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Note 8. Consolidated Balance Sheet Details (Notes)
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Consolidated Balance Sheet Details
8. Consolidated Balance Sheet Details

Accounts receivable trade, net

Accounts receivable trade, net consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
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.
Inventories

Inventories consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
Raw materials$489,524 $478,138 
Work in process115,696 78,463 
Finished goods754,536 530,197 
Inventories$1,359,756 $1,086,798 
Inventories – current$1,084,384 $819,899 
Inventories – noncurrent $275,372 $266,899 

Other current assets

Other current assets consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
Spare maintenance materials and parts$214,189 $148,218 
Indirect tax receivables122,131 65,301 
Prepaid expenses75,250 62,480 
Operating supplies49,906 43,995 
Insurance receivable for accrued litigation (1)21,800 21,800 
Derivative instruments (2)13,452 1,778 
Restricted cash8,262 8,262 
Prepaid income taxes6,408 7,064 
Other35,484 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.

Property, plant and equipment, net

Property, plant and equipment, net consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
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 furniture181,647 161,187 
Leasehold improvements40,300 40,084 
Construction in progress858,538 1,223,998 
Property, plant and equipment, gross7,504,890 6,091,401 
Accumulated depreciation(2,091,207)(1,694,116)
Property, plant and equipment, net$5,413,683 $4,397,285 

Depreciation of property, plant and equipment was $407.4 million, $310.0 million, and $244.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Other assets

Other assets consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
Advance payments for raw materials$249,218 $204,370 
Lease assets (1)143,545 101,468 
Accounts receivable, trade94,373 — 
Income tax receivables87,025 68,591 
Prepaid expenses34,250 23,954 
Project assets25,455 28,430 
Restricted cash equivalents4,972 6,192 
Restricted cash3,613 3,621 
Other (2)
55,319 41,978 
Other assets $697,770 $478,604 
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(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.

Accrued expenses

Accrued expenses consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
Accrued property, plant and equipment$136,176 $210,233 
Accrued freight95,940 58,494 
Accrued inventory64,866 101,161 
Product warranty liability (1)62,139 5,920 
Accrued other taxes41,178 26,781 
Accrued compensation and benefits30,612 55,960 
Other77,670 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.
Other current liabilities

Other current liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
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 
Other7,184 798 
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.

Other liabilities

Other liabilities consisted of the following at December 31, 2024 and 2023 (in thousands):
 20242023
Lease liabilities (1)$95,743 $53,725 
Deferred tax liabilities, net (2)54,696 42,771 
Other taxes payable49,256 39,431 
Product warranty liability (3)14,296 19,571 
Contingent consideration (4)6,500 11,000 
Other13,278 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.