Annual report pursuant to Section 13 and 15(d)

Debt and Financing Lease Liabilities (Tables)

v3.22.0.1
Debt and Financing Lease Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Long-term Debt
Long-term debt was comprised of the following:  
As of December 31,
2021 2020
Senior secured credit facility, 2.66%, due June 2024 (1)
$ 97,813  $ 110,761 
Construction revolver, 1.74%, due March 2022 (2)
$ 23,935  $ 15,177 
Construction revolver, 1.99%, due July 2022 (2)
7,763  11,581 
Subtotal non-recourse construction revolvers $ 31,698  $ 26,758 
Term loans, due 2021
 $ —  $ 12,142 
Variable rate term loan, 2.49%, due June 2024 (2) (3)
4,264  6,081 
Term loan, 6.11% due June 2028 (5)
2,933  3,339 
Variable rate term loan, 2.49%, due May 2025 (4)
38,844  40,750 
Variable rate term loan, 2.99%, due March 2023 (4)
14,442  14,867 
Term loan, 4.95%, due July 2031 (4)
3,157  3,527 
Term loan, 5.00%, due March 2028 (4)
2,688  3,118 
Term loan, 4.50%, due April 2027 (5)
10,302  18,403 
Term loan, 5.61%, due February 2034 (4)
2,423  2,589 
Variable rate term loan, 2.69%, due December 2027 (4)
9,238  10,541 
Variable rate term loan, 6.24%, due March 2026 (2) (4)
38,753  34,451 
Term loan, 5.15%, due December 2038 (2) (4)
25,465  27,695 
Variable rate term loan, 2.29%, due June 2033 (2) (3)
7,657  8,348 
Variable rate term loan, 2.61%, due October 2029 (2) (5)
7,762  8,503 
Fixed rate note, 5.00%, due April 2040
 224  222 
Fixed rate note, 3.58%, due December 2027 (4)
3,072  3,548 
Fixed rate note, 4.92%, due June 2045 (4)
3,776  — 
Fixed rate note, 3.25%, due March 2046 (4)
39,474  — 
Variable rate term loan, 3.63%, due July 2030 (4)
3,662  — 
Subtotal non-recourse term loans $ 218,136  $ 198,124 
Long-term financing facility, 0.28%, due July 2039 (3) (6)
$ 3,462  $ 3,625 
Long-term financing facility, —%, due November 2039 (3) (6)
6,361  6,675 
Long-term financing facility, —%, due July 2040 (3) (6)
1,050  1,107 
Long-term financing facility, —%, due December 2040 (3) (6)
14,130  18,287 
Long-term financing facility, —%, due December 2040 (4) (6)
2,810  2,924 
Long-term financing facility, 1.17%, due March 2041 (3) (6)
850  — 
Long-term financing facility, —%, due March 2041 (3) (6)
18,378  — 
Long-term financing facility, —%, due July 2041 (4) (6)
2,151  — 
Long-term financing facility, 0.03%, due September 2041 (3) (6)
3,382  — 
Long-term financing facility, 0.41%, due October 2041 (3) (6)
2,822  — 
Long-term financing facility, 0.23%, due November 2041 (3) (6)
1,880  — 
Long-term financing facility, —%, due December 2041 (3) (6)
43,712  — 
Long-term financing facility, 0.13%, due December 2041 (3) (6)
3,627  — 
Subtotal non-recourse long-term financing facilities $ 104,615  $ 32,618 
Continued on next page
As of December 31,
2021 2020
Financing leases (7)
$ 19,226  $ 23,500 
Total debt and financing leases $ 471,488  $ 391,761 
Less: current maturities 78,934  69,362 
Less: unamortized discount and debt issuance costs 15,370  10,725 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs $ 377,184  $ 311,674 
(1) Facility has interest at varying rates monthly in arrears.
(2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make the remaining principal and the required interest balance due according to the agreement.
(3) Facility is payable in semi-annual installments.
(4) Facility is payable in quarterly installments.
(5) Facility is payable in monthly installments.
(6) These agreements are sale-leaseback arrangements and are accounted for as failed sales under the guidance and are classified as financing liabilities. See Note 8.
(7) Financing leases are sale-leaseback arrangements under previous guidance and do not include approximately $16,272 in future interest payments as of December 31, 2021 and $18,791 as of December 31, 2020. See Note 8.
The table below sets forth amounts outstanding under the credit facility, net of unamortized debt discounts and debt issuance costs:
Rate as of December 31, 2021
 As of December 31,
2021 2020
Term loan 1.95  % $ 52,720  $ 57,574 
Revolving credit facility 3.50  % $ 44,681  $ 52,696 
Total senior secured credit facility outstanding (1)
$ 97,401  $ 110,270 
(1) Net of unamortized debt discount and debt issuance costs of $412 in 2021 and $491 in 2020.
Schedule of Aggregate Maturities of Long-Term Debt
The following table presents the aggregate maturities of long-term debt and financing leases as of December 31, 2021:
2022 $ 78,934 
2023 49,931 
2024 116,071 
2025 51,961 
2026 34,213 
Thereafter 140,378 
Total maturities $ 471,488