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Fair Value (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$297,034 $— $— $297,034 
$297,034 $— $— $297,034 
Liabilities
Derivatives:
Option to acquire a variable number of shares of Class A Common Stock (Note 18)$— $13,200 $— $13,200 
Natural gas fixed price forward contracts— — — — 
Embedded EPP derivatives— — 6,461 6,461 
$— $13,200 $6,461 $19,661 

 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 
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, 2021December 31, 2020
 
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)88 $— 830 $2,574 
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
Natural
Gas
Fixed Price
Forward
Contracts
Embedded EPP Derivative LiabilityTotal
Liabilities at December 31, 2019$6,968 $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, 20202,574 5,541 8,115 
Changes in fair value(2,574)920 (1,654)
Liabilities at December 31, 2021
$— $6,461 $6,461 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the unobservable inputs related to the year ended December 31, 2020 Level 3 liabilities:
As of December 31, 2020
Commodity ContractsDerivative LiabilitiesValuation TechniqueUnobservable InputUnitsRangeAverage
(in thousands)($ 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, 2021December 31, 2020
 Net Carrying
Value
Fair ValueNet Carrying
Value
Fair Value
   
 Customer receivables
Customer financing receivables$45,269 $38,334 $50,746 $42,679 
Debt instruments
Recourse:
10.25% Senior Secured Notes due March 2027
68,968 72,573 68,614 71,831 
2.5% Green Convertible Senior Notes due August 2025
222,863 356,822 99,394 426,229 
Non-recourse:
7.5% Term Loan due September 2028
29,006 35,669 31,746 37,658 
6.07% Senior Secured Notes due March 2030
73,262 83,251 77,007 89,654 
3.04% Senior Secured Notes due June 2031
132,631 137,983 — — 
LIBOR + 2.5% Term Loan due December 2021
— — 114,138 116,113 
Redeemable convertible preferred stock, Series A$208,551 $208,551 $— $—