Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities And Equity Method Investments

v3.22.2
Variable Interest Entities And Equity Method Investments
 6 Months Ended
Jun. 30, 2022
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:
June 30, December 31,
2022 (1)
2021 (1)
Cash and cash equivalents $ 5,728  $ 4,915 
Restricted cash 41  822 
Accounts receivable, net 1,809  656 
Costs and estimated earnings in excess of billings 4,405  1,421 
Prepaid expenses and other current assets 153  151 
Total VIE current assets 12,136  7,965 
Property and equipment, net 1,266  1,266 
Energy assets, net 135,479  108,498 
Operating lease assets 6,178  6,271 
Restricted cash, net of current portion 452  418 
Other assets 36  36 
Total VIE assets $ 155,547  $ 124,454 
Current portions of long-term debt and financing lease liabilities $ 2,196  $ 2,210 
Accounts payable 1,170  47 
Accrued expenses and other current liabilities 716  643 
Current portions of operating lease liabilities 151  142 
Total VIE current liabilities 4,233  3,042 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 20,362  20,952 
Long-term operating lease liabilities, net of current portion 6,599  6,558 
Other liabilities 1,057  573 
Total VIE liabilities $ 32,251  $ 31,125 
(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 related to our investment funds.
Non-controlling Interest
Non-controlling interest represents the equity owned by the other joint venture member of a consolidated joint venture. During the six months ended June 30, 2022, the other joint venture member contributed $15,186 to this joint venture which was formed for a specific project. The joint venture did not generate any earnings or losses during the six months ended June 30, 2022.
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 operating income on the condensed consolidated statements of income.
We entered into one joint venture in late December 2021, therefore, the activity for the year ended December 31, 2021 was not material. Our results for the three and six months ended June 30, 2022 include activity for this joint venture in the table below.
The following table provides information about our equity method investments in joint ventures:
As of
June 30, 2022 December 31, 2021
Equity method investments $ 10,179  $ 9,206 
Three Months Ended June 30, Six Months Ended June 30,
June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Earnings recognized $ 352  $ 41  $ 989  $ 103