Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance Sheet Components

Inventories consist of the following (in thousands): 

	December 31,
	2024		2023
Raw materials	$	124,377	$	145,492
Work in progress	73,660		91,259
Finished goods	56,250		60,151
Total inventories	$	254,287	$	296,902

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

	December 31,
	2024		2023
Value added tax receivables 1	$	34,028	$	143,728
Prepaid expenses	82,978		52,487
Other current assets	81,576		77,335
Total prepaid expenses and other current assets	$	198,582	$	273,550

1    Refer to Note 9 “Commitments and Contingencies” of the Notes to Consolidated Financial Statements for discussion of tax matter.

Property, plant and equipment, net consist of the following (in thousands):

		December 31,
	Generally Used Estimated Useful Life	2024		2023
Clinical and manufacturing equipment	Up to 13 years	$	871,827	$	703,805
Building	20 years	529,716		517,554
Leasehold improvements	Lease term 1	62,172		62,216
Computer software and hardware	3 years	135,756		125,633
Land	—	63,875		63,875
Furniture, fixtures and other	2-5 years	135,816		122,820
Construction in progress	—	133,684		245,722
Total		1,932,846		1,841,625
Less: Accumulated depreciation and impairment charges		(661,712)		(550,762)
Total property, plant and equipment, net		$	1,271,134	$	1,290,863

1    Shorter of the remaining lease term or the estimated useful lives of the assets.

Depreciation was $126.2 million, $126.0 million and $109.8 million for the year ended December 31, 2024, 2023 and 2022, respectively.

Accrued liabilities consist of the following (in thousands):

	December 31,
	2024		2023
Accrued payroll and benefits	$	248,003	$	220,862
Accrued expenses	66,391		71,109
Accrued income taxes	48,808		38,103
Accrued sales and marketing expenses	37,617		34,035
Current operating lease liabilities	31,063		29,651
Accrued property, plant and equipment	13,462		23,618
Other accrued liabilities	152,844		108,402
Total accrued liabilities	$	598,188	$	525,780

Accrued warranty as of December 31, 2024 and 2023, which is included in the “Other accrued liabilities” category in the accrued liabilities table above, consists of the following activity (in thousands):

Accrued warranty as of December 31, 2022	$	17,873
Charged to cost of net revenues	18,248
Actual warranty expenditures	(13,695)
Accrued warranty as of December 31, 2023	22,426
Charged to cost of net revenues	21,962
Actual warranty expenditures	(13,177)
Accrued warranty as of December 31, 2024	$	31,211

Deferred revenues consist of the following (in thousands):

	December 31,
	2024		2023
Deferred revenues - current	$	1,331,146	$	1,427,706
Deferred revenues - long-term 1	102,164		138,000

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

During the year ended December 31, 2024 and 2023, we recognized $3,999.0 million and $3,862.3 million of net revenues, respectively, of which $819.0 million and $732.4 million was included in the deferred revenues balance at December 31, 2023 and December 31, 2022, respectively.