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4. Consolidated Balance Sheet Details (Notes)
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Accounts receivable trade, gross (1)$1,490,969 $1,307,307 
Allowance for credit losses(14,748)(13,267)
Accounts receivable trade, net$1,476,221 $1,294,040 
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(1)See Note 10. “Other Financing Arrangements” to our condensed consolidated financial statements for discussion of our various factoring arrangements.

Inventories

Inventories consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Raw materials$401,956 $429,675 
Work in process142,884 105,325 
Finished goods728,783 439,196 
Inventories$1,273,623 $974,196 
Inventories – current$1,088,115 $736,734 
Inventories – noncurrent$185,508 $237,462 

Other current assets

Other current assets consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Spare maintenance materials and parts$287,489 $278,767 
Prepaid expenses111,785 99,280 
Indirect tax receivables104,301 124,045 
Operating supplies50,270 57,427 
Insurance receivable for accrued litigation (1)21,800 21,800 
Prepaid income taxes6,925 9,772 
Derivative instruments (2)— 4,001 
Other (3)158,796 48,011 
Other current assets$741,366 $643,103 
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(1)See Note 11. “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)In April 2025, the U.S. President imposed a 10% “baseline” reciprocal tariff on nearly all U.S. trading partners, and additional, higher reciprocal tariffs on certain countries pursuant to the International Emergency Economic Powers Act (“IEEPA”). In February 2026, the U.S. Supreme Court ruled the IEEPA tariffs unlawful. Since that ruling, the U.S. Court of International Trade ordered U.S. Customs and Border Protection to commence the process of refunding IEEPA tariffs. During the three months ended June 30, 2026, we submitted eligible refund claims for IEEPA tariffs paid prior to the U.S. Supreme Court ruling and began receiving payment for certain claims. Accordingly, receivables for refund claims that remained outstanding as of June 30, 2026 were included in “Other current assets.”

Property, plant and equipment, net

Property, plant and equipment, net consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Land$39,485 $39,578 
Buildings and improvements 1,934,803 1,929,051 
Machinery and equipment 5,773,336 5,746,979 
Office equipment and furniture165,751 162,070 
Leasehold improvements34,044 34,136 
Construction in progress529,055 321,524 
Property, plant and equipment, gross8,476,474 8,233,338 
Accumulated depreciation(2,832,935)(2,557,544)
Property, plant and equipment, net$5,643,539 $5,675,794 

As of June 30, 2026, 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 $143.5 million and $287.3 million for the three and six months ended June 30, 2026, respectively, and $122.1 million and $244.4 million for the three and six months ended June 30, 2025, respectively.
Other assets

Other assets consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Advance payments for raw materials$326,175 $319,783 
Lease assets (1)196,331 196,058 
Income tax receivables110,067 110,067 
Project assets24,839 25,721 
Prepaid expenses14,385 17,180 
Restricted cash equivalents10,506 6,900 
Restricted cash3,747 3,617 
Accounts receivable, trade— 16,000 
Other (2)71,081 64,343 
Other assets$757,131 $759,669 
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(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)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. 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. As of June 30, 2026, the carrying amount of our investments in these subsidiaries was $6.9 million.

During the three and six months ended June 30, 2026, we purchased $1.4 million and $2.6 million of electricity, respectively, from these subsidiaries. During the three and six months ended June 30, 2025, we purchased $1.0 million and $1.1 million of electricity, respectively, from these subsidiaries.

Accrued expenses

Accrued expenses consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Accrued property, plant and equipment$101,352 $109,030 
Product warranty liability (1)56,650 59,266 
Accrued freight53,311 51,707 
Accrued other taxes50,206 58,601 
Accrued compensation and benefits44,041 67,023 
Accrued inventory 26,552 69,093 
Other78,052 104,694 
Accrued expenses$410,164 $519,414 
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(1)See Note 11. “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, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Accrued litigation (1)$21,800 $21,800 
Lease liabilities (2)14,370 18,090 
Derivative instruments (3)3,863 2,357 
Other51,686 48,811 
Other current liabilities$91,719 $91,058 
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(1)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

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

Other liabilities

Other liabilities consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
 June 30,
2026		December 31,
2025
Lease liabilities (1)$142,005 $138,673 
Deferred tax liabilities, net61,934 69,691 
Other taxes payable52,325 51,711 
Product warranty liability (2)20,578 20,142 
Other15,295 15,370 
Other liabilities$292,137 $295,587 
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(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)See Note 11. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our product warranties.