Financial Instruments

3 Months Ended

Mar. 31, 2022

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 were as follows (in thousands):


	March 31,		December 31,
	2022		2021
As Held:
Cash	$	246,476	$	318,080
Money market funds	247,420		297,034
	$	493,896	$	615,114
As Reported:
Cash and cash equivalents	$	286,007	$	396,035
Restricted cash	207,889		219,079
	$	493,896	$	615,114

Restricted cash consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Current:
Restricted cash	$	67,983	$	89,462
Restricted cash related to PPA Entities1	2,158		3,078
Restricted cash, current	70,141		92,540
Non-current:
Restricted cash	114,484		103,300
Restricted cash related to PPA Entities1	23,264		23,239
Restricted cash, non-current	137,748		126,539
	$	207,889	$	219,079

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 condensed consolidated balance sheets (see Note 11 - Portfolio Financings). In addition, the restricted cash held in the PPA II, PPA IIIa and PPA IIIb entities as of March 31, 2022, includes $41.2 million, $0.4 million and $1.5 million of current restricted cash, respectively, and $50.4 million, $6.1 million and $6.7 million of non-current restricted cash, respectively. PPA IIIa is no longer a VIE as of 03/31/2022. 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. 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 $46.1 million of accounts receivable during the three months ended March 31, 2022 and none during the three months ended March 31, 2021. The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the three months ended March 31, 2022 were not material.