Annual report pursuant to Section 13 and 15(d)

VIE Arrangements

VIE Arrangements
12 Months Ended
Dec. 31, 2020
Variable Interest Entity Disclosure [Abstract]  
VIE Arrangements VIE Arrangements
The Company consolidated various VIEs at December 31, 2020 and 2019. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):
December 31,
2020 2019
Current assets
$ 219,502  $ 133,362 
Restricted cash
34,559  2,746 
Accounts receivable, net
35,152  21,956 
Inventories 23,306  15,721 
Prepaid expenses and other current assets
2,629  554 
Total current assets
315,148  174,339 
Solar energy systems, net
6,748,127  3,259,712 
Other assets
127,591  87,151 
Total assets
$ 7,190,866  $ 3,521,202 
Current liabilities
Accounts payable
$ 15,609  $ 11,531 
Distributions payable to noncontrolling interests
   and redeemable noncontrolling interests
28,577  16,012 
Accrued expenses and other liabilities
24,660  10,740 
Deferred revenue, current portion
44,906  38,265 
Deferred grants, current portion
1,007  1,011 
Non-recourse debt, current portion 31,594  4,901 
Total current liabilities
146,353  82,460 
Deferred revenue, net of current portion
493,161  443,873 
Deferred grants, net of current portion
25,891  27,023 
Non-recourse debt, net of current portion 1,160,817  201,575 
Other liabilities 31,745  19,633 
Total liabilities
$ 1,857,967  $ 774,564 
As a result of the acquisition of Vivint Solar on October 8, 2020, the Company added 35 VIE funds.
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 seven pass-through Fund arrangements as further explained in Note 14, 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.