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Financial Instruments
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Financial Instruments Financial Instruments
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,
 20232022
As Held:
Cash$144,102 $226,463 
Money market funds601,076 291,903 
$745,178 $518,366 
As Reported:
Cash and cash equivalents$664,593 $348,498 
Restricted cash80,585 169,868 
$745,178 $518,366 
Restricted cash consisted of the following (in thousands):
December 31,
 20232022
Current:  
Restricted cash$46,821 $50,965 
Restricted cash related to PPA V1
— 550 
46,821 51,515 
Non-current:
Restricted cash33,764 110,353 
Restricted cash related to PPA V1
— 8,000 
33,764 118,353 
$80,585 $169,868 
1 As of December 31, 2022, we had a variable interest entity (“VIE”) related to our PPA Entity, PPA V, which represented a portion of the consolidated balances recorded within the “restricted cash” and other financial statement line items in the consolidated balance sheets (see Note 10 — Portfolio Financings). In August 2023, we sold the PPA V as a result of the PPA V Repowering of the Energy Servers (see Note 10 — Portfolio Financings), and as such there were no balances related to PPA V in the consolidated balance sheets as of December 31, 2023. In addition, the restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2023 included $32.2 million and $0.9 million of current restricted cash, respectively, and $8.2 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 $291.4 million, $283.3 million and $116.3 million of accounts receivable during the years ended December 31, 2023, 2022 and 2021, respectively.
The cost of factoring such accounts receivable on our consolidated statements of operations for the years ended December 31, 2023 and 2022 was $5.5 million and $4.0 million, respectively. 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.