Quarterly report pursuant to Section 13 or 15(d)

VIE Arrangements

v3.22.1
VIE Arrangements
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE Arrangements VIE Arrangements
The Company consolidated various VIEs at March 31, 2022 and December 31, 2021. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):
March 31, 2022 December 31, 2021
Assets
Current assets
Cash $ 306,124  $ 377,044 
Restricted cash 66,918  70,346 
Accounts receivable, net 72,691  55,714 
Inventories 98,023  93,604 
Prepaid expenses and other current assets 1,585  1,519 
Total current assets 545,341  598,227 
Solar energy systems, net 7,888,322  7,605,769 
Other assets 206,311  177,224 
Total assets $ 8,639,974  $ 8,381,220 
Liabilities
Current liabilities
Accounts payable $ 27,488  $ 26,042 
Distributions payable to noncontrolling interests and redeemable noncontrolling interests
30,661  31,582 
Accrued expenses and other liabilities 25,302  31,036 
Deferred revenue, current portion 42,776  45,956 
Deferred grants, current portion —  997 
Non-recourse debt, current portion 34,558  41,284 
Total current liabilities 160,785  176,897 
Deferred revenue, net of current portion 490,856  484,429 
Deferred grants, net of current portion —  24,637 
Non-recourse debt, net of current portion 1,419,336  1,441,324 
Other liabilities 16,197  25,205 
Total liabilities $ 2,087,174  $ 2,152,492 
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.