Ameresco, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

9 Months Ended

Sep. 30, 2019

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:



	September 30,			December 31,
	2019			2018
Financing lease assets	$	42,402		$	42,402
Less - accumulated depreciation and amortization	(5,736		)	(4,139		)
Financing lease assets, net	$	36,666		$	38,263

Supplemental balance sheet information related to leases at September 30, 2019 is as follows:



	September 30, 2019
Operating Leases:
Operating lease assets	$	32,540
Current operating lease liabilities	5,935
Long-term portions of operating lease liabilities	28,799
Total operating lease liabilities	$	34,734
Weighted-average remaining lease term	10 years
Weighted-average discount rate	6.3		%

Financing Leases:
Energy assets, net	$	36,666
Current portions of financing lease liabilities	5,008
Long-term financing lease liabilities, less current portions and net of deferred financing fees	26,098
Total financing lease liability	$	31,106
Weighted-average remaining lease term	17 years
Weighted-average discount rate	11.8		%

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, less current portions and net 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		%

Schedule of Lease Costs

The costs related to our leases are as follows:



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating Lease:
Operating lease costs	$	1,913	$	5,660

Financing Lease:
Amortization expense	533		1,597
Interest on lease liabilities	854		2,750

Total lease costs	$	3,300	$	10,007

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,
2019	$	1,851	$	4,302
2020	7,523		7,881
2021	6,156		6,775
2022	5,600		5,173
2023	4,348		3,686
Thereafter	22,977		26,799
Total minimum lease payments	$	48,455	$	54,616
Less: interest	13,721		23,510
Present value of lease liabilities	$	34,734	$	31,106

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,
2019	$	1,851	$	4,302
2020	7,523		7,881
2021	6,156		6,775
2022	5,600		5,173
2023	4,348		3,686
Thereafter	22,977		26,799
Total minimum lease payments	$	48,455	$	54,616
Less: interest	13,721		23,510
Present value of lease liabilities	$	34,734	$	31,106

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:



	September 30,		December 31,
	2019		2018
Financing lease assets, net	$	36,666	$	38,263
Deferred loss, short-term, net	115		115
Deferred loss, long-term, net	1,830		1,917
Total deferred loss	$	1,945	$	2,032
Financing lease liabilities, short-term	5,008		4,956
Financing lease liabilities, long-term	26,098		28,407
Total financing lease liabilities	$	31,106	$	33,363
Deferred gain, short-term, net	345		345
Deferred gain, long-term, net	5,549		5,808
Total deferred gain	$	5,894	$	6,153