Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.20.4
Fair Value Measurement (Tables)
12 Months Ended
Dec. 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):
December 31, 2020 December 31, 2019
Carrying Value
Fair Value
Carrying Value
Fair Value
Recourse debt $ 230,660  $ 230,660  $ 239,485  $ 239,485 
Senior debt 1,722,730  1,733,767  625,519  626,023 
Subordinated debt 934,386  958,880  513,938  524,581 
Securitization debt 1,908,369  2,012,283  875,998  931,320 
Total
$ 4,796,145  $ 4,935,590  $ 2,254,940  $ 2,321,409 
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):
December 31, 2020
Level 1
Level 2
Level 3
Total
Derivative assets:
Interest rate swaps
$ —  $ 5,218  $ —  $ 5,218 
Total
$ —  $ 5,218  $ —  $ 5,218 
Derivative liabilities:
Interest rate swaps $ —  $ 175,444  $ —  $ 175,444 
Total
$ —  $ 175,444  $ —  $ 175,444 
Contingent consideration:
Contingent consideration: $ —  $ —  $ 4,653  $ 4,653 
Total $ —  $ —  $ 4,653  $ 4,653 
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 following table summarizes the activity of Level 3 contingent consideration balance in the year ended December 31, 2020 (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 
Change in fair value recognized in earnings within sales and marketing expense (6,030)
Payable for solar systems that have met deployment milestones (1,126)
Balance at December 31, 2020
$ 4,653