Quarterly report pursuant to Section 13 or 15(d)

VIE Arrangements

v3.19.2
VIE Arrangements
6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE Arrangements VIE Arrangements
The Company consolidated various VIEs at June 30, 2019 and December 31, 2018. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):
 
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Current assets
 
 
 
 
Cash
 
$
167,194

 
$
105,494

Restricted cash
 
681

 
2,071

Accounts receivable, net
 
19,762

 
18,539

Prepaid expenses and other current assets
 
387

 
387

Total current assets
 
188,024

 
126,491

Solar energy systems, net
 
2,901,211

 
2,712,377

Other assets
 
74,600

 
66,427

Total assets
 
$
3,163,835

 
$
2,905,295

Liabilities
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable
 
$
8,512

 
$
12,136

Distributions payable to noncontrolling interests and redeemable noncontrolling interests
 
16,257

 
15,797

Accrued expenses and other liabilities
 
7,742

 
7,122

Deferred revenue, current portion
 
34,508

 
29,102

Deferred grants, current portion
 
1,014

 
982

Non-recourse debt, current portion
 
4,440

 
4,217

Total current liabilities
 
72,473

 
69,356

Deferred revenue, net of current portion
 
409,633

 
367,818

Deferred grants, net of current portion
 
27,665

 
28,247

Non-recourse debt, net of current portion
 
183,648

 
186,494

Other liabilities
 
17,493

 
8,843

Total liabilities
 
$
710,912

 
$
660,758


The Company holds a variable interest in an entity that provides the noncontrolling interest with a right to terminate the leasehold interests in all of the leased projects on the tenth anniversary of the effective date of the master lease. In this circumstance, the Company would be required to pay the noncontrolling interest an amount equal to the fair market value, as defined in the governing agreement of all leased projects as of that date.
The Company holds certain variable interests in nonconsolidated VIEs established as a result of six pass-through Fund arrangements as further explained in Note 10, Pass-through Financing Obligations. The Company does not have material exposure to losses as a result of its involvement with the VIEs in excess of the amount of the pass-through financing obligation recorded in the Company’s consolidated financial statements. The Company is not considered the primary beneficiary of these VIEs.
During the six months ended June 30, 2019, the Company acquired an investor's interest in a consolidated VIE for total cash consideration of $4.6 million. This transaction increased the Company's additional paid-in-capital, net of the related tax impact, by $1.1 million.