v3.26.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
Notes To Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventories consist of the following (in thousands):
March 31,
2026		December 31,
2025
Raw materials$96,429 $107,296 
Work in process68,890 65,679 
Finished goods49,625 53,368 
Total inventories$214,944 $226,343 

Prepaid expenses and other current assets consist of the following (in thousands):
March 31,
2026		December 31,
2025
Value added tax receivables1
$51,387 $55,819 
Prepaid expenses107,260 62,478 
Other current assets57,059 47,274 
Total prepaid expenses and other current assets$215,706 $165,571 
1 Refer to Note 7 "Commitments and Contingencies" of the Notes to Condensed Consolidated Financial Statements for discussion of tax matter.

Accrued liabilities consist of the following (in thousands): 
March 31,
2026		December 31,
2025
Accrued payroll and benefits$205,321 $226,149 
Accrued expenses67,676 61,049 
Accrued professional fees48,270 12,245 
Accrued sales and marketing expenses35,012 29,941 
Accrued income taxes34,916 44,049 
Current operating lease liabilities32,622 31,939 
Accrued property, plant and equipment7,455 10,469 
Other accrued liabilities115,607 120,908 
Total accrued liabilities$546,879 $536,749 

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,
 20262025
Balance at beginning of period$24,411 $31,211 
Charged to cost of net revenues(6,776)4,719 
Actual warranty expenditures(2,748)(3,332)
Balance at end of period$14,887 $32,598 

Deferred revenues consist of the following (in thousands):
March 31,
2026		December 31,
2025
Deferred revenues - current$1,235,254 $1,261,816 
Deferred revenues - long-term 1
77,863 85,543 
Total deferred revenues
$1,313,117 $1,347,359 
1 Included in Other long-term liabilities within our Condensed Consolidated Balance Sheets.
During the three months ended March 31, 2026 and 2025, we recognized $1,040.1 million and $979.3 million of net revenues, respectively, of which $246.4 million and $246.0 million was included in the deferred revenues balance at December 31, 2025 and 2024, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of March 31, 2026 were $1,314.3 million. These performance obligations are expected to be fulfilled over a period of up to five years.