Accounts receivable trade, net consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable trade, gross	$	649,241	$	662,390
Allowance for credit losses	(1,676)		(1,614)
Accounts receivable trade, net	$	647,565	$	660,776

Inventories consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	449,084	$	478,138
Work in process	101,780		78,463
Finished goods	750,985		530,197
Inventories	$	1,301,849	$	1,086,798
Inventories – current	$	1,027,872	$	819,899
Inventories – noncurrent	$	273,977	$	266,899

Other current assets consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Spare maintenance materials and parts	$	182,229	$	148,218
Indirect tax receivables	114,484		65,301
Prepaid expenses	78,931		62,480
Operating supplies	54,425		43,995
Prepaid income taxes	39,285		7,064
Insurance receivable for accrued litigation (1)	21,800		21,800
Restricted cash	8,262		8,262
Derivative instruments (2)	267		1,778
Other	27,426		33,002
Other current assets	$	527,109	$	391,900

(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.

Property, plant and equipment, net consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Land	$	38,780	$	35,364
Buildings and improvements	1,354,644		1,037,421
Machinery and equipment	3,921,930		3,593,347
Office equipment and furniture	175,177		161,187
Leasehold improvements	40,313		40,084
Construction in progress	1,476,532		1,223,998
Property, plant and equipment, gross	7,007,376		6,091,401
Accumulated depreciation	(1,868,376)		(1,694,116)
Property, plant and equipment, net	$	5,139,000	$	4,397,285

Depreciation of property, plant and equipment was $93.4 million and $180.1 million for the three and six months ended June 30, 2024, respectively, and $76.9 million and $142.8 million for the three and six months ended June 30, 2023, respectively.

Other assets consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Advance payments for raw materials	$	261,849	$	204,370
Lease assets (1)	99,834		101,468
Income tax receivables	87,025		68,591
Prepaid expenses	30,836		23,954
Project assets	24,984		28,430
Restricted cash	3,601		3,621
Restricted cash equivalents	1,801		6,192
Other (2)	45,194		41,978
Other assets	$	555,124	$	478,604

(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)In November 2023, First Solar entered into a power purchase agreement with Cleantech Solar (“Cleantech”), a leading provider of renewable energy solutions in India and Southeast Asia. Under the agreement, Cleantech plans to construct certain photovoltaic (“PV”) solar and wind generating assets, which are expected to supply electricity to our manufacturing facility in India.

In February 2024, we purchased an ownership interest in a subsidiary of Cleantech for $3.0 million. This subsidiary owns certain of the generation assets that are expected to supply our facility, and we account for our investment in the subsidiary under the equity method of accounting. During the six months ended June 30, 2024, we recognized revenue of $19.0 million for module sales of 75 megawatts to this subsidiary.

Accrued expenses consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Accrued property, plant and equipment	$	257,296	$	210,233
Accrued freight	100,465		58,494
Accrued inventory	45,536		101,161
Accrued other taxes	38,448		26,781
Accrued compensation and benefits	31,315		55,960
Accrued interest	11,408		11,011
Product warranty liability (1)	5,684		5,920
Other	49,974		55,269
Accrued expenses	$	540,126	$	524,829

(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”

Other current liabilities consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Accrued litigation (1)	$	21,800	$	21,800
Lease liabilities (2)	10,806		10,358
Derivative instruments (3)	4,199		1,744
Contingent consideration (4)	—		7,500
Other	53,989		798
Other current liabilities	$	90,794	$	42,200

(1)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our legal proceedings.

(2)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(3)See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.

(4)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.

Other liabilities consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Lease liabilities (1)	$	52,228	$	53,725
Deferred tax liabilities, net	44,048		42,771
Other taxes payable	34,626		39,431
Product warranty liability (2)	18,011		19,571
Contingent consideration (3)	11,000		11,000
Other	13,908		14,212
Other liabilities	$	173,821	$	180,710

(1)See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product Warranties.”

(3)See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our contingent consideration arrangements.