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