Financial Instruments

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Financial Instruments

Financial Instruments

Cash, Cash Equivalents and Restricted Cash

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

	December 31,
	2021		2020
As Held:
Cash	$	318,080	$	180,808
Money market funds	297,034		235,902
	$	615,114	$	416,710
As Reported:
Cash and cash equivalents	$	396,035	$	246,947
Restricted cash	219,079		169,763
	$	615,114	$	416,710

Restricted cash consisted of the following (in thousands):

	December 31,
	2021		2020
Current:
Restricted cash	$	89,462	$	26,706
Restricted cash related to PPA Entities1	3,078		25,764
Restricted cash, current	92,540		52,470
Non-current:
Restricted cash	103,300		286
Restricted cash related to PPA Entities1	23,239		117,007
Restricted cash, non-current	126,539		117,293
	$	219,079	$	169,763

1 We have VIEs 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 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2021, includes $41.7 million and $1.2 million of current restricted cash, respectively, and $57.7 million and $6.7 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 $116.3 million and $49.3 million of accounts receivable during the years ended December 31, 2021 and 2020, respectively. The costs of factoring such accounts receivable on our consolidated statements of operations for the years ended December 31, 2021 and 2020 were not material.