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4. Consolidated Balance Sheet Details (Tables) | 3 Months Ended
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Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract] |
Schedule of Accounts Receivable Trade, Net | Accounts receivable trade, net consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Accounts receivable trade, gross |  | $ | 1,613,497 |  |  | $ | 1,262,353 |
Allowance for credit losses |  | (7,894) |  |  | (1,304) |
Accounts receivable trade, net |  | $ | 1,605,603 |  |  | $ | 1,261,049 |
During 2024, we entered into various revolving factoring arrangements to sell certain trade receivables to unrelated financial institutions. Transfers under these arrangements, which retained servicing but were without recourse, qualified as true sales under Accounting Standards Codification (“ASC”) 860, and we derecognized the sold receivables when control transferred to the financial institution. Gross amounts factored under these programs were $126.0 million during the year ended December 31, 2024. The trade receivables sold that remained outstanding as of March 31, 2025 were $49.9 million.
Schedule of Inventories, Current and Noncurrent | Inventories consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Raw materials |  | $ | 464,913 |  |  | $ | 489,524 |
Work in process |  | 137,367 |  |  | 115,696 |
Finished goods |  | 960,528 |  |  | 754,536 |
Inventories |  | $ | 1,562,808 |  |  | $ | 1,359,756 |
Inventories – current |  | $ | 1,286,120 |  |  | $ | 1,084,384 |
Inventories – noncurrent |  | $ | 276,688 |  |  | $ | 275,372 |
Schedule of Other Current Assets | Other current assets consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Spare maintenance materials and parts |  | $ | 234,372 |  |  | $ | 214,189 |
Indirect tax receivables |  | 121,579 |  |  | 122,131 |
Prepaid expenses |  | 91,638 |  |  | 75,250 |
Operating supplies |  | 50,690 |  |  | 49,906 |
Insurance receivable for accrued litigation (1) |  | 21,800 |  |  | 21,800 |
Prepaid income taxes |  | 18,235 |  |  | 6,408 |
Derivative instruments (2) |  | 1,195 |  |  | 13,452 |
Restricted cash |  | — |  |  | 8,262 |
Other |  | 37,726 |  |  | 35,484 |
Other current assets |  | $ | 577,235 |  |  | $ | 546,882 |
—————————— (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 March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Land |  | $ | 39,230 |  |  | $ | 38,879 |
Buildings and improvements |  | 1,613,489 |  |  | 1,584,981 |
Machinery and equipment |  | 4,868,809 |  |  | 4,800,545 |
Office equipment and furniture |  | 183,346 |  |  | 181,647 |
Leasehold improvements |  | 40,314 |  |  | 40,300 |
Construction in progress |  | 1,102,009 |  |  | 858,538 |
Property, plant and equipment, gross |  | 7,847,197 |  |  | 7,504,890 |
Accumulated depreciation |  | (2,209,155) |  |  | (2,091,207) |
Property, plant and equipment, net |  | $ | 5,638,042 |  |  | $ | 5,413,683 |
Schedule of Other Assets | Other assets consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Advance payments for raw materials |  | $ | 344,013 |  |  | $ | 249,218 |
Lease assets (1) |  | 139,062 |  |  | 143,545 |
Income tax receivables |  | 87,025 |  |  | 87,025 |
Prepaid expenses |  | 31,643 |  |  | 34,250 |
Project assets |  | 26,814 |  |  | 25,455 |
Restricted cash |  | 3,618 |  |  | 3,613 |
Restricted cash equivalents |  | 2,761 |  |  | 4,972 |
Accounts receivable, trade (2) |  | — |  |  | 94,373 |
Other (3) |  | 65,284 |  |  | 55,319 |
Other assets |  | $ | 700,220 |  |  | $ | 697,770 |
—————————— (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 March 31, 2025, these noncurrent trade receivables were reclassified to current trade receivables. (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 will supply our facility, and we account for our investments in these subsidiaries using the equity method. During the three months ended March 31, 2025, we purchased $0.1 million of electricity from one of these subsidiaries. During the three months ended March 31, 2024, we recognized $6.1 million of revenue from module sales of 24 megawatts to one of these subsidiaries.
Schedule of Accrued Expenses | Accrued expenses consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Accrued property, plant and equipment |  | $ | 233,429 |  |  | $ | 136,176 |
Accrued freight |  | 70,897 |  |  | 95,940 |
Product warranty liability (1) |  | 60,662 |  |  | 62,139 |
Accrued inventory |  | 54,063 |  |  | 64,866 |
Accrued other taxes |  | 32,201 |  |  | 41,178 |
Accrued compensation and benefits |  | 25,942 |  |  | 30,612 |
Other |  | 77,960 |  |  | 77,670 |
Accrued expenses |  | $ | 555,154 |  |  | $ | 508,581 |
—————————— (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 March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Accrued litigation (1) |  | $ | 21,800 |  |  | $ | 21,800 |
Derivative instruments (2) |  | 16,585 |  |  | 18,619 |
Lease liabilities (3) |  | 13,655 |  |  | 13,281 |
Other |  | 16,010 |  |  | 7,184 |
Other current liabilities |  | $ | 68,050 |  |  | $ | 60,884 |
—————————— (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. (3)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 March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Lease liabilities (1) |  | $ | 91,594 |  |  | $ | 95,743 |
Deferred tax liabilities, net |  | 55,247 |  |  | 54,696 |
Other taxes payable |  | 51,086 |  |  | 49,256 |
Product warranty liability (2) |  | 14,904 |  |  | 14,296 |
Contingent consideration (3) |  | 6,500 |  |  | 6,500 |
Other |  | 13,167 |  |  | 13,278 |
Other liabilities |  | $ | 232,498 |  |  | $ | 233,769 |
—————————— (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. (3)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.

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