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Fair Value (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
 Fair Value Measured at Reporting Date Using
December 31, 2020Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$235,902 $— $— $235,902 
$235,902 $— $— $235,902 
Liabilities
Derivatives:
Natural gas fixed price forward contracts$— $— $2,574 $2,574 
Embedded EPP derivatives— — 5,541 5,541 
Interest rate swap agreements— 15,989 — 15,989 
$— $15,989 $8,115 $24,104 

 Fair Value Measured at Reporting Date Using
December 31, 2019Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$276,615 $— $— $276,615 
Interest rate swap agreements
— — 
$276,615 $$— $276,618 
Liabilities
Accrued expenses and other current liabilities$996 $— $— $996 
Derivatives:
Natural gas fixed price forward contracts— — 6,968 6,968 
Embedded EPP derivatives— — 6,176 6,176 
Interest rate swap agreements— 9,241 — 9,241 
$996 $9,241 $13,144 $23,381 
Schedule of Natural Gas Forward Contracts
The following table provides the number and fair value of our natural gas fixed price forward contracts (in thousands):
 December 31, 2020December 31, 2019
 
Number of
Contracts
(MMBTU)²
Fair
Value
Number of
Contracts
(MMBTU)²
Fair
Value
   
Liabilities¹:
Natural gas fixed price forward contracts (not under hedging relationships)830 $2,574 1,991 $6,968 
¹ Recorded in current liabilities and derivative liabilities in the consolidated balance sheets.
² One MMBTU is a traditional unit of energy used to describe the heat value (energy content) of fuels.
Change in Level 3 Financial Liabilities
The changes in the Level 3 financial liabilities during the year ended December 31, 2020 were as follows (in thousands):
Natural
Gas
Fixed Price
Forward
Contracts
Embedded EPP Derivative LiabilityTotal
Liabilities at December 31, 2018$9,729 $4,015 $13,744 
Settlement of natural gas fixed price forward contracts(3,605)— (3,605)
Changes in fair value844 2,161 3,005 
Liabilities at December 31, 20196,968 6,176 13,144 
Settlement of natural gas fixed price forward contracts(4,503)— (4,503)
Changes in fair value109 (635)(526)
Liabilities at December 31, 2020$2,574 $5,541 $8,115 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the unobservable inputs related to our Level 3 liabilities:
As of December 31, 2020
Commodity ContractsDerivative LiabilitiesValuation TechniqueUnobservable InputUnitsRangeAverage
(in thousands)($ per Units)
Natural Gas$2,574 Discounted Cash FlowForward basis priceMMBTU
$2.82 - $5.03
$3.67 
Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments The following table presents the estimated fair values and carrying values of customer receivables and debt instruments (in thousands):
 December 31, 2020December 31, 2019
 Net Carrying
Value
Fair ValueNet Carrying
Value
Fair Value
   
Customer receivables
Customer financing receivables$50,746 $42,679 $55,855 $44,002 
Debt instruments
Recourse:
LIBOR + 4% Term Loan due November 2020
— — 1,536 1,590 
5% Convertible Promissory Note due 2020
— — 36,482 32,070 
10% Convertible Promissory Notes due December 2021
— — 273,410 302,047 
10% Senior Secured notes due July 2024
— — 89,962 97,512 
10.25% Senior Secured Notes due March 2027
68,614 71,831 — — 
2.5% Green Convertible Senior Notes due August 2025
99,394 426,229 — — 
Non-recourse:
7.5% Term Loan due September 2028
31,746 37,658 34,969 41,108 
6.07% Senior Secured Notes due March 2030
77,007 89,654 80,016 87,618 
LIBOR + 2.5% Term Loan due December 2021
114,138 116,113 120,437 120,510