Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following (in thousands):
September 30, 2021 December 31, 2020
Raw materials $ 377,611  $ 241,095 
Work-in-process 66,908  41,950 
Total $ 444,519  $ 283,045 

As of January 1, 2020, the federal government offers a Commercial ITC of 26%, which is reduced from 30%, under Section 48(a) of the Internal Revenue Code of 1986, as amended, for the installation of certain solar power facilities owned for business purposes. The Internal Revenue Service (“IRS”) provided taxpayers a safe harbor opportunity to retain access to the pre-2020 30% tax credit amount through specific rules released in Notice 2018-59. The Company sought to avail itself of this safe harbor by incurring certain costs and taking title in the year the Company took delivery, for tax purposes, of the underlying inventory and/or by performing physical work on components that will be installed in solar facilities. As of September 30, 2021 and December 31, 2020, there was approximately $17.8 million and $37.5 million, respectively, of inventory that would qualify for a 30% tax credit.