FIRST SOLAR, INC. | 2013 | FY | 3


21. Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss), which includes foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities and unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges, the impact of which, has been excluded from net income (loss) and reflected as components of stockholders’ equity, was as follows for the years ended December 31, 2013, 2012, and 2011 (in thousands):
 
 
2013
 
2012
 
2011
Net income (loss)
 
$
353,038

 
$
(96,338
)
 
$
(39,493
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
Foreign currency translation adjustments
 
4,295

 
9,896

 
(18,034
)
Unrealized (loss) gain on marketable securities and restricted investments for the period (net of tax of $3,334, $(1,835), and $(4,447), respectively)
 
(39,685
)
 
26,829

 
22,356

Less: reclassification for (gains) included in net income (loss) (net of tax of $0, $0, and $866, respectively)
 

 
(16
)
 
(3,696
)
Unrealized (loss) gain on marketable securities and restricted investments
 
(39,685
)
 
26,813

 
18,660

Unrealized (loss) on derivative instruments for the period (net of tax of $(2,387), $2,533, and $(6,357), respectively)
 
(596
)
 
(7,478
)
 
(25,597
)
Less: reclassification for (gains) losses included in net income (loss) (net of tax of $3,475, $1,774, and $(11), respectively)
 
31

 
(14,015
)
 
47,177

Unrealized (loss) gain on derivative instruments
 
(565
)
 
(21,493
)
 
21,580

Other comprehensive (loss) income, net of tax
 
(35,955
)
 
15,216

 
22,206

Comprehensive income (loss)
 
$
317,083

 
$
(81,122
)
 
$
(17,287
)

 
Components and details of accumulated other comprehensive income (loss) at December 31, 2013 and 2012 were as follows (in thousands):

Components of Comprehensive Income (Loss)
 
Foreign Currency Translation Adjustment
 
Unrealized Gain (Loss) on Marketable Securities
 
Unrealized Gain (Loss) on Derivative Instruments
 
Total
Balance as of December 31, 2012
 
$
(38,485
)
 
$
51,243

 
$
(2,579
)
 
$
10,179

Other comprehensive income (loss) before reclassifications
 
4,295

 
(39,685
)
 
(596
)
 
(35,986
)
Amounts reclassified from accumulated other comprehensive income
 

 

 
31

 
31

Net other comprehensive income (loss)
 
4,295

 
(39,685
)
 
(565
)
 
(35,955
)
Balance as of December 31, 2013
 
$
(34,190
)
 
$
11,558

 
$
(3,144
)
 
$
(25,776
)

Components of Comprehensive Income (Loss)
 
Foreign Currency Translation Adjustment
 
Unrealized Gain (Loss) on Marketable Securities
 
Unrealized Gain (Loss) on Derivative Instruments
 
Total
Balance as of December 31, 2011
 
$
(48,381
)
 
$
24,431

 
$
18,913

 
$
(5,037
)
Other comprehensive income (loss)before reclassifications
 
9,896

 
26,828

 
(7,477
)
 
29,247

Amounts reclassified from accumulated other comprehensive income
 

 
(16
)
 
(14,015
)
 
(14,031
)
Net other comprehensive income (loss)
 
9,896

 
26,812

 
(21,492
)
 
15,216

Balance as of December 31, 2012
 
$
(38,485
)
 
$
51,243

 
$
(2,579
)
 
$
10,179


Details of Accumulated Other Comprehensive Income (Loss)
 
Amount Reclassified
 
Income Statement Line Item
 
December 31,
 
 
2013
 
2012
 
Gains and (losses) on marketable securities and restricted investments
 
 
 
 
 
 
 
 
$

 
$
16

 
Other income (expense), net
 
 

 

 
Tax expense
 
 
$

 
$
16

 
Total net of tax
Gains and (losses) on derivative contracts
 
 
 
 
 
 
Foreign Exchange Forward Contracts
 
$
13,115

 
$
13,731

 
Net sales
Interest Rate and Cross Currency Swap Contracts
 
(1,245
)
 
(3,118
)
 
Interest expense
Cross Currency Swap Contracts
 
(8,426
)
 
5,176

 
Foreign currency gain (loss)
 
 
3,444

 
15,789

 
Total before tax
 
 
3,475

 
1,774

 
Tax expense
 
 
$
(31
)
 
$
14,015

 
Total net of tax

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