XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

4. Consolidated Balance Sheet Details (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2025
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 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. Inventories 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 |
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. 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 |
We evaluate our property, plant, and equipment for impairment under a held-and-used impairment model whenever events or changes in business circumstances arise that may indicate that the carrying amount of the assets may not be recoverable. Such events and changes include, among other things, significant changes in the manner of use of the assets, expectations that the assets may be sold or otherwise disposed of before the end of their useful lives, and the expected operational status of our international manufacturing facilities. As of March 31, 2025, 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 $122.3 million and $86.7 million for the three months ended March 31, 2025 and 2024, respectively. 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. 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. 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. 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.

X
- References No definition available. + Details
Name: | us-gaap_BalanceSheetRelatedDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration