Analysis of Debt

First Solar Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of debt	96,238)	—)	3,896)	41,540)	17,510)
Finance lease liabilities, current	51)	—)	—)	—)	—)
Long-term debt, noncurrent portion	464,068)	184,349)	236,005)	237,691)	454,187)
Finance lease liabilities, noncurrent	17,063)	—)	—)	—)	—)
Total debt and finance lease liabilities (carrying amount)	577,420)	184,349)	239,901)	279,231)	471,697)

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Debt item	Description	The company
Total debt and finance lease liabilities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	First Solar Inc. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in thousands)
India Credit Facility	453,015)
India Working Capital Facility	60,827)
Finance lease liabilities	17,114)
Total debt and finance lease liabilities (fair value)	530,956)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Weighted-average effective interest rate on debt: 6.04%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.40%	17,114)	924)
5.72%	500,000)	28,600)
8.87%	60,827)	5,395)
Total	577,941)	34,920)
6.04%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 34,920 ÷ 577,941 = 6.04%

First Solar Inc. (NASDAQ:FSLR)