Financial Instruments

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

Financial Instruments

Financial Instruments

Cash, Cash Equivalents and Restricted Cash

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

	June 30, 2020		December 31, 2019
As Held:
Cash	$	88,092	$	100,773
Money market funds	236,037		276,615
	$	324,129	$	377,388
As Reported:
Cash and cash equivalents	$	144,072	$	202,823
Restricted cash	180,057		174,565
	$	324,129	$	377,388

Restricted cash consisted of the following (in thousands):

	June 30, 2020		December 31, 2019
Current:
Restricted cash	$	35,073	$	28,494
Restricted cash related to PPA Entities 1	5,320		2,310
Restricted cash, current	40,393		30,804
Non-current:
Restricted cash	51		10
Restricted cash related to PPA Entities 1	139,613		143,751
Restricted cash, non-current	139,664		143,761
	$	180,057	$	174,565

¹ We have variable interest entities that represent a portion of the consolidated balances recorded within the "restricted cash," and other financial statement line items in the consolidated balance sheets (see Note 13, Power Purchase Agreement Programs). In addition, the restricted cash held in PPA II and PPA IIIb entities as of June 30, 2020, includes $4.2 million and $0.3 million of current restricted cash, and $104.5 million and $20.0 million of non-current restricted cash, respectively, and these entities are not considered variable interest entities. The restricted cash held in PPA II and PPA IIIb entities as of December 31, 2019, includes $108.7 million and $20.0 million of non-current restricted cash, respectively, and these entities are not considered variable interest entities.

Derivative Instruments

We have derivative financial instruments related to natural gas fixed price forward contracts, embedded derivatives in sales contracts, and interest rate swaps. See Note 8, Derivative Financial Instruments for a full description of our derivative financial instruments.