Fair Value Measurement (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of carrying values and fair values of debt instruments |
The carrying values and fair values of debt instruments are as follows (in thousands):
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December 31, 2020 |
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December 31, 2019 |
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Carrying Value |
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Fair Value |
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Carrying Value |
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Fair Value |
| Recourse debt |
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$ |
230,660 |
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$ |
230,660 |
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$ |
239,485 |
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$ |
239,485 |
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| Senior debt |
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1,722,730 |
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1,733,767 |
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625,519 |
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626,023 |
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| Subordinated debt |
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934,386 |
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958,880 |
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513,938 |
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524,581 |
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| Securitization debt |
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1,908,369 |
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2,012,283 |
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875,998 |
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931,320 |
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Total |
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$ |
4,796,145 |
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$ |
4,935,590 |
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$ |
2,254,940 |
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$ |
2,321,409 |
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| Schedule of financial instruments measured at fair value on a recurring basis |
At December 31, 2020 and 2019, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy are as follows (in thousands):
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December 31, 2020 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Derivative assets: |
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Interest rate swaps |
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$ |
— |
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$ |
5,218 |
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$ |
— |
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$ |
5,218 |
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Total |
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$ |
— |
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$ |
5,218 |
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$ |
— |
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$ |
5,218 |
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Derivative liabilities: |
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| Interest rate swaps |
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$ |
— |
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$ |
175,444 |
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$ |
— |
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$ |
175,444 |
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Total |
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$ |
— |
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$ |
175,444 |
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$ |
— |
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$ |
175,444 |
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| Contingent consideration: |
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| Contingent consideration: |
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$ |
— |
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$ |
— |
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$ |
4,653 |
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$ |
4,653 |
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| Total |
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$ |
— |
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$ |
— |
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$ |
4,653 |
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$ |
4,653 |
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December 31, 2019 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Derivative assets: |
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| Interest rate swaps |
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$ |
— |
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$ |
683 |
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$ |
— |
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$ |
683 |
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| Total |
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$ |
— |
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$ |
683 |
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$ |
— |
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$ |
683 |
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| Derivative liabilities: |
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| Interest rate swaps |
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$ |
— |
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$ |
64,361 |
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$ |
— |
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$ |
64,361 |
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| Total |
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$ |
— |
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$ |
64,361 |
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$ |
— |
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$ |
64,361 |
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| Contingent consideration: |
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| Contingent consideration: |
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$ |
— |
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$ |
— |
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$ |
11,809 |
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$ |
11,809 |
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| Total |
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$ |
— |
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$ |
— |
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$ |
11,809 |
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$ |
11,809 |
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| Schedule of contingent consideration |
The following table summarizes the activity of Level 3 contingent consideration balance in the year ended December 31, 2020 (in thousands):
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| Balance recorded in connection with business acquisition |
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$ |
20,800 |
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| Gains recognized in earnings within sales and marketing expense |
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(2,271) |
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| Payable for solar systems that have met deployment milestones |
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(6,720) |
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Balance at December 31, 2019 |
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11,809 |
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| Change in fair value recognized in earnings within sales and marketing expense |
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(6,030) |
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| Payable for solar systems that have met deployment milestones |
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(1,126) |
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Balance at December 31, 2020 |
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$ |
4,653 |
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