Power Purchase Agreement Programs (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of December 31, 2019, and December 31, 2018 (in thousands):



	December 31, 2019						December 31, 2018
	Bloom Energy		PPA Entities		Consolidated		Bloom Energy		PPA Entities		Consolidated
							As Restated				As Restated
Assets
Current assets	$	455,680	$	17,027	$	472,707	$	637,703	$	26,231	$	663,934
Long-term assets	508,004		341,880		849,884		361,172		496,688		857,860
Total assets	$	963,684	$	358,907	$	1,322,591	$	998,875	$	522,919	$	1,521,794
Liabilities
Current liabilities	$	234,328	$	2,053	$	236,381	$	224,503	$	2,952	$	227,455
Current portion of debt	325,428		12,155		337,583		8,686		21,162		29,848
Long-term liabilities	599,709		17,549		617,258		499,177		14,120		513,297
Long-term portion of debt	75,962		223,267		299,229		388,073		323,360		711,433
Total liabilities	$	1,235,427	$	255,024	$	1,490,451	$	1,120,439	$	361,594	$	1,482,033

The aggregate carrying values of our VIEs for their assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows (in thousands):



	December 31,
	2019¹		2018²

Assets
Current assets:
Cash and cash equivalents	$	1,894	$	5,295
Restricted cash	2,244		2,917
Accounts receivable	4,194		7,516
Customer financing receivable	5,108		5,594
Prepaid expenses and other current assets	3,587		4,909
Total current assets	17,027		26,231
Property and equipment, net	275,481		399,060
Customer financing receivable, non-current	50,747		67,082
Restricted cash	15,045		27,854
Other long-term assets	607		2,692
Total assets	$	358,907	$	522,919
Liabilities
Current liabilities:
Accounts payable	$	—	$	724
Accrued expenses and other current liabilities	1,391		1,442
Deferred revenue and customer deposits	662		786
Current portion of debt	12,155		21,162
Total current liabilities	14,208		24,114
Derivative liabilities	8,459		3,626
Deferred revenue	6,735		8,696
Long-term portion of debt	223,267		323,360
Other long-term liabilities	2,355		1,798
Total liabilities	$	255,024	$	361,594

¹ These amounts include our VIEs: PPA IIIa, PPA IV and PPA V.

² These amounts include our VIEs: PPA II, PPA IIIa, PPA IIIb, PPA IV and PPA V.

The table below shows the details of the five Investment Companies' VIEs that were active during 2019 and their cumulative activities from inception to the periods indicated (dollars in thousands):



	PPA II		PPA IIIa		PPA IIIb		PPA IV		PPA V
Overview:
Maximum size of installation (in megawatts)	30		10		6		21		40
Installed size (in megawatts) ¹	—		10		—		19		37
Term of power purchase agreements (in years)	21		15		15		15		15
First system installed	Jun-12		Feb-13		Aug-13		Sep-14		Jun-15
Last system installed	Nov-13		Jun-14		Jun-15		Mar-16		Dec-16
Income (loss) and tax benefits allocation to Equity Investor	99%		99%		99%		90%		99%
Cash allocation to Equity Investor	99%		99%		99%		90%		90%
Income (loss), tax and cash allocations to Equity Investor after the flip date	5%		5%		5%		No flip		No flip
Variable Investment Entity termination	June 2019		N/A		November 2019		N/A		N/A
Equity Investor ²	N/A		US Bank		N/A		Exelon Corporation		Exelon Corporation
Put option date ³	N/A		1st anniversary of flip point		N/A		N/A		N/A
Company cash contributions	$	22,442	$	32,223	$	22,658	$	11,669	$	27,932
Company non-cash contributions ⁴	$	—	$	8,655	$	2,082	$	—	$	—
Equity Investor cash contributions	$	139,993	$	36,967	$	20,152	$	84,782	$	227,344
Debt financing	$	144,813	$	44,968	$	28,676	$	99,000	$	131,237
Activity as of December 31, 2019:
Distributions to Equity Investor	$	176,364	$	4,803	$	4,462	$	6,692	$	70,591
Debt repayment—principal	$	144,813	$	6,631	$	28,676	$	18,012	$	9,453
Activity as of December 31, 2018:
Distributions to Equity Investor	$	116,942	$	4,063	$	1,807	$	4,568	$	66,745
Debt repayment—principal	$	65,114	$	4,431	$	3,953	$	15,543	$	5,780
Activity as of December 31, 2017:
Distributions to Equity Investor	$	111,296	$	3,324	$	1,404	$	2,565	$	60,286
Debt repayment—principal	$	53,726	$	3,041	$	3,077	$	13,697	$	2,834

¹Installed base decreased from December 31, 2018 due to the repurchase of 36 megawatts of our Energy Servers during 2019 under the PPA II and PPA IIIb upgrade of Energy Servers. See disclosures above.
² Investor name represents ultimate parent of subsidiary financing the project.
³ Investor right on the certain date, upon giving us advance written notice, to sell the membership interests to us or resign or withdraw from the investment partnership.
⁴Non-cash contributions consisted of warrants that were issued by us to respective lenders to each PPA Entity, as required by such entity’s credit agreements. The corresponding values are amortized using the effective interest method over the debt term.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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