Financial Instruments

6 Months Ended

Jun. 30, 2023

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):


	June 30,		December 31,
	2023		2022
As Held:
Cash	$	307,575	$	226,463
Money market funds	614,969		291,903
	$	922,544	$	518,366
As Reported:
Cash and cash equivalents	$	767,055	$	348,498
Restricted cash	155,489		169,868
	$	922,544	$	518,366

Restricted cash consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Current:
Restricted cash	$	45,161	$	50,965
Restricted cash related to PPA Entity1	650		550
	$	45,811	$	51,515
Non-current:
Restricted cash	$	101,678	$	110,353
Restricted cash related to PPA Entity1	8,000		8,000
	109,678		118,353
	$	155,489	$	169,868

1 We have a variable interest entity (“VIE”) related to our Power Purchase Agreement (“PPA”) entity, PPA V, that represents a portion of the condensed consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 10 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of June 30, 2023, included $31.1 million and $0.8 million of current restricted cash, respectively, and $16.3 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, 2022, included $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. These entities are not considered VIEs.

Factoring Arrangements

We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with certain financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $59.6 million of accounts receivable during the six months ended June 30, 2023, and no accounts receivable were derecognized during the three months ended June 30, 2023. We derecognized $90.9 million and $137.3 million of accounts receivable during the three and six months ended June 30, 2022, respectively.

The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the six months ended June 30, 2023 were $0.7 million. There were no costs of factoring for the three months ended June 30, 2023. The costs of factoring for three and six months ended June 30, 2022 were $0.9 million and $1.2 million, respectively. The costs of factoring are recorded in general and administrative expenses.