4. Consolidated Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of 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

Schedule of Inventories, Current and Noncurrent

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 process	107,546		115,696
Finished goods	1,101,358		754,536
Inventories	$	1,683,858	$	1,359,756
Inventories – current	$	1,414,006	$	1,084,384
Inventories – noncurrent	$	269,852	$	275,372

Schedule of 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 expenses	95,143		75,250
Indirect tax receivables	90,530		122,131
Operating supplies	58,785		49,906
Restricted cash	48,257		8,262
Prepaid income taxes	29,415		6,408
Insurance receivable for accrued litigation (1)	21,800		21,800
Derivative instruments (2)	2,904		13,452
Other	43,267		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.

Schedule of 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 furniture	151,878		181,647
Leasehold improvements	40,778		40,300
Construction in progress	1,269,913		858,538
Property, plant and equipment, gross	8,020,889		7,504,890
Accumulated depreciation	(2,298,328)		(2,091,207)
Property, plant and equipment, net	$	5,722,561	$	5,413,683

Schedule of 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 receivables	110,067		87,025
Project assets	27,776		25,455
Prepaid expenses	20,716		34,250
Restricted cash	3,606		3,613
Restricted cash equivalents	3,480		4,972
Accounts receivable, trade (2)	—		94,373
Other (3)	65,782		55,319
Other assets	$	702,277	$	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 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.

Schedule of 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 freight	81,713		95,940
Accrued inventory	75,838		64,866
Product warranty liability (1)	60,165		62,139
Accrued compensation and benefits	45,363		30,612
Accrued other taxes	39,883		41,178
Other	113,807		77,670
Accrued expenses	$	593,244	$	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 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
Other	55,080		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.

Schedule of 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, net	56,521		54,696
Other taxes payable	54,110		49,256
Product warranty liability (2)	15,663		14,296
Contingent consideration (2)	3,600		6,500
Other	13,736		13,278
Other liabilities	$	221,907	$	233,769

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(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.