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Variable Interest Entities And Equity Method Investments

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities And Equity Method Investments

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

Variable Interest Entities

The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:

			March 31,						December 31,
			2023 (1)						2022 (1)
Cash and cash equivalents			$	5,486					$	10,107
Restricted cash			—						799
Accounts receivable, net			312						590
Costs and estimated earnings in excess of billings			3,714						952
Prepaid expenses and other current assets			8,206						14,322
Total VIE current assets			17,718						26,770
Property and equipment, net			312						89
Energy assets, net			213,946						182,050
Operating lease assets			5,914						4,901
Restricted cash, non-current portion			73						73
Other assets			703						30
Total VIE assets			$	238,666					$	213,913
Current portions of long-term debt and financing lease liabilities			$	2,177					$	2,087
Accounts payable			11,434						8,055
Accrued expenses and other current liabilities			1,552						12,559
Current portions of operating lease liabilities			231						117
Total VIE current liabilities			15,394						22,818
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs			19,703						19,177
Long-term operating lease liabilities, net of current portion			2,930						5,159
Other liabilities			3,794						3,575
Total VIE liabilities			$	41,821					$	50,729
(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.

See Note 14 for additional information on the call and put options related to our investment funds.

Non-controlling Interests

Non-controlling interests represents the equity owned by the other joint venture members of consolidated joint ventures. During the three months ended March 31, 2023, a joint venture member contributed $16,417 to a joint venture which was formed for a specific project. Our joint ventures generated $423 in earnings during the three months ended March 31, 2023.

Equity Method Investments

Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in earnings from unconsolidated entities on the condensed consolidated statements of income.

The following table provides information about our equity method investments in joint ventures:

															As of
															March 31, 2023						December 31, 2022
Equity method investments															$	11,337					$	10,855

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- References

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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