v3.25.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2025
Notes To Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventories consist of the following (in thousands):
March 31,
2025		December 31,
2024
Raw materials$118,333 $124,377 
Work in process69,432 73,660 
Finished goods58,802 56,250 
Total inventories$246,567 $254,287 

Prepaid expenses and other current assets consist of the following (in thousands):
March 31,
2025		December 31,
2024
Value added tax receivables $33,168 $34,028 
Prepaid expenses104,081 82,978 
Other current assets83,225 81,576 
Total prepaid expenses and other current assets$220,474 $198,582 

Accrued liabilities consist of the following (in thousands): 
March 31,
2025		December 31,
2024
Accrued payroll and benefits$192,101 $248,003 
Accrued expenses73,120 66,391 
Accrued income taxes47,838 48,808 
Accrued sales and marketing expenses43,086 37,617 
Current operating lease liabilities32,048 31,063 
Accrued property, plant and equipment10,023 13,462 
Other accrued liabilities147,957 152,844 
Total accrued liabilities$546,173 $598,188 

Accrued warranty, which is included in the “Other accrued liabilities” category of the Total accrued liabilities table above, consists of the following activity (in thousands):
Three Months Ended
March 31,
 20252024
Balance at beginning of period$31,211 $22,426 
Charged to cost of net revenues4,719 5,449 
Actual warranty expenditures(3,332)(3,312)
Balance at end of period$32,598 $24,563 

Deferred revenues consist of the following (in thousands):
March 31,
2025		December 31,
2024
Deferred revenues - current$1,319,393 $1,331,146 
Deferred revenues - long-term 1
$93,317 $102,164 
1 Included in Other long-term liabilities within our Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2025 and 2024, we recognized $979.3 million and $997.4 million of net revenues, respectively, of which $246.0 million and $236.8 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.
Our unfulfilled performance obligations, including deferred revenues and backlog, as of March 31, 2025 were $1,418.6 million. These performance obligations are expected to be fulfilled over a period up to five years.