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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 869,831 $ 1,178,752
Restricted cash 560,633 458,334
Accounts receivable trade, net of allowance of $40,293 and $47,126 as of December 31, 2020 and 2021, respectively 651,372 408,958
Accounts receivable, unbilled 37,244 28,461
Amounts due from related parties 73,042 5,834
Inventories 1,192,374 695,981
Value added tax recoverable 125,882 102,460
Advances to suppliers, net of allowance of $5,845 and $5,822 as of December 31, 2020 and 2021, respectively 225,879 182,146
Derivative assets 7,286 23,351
Project assets 594,107 747,764
Prepaid expenses and other current assets 434,177 353,781
Total current assets 4,771,827 4,185,822
Restricted cash 3,818 2,629
Property, plant and equipment, net 1,401,877 1,157,731
Solar power systems, net 108,263 158,262
Deferred tax assets, net 236,503 170,656
Advances to suppliers, net of allowance of $13,855 and $13,860 as of December 31, 2020 and 2021, respectively 34,239 97,173
Prepaid land use rights 71,011 62,414
Investments in affiliates 98,819 78,291
Intangible assets, net 18,992 22,429
Project assets 433,254 389,702
Right-of-use assets 35,286 26,793
Other non-current assets 174,453 184,952
TOTAL ASSETS 7,388,342 6,536,854
Current liabilities:    
Short-term borrowings, including long-term borrowings - current portion 1,271,215 1,202,285
Long-term borrowings on project assets - current [1] 321,655 198,794
Accounts payable 502,995 514,742
Short-term notes payable 881,184 710,636
Amounts due to related parties 143 314
Other payables 667,854 508,839
Advances from customers 135,512 189,470
Derivative liabilities 2,622 10,755
Operating lease liabilities 12,185 15,204
Other current liabilities 242,783 237,316
Total current liabilities 4,038,148 3,588,355
Accrued warranty costs 45,146 37,732
Long-term borrowings 523,634 446,090
Convertible notes 224,675 223,214
Liability for uncertain tax positions 7,448 14,729
Deferred tax liabilities 48,150 49,080
Loss contingency accruals 15,148 26,458
Operating lease liabilities 23,215 13,232
Financing liabilities 53,641 81,871
Other non-current liabilities 282,699 163,308
TOTAL LIABILITIES 5,261,904 4,644,069
Commitments and contingencies (Note 21)
Equity:    
Common shares - no par value: unlimited authorized shares, 59,820,384 and 64,022,678 shares issued and outstanding at December 31, 2020 and 2021, respectively 835,543 687,033
Additional paid-in capital (19,428) (28,236)
Retained earnings 1,035,552 940,304
Accumulated other comprehensive loss (50,584) (28,679)
Total Canadian Solar Inc. shareholders' equity 1,801,083 1,570,422
Non-controlling interests in subsidiaries 325,355 322,363
TOTAL EQUITY 2,126,438 1,892,785
TOTAL LIABILITIES AND EQUITY $ 7,388,342 $ 6,536,854
[1] Certain long-term borrowings were classified as current liabilities because these borrowings are associated with certain solar and battery storage projects that are expected to be sold within one year.