Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

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

Schedule of Restrictions on Cash and Cash Equivalents

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.