VIE Arrangements

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VIE Arrangements

VIE Arrangements

The Company consolidated various VIEs at September 30, 2024 and December 31, 2023. The carrying amounts and classification of the VIEs’ assets and liabilities included in the consolidated balance sheets are as follows (in thousands):

	September 30, 2024		December 31, 2023
Assets
Current assets
Cash	$	375,111	$	254,522
Restricted cash	52,033		48,169
Accounts receivable, net	96,476		76,249
Inventories	94,883		150,065
Prepaid expenses and other current assets	8,199		161,414
Total current assets	626,702		690,419
Solar energy systems, net	11,568,737		10,469,093
Other assets	520,112		379,028
Total assets	$	12,715,551	$	11,538,540
Liabilities
Current liabilities
Accounts payable	$	5,816	$	12,187
Distributions payable to noncontrolling interests and redeemable noncontrolling interests	43,872		35,181
Accrued expenses and other liabilities	38,168		185,766
Deferred revenue, current portion	58,561		54,103
Non-recourse debt, current portion	68,844		270,460
Total current liabilities	215,261		557,697
Deferred revenue, net of current portion	720,811		654,310
Non-recourse debt, net of current portion	1,361,476		1,189,161
Other liabilities	17,850		16,816
Total liabilities	$	2,315,398	$	2,417,984

The Company holds one variable interest in a nonconsolidated VIE established as a result of a pass-through Fund arrangement as further explained in Note 10, Pass-Through Financing Obligations. The Company does not have material exposure to losses as a result of its involvement with the VIE in excess of the amount of the pass-through financing obligation recorded in the Company’s consolidated financial statements. The Company is not considered the primary beneficiary of these VIE.