v3.25.1
4. Consolidated Balance Sheet Details (Tables)
 3 Months Ended
Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of 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.
Schedule of Inventories, Current and Noncurrent
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 
Schedule of 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.
Schedule of 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 
Schedule of 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 
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(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.
Schedule of 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 
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(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.
Schedule of 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.
Schedule of 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.