United states

Note 6. Inventories

Inventories at December 31 consisted of the following (in thousands):

 

		2015				2014
Raw materials		$	29,022			$	20,431
Work in process			16,630				15,452
Finished goods			5,189				8,134
Total Inventories		$	50,841			$	44,017

Note 7. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at December 31 consisted of the following (in thousands):

 

		2015				2014
Refundable value-added tax		$	12,052			$	11,060
Prepaid customs and duty charges			5,891				—
Deposits			3,140				5,502
Deferred expenses			2,807				—
Prepaid rebates			523				494
Deferred tax assets			—				590
Other prepaid expenses			5,531				1,460
Other current assets			1,393				1,254
Total prepaid expenses and other current assets		$	31,337			$	20,360

 

F-35

Table of Contents

TPI COMPOSITES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

 

Note 8. Property, Plant, and Equipment, Net

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

 

		2015				2014
Machinery and equipment		$	49,078			$	39,050
Buildings			14,047				10,787
Leasehold improvements			14,259				8,114
Office equipment and software			3,691				3,137
Furniture			15,140				6,330
Vehicles			279				255
Construction in progress			4,660				10,196
Total			101,154				77,869
Accumulated depreciation			(33,422	)			(26,070	)
Property, plant and equipment, net		$	67,732			$	51,799

As of December 31, 2015, the Company had undertaken projects including the expansions of and facility improvements to the wind blade production facilities in Taicang and Dafeng, China; Juárez, Mexico and Izmir, Turkey, as well as the purchase of equipment and machinery across all plants and the Corporate office.

Total depreciation for the years ended December 31, 2015, 2014 and 2013 was $10.6 million, $6.7 million, and $4.5 million, respectively.

As of December 31, 2015, the cost and accumulated depreciation of property, plant and equipment that the Company is leasing under capital lease arrangements is $13.8 million and $2.4 million, respectively. As of December 31, 2014, the cost and accumulated depreciation of property, plant and equipment that the Company is leasing under capital lease arrangements is $9.4 million and $0.7 million, respectively.

Note 9. Intangible Assets, Net

Carrying values and estimated useful lives of intangible assets as of December 31, 2015, consisted of the following (in thousands):

 

		Estimated Useful Life		Cost				Accumulated Amortization				Net
Patents		13 years		$	2,000			$	(1,731	)		$	269
Customer agreements		3 years 9 months			2,328				(2,328	)			—
Trademarks		Indefinite			150				—				150
				$	4,478			$	(4,059	)		$	419