Financial Instruments

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

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


	September 30,		December 31,
	2021		2020
As Held:
Cash	$	291,830	$	180,808
Money market funds	28,071		235,902
	$	319,901	$	416,710
As Reported:
Cash and cash equivalents	$	121,861	$	246,947
Restricted cash	198,040		169,763
	$	319,901	$	416,710

Restricted cash consisted of the following (in thousands):


	September 30,		December 31,
	2021		2020
Current:
Restricted cash	$	64,059	$	26,706
Restricted cash related to PPA Entities1	1,256		25,764
Restricted cash, current	65,315		52,470
Non-current:
Restricted cash	117,501		286
Restricted cash related to PPA Entities1	15,224		117,007
Restricted cash, non-current	132,725		117,293
	$	198,040	$	169,763

1 We have VIEs that represent a portion of the condensed consolidated balances recorded within the "restricted cash" and other financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of September 30, 2021, includes $34.2 million and $1.2 million of current restricted cash, respectively, and $65.2 million and $13.3 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2020, includes $20.3 million and $0.7 million of current restricted cash, respectively, and $88.4 million and $13.3 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 our designated financial institution. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $113.9 million and $49.3 million of accounts receivable during the nine months ended September 30, 2021 and during fiscal year ended December 31, 2020, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 were not material.