Quarterly report pursuant to Section 13 or 15(d)

VIE Arrangements

VIE Arrangements
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE Arrangements VIE Arrangements The Company consolidated various VIEs at March 31, 2021 and December 31, 2020. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):
March 31, 2021 December 31, 2020
Current assets
Cash $ 246,928  $ 219,502 
Restricted cash 45,877  34,559 
Accounts receivable, net 51,552  35,152 
Inventories 40,843  23,306 
Prepaid expenses and other current assets 582  2,629 
Total current assets 385,782  315,148 
Solar energy systems, net 7,038,553  6,748,127 
Other assets 150,514  127,591 
Total assets $ 7,574,849  $ 7,190,866 
Current liabilities
Accounts payable $ 20,124  $ 15,609 
Distributions payable to noncontrolling interests and redeemable noncontrolling interests
27,676  28,577 
Accrued expenses and other liabilities 24,324  24,660 
Deferred revenue, current portion 46,043  44,906 
Deferred grants, current portion 1,005  1,007 
Non-recourse debt, current portion 33,966  31,594 
Total current liabilities 153,138  146,353 
Deferred revenue, net of current portion 506,510  493,161 
Deferred grants, net of current portion 25,589  25,891 
Non-recourse debt, net of current portion 1,308,041  1,160,817 
Other liabilities 24,016  31,745 
Total liabilities $ 2,017,294  $ 1,857,967 
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 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.