Financial Instruments

12 Months Ended

Dec. 31, 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):


	December 31,
	2022		2021
As Held:
Cash	$	226,463	$	318,080
Money market funds	291,903		297,034
	$	518,366	$	615,114
As Reported:
Cash and cash equivalents	$	348,498	$	396,035
Restricted cash	169,868		219,079
	$	518,366	$	615,114

Restricted cash consisted of the following (in thousands):


	December 31,
	2022		2021
Current:
Restricted cash	$	50,965	$	89,462
Restricted cash related to PPA Entities1	550		3,078
	51,515		92,540
Non-current:
Restricted cash	110,353		103,300
Restricted cash related to PPA Entities1	8,000		23,239
	118,353		126,539
	$	169,868	$	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 consolidated balance sheets (see Note 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2022, includes $40.6 million and $1.2 million of current restricted cash, respectively, and $28.5 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 $283.3 million and $116.3 million of accounts receivable during the years ended December 31, 2022 and 2021, respectively. The cost of factoring such accounts receivable on our consolidated statements of operations for the year ended December 31, 2022 was $4.0 million. The cost of factoring such accounts receivable on our consolidated statements of operations for the year ended December 31, 2021 was not material.

The cost of factoring is recorded in general and administrative expenses.