Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2021 December 31, 2020
Operating Leases:
Operating lease assets $ 41,484  $ 39,151 
Current portions of operating lease liabilities $ 5,680  6,106 
Long-term portions of operating lease liabilities 37,718  35,300 
Total operating lease liabilities $ 43,398  $ 41,406 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.81  % 5.94  %
Financing Leases:
Energy assets $ 33,473  $ 34,005 
Current portions of financing lease liabilities $ 4,273  4,273 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 19,199  19,227 
Total financing lease liabilities $ 23,472  $ 23,500 
Weighted-average remaining lease term 16 years 16 years
Weighted-average discount rate 11.93  % 11.94  %
The costs related to our leases were as follows:
Three Months Ended March 31,
2021 2020
Operating Leases:
Operating lease costs $ 2,153  $ 1,826 
Financing Leases:
Amortization expense 532  532 
Interest on lease liabilities 658  801 
Total lease costs $ 3,343  $ 3,159 
Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
2021 2020
Cash paid for amounts included in the measurement of operating lease liabilities $ 2,423  $ 1,927 
Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,773  $ 906 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2021 $ 5,970  $ 6,736 
2022 7,853  5,178 
2023 6,510  3,676 
2024 5,439  2,565 
2025 4,431  2,213 
Thereafter 32,565  21,866 
Total minimum lease payments 62,768  42,234 
Less: interest 19,370  18,762 
Present value of lease liabilities $ 43,398  $ 23,472 
We have a future lease commitment for a certain ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $3,000 as of March 31, 2021 and relates to a one-time payment due when specific criteria are met, which we estimate will be during the three months ended September 30, 2021.
Sale-leasebacks
We entered into a fifth amendment dated March 22, 2021 to our August 2018 agreement and increased the maximum funding amount from $150,000 up to $350,000 and extended the end date of the agreement from May 23, 2021 to March 31, 2022. We sold and leased back one energy asset for $1,087 in cash under this facility during the three months ended March 31, 2021. As of March 31, 2021, approximately $310,618 remained available under this lending commitment. These transactions are accounted for as failed sales and are classified as long-term financing facilities. See Note 7 for additional information.
Net gains from amortization expense in cost of revenues related to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $55 for the three months ended March 31, 2021 and 2020, respectively.
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2021 December 31, 2020
Operating Leases:
Operating lease assets $ 41,484  $ 39,151 
Current portions of operating lease liabilities $ 5,680  6,106 
Long-term portions of operating lease liabilities 37,718  35,300 
Total operating lease liabilities $ 43,398  $ 41,406 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.81  % 5.94  %
Financing Leases:
Energy assets $ 33,473  $ 34,005 
Current portions of financing lease liabilities $ 4,273  4,273 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 19,199  19,227 
Total financing lease liabilities $ 23,472  $ 23,500 
Weighted-average remaining lease term 16 years 16 years
Weighted-average discount rate 11.93  % 11.94  %
The costs related to our leases were as follows:
Three Months Ended March 31,
2021 2020
Operating Leases:
Operating lease costs $ 2,153  $ 1,826 
Financing Leases:
Amortization expense 532  532 
Interest on lease liabilities 658  801 
Total lease costs $ 3,343  $ 3,159 
Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
2021 2020
Cash paid for amounts included in the measurement of operating lease liabilities $ 2,423  $ 1,927 
Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,773  $ 906 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2021 $ 5,970  $ 6,736 
2022 7,853  5,178 
2023 6,510  3,676 
2024 5,439  2,565 
2025 4,431  2,213 
Thereafter 32,565  21,866 
Total minimum lease payments 62,768  42,234 
Less: interest 19,370  18,762 
Present value of lease liabilities $ 43,398  $ 23,472 
We have a future lease commitment for a certain ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $3,000 as of March 31, 2021 and relates to a one-time payment due when specific criteria are met, which we estimate will be during the three months ended September 30, 2021.
Sale-leasebacks
We entered into a fifth amendment dated March 22, 2021 to our August 2018 agreement and increased the maximum funding amount from $150,000 up to $350,000 and extended the end date of the agreement from May 23, 2021 to March 31, 2022. We sold and leased back one energy asset for $1,087 in cash under this facility during the three months ended March 31, 2021. As of March 31, 2021, approximately $310,618 remained available under this lending commitment. These transactions are accounted for as failed sales and are classified as long-term financing facilities. See Note 7 for additional information.
Net gains from amortization expense in cost of revenues related to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $55 for the three months ended March 31, 2021 and 2020, respectively.
Leases LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2021 December 31, 2020
Operating Leases:
Operating lease assets $ 41,484  $ 39,151 
Current portions of operating lease liabilities $ 5,680  6,106 
Long-term portions of operating lease liabilities 37,718  35,300 
Total operating lease liabilities $ 43,398  $ 41,406 
Weighted-average remaining lease term 12 years 12 years
Weighted-average discount rate 5.81  % 5.94  %
Financing Leases:
Energy assets $ 33,473  $ 34,005 
Current portions of financing lease liabilities $ 4,273  4,273 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 19,199  19,227 
Total financing lease liabilities $ 23,472  $ 23,500 
Weighted-average remaining lease term 16 years 16 years
Weighted-average discount rate 11.93  % 11.94  %
The costs related to our leases were as follows:
Three Months Ended March 31,
2021 2020
Operating Leases:
Operating lease costs $ 2,153  $ 1,826 
Financing Leases:
Amortization expense 532  532 
Interest on lease liabilities 658  801 
Total lease costs $ 3,343  $ 3,159 
Supplemental cash flow information related to our leases was as follows:
Three Months Ended March 31,
2021 2020
Cash paid for amounts included in the measurement of operating lease liabilities $ 2,423  $ 1,927 
Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,773  $ 906 
The table below sets forth our estimated minimum future lease obligations under our leases:
  Operating Leases Financing Leases
Year ended December 31,  
2021 $ 5,970  $ 6,736 
2022 7,853  5,178 
2023 6,510  3,676 
2024 5,439  2,565 
2025 4,431  2,213 
Thereafter 32,565  21,866 
Total minimum lease payments 62,768  42,234 
Less: interest 19,370  18,762 
Present value of lease liabilities $ 43,398  $ 23,472 
We have a future lease commitment for a certain ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $3,000 as of March 31, 2021 and relates to a one-time payment due when specific criteria are met, which we estimate will be during the three months ended September 30, 2021.
Sale-leasebacks
We entered into a fifth amendment dated March 22, 2021 to our August 2018 agreement and increased the maximum funding amount from $150,000 up to $350,000 and extended the end date of the agreement from May 23, 2021 to March 31, 2022. We sold and leased back one energy asset for $1,087 in cash under this facility during the three months ended March 31, 2021. As of March 31, 2021, approximately $310,618 remained available under this lending commitment. These transactions are accounted for as failed sales and are classified as long-term financing facilities. See Note 7 for additional information.
Net gains from amortization expense in cost of revenues related to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $55 for the three months ended March 31, 2021 and 2020, respectively.