Quarterly report pursuant to Section 13 or 15(d)

Investment Funds and Equity Method Investments

v3.21.2
Investment Funds and Equity Method Investments
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Investment Funds and Equity Method Investments INVESTMENT FUNDS AND EQUITY METHOD INVESTMENTS
Investment Funds
The table below presents a summary of amounts related to our investment funds, which we determined meet the definition of a variable interest entity (“VIE”) as of:
September 30, December 31,
2021 (1)
2020 (1)
Cash and cash equivalents $ 5,088  $ 5,828 
Restricted cash —  3,185 
Accounts receivable, net 862  834 
Costs and estimated earnings in excess of billings 1,952  968 
Prepaid expenses and other current assets 19  120 
Total VIE current assets 7,921  10,935 
Property and equipment, net 1,266  1,266 
Energy assets, net 110,153  143,133 
Operating lease assets 6,318  6,439 
Restricted cash, net of current portion 400  331 
Other assets 30  94 
Total VIE assets $ 126,088  $ 162,198 
Current portions of long-term debt and financing lease liabilities $ 2,224  $ 2,230 
Accounts payable 100  311 
Accrued expenses and other current liabilities 481  1,092 
Current portions of operating lease liabilities 137  125 
Total VIE current liabilities 2,942  3,758 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 21,749  22,822 
Long-term operating lease liabilities, net of current portion 6,178  6,220 
Other liabilities 355  535 
Total VIE liabilities $ 31,224  $ 33,335 
(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.
See Note 13 for additional information on the call and put options.
Equity Method Investments
Unconsolidated joint ventures are accounted for under the equity method. For these 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 operating income.
During the nine months ended September 30, 2021, we entered into a joint venture with a Service-Disabled Veteran-Owned Small Business renewable energy company. The purpose of the joint venture is to submit proposals to the Department of Veterans Affairs and other Federal agencies for cleantech solutions. No activity occurred under this joint venture as of September 30, 2021.
The following table provides information about our equity method investments in joint ventures:
As of
September 30, 2021 December 31, 2020
Equity method investments $ 1,065  $ 1,189 
Three Months Ended September 30, Nine Months Ended September 30,
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Expense recognized $ 25  $ 50  $ 128  $ 127