Investment Funds (Tables)

12 Months Ended

Dec. 31, 2016

Aggregate Carrying Value of Funds Assets and Liabilities

As of December 31, 2016, the Company had formed 20 residential investment funds for the purpose of funding the purchase of solar energy systems under long-term customer contracts. The Company has aggregated the financial information of the investment funds in the table below. The aggregate carrying value of these funds’ assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s consolidated balance sheets were as follows (in thousands):

	December 31,		December 31,
	2016		2015
Assets
Current assets:
Cash and cash equivalents	$	23,190	$	12,014
Accounts receivable, net		3,958		3,063
Prepaid expenses and other current assets		761		121
Total current assets		27,909		15,198
Solar energy systems, net		1,273,813		990,609
Other non-current assets, net		1,781		18
Total assets	$	1,303,503	$	1,005,825
Liabilities
Current liabilities:
Distributions payable to non-controlling interests and redeemable non-controlling interests	$	16,176	$	11,347
Current portion of deferred revenue		8,148		4,824
Accrued and other current liabilities		4,458		3,869
Total current liabilities		28,782		20,040
Deferred revenue, net of current portion		33,536		43,094
Other non-current liabilities		1,875		3,283
Total liabilities	$	64,193	$	66,417

Schedule of Future Minimum Lease Payments to be Received from Fund Investor

As of December 31, 2016, the future minimum lease payments to be received from the fund investor for each of the next five years and thereafter were as follows (in thousands):

Years Ending December 31,
2017	$	2,953
2018		2,999
2019		3,045
2020		3,091
2021		3,138
Thereafter		7,184
Total minimum lease payments to be received	$	22,410

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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