Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.19.3.a.u2
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of carrying values and fair values of debt instruments The carrying values and fair values of debt instruments are as follows (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Bank line of credit
 
$
239,485

 
$
239,485

 
$
247,000

 
$
247,000

Senior debt
 
625,519

 
626,023

 
828,517

 
828,309

Subordinated debt
 
513,938

 
524,581

 
273,337

 
272,937

Securitization debt
 
875,998

 
931,320

 
400,068

 
394,756

Total
 
$
2,254,940

 
$
2,321,409

 
$
1,748,922

 
$
1,743,002


Schedule of financial instruments measured at fair value on a recurring basis
At December 31, 2019 and 2018, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy are as follows (in thousands):
 
 
December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Derivative assets:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$

 
$
683

 
$

 
$
683

Total
 
$

 
$
683

 
$

 
$
683

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$

 
$
64,361

 
$

 
$
64,361

Total
 
$

 
$
64,361

 
$

 
$
64,361

 
 
 
 
 
 
 
 
 
Contingent consideration:
 
 
 
 
 
 
 
 
Contingent consideration:
 
$

 
$

 
$
11,809

 
$
11,809

Total
 
$

 
$

 
$
11,809

 
$
11,809

 
 
December 31, 2018
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Derivative assets:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$

 
$
6,958

 
$

 
$
6,958

Total
 
$

 
$
6,958

 
$

 
$
6,958

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$

 
$
11,910

 
$

 
$
11,910

Total
 
$

 
$
11,910

 
$

 
$
11,910


Schedule of contingent consideration
The following table summarizes the activity of Level 3 contingent consideration balance in the year ended December 31, 2019 (in thousands):
Balance recorded in connection with business acquisition
 
$
20,800

Gains recognized in earnings within sales and marketing expense
 
(2,271
)
Payable for solar systems that have met deployment milestones
 
(6,720
)
Balance at December 31, 2019
 
$
11,809