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