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4. Consolidated Balance Sheet Details (Notes)
 3 Months Ended
Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Consolidated Balance Sheet Details
4. Consolidated Balance Sheet Details

Accounts receivable trade, net

Accounts receivable trade, net consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Accounts receivable trade, gross$1,613,497 $1,262,353 
Allowance for credit losses(7,894)(1,304)
Accounts receivable trade, net$1,605,603 $1,261,049 

During 2024, we entered into various revolving factoring arrangements to sell certain trade receivables to unrelated financial institutions. Transfers under these arrangements, which retained servicing but were without recourse, qualified as true sales under Accounting Standards Codification (“ASC”) 860, and we derecognized the sold receivables when control transferred to the financial institution. Gross amounts factored under these programs were $126.0 million during the year ended December 31, 2024. The trade receivables sold that remained outstanding as of March 31, 2025 were $49.9 million.

Inventories

Inventories consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Raw materials$464,913 $489,524 
Work in process137,367 115,696 
Finished goods960,528 754,536 
Inventories$1,562,808 $1,359,756 
Inventories – current$1,286,120 $1,084,384 
Inventories – noncurrent$276,688 $275,372 
Other current assets

Other current assets consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Spare maintenance materials and parts$234,372 $214,189 
Indirect tax receivables121,579 122,131 
Prepaid expenses91,638 75,250 
Operating supplies50,690 49,906 
Insurance receivable for accrued litigation (1)21,800 21,800 
Prepaid income taxes18,235 6,408 
Derivative instruments (2)1,195 13,452 
Restricted cash— 8,262 
Other37,726 35,484 
Other current assets$577,235 $546,882 
——————————
(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.

Property, plant and equipment, net

Property, plant and equipment, net consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Land$39,230 $38,879 
Buildings and improvements 1,613,489 1,584,981 
Machinery and equipment 4,868,809 4,800,545 
Office equipment and furniture183,346 181,647 
Leasehold improvements40,314 40,300 
Construction in progress1,102,009 858,538 
Property, plant and equipment, gross7,847,197 7,504,890 
Accumulated depreciation(2,209,155)(2,091,207)
Property, plant and equipment, net$5,638,042 $5,413,683 

We evaluate our property, plant, and equipment for impairment under a held-and-used impairment model whenever events or changes in business circumstances arise that may indicate that the carrying amount of the assets may not be recoverable. Such events and changes include, among other things, significant changes in the manner of use of the assets, expectations that the assets may be sold or otherwise disposed of before the end of their useful lives, and the expected operational status of our international manufacturing facilities. As of March 31, 2025, the recoverability of our property, plant, and equipment was based on certain expectations regarding the ongoing operation of our international manufacturing facilities. However, it is reasonably possible that the operational status of one or more of our international facilities may be adversely affected by geopolitical developments, including trade policies or tariffs, which may result in future decisions to reduce, pause, or cease operations at these facilities. Such decisions may result in certain property, plant, and equipment being sold or otherwise disposed of before the end of their previously estimated useful lives, which, in turn, could result in a decrease in the value, and possible impairment, of this property, plant, and equipment. Accordingly, any such changes to the operational status of our
international manufacturing facilities could be material to our condensed consolidated financial statements and have a significant adverse effect on our results of operations.

Depreciation of property, plant and equipment was $122.3 million and $86.7 million for the three months ended March 31, 2025 and 2024, respectively.

Other assets

Other assets consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Advance payments for raw materials$344,013 $249,218 
Lease assets (1)139,062 143,545 
Income tax receivables87,025 87,025 
Prepaid expenses31,643 34,250 
Project assets26,814 25,455 
Restricted cash3,618 3,613 
Restricted cash equivalents2,761 4,972 
Accounts receivable, trade (2)— 94,373 
Other (3)65,284 55,319 
Other assets$700,220 $697,770 
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)In December 2024, we recognized $94.4 million of noncurrent trade receivables attributable to extended payment terms with a customer. During the three months ended March 31, 2025, these noncurrent trade receivables were reclassified to current trade receivables.

(3)During 2023, we entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia, and Cleantech committed to construct certain photovoltaic (“PV”) solar and wind power-generating assets to supply electricity to our manufacturing facility in India.

During 2024, we purchased ownership interests in two subsidiaries of Cleantech for $7.9 million. These subsidiaries own certain of the power-generating assets that will supply our facility, and we account for our investments in these subsidiaries using the equity method.

During the three months ended March 31, 2025, we purchased $0.1 million of electricity from one of these subsidiaries. During the three months ended March 31, 2024, we recognized $6.1 million of revenue from module sales of 24 megawatts to one of these subsidiaries.
Accrued expenses

Accrued expenses consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Accrued property, plant and equipment$233,429 $136,176 
Accrued freight70,897 95,940 
Product warranty liability (1)60,662 62,139 
Accrued inventory 54,063 64,866 
Accrued other taxes32,201 41,178 
Accrued compensation and benefits25,942 30,612 
Other77,960 77,670 
Accrued expenses$555,154 $508,581 
——————————
(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.

Other current liabilities

Other current liabilities consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Accrued litigation (1)$21,800 $21,800 
Derivative instruments (2)16,585 18,619 
Lease liabilities (3)13,655 13,281 
Other16,010 7,184 
Other current liabilities$68,050 $60,884 
——————————
(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.

(3)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.
Other liabilities

Other liabilities consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
 March 31,
2025		December 31,
2024
Lease liabilities (1)$91,594 $95,743 
Deferred tax liabilities, net55,247 54,696 
Other taxes payable51,086 49,256 
Product warranty liability (2)14,904 14,296 
Contingent consideration (3)6,500 6,500 
Other13,167 13,278 
Other liabilities$232,498 $233,769 
——————————
(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.

(3)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.