Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Notes To Financial Statements [Abstract]

Inventories consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	125,034	$	145,492
Work in process	87,034		91,259
Finished goods	47,424		60,151
Total inventories	$	259,492	$	296,902

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


	June 30, 2024		December 31, 2023
Value added tax receivables	$	188,847	$	143,728
Prepaid expenses	91,262		52,487
Other current assets	70,525		77,335
Total prepaid expenses and other current assets	$	350,634	$	273,550

Accrued liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued payroll and benefits	$	232,052	$	220,862
Accrued expenses	64,476		71,109
Accrued sales and marketing expenses	48,287		34,035
Accrued income taxes	36,082		38,103
Current operating lease liabilities	30,790		29,651
Accrued property, plant and equipment	10,985		23,618

Other accrued liabilities	132,786		108,402
Total accrued liabilities	$	555,458	$	525,780

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,
	2024		2023
Balance at beginning of period	$	22,426	$	17,873
Charged to cost of net revenues	10,959		9,421
Actual warranty expenditures	(6,523)		(6,797)
Balance at end of period	$	26,862	$	20,497

Deferred revenues consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Deferred revenues - current	$	1,378,867	$	1,427,706
Deferred revenues - long-term 1	$	117,582	$	138,000

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

During the three months ended June 30, 2024 and 2023, we recognized $1,028.5 million and $1,002.2 million of net revenues, respectively, of which $222.4 million and $199.0 million was included in the deferred revenues balance at December 31, 2023 and 2022, respectively.

During the six months ended June 30, 2024 and 2023, we recognized $2,025.9 million and $1,945.3 million of net revenues, respectively, of which $459.2 million and $404.7 million was included in the deferred revenues balance at December 31, 2023 and 2022, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2024 were $1,505.0 million. These performance obligations are expected to be fulfilled over the next six months to five years.