Financial Instruments (Tables)

9 Months Ended

Sep. 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):


	September 30,		December 31,
	2023		2022
As Held:
Cash	$	148,301	$	226,463
Money market funds	489,395		291,903
	$	637,696	$	518,366
As Reported:
Cash and cash equivalents	$	557,384	$	348,498
Restricted cash	80,312		169,868
	$	637,696	$	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):


	September 30,		December 31,
	2023		2022
As Held:
Cash	$	148,301	$	226,463
Money market funds	489,395		291,903
	$	637,696	$	518,366
As Reported:
Cash and cash equivalents	$	557,384	$	348,498
Restricted cash	80,312		169,868
	$	637,696	$	518,366

Restricted cash consisted of the following (in thousands):


	September 30,		December 31,
	2023		2022
Current:
Restricted cash	$	42,614	$	50,965
Restricted cash related to PPA V Entity1	—		550
	$	42,614	$	51,515
Non-current:
Restricted cash	$	37,698	$	110,353
Restricted cash related to PPA V Entity1	—		8,000
	37,698		118,353
	$	80,312	$	169,868

1 As of December 31, 2022, we had a variable interest entity (“VIE”) related to our PPA entity, PPA V, that represented 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 August 2023, we sold the PPA V entity as a result of the PPA V Repowering of Energy Servers (see Note 10 - Portfolio Financings), and as such there were no balances related to PPA V in the condensed consolidated balance sheet as of September 30, 2023. In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2023 included $28.1 million and $0.9 million of current restricted cash, respectively, and $12.3 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.