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Note 7. Consolidated Balance Sheet Details (Notes)
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Consolidated Balance Sheet Details
7. Consolidated Balance Sheet Details

Accounts receivable trade, net

Accounts receivable trade, net consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Accounts receivable trade, gross (1)
$1,307,307 $1,262,353 
Allowance for credit losses(13,267)(1,304)
Accounts receivable trade, net$1,294,040 $1,261,049 
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(1)See Note 13. “Other Financing Arrangements” to our consolidated financial statements for discussion of our various factoring arrangements.
Inventories

Inventories consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Raw materials$429,675 $489,524 
Work in process105,325 115,696 
Finished goods439,196 754,536 
Inventories$974,196 $1,359,756 
Inventories – current$736,734 $1,084,384 
Inventories – noncurrent $237,462 $275,372 

Other current assets

Other current assets consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Spare maintenance materials and parts$278,767 $214,189 
Indirect tax receivables124,045 122,131 
Prepaid expenses99,280 75,250 
Operating supplies57,427 49,906 
Insurance receivable for accrued litigation (1)21,800 21,800 
Prepaid income taxes9,772 6,408 
Derivative instruments (2)4,001 13,452 
Restricted cash— 8,262 
Other48,011 35,484 
Other current assets$643,103 $546,882 
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(1)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings.

(2)See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.

Property, plant and equipment, net

Property, plant and equipment, net consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Land$39,578 $38,879 
Buildings and improvements 1,929,051 1,584,981 
Machinery and equipment 5,746,979 4,800,545 
Office equipment and furniture162,070 181,647 
Leasehold improvements34,136 40,300 
Construction in progress321,524 858,538 
Property, plant and equipment, gross8,233,338 7,504,890 
Accumulated depreciation(2,557,544)(2,091,207)
Property, plant and equipment, net$5,675,794 $5,413,683 
As of December 31, 2025, the recoverability of our property, plant, and equipment was based on certain expectations regarding the ongoing operation of our international manufacturing facilities. However, it is reasonably possible that the operational status of one or more of our international facilities may be adversely affected by geopolitical developments, including trade policies or tariffs, which may result in future decisions to reduce, pause, or cease operations at these facilities. Such decisions may result in certain property, plant, and equipment being sold or otherwise disposed of before the end of their previously estimated useful lives, which, in turn, could result in a decrease in the value, and possible impairment, of this property, plant, and equipment. Accordingly, any such changes to the operational status of our international manufacturing facilities could be material to our consolidated financial statements and have a significant adverse effect on our results of operations.

Depreciation of property, plant and equipment was $518.3 million, $407.4 million, and $310.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Other assets

Other assets consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Advance payments for raw materials$319,783 $249,218 
Lease assets (1)196,058 143,545 
Income tax receivables110,067 87,025 
Project assets25,721 25,455 
Prepaid expenses17,180 34,250 
Accounts receivable, trade16,000 94,373 
Restricted cash equivalents6,900 4,972 
Restricted cash3,617 3,613 
Other (2)
64,343 55,319 
Other assets $759,669 $697,770 
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(1)See Note 10. “Leases” to our consolidated financial statements for discussion of our lease arrangements.

(2)During 2023, we entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia, and Cleantech committed to construct certain PV solar and wind power-generating assets to supply electricity to our manufacturing facility in India.

During 2024, we purchased ownership interests in two subsidiaries of Cleantech for $7.9 million. These subsidiaries own certain of the power-generating assets that supply electricity to our facility, and we account for our investments in these subsidiaries using the equity method.

During 2025, we purchased $3.4 million of electricity from these subsidiaries. During 2024, we recognized $37.8 million of revenue from module sales to these subsidiaries.
Accrued expenses

Accrued expenses consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Accrued property, plant and equipment$109,030 $136,176 
Accrued inventory69,093 64,866 
Accrued compensation and benefits67,023 30,612 
Product warranty liability (1)59,266 62,139 
Accrued other taxes58,601 41,178 
Accrued freight51,707 95,940 
Other104,694 77,670 
Accrued expenses$519,414 $508,581 
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(1)    See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our product warranties.

Other current liabilities

Other current liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Accrued litigation (1)21,800 21,800 
Lease liabilities (2)18,090 13,281 
Derivative instruments (3)2,357 18,619 
Other48,811 7,184 
Other current liabilities$91,058 $60,884 
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(1)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our legal proceedings.

(2)See Note 10. “Leases” to our consolidated financial statements for discussion of our lease arrangements.

(3)See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.
Other liabilities

Other liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Lease liabilities (1)$138,673 $95,743 
Deferred tax liabilities, net (2)69,691 54,696 
Other taxes payable51,711 49,256 
Product warranty liability (3)20,142 14,296 
Contingent consideration (3)2,200 6,500 
Other13,170 13,278 
Other liabilities$295,587 $233,769 
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(1)See Note 10. “Leases” to our consolidated financial statements for discussion of our lease arrangements.

(2)See Note 18. “Income Taxes” to our consolidated financial statements for discussion of our net deferred tax liabilities.

(3)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our product warranties and contingent consideration arrangements.