Balance Sheet Components

3 Months Ended

Mar. 31, 2020

Notes To Financial Statements [Abstract]

Balance Sheet Components

Balance Sheet Components

Inventories consist of the following (in thousands): 

	March 31, 2020		December 31, 2019
Raw materials	$	59,136	$	54,947
Work in process	35,627		30,974
Finished goods	26,214		26,130
Total inventories	$	120,977	$	112,051

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

	March 31, 2020		December 31, 2019
Tax related receivables	$	50,866	$	41,252
Prepaid software and maintenance	29,182		7,128
Current promissory note 1	27,914		25,005
Other prepaid expenses and current assets	19,624		24,637
Other current receivables	4,262		4,428
Total prepaid expenses and other current assets	$	131,848	$	102,450

¹Refer to Note 4“Equity Method Investments” of the Notes to Condensed Consolidated Financial Statements for more information.

Accrued liabilities consist of the following (in thousands): 

	March 31, 2020		December 31, 2019
Accrued payroll and benefits	$	87,526	$	162,486
Accrued expenses	50,669		55,529
Current operating lease liabilities	20,225		15,737
Accrued fixed assets	18,781		9,167
Accrued income taxes	15,324		14,130
Accrued professional fees	12,738		10,410
Others	54,196		52,499
Total accrued liabilities	$	259,459	$	319,958

We regularly review the balance for accrued warranty and update based on historical warranty trends. Actual warranty costs incurred have not materially differed from those accrued; however, future actual warranty costs could differ from the estimated amounts. Warranty accrual consists of the following activity (in thousands):

	Three Months Ended March 31,
	2020		2019
Balance at beginning of period	$	11,205	$	8,551
Charged to cost of net revenues	3,724		3,133
Actual warranty expenditures	(3,140)		(1,451)
Balance at end of period	$	11,789	$	10,233

Deferred revenues consist of the following (in thousands):

	March 31, 2020		December 31, 2019
Deferred revenues - current	$	578,537	$	563,762
Deferred revenues - long-term 1	$	36,628	$	35,503

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

During the three months ended March 31, 2020 and 2019, we recognized $551.0 million and $549.0 million of revenue, respectively, of which $95.5 million and $68.4 million was included in the deferred revenues balance at December 31, 2019 and 2018, respectively.

Our unfilled performance obligations, including deferred revenues and backlog, as of March 31, 2020 were $619.7 million. These performance obligations are expected to be recognized over the next one to five years.