Turning to non-operating items. We expect interest income, interest expense and other income to net to $60 million to $75 million, which is predominantly driven by higher expected interest rates for deposits. Full year tax expense is forecast to be $60 million to $85 million. Tax expense to 2023 is largely driven by the U.S. blended tax rate of approximately 25%. However, we also expect a significant loss in the year as we begin manufacturing for which we will not receive a current benefit, leading to a higher effective tax rate. This results in a full year 2023 earnings per diluted share guidance range of $7 to $8. Note from an earnings cadence perspective, we anticipate our earnings profile will be higher in the second half of the year, both due to contractual delivery schedules as well as the timing of first sales of our Series 7 products, which are forecast to begin shipping in Q3 of this year.
This is forecasted to result in an increase in inventory at our distribution centers in the first half of 2023, which is expected to reverse in the second half of the year. Additionally, Section 45X credits, recognized, will increase after Q1, driven by both the timing of volumes sold as well as the inventory lag, whereby products sold in the early part of 2023 may have been manufactured in 2022. Capital expenditures in 2023 are expected to range from $1.9 billion to $2.1 billion as we complete the construction of our Ohio and India Series 7 plants, commence construction on our Alabama Series 7 plant, implement throughput upgrades to the fleet and invest in other R&D-related programs. Our year-end 2023 net cash balance is anticipated to be between $1.2 billion and $1.5 billion.
The decrease from our 2022 year-end net cash balance is primarily due to capital expenditures, which we expect will be partially offset by financing proceeds and customer advance payments. Turning to Slide 11, I’ll summarize the key messages from today’s call. Demand has been robust, with 12 gigawatts of net bookings since the prior earnings call, leading to a record contracted backlog of 67.7 gigawatts. Our opportunity pipeline remains strong with a global opportunity set to 93.1 gigawatts, including mid- to late-stage opportunities of 58 gigawatts. On the supply side, we continue to expand our manufacturing capacity and expect to exit 2026 with approximately 21.4 gigawatts of nameplate capacity, including approximately 10.7 gigawatts of nameplate capacity in the U.S. We are, as previously announced, adding a new dedicated R&D facility in Ohio, projected to be operational in mid-2024, which we believe will allow us to optimize technology improvements with significantly less disruption to our commercial manufacturing lens.
We ended the year with a gross cash balance of $2.6 billion or $2.4 billion net of debt, which is an increase to both gross and net cash of $800 million versus the prior year. We believe this puts us in a position of strength to expand our capacity, invest in research, development and technology improvements and pursue other strategic opportunities. And finally, we’re forecasting full year 2023 earnings per diluted share of $7 to $8. And with that, we conclude our prepared remarks and open the call for questions. Operator?
Operator: Thank you. And now we’ll take a question from Philip Shen of ROTH.
Philip Shen: Hi guys, thanks for taking my questions. First topic here is on bookings. Congrats on your Silicon Ranch light source deals. It looks like you had 7 gigawatts of incremental bookings in the quarter. Can you share what the pricing might look like? Is it incrementally higher or lower versus the last quarter? I think, from Q3, your incremental bookings were maybe $0.316 versus $0.301 per watt in Q2. And then how should we think about bookings momentum ahead? It sounds like you’re expecting more multiyear agreements? And what do you expect on pricing there? And then shifting over to domestic content. I think in the last call, you guys talked about contracting 1.4 gigs of domestic content, I think in 2023, representing roughly $0.04 a watt of value.
