Financial Instruments

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):


	September 30,		December 31,
	2022		2021
As Held:
Cash	$	215,926	$	318,080
Money market funds	453,396		297,034
	$	669,322	$	615,114
As Reported:
Cash and cash equivalents	$	492,120	$	396,035
Restricted cash	177,202		219,079
	$	669,322	$	615,114

Restricted cash consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Current:
Restricted cash	$	41,124	$	89,462
Restricted cash related to PPA Entities1	980		3,078
	$	42,104	$	92,540
Non-current:
Restricted cash	$	117,590	$	103,300
Restricted cash related to PPA Entities1	17,508		23,239
	135,098		126,539
	$	177,202	$	219,079

1 We have VIEs related to PPAs that represent a portion of the consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2022, includes $33.3 million and $1.1 million of current restricted cash, respectively, and $35.7 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2021, includes $41.7 million and $1.2 million of current restricted cash, respectively, and $57.7 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs.

Factoring Arrangements

We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with our designated financial institution. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $146.3 million and $116.3 million of accounts receivable as of September 30, 2022 and December 31, 2021, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three and nine months ended September 30, 2022, were $2.5 million and $3.7 million, respectively. The costs of factoring for the three and nine months ended September 30, 2021, were not material. The cost of factoring is recorded in general and administrative expenses.