Financial Instruments

9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

The carrying value of cash and cash equivalents approximate fair value and are as follows (in thousands):



	September 30,		December 31,
	2019		2018
As held:
Cash	$	231,311	$	136,642
Money market funds	126,564		143,843
	$	357,875	$	280,485
As reported:
Cash and cash equivalents	$	226,499	$	220,728
Restricted cash	131,376		59,757
	$	357,875	$	280,485

Restricted cash consisted of the following (in thousands):



	September 30,			December 31,
	2019			2018
Current
Restricted cash	$	12,683		$	25,740
Restricted cash related to PPA Entities	1,803			2,917
Restricted cash, current	14,486			28,657
Non-current
Restricted cash	2,677			3,246
Restricted cash related to PPA Entities	114,213		¹	27,854
Restricted cash, non-current	116,890			31,100
	$	131,376		$	59,757

¹ Non-current restricted cash related to PPA Entities as of September 30, 2019 includes $97.2 million reclassified for certain contingent indemnification for SPDS under the PPA II upgrade of Energy Servers in the form of a letter of credit to SPDS. See Note 12 - Power Purchase Agreement Programs - PPA II Upgrade of Energy Servers for additional information.

Short-Term Investments

As of September 30, 2019 and December 31, 2018, we had no short-term investments and $104.4 million in U.S. Treasury Bills, respectively.

Derivative Instruments

We have derivative financial instruments related to natural gas forward contracts and interest rate swaps. See Note 7 - Derivative Financial Instruments for a full description of our derivative financial instruments.