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.

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).

Cash and Cash Equivalents: The cash and cash equivalents balance experienced fluctuations, with a decrease from 1,352,741 thousand USD in 2019 to 1,227,002 thousand USD in 2020. It rebounded to 1,450,654 thousand USD in 2021 and continued to increase through 2023, reaching 1,946,994 thousand USD, indicating enhanced liquidity in recent years.
Marketable Securities: Marketable securities showed a declining trend from 811,506 thousand USD in 2019 to 375,389 thousand USD in 2021, followed by a sharp increase to 1,096,712 thousand USD in 2022 and a decrease to 155,495 thousand USD in 2023. This suggests potential portfolio adjustments or shifts in investment strategy.
Accounts Receivable Trade, Net: Accounts receivable demonstrated volatility, decreasing sharply from 475,039 thousand USD in 2019 to 266,086 thousand USD in 2020, rising again to 429,436 thousand USD in 2021, declining in 2022, then substantially increasing to 660,776 thousand USD in 2023. The variability may reflect changes in sales cycles, customer payment terms, or collection efficiency.
Government Grants Receivable: Government grants receivable began appearing on the balance sheet in 2023 with significant values of 659,745 thousand USD (net) and 152,208 thousand USD, indicating new or expanded governmental support or incentives impacting the company's financial position.
Inventories: Inventories increased steadily over the period. The amounts rose from 443,513 thousand USD in 2019 to 819,899 thousand USD in 2023, indicating potentially growing production capacity, increased demand, or stockpiling strategies.
Spare Maintenance Materials and Parts: This category displayed consistent growth from 98,855 thousand USD in 2020 to 148,218 thousand USD in 2023, suggesting expansion or increased maintenance needs.
Prepaid Expenses and Operating Supplies: Prepaid expenses increased markedly from 137,927 thousand USD in 2019 to 62,480 thousand USD in 2023, with fluctuations in the intermediate years. Operating supplies grew from 35,679 thousand USD in 2020 to a peak of 47,492 thousand USD in 2022 before a slight decline in 2023, reflecting changing operational requirements.
Restricted Cash: Restricted cash showed a general declining trend from 80,072 thousand USD in 2019 to 3,621 thousand USD in 2023, indicating either the release of restrictions or usage of these funds over time.
Current Assets: Current assets decreased from 3,599,834 thousand USD in 2019 to a low of 3,014,535 thousand USD in 2020, then fluctuated upwards, reaching 4,634,809 thousand USD in 2023. This illustrates recovery and growth in short-term asset base.
Property, Plant, and Equipment (PPE): PPE increased significantly from 2,181,149 thousand USD in 2019 to 4,397,285 thousand USD in 2023, reflecting substantial investment in fixed assets. Including finance lease assets, total net PPE rose correspondingly, pointing towards ongoing capital expenditures and capacity expansion.
Deferred Tax Assets: Deferred tax assets decreased from 130,771 thousand USD in 2019 to 59,162 thousand USD in 2021 but then increased to 142,819 thousand USD in 2023, indicating fluctuations in taxable temporary differences or tax planning strategies.
Goodwill and Intangible Assets: Goodwill remained stable at 14,462 thousand USD until 2022, increasing significantly to 29,687 thousand USD in 2023, while net intangible assets decreased from 64,543 thousand USD in 2019 to 31,106 thousand USD in 2022, recovering to 64,511 thousand USD in 2023. This pattern may suggest acquisitions or impairment/revaluation events.
Inventories and Advanced Payments for Raw Materials: Inventories (multiple entries) generally increased over the period. Advanced payments for raw materials rose notably from 59,806 thousand USD in 2019 to 204,370 thousand USD in 2023, reflecting increased procurement or supply chain management activities.
Operating Lease Assets: Operating lease assets grew from 145,711 thousand USD in 2019 to a peak in 2020 but declined substantially thereafter to 84,419 thousand USD in 2023, suggesting possible lease expirations or changes in leasing strategy.
Income Tax and Indirect Tax Receivables: Income tax receivables increased sharply from negligible amounts in early years to 68,591 thousand USD in 2023. Indirect tax receivables appeared in 2022 with 5,274 thousand USD, rising to 65,301 thousand USD in 2023, highlighting growing recoverable tax assets.
Project Assets: Project assets decreased significantly from 333,596 thousand USD in 2019 to 28,430 thousand USD in 2023, indicating project completions or reclassifications.
Other Assets and Other Current Assets: Other current assets decreased from 513,511 thousand USD in 2019 to 269,465 thousand USD in 2021, fluctuating thereafter and rising to 391,900 thousand USD in 2023. Other assets declined from over 1,140,499 thousand USD in 2019 to 461,555 thousand USD in 2023, indicative of asset disposals or reclassifications.
Noncurrent Assets and Total Assets: Noncurrent assets grew steadily from 3,915,855 thousand USD in 2019 to 5,730,323 thousand USD in 2023, underscoring capital investments and long-term asset accumulation. Total assets exhibited an increasing trend after a dip in 2020, rising from 7,515,689 thousand USD in 2019 to 10,365,132 thousand USD in 2023, reflecting overall balance sheet growth.

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First Solar Inc. (NASDAQ:FSLR)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items