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4. Consolidated Balance Sheet Details (Notes)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Accounts receivable trade, gross$1,740,278 $1,262,353 
Allowance for credit losses(9,306)(1,304)
Accounts receivable trade, net$1,730,972 $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 institutions. We factored $245.7 million and $126.0 million under these arrangements and recorded $5.3 million and $1.9 million of discounts on factored receivables in “Selling, general and administrative” expense during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively. The trade receivables sold that remained outstanding as of June 30, 2025 and December 31, 2024 were $227.3 million and $126.0 million, respectively. Proceeds from the sale of receivables are classified as operating activities in our condensed consolidated statements of cash flows.

Inventories

Inventories consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Raw materials$474,954 $489,524 
Work in process107,546 115,696 
Finished goods1,101,358 754,536 
Inventories$1,683,858 $1,359,756 
Inventories – current$1,414,006 $1,084,384 
Inventories – noncurrent$269,852 $275,372 
Other current assets

Other current assets consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Spare maintenance materials and parts$252,128 $214,189 
Prepaid expenses95,143 75,250 
Indirect tax receivables90,530 122,131 
Operating supplies58,785 49,906 
Restricted cash48,257 8,262 
Prepaid income taxes29,415 6,408 
Insurance receivable for accrued litigation (1)21,800 21,800 
Derivative instruments (2)2,904 13,452 
Other43,267 35,484 
Other current assets$642,229 $546,882 
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(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 June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Land$39,566 $38,879 
Buildings and improvements 1,615,841 1,584,981 
Machinery and equipment 4,902,913 4,800,545 
Office equipment and furniture151,878 181,647 
Leasehold improvements40,778 40,300 
Construction in progress1,269,913 858,538 
Property, plant and equipment, gross8,020,889 7,504,890 
Accumulated depreciation(2,298,328)(2,091,207)
Property, plant and equipment, net$5,722,561 $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 June 30, 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 $122.1 million and $244.4 million for the three and six months ended June 30, 2025, respectively, and $93.4 million and $180.1 million for the three and six months ended June 30, 2024, respectively.

Other assets

Other assets consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Advance payments for raw materials$332,681 $249,218 
Lease assets (1)138,169 143,545 
Income tax receivables110,067 87,025 
Project assets27,776 25,455 
Prepaid expenses20,716 34,250 
Restricted cash3,606 3,613 
Restricted cash equivalents3,480 4,972 
Accounts receivable, trade (2)— 94,373 
Other (3)65,782 55,319 
Other assets$702,277 $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 June 30, 2025, these trade receivables were sold under a factoring arrangement.

(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 supply electricity to our facility, and we account for our investments in these subsidiaries using the equity method.

During the three and six months ended June 30, 2025, we purchased $1.0 million and $1.1 million, respectively, of electricity from these subsidiaries. During the six months ended June 30, 2024, we recognized $19.0 million of revenue from module sales of 75 megawatts to one of these subsidiaries.
Accrued expenses

Accrued expenses consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Accrued property, plant and equipment$176,475 $136,176 
Accrued freight81,713 95,940 
Accrued inventory 75,838 64,866 
Product warranty liability (1)60,165 62,139 
Accrued compensation and benefits45,363 30,612 
Accrued other taxes39,883 41,178 
Other113,807 77,670 
Accrued expenses$593,244 $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 June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Secured borrowings (1)$394,634 $— 
Accrued litigation (2)21,800 21,800 
Derivative instruments (3)16,740 18,619 
Lease liabilities (4)16,293 13,281 
Other55,080 7,184 
Other current liabilities$504,547 $60,884 
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(1)During the three months ended June 30, 2025, we transferred $400.0 million of trade receivables to a financial institution under a factoring arrangement with recourse, while retaining servicing responsibilities. Transfers under this arrangement do not meet the criteria for a sale of receivables and are therefore accounted for as secured borrowings.

As of June 30, 2025, transferred trade receivables of $400.0 million remained on our condensed consolidated balance sheets within “Accounts receivable trade, net,” and a corresponding liability was recorded under “Other current liabilities.” We record discounts on receivables factored with recourse as interest expense over the term of the respective receivables. Accordingly, during the three months ended June 30, 2025, we recorded $0.2 million of interest expense associated with these arrangements.

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

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

(4)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 June 30, 2025 and December 31, 2024 (in thousands):
 June 30,
2025		December 31,
2024
Lease liabilities (1)$78,277 $95,743 
Deferred tax liabilities, net56,521 54,696 
Other taxes payable54,110 49,256 
Product warranty liability (2)15,663 14,296 
Contingent consideration (2)3,600 6,500 
Other13,736 13,278 
Other liabilities$221,907 $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 and contingent consideration arrangements.