Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.20.1
Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2020
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):
March 31, 2020 December 31, 2019
Carrying Value Fair Value Carrying Value Fair Value
Bank line of credit $ 237,960    $ 237,960    $ 239,485    $ 239,485   
Senior debt 781,015    782,337    625,519    626,023   
Subordinated debt 550,777    582,437    513,938    524,581   
Securitization debt 868,556    893,510    875,998    931,320   
Total $ 2,438,308    $ 2,496,244    $ 2,254,940    $ 2,321,409   
Schedule of fair value, financial instruments measured on recurring basis At March 31, 2020 and December 31, 2019, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):
March 31, 2020
Level 1 Level 2 Level 3 Total
Derivative liabilities:
Interest rate swaps $ —    $ 162,727    $ —    $ 162,727   
Total $ —    $ 162,727    $ —    $ 162,727   
Contingent consideration:        
Contingent consideration $ —    $ —    $ 9,557    $ 9,557   
Total $ —    $ —    $ 9,557    $ 9,557   
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   
Schedule of contingent consideration
The change in the activity of Level 3 contingent consideration balance is as follows (in thousands):

Balance at December 31, 2019 $ 11,809   
Change in fair value recognized in earnings within sales and marketing expense (2,090)  
Payable for solar systems that have met deployment milestones (162)  
Balance at March 31, 2020 $ 9,557