Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.20.2
Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 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):
September 30, 2020 December 31, 2019
Carrying Value Fair Value Carrying Value Fair Value
Bank line of credit $ 224,910  $ 224,910  $ 239,485  $ 239,485 
Senior debt 812,368  813,561  625,519  626,023 
Subordinated debt 594,852  621,211  513,938  524,581 
Securitization debt 852,746  976,188  875,998  931,320 
Total $ 2,484,876  $ 2,635,870  $ 2,254,940  $ 2,321,409 
Schedule of Fair Value, Financial Instruments Measured on Recurring Basis
At September 30, 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):
September 30, 2020
Level 1 Level 2 Level 3 Total
Derivative assets:
Interest rate swaps $ —  $ 160  $ —  $ 160 
Total $ —  $ 160  $ —  $ 160 
Derivative liabilities:
Interest rate swaps $ —  $ 142,874  $ —  $ 142,874 
Total $ —  $ 142,874  $ —  $ 142,874 
Contingent consideration:        
Contingent consideration $ —  $ —  $ 6,088  $ 6,088 
Total $ —  $ —  $ 6,088  $ 6,088 

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 (5,041)
Payable for solar systems that have met deployment milestones (680)
Balance at September 30, 2020
$ 6,088