,310)	182,070)	244,726)	265,280)	223,785)
Government grants receivable	152,208)	—)	—)	—)	—)
Goodwill	29,687)	14,462)	14,462)	14,462)	14,462)
Intangible assets, net	64,511)	31,106)	45,509)	56,138)	64,543)
Inventories	266,899)	260,395)	237,512)	201,229)	160,646)
Advanced payments for raw materials	204,370)	91,260)	86,962)	97,883)	59,806)
Operating lease assets	84,419)	93,185)	207,544)	226,664)	145,711)
Income tax receivables	68,591)	56,993)	39,862)	36)	4,106)
Project assets	28,430)	30,108)	315,488)	373,377)	333,596)
Prepaid expenses	23,954)	11,714)	—)	—)	—)
Restricted cash equivalents	6,192)	6,284)	—)	—)	—)
Restricted cash	3,621)	2,734)	3,651)	44,847)	80,072)
Other	41,978)	63,914)	318,038)	308,096)	517,208)
Other assets	461,555)	356,192)	971,545)	1,050,903)	1,140,499)
Noncurrent assets	5,730,323)	4,459,807)	4,222,503)	4,094,396)	3,915,855)
Total assets	10,365,132)	8,251,228)	7,413,746)	7,108,931)	7,515,689)

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).

Total assets exhibited a general upward trajectory over the five-year period, growing from 7.52 billion USD in 2019 to 10.37 billion USD by the end of 2023. This growth was characterized by a significant acceleration between 2022 and 2023, where total assets increased by approximately 25% in a single fiscal year.

Liquidity and Cash Management: Cash and cash equivalents showed a consistent long-term increase, rising from 1.35 billion USD in 2019 to 1.95 billion USD in 2023. Marketable securities displayed higher volatility, peaking at 1.10 billion USD in 2022 before dropping sharply to 155 million USD in 2023, suggesting a strategic reallocation of liquid assets.
Working Capital Trends: Accounts receivable trade, net, grew significantly in 2023 to 660 million USD, more than double the 2022 balance of 324 million USD. Similarly, inventories increased steadily from 443 million USD in 2019 to 820 million USD in 2023. A notable development occurred in 2023 with the introduction of government grants receivable, totaling 659 million USD in current assets and 152 million USD in non-current assets, contributing substantially to the overall asset base.
Fixed Asset Expansion: Property, plant and equipment, net, underwent aggressive expansion, doubling from 2.18 billion USD in 2019 to 4.41 billion USD in 2023. This sustained growth indicates a period of heavy capital investment in production capacity and infrastructure.
Other Non-Current Assets: Other assets experienced a marked decline from 1.14 billion USD in 2019 to 461 million USD in 2023. This was accompanied by a significant reduction in project assets, which fell from 333 million USD in 2019 to 28 million USD in 2023, reflecting a shift in the composition of the long-term asset portfolio away from miscellaneous and project-based holdings toward tangible fixed assets.

The overall financial position shifted toward a more capital-intensive structure, with a higher concentration of value held in productive capacity (PP&E) and an increase in short-term receivables and cash reserves by the end of the observed period.

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