Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Notes To Financial Statements [Abstract]

Balance Sheet Components

Balance Sheet Components

Inventories consist of the following (in thousands):

	September 30, 2023		December 31, 2022
Raw materials	$	139,681	$	172,758
Work in process	98,633		96,558
Finished goods	57,875		69,436
Total inventories	$	296,189	$	338,752

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

	September 30, 2023		December 31, 2022
Value added tax receivables	$	123,980	$	140,484
Prepaid expenses	59,496		69,124
Other current assets	34,156		16,762
Total prepaid expenses and other current assets	$	217,632	$	226,370

Accrued liabilities consist of the following (in thousands): 

	September 30, 2023		December 31, 2022
Accrued payroll and benefits	$	203,712	$	149,508
Accrued income taxes	157,175		74,323
Accrued expenses	73,087		64,341
Accrued sales and marketing expenses	35,405		36,407
Current operating lease liabilities	28,277		26,574
Accrued property, plant and equipment	14,437		19,922
Other accrued liabilities	102,369		83,299
Total accrued liabilities	$	614,462	$	454,374

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

	Nine Months Ended September 30,
	2023		2022
Balance at beginning of period	$	17,873	$	16,169
Charged to cost of net revenues	14,329		11,359
Actual warranty expenditures	(10,327)		(11,109)
Balance at end of period	$	21,875	$	16,419

Deferred revenues consist of the following (in thousands):

	September 30, 2023		December 31, 2022
Deferred revenues - current	$	1,408,831	$	1,343,643
Deferred revenues - long-term 1	$	146,271	$	160,662

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

During the three months ended September 30, 2023 and 2022, we recognized $960.2 million and $890.3 million of net revenues, respectively, of which $178.8 million and $156.5 million was included in the deferred revenues balance at December 31, 2022 and 2021, respectively.

During the nine months ended September 30, 2023 and 2022, we recognized $2,905.5 million and $2,833.1 million of net revenues, respectively, of which $583.5 million and $519.8 million was included in the deferred revenues balance at December 31, 2022 and 2021, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of September 30, 2023 were $1,560.7 million. These performance obligations are expected to be fulfilled over the next six months to five years.