Power Purchase Agreement Programs (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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



	March 31, 2020		December 31, 2019

Assets
Current assets:
Cash and cash equivalents	$	3,104	$	1,894
Restricted cash	2,208		2,244
Accounts receivable	4,207		4,194
Customer financing receivable	5,170		5,108
Prepaid expenses and other current assets	2,212		3,587
Total current assets	16,901		17,027
Property and equipment, net	269,680		275,481
Customer financing receivable, non-current	49,446		50,747
Restricted cash	15,172		15,045
Other long-term assets	301		607
Total assets	$	351,500	$	358,907
Liabilities
Current liabilities:
Accounts payable	$	—	$	—
Accrued expenses and other current liabilities	2,058		1,391
Deferred revenue and customer deposits	662		662
Current portion of debt	11,109		12,155
Total current liabilities	13,829		14,208
Derivative liabilities	15,470		8,459
Deferred revenue	6,570		6,735
Long-term portion of debt	220,892		223,267
Other long-term liabilities	2,492		2,355
Total liabilities	$	259,253	$	255,024

The following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of March 31, 2020, and December 31, 2019 (in thousands):



	March 31, 2020						December 31, 2019
	Bloom Energy		PPA Entities		Consolidated		Bloom Energy		PPA Entities		Consolidated

Assets
Current assets	$	445,994	$	16,901	$	462,895	$	455,680	$	17,027	$	472,707
Long-term assets	515,114		334,599		849,713		508,004		341,880		849,884
Total assets	$	961,108	$	351,500	$	1,312,608	$	963,684	$	358,907	$	1,322,591
Liabilities
Current liabilities	$	256,798	$	2,720	$	259,518	$	234,328	$	2,053	$	236,381
Current portion of debt	15,117		11,109		26,226		325,428		12,155		337,583
Long-term liabilities	591,722		24,532		616,254		599,709		17,549		617,258
Long-term portion of debt	448,883		220,892		669,775		75,962		223,267		299,229
Total liabilities	$	1,312,520	$	259,253	$	1,571,773	$	1,235,427	$	255,024	$	1,490,451

The table below shows the details of the three Investment Companies' VIEs that were active during the first quarter of 2020 and their cumulative activities from inception to the periods indicated (dollars in thousands):



	PPA IIIa		PPA IV		PPA V
Overview:
Maximum size of installation (in megawatts)	10		21		40
Installed size (in megawatts)	10		19		37
Term of power purchase agreements (in years)	15		15		15
First system installed	Feb-13		Sep-14		Jun-15
Last system installed	Jun-14		Mar-16		Dec-16
Income (loss) and tax benefits allocation to Equity Investor	99%		90%		99%
Cash allocation to Equity Investor	99%		90%		90%
Income (loss), tax and cash allocations to Equity Investor after the flip date	5%		No flip		No flip
Equity Investor ¹	US Bank		Exelon Corporation		Exelon Corporation
Put option date ²	1st anniversary of flip point		N/A		N/A
Company cash contributions	$	32,223	$	11,669	$	27,932
Company non-cash contributions ³	$	8,655	$	—	$	—
Equity Investor cash contributions	$	36,967	$	84,782	$	227,344
Debt financing	$	44,968	$	99,000	$	131,237
Activity as of March 31, 2020:
Distributions to Equity Investor	$	4,804	$	7,052	$	74,128
Debt repayment—principal	$	8,736	$	18,745	$	10,419
Activity as of December 31, 2019:
Distributions to Equity Investor	$	4,803	$	6,692	$	70,591
Debt repayment—principal	$	6,631	$	18,012	$	9,453

¹ Investor name represents ultimate parent of subsidiary financing the project.
² 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.
³Non-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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