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Note 8. Consolidated Balance Sheet Details (Tables) | 12 Months Ended
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Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract] |
Schedule of Accounts Receivable | Accounts receivable trade, net Accounts receivable trade, net consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Accounts receivable trade, gross |  | $ | 1,262,353 |  |  | $ | 662,390 |
Allowance for credit losses |  | (1,304) |  |  | (1,614) |
Accounts receivable trade, net |  | $ | 1,261,049 |  |  | $ | 660,776 |
During 2024, we entered into various revolving factoring arrangements to sell certain trade receivables to unrelated financial institutions. Transfers under these arrangements, which retain servicing but are without recourse, qualify as true sales under ASC 860, and we derecognize sold receivables when control transfers to the financial institution. Gross amounts factored under these programs for the year ended December 31, 2024 were $126.0 million. The proceeds from the sale of receivables are classified as operating activities in our consolidated statements of cash flows. Discounts on factored receivables were not significant and were recorded in “Selling, general and administrative” expense in the consolidated statements of operations.
Schedule of Inventories, Current and Noncurrent | Inventories consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Raw materials |  | $ | 489,524 |  |  | $ | 478,138 |
Work in process |  | 115,696 |  |  | 78,463 |
Finished goods |  | 754,536 |  |  | 530,197 |
Inventories |  | $ | 1,359,756 |  |  | $ | 1,086,798 |
Inventories – current |  | $ | 1,084,384 |  |  | $ | 819,899 |
Inventories – noncurrent |  | $ | 275,372 |  |  | $ | 266,899 |
Schedule of Other Current Assets | Other current assets consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Spare maintenance materials and parts |  | $ | 214,189 |  |  | $ | 148,218 |
Indirect tax receivables |  | 122,131 |  |  | 65,301 |
Prepaid expenses |  | 75,250 |  |  | 62,480 |
Operating supplies |  | 49,906 |  |  | 43,995 |
Insurance receivable for accrued litigation (1) |  | 21,800 |  |  | 21,800 |
Derivative instruments (2) |  | 13,452 |  |  | 1,778 |
Restricted cash |  | 8,262 |  |  | 8,262 |
Prepaid income taxes |  | 6,408 |  |  | 7,064 |
Other |  | 35,484 |  |  | 33,002 |
Other current assets |  | $ | 546,882 |  |  | $ | 391,900 |
—————————— (1)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings. (2)See Note 10. “Derivative Financial Instruments” to our 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 December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Land |  | $ | 38,879 |  |  | $ | 35,364 |
Buildings and improvements |  | 1,584,981 |  |  | 1,037,421 |
Machinery and equipment |  | 4,800,545 |  |  | 3,593,347 |
Office equipment and furniture |  | 181,647 |  |  | 161,187 |
Leasehold improvements |  | 40,300 |  |  | 40,084 |
Construction in progress |  | 858,538 |  |  | 1,223,998 |
Property, plant and equipment, gross |  | 7,504,890 |  |  | 6,091,401 |
Accumulated depreciation |  | (2,091,207) |  |  | (1,694,116) |
Property, plant and equipment, net |  | $ | 5,413,683 |  |  | $ | 4,397,285 |
Schedule of Other Assets | Other assets consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Advance payments for raw materials |  | $ | 249,218 |  |  | $ | 204,370 |
Lease assets (1) |  | 143,545 |  |  | 101,468 |
Accounts receivable, trade |  | 94,373 |  |  | — |
Income tax receivables |  | 87,025 |  |  | 68,591 |
Prepaid expenses |  | 34,250 |  |  | 23,954 |
Project assets |  | 25,455 |  |  | 28,430 |
Restricted cash equivalents |  | 4,972 |  |  | 6,192 |
Restricted cash |  | 3,613 |  |  | 3,621 |
Other (2) |  | 55,319 |  |  | 41,978 |
Other assets |  | $ | 697,770 |  |  | $ | 478,604 |
—————————— (1)See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (2)In November 2023, we entered into a power purchase agreement with Cleantech, a leading provider of renewable energy solutions in India and Southeast Asia. Under the agreement, Cleantech plans to construct certain PV solar and wind power-generating assets, which will 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 are expected to supply our facility, and we account for our investments in these subsidiaries using the equity method. During the year ended December 31, 2024, we recognized revenue of $37.8 million for module sales of 150 MW to these subsidiaries.
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Accrued property, plant and equipment |  | $ | 136,176 |  |  | $ | 210,233 |
Accrued freight |  | 95,940 |  |  | 58,494 |
Accrued inventory |  | 64,866 |  |  | 101,161 |
Product warranty liability (1) |  | 62,139 |  |  | 5,920 |
Accrued other taxes |  | 41,178 |  |  | 26,781 |
Accrued compensation and benefits |  | 30,612 |  |  | 55,960 |
Other |  | 77,670 |  |  | 66,280 |
Accrued expenses |  | $ | 508,581 |  |  | $ | 524,829 |
—————————— (1) See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our product warranties.
Schedule of Other Current Liabilities | Other current liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Accrued litigation (1) |  | $ | 21,800 |  |  | $ | 21,800 |
Derivative instruments (2) |  | 18,619 |  |  | 1,744 |
Lease liabilities (3) |  | 13,281 |  |  | 10,358 |
Contingent consideration (4) |  | — |  |  | 7,500 |
Other |  | 7,184 |  |  | 798 |
Other current liabilities |  | $ | 60,884 |  |  | $ | 42,200 |
—————————— (1)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings. (2)See Note 10. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments. (3)See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (4)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements.
Schedule of Other Liabilities | Other liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Lease liabilities (1) |  | $ | 95,743 |  |  | $ | 53,725 |
Deferred tax liabilities, net (2) |  | 54,696 |  |  | 42,771 |
Other taxes payable |  | 49,256 |  |  | 39,431 |
Product warranty liability (3) |  | 14,296 |  |  | 19,571 |
Contingent consideration (4) |  | 6,500 |  |  | 11,000 |
Other |  | 13,278 |  |  | 14,212 |
Other liabilities |  | $ | 233,769 |  |  | $ | 180,710 |
—————————— (1)See Note 11. “Leases” to our consolidated financial statements for discussion of our lease arrangements. (2)See Note 18. “Income Taxes” to our consolidated financial statements for discussion of our net deferred tax liabilities. (3)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our product warranties. (4)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements.

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