Quarterly report pursuant to Section 13 or 15(d)

VIE Arrangements

v3.4.0.3
VIE Arrangements
3 Months Ended
Mar. 31, 2016
Variable Interest Entity Disclosure [Abstract]  
VIE Arrangements

Note 9. VIE Arrangements

The Company consolidated various VIEs at March 31, 2016 and December 31, 2015. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):

 

 

 

March 31,

2016

 

 

December 31,

2015

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

94,953

 

 

$

44,407

 

Restricted cash

 

 

580

 

 

 

757

 

Accounts receivable, net

 

 

14,558

 

 

 

12,965

 

Prepaid expenses and other current assets

 

 

27

 

 

 

66

 

Total current assets

 

 

110,118

 

 

 

58,195

 

Solar energy systems, net

 

 

1,440,936

 

 

 

1,305,420

 

Total Assets

 

$

1,551,054

 

 

$

1,363,615

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,857

 

 

$

11,025

 

Distribution payable to noncontrolling interests and

   redeemable noncontrolling interests

 

 

7,318

 

 

 

8,063

 

Accrued expenses and other liabilities

 

 

264

 

 

 

175

 

Deferred revenue, current portion

 

 

23,013

 

 

 

21,344

 

Deferred grants, current portion

 

 

7,197

 

 

 

7,198

 

Long-term non-recourse debt, current portion

 

 

1,206

 

 

 

1,159

 

Total current liabilities

 

 

49,855

 

 

 

48,964

 

Deferred revenue, net of current portion

 

 

364,854

 

 

 

353,392

 

Deferred grants, net of current portion

 

 

106,704

 

 

 

108,528

 

Long-term non-recourse debt, net of current

   portion

 

$

29,043

 

 

$

29,580

 

Total liabilities

 

$

550,456

 

 

$

540,464

 

 

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 five lease pass-through Fund arrangements as further explained in Note 8, Lease 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 financing liability recorded in the Company’s consolidated financial statements. The Company is not considered the primary beneficiary of the VIEs.