Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Schedule of Assets and Liabilities, Lessee
Included in energy assets are financing lease assets and accumulated depreciation of financing lease assets. Financing lease assets consist of the following: 
June 30, December 31,
  2020 2019
Financing lease assets $ 42,402    $ 42,402   
Less - accumulated depreciation and amortization (7,332)   (6,268)  
Financing lease assets, net $ 35,070    $ 36,134   
These adjustments are detailed as follows:
As of January 1, 2019
As Reported 842 Adjustment Adjusted Balances
Operating Leases:
Operating lease assets $ —    $ 31,639    $ 31,639   
Current portions of operating lease liabilities —    5,084    5,084   
Long-term portions of operating lease liabilities —    28,480    28,480   
Total operating lease liabilities $ —    $ 33,564    $ 33,564   
Weighted-average remaining lease term 10 years
Weighted-average discount rate 6.0  %
Financing Leases:
Energy assets, net $ 38,263    $ —    $ 38,263   
Current portions of financing lease liabilities 4,956    —    4,956   
Long-term financing lease liabilities, net of current portions and of deferred financing fees 28,407    —    28,407   
Total financing lease liabilities $ 33,363    $ —    $ 33,363   
Weighted-average remaining lease term 18 years
Weighted-average discount rate 11.7  %
Supplemental balance sheet information related to leases at June 30, 2020 and December 31, 2019 is as follows:
June 30, 2020 December 31, 2019
Operating Leases:
Operating lease assets $ 35,829    $ 32,791   
Current operating lease liabilities 5,216    5,802   
Long-term portions of operating lease liabilities 32,698    29,101   
Total operating lease liabilities $ 37,914    $ 34,903   
Weighted-average remaining lease term 12 years 11 years
Weighted-average discount rate 6.1  % 6.3  %
Financing Leases:
Energy assets, net $ 35,070    $ 36,134   
Current portions of financing lease liabilities 4,800    4,997   
Long-term financing lease liabilities, less current portions and net of deferred financing fees 21,355    23,500   
Total financing lease liabilities $ 26,155    $ 28,497   
Weighted-average remaining lease term 16 years 17 years
Weighted-average discount rate 11.9  % 11.8  %
Schedule of Lease Costs
The costs related to our leases are as follows:
Three Months Ended June 30,
 Six Months Ended June 30,
2020 2019 2020 2019
Operating Lease:
Operating lease costs $ 2,106    $ 1,909    $ 3,932    $ 3,747   
Financing Lease:
Amortization expense 532    532 1,064    1,064   
Interest on lease liabilities 726 947 1,559    1,896   
Total lease costs $ 3,364    $ 3,388    $ 6,555    $ 6,707   
Schedule of Finance Lease Liability Maturity The Company’s estimated minimum future lease obligations under our leases are as follows: 
  Operating Leases Financing Leases
Year ended December 31,  
2020 $ 4,083    $ 4,202   
2021 7,053    6,792   
2022 6,425    5,178   
2023 5,054    3,676   
2024 4,186    2,565   
Thereafter 27,769    24,080   
Total minimum lease payments $ 54,570    $ 46,493   
Less: interest 16,656    20,338   
Present value of lease liabilities $ 37,914    $ 26,155   
Schedule of Operating Lease Liability Maturity The Company’s estimated minimum future lease obligations under our leases are as follows: 
  Operating Leases Financing Leases
Year ended December 31,  
2020 $ 4,083    $ 4,202   
2021 7,053    6,792   
2022 6,425    5,178   
2023 5,054    3,676   
2024 4,186    2,565   
Thereafter 27,769    24,080   
Total minimum lease payments $ 54,570    $ 46,493   
Less: interest 16,656    20,338   
Present value of lease liabilities $ 37,914    $ 26,155   
Schedule of Amount Related to Sale Leasebacks
A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows:
June 30, December 31,
2020 2019
Financing lease assets, net $ 35,070    $ 36,134   
Deferred loss, short-term, net 115    115   
Deferred loss, long-term, net 1,744    1,801   
Total deferred loss $ 1,859    $ 1,916   
Financing lease liabilities, short-term 4,800    4,997   
Financing lease liabilities, long-term 21,355    23,500   
Total financing lease liabilities $ 26,155    $ 28,497   
Deferred gain, short-term, net 345    345   
Deferred gain, long-term, net 5,293    5,463   
Total deferred gain $ 5,638    $ 5,808