Quarterly report pursuant to Section 13 or 15(d)

VIE Arrangements

VIE Arrangements
6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE Arrangements VIE Arrangements
The Company consolidated various VIEs at June 30, 2020 and December 31, 2019. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):
June 30, 2020 December 31, 2019
Current assets
Cash $ 155,239    $ 133,362   
Restricted cash 12,411    2,746   
Accounts receivable, net 25,530    21,956   
Inventories 94,175    15,721   
Prepaid expenses and other current assets 1,480    554   
Total current assets 288,835    174,339   
Solar energy systems, net 3,557,831    3,259,712   
Other assets 102,257    87,151   
Total assets $ 3,948,923    $ 3,521,202   
Current liabilities
Accounts payable $ 14,306    $ 11,531   
Distributions payable to noncontrolling interests and redeemable noncontrolling interests
17,701    16,012   
Accrued expenses and other liabilities 14,095    10,740   
Deferred revenue, current portion 40,514    38,265   
Deferred grants, current portion 1,011    1,011   
Non-recourse debt, current portion 39,361    4,901   
Total current liabilities 126,988    82,460   
Deferred revenue, net of current portion 465,972    443,873   
Deferred grants, net of current portion 26,505    27,023   
Non-recourse debt, net of current portion 238,055    201,575   
Other liabilities 36,929    19,633   
Total liabilities $ 894,449    $ 774,564   
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.