Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Notes To Financial Statements [Abstract]

Inventories consist of the following (in thousands):


	June 30, 2023		December 31, 2022
Raw materials	$	148,793	$	172,758
Work in process	100,468		96,558
Finished goods	63,475		69,436
Total inventories	$	312,736	$	338,752

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2023		December 31, 2022
Value added tax receivables	$	137,248	$	140,484
Prepaid expenses	76,608		69,124
Other current assets	22,708		16,762
Total prepaid expenses and other current assets	$	236,564	$	226,370

Accrued liabilities consist of the following (in thousands):


	June 30, 2023		December 31, 2022
Accrued payroll and benefits	$	211,889	$	149,508
Accrued income taxes	147,618		74,323
Accrued expenses	63,004		64,341
Accrued sales and marketing expenses	43,628		36,407
Current operating lease liabilities	28,770		26,574
Accrued property, plant and equipment	11,992		19,922

Other accrued liabilities	93,262		83,299
Total accrued liabilities	$	600,163	$	454,374

Accrued warranty, which is included in the "Other accrued liabilities" category of the accrued liabilities table above, consists of the following activity (in thousands):


	Six Months Ended June 30,
	2023		2022
Balance at beginning of period	$	17,873	$	16,169
Charged to cost of net revenues	9,421		7,660
Actual warranty expenditures	(6,797)		(7,334)
Balance at end of period	$	20,497	$	16,495

Deferred revenues consist of the following (in thousands):


	June 30, 2023		December 31, 2022
Deferred revenues - current	$	1,396,747	$	1,343,643
Deferred revenues - long-term 1	$	148,277	$	160,662

1 Included in Other long-term liabilities within our Condensed Consolidated Balance Sheet

During the three months ended June 30, 2023 and 2022, we recognized $1,002.2 million and $969.6 million of net revenues, respectively, of which $199.0 million and $178.4 million was included in the deferred revenues balance at December 31, 2022 and 2021, respectively.

During the six months ended June 30, 2023 and 2022, we recognized $1,945.3 million and $1,942.8 million of net revenues, respectively, of which $404.7 million and $363.3 million was included in the deferred revenues balance at December 31, 2022 and 2021, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2023 were $1,552.6 million. These performance obligations are expected to be fulfilled over the next six months to five years.