Balance Sheet Components

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Balance Sheet Components

Balance Sheet Components

Inventories consist of the following (in thousands):

	June 30, 2025		December 31, 2024
Raw materials	$	116,409	$	124,377
Work in process	69,417		73,660
Finished goods	57,924		56,250
Total inventories	$	243,750	$	254,287

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

	June 30, 2025		December 31, 2024
Value added tax receivables	$	36,710	$	34,028
Prepaid expenses	93,157		82,978
Other current assets	57,074		81,576
Total prepaid expenses and other current assets	$	186,941	$	198,582

Accrued liabilities consist of the following (in thousands): 

	June 30, 2025		December 31, 2024
Accrued payroll and benefits	$	224,346	$	248,003
Accrued expenses	71,647		66,391
Accrued income taxes	30,191		48,808
Accrued sales and marketing expenses	36,051		37,617
Current operating lease liabilities	32,546		31,063
Accrued property, plant and equipment	8,232		13,462
Other accrued liabilities	160,046		152,844
Total accrued liabilities	$	563,059	$	598,188

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

	Six Months Ended June 30,
	2025		2024
Balance at beginning of period	$	31,211	$	22,426
Charged to cost of net revenues	12,688		10,959
Actual warranty expenditures	(6,251)		(6,523)
Balance at end of period	$	37,648	$	26,862

Deferred revenues consist of the following (in thousands):

	June 30, 2025		December 31, 2024
Deferred revenues - current	$	1,317,990	$	1,331,146
Deferred revenues - long-term 1	$	88,454	$	102,164

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

During the three months ended June 30, 2025 and 2024, we recognized $1,012.4 million and $1,028.5 million of net revenues, respectively, of which $229.4 million and $222.4 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.

During the six months ended June 30, 2025 and 2024, we recognized $1,991.7 million and $2,025.9 million of net revenues, respectively, of which $475.4 million and $459.2 million was included in the deferred revenues balance at December 31, 2024 and 2023, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2025 were $1,411.5 million. These performance obligations are expected to be fulfilled over a period of up to five years.