Quarterly report pursuant to Section 13 or 15(d)

VIE Arrangements

v3.20.2
VIE Arrangements
9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE Arrangements VIE Arrangements
The Company consolidated various VIEs at September 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):
September 30, 2020 December 31, 2019
Assets
Current assets
Cash $ 155,201  $ 133,362 
Restricted cash 14,495  2,746 
Accounts receivable, net 27,471  21,956 
Inventories 51,894  15,721 
Prepaid expenses and other current assets 1,583  554 
Total current assets 250,644  174,339 
Solar energy systems, net 3,773,324  3,259,712 
Other assets 112,079  87,151 
Total assets $ 4,136,047  $ 3,521,202 
Liabilities
Current liabilities
Accounts payable $ 25,535  $ 11,531 
Distributions payable to noncontrolling interests and redeemable noncontrolling interests
17,776  16,012 
Accrued expenses and other liabilities 15,053  10,740 
Deferred revenue, current portion 41,435  38,265 
Deferred grants, current portion 1,011  1,011 
Non-recourse debt, current portion 54,358  4,901 
Total current liabilities 155,168  82,460 
Deferred revenue, net of current portion 473,129  443,873 
Deferred grants, net of current portion 26,220  27,023 
Non-recourse debt, net of current portion 186,173  201,575 
Other liabilities 35,176  19,633 
Total liabilities $ 875,866  $ 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.