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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Leases We lease office facilities for use in our operations, as well as transportation and other equipment. Most of our leases are non-cancelable operating lease agreements with original maturities between one to 10 years from the execution date. Some of these leases include options to extend for up to five years. We have no finance leases and no related party lease agreements as of June 30, 2022. Right-of-use lease assets and lease liabilities for our operating leases were recorded in the condensed consolidated balance sheets. The components of operating lease expense were as follows:
Lease Costs |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost |  | $ | 2,586 |  |  | $ | 4,388 |  |  | $ | 6,008 |  |  | $ | 6,110 |
Short-term lease cost |  | 488 |  |  | 731 |  |  | 994 |  |  | 1,212 |
Variable lease cost |  | 204 |  |  | 496 |  |  | 574 |  |  | 927 |
Net lease cost |  | $ | 3,278 |  |  | $ | 5,615 |  |  | $ | 7,576 |  |  | $ | 8,249 |
Supplemental information related to leases is as follows:
Other Information |  | Six Months Ended June 30,
|  | 2022 |  | 2021
Cash flows: |  |  |  |
Cash amounts paid included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 7,238 |  |  | $ | 6,203 |
Right-of-use assets obtained in exchange for lease obligations (non-cash): |  |  |  |
Operating leases |  | $ | 6,606 |  |  | $ | 2,961 |
Lease term and discount rate: |  |  |  |
Weighted average remaining lease term (years) |  | 5.8 |  | 3.9
Weighted average discount rate |  | 1.64 | % |  | 2.51 | %
Rental Income from third parties We own office buildings in Bangor, Falmouth, and Yarmouth, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; and Moraine, Ohio. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2022 and 2027, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Rental income from third-party tenants for the three and six months ended June 30, 2022 totaled $493,000 and $798,000, respectively, and for the three and six months ended June 30, 2021 totaled $296,000 and $590,000, respectively. Rental income is included in hardware and other revenue in the condensed consolidated statements of income. As of June 30, 2022, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31, |  | Amount
2022 (Remaining) |  | $ | 914 |
2023 |  | 1,858 |
2024 |  | 1,898 |
2025 |  | 1,363 |
2026 |  | 408 |
Thereafter |  | 131 |
Total |  | $ | 6,572 |
Leases | Leases We lease office facilities for use in our operations, as well as transportation and other equipment. Most of our leases are non-cancelable operating lease agreements with original maturities between one to 10 years from the execution date. Some of these leases include options to extend for up to five years. We have no finance leases and no related party lease agreements as of June 30, 2022. Right-of-use lease assets and lease liabilities for our operating leases were recorded in the condensed consolidated balance sheets. The components of operating lease expense were as follows:
Lease Costs |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost |  | $ | 2,586 |  |  | $ | 4,388 |  |  | $ | 6,008 |  |  | $ | 6,110 |
Short-term lease cost |  | 488 |  |  | 731 |  |  | 994 |  |  | 1,212 |
Variable lease cost |  | 204 |  |  | 496 |  |  | 574 |  |  | 927 |
Net lease cost |  | $ | 3,278 |  |  | $ | 5,615 |  |  | $ | 7,576 |  |  | $ | 8,249 |
Supplemental information related to leases is as follows:
Other Information |  | Six Months Ended June 30,
|  | 2022 |  | 2021
Cash flows: |  |  |  |
Cash amounts paid included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 7,238 |  |  | $ | 6,203 |
Right-of-use assets obtained in exchange for lease obligations (non-cash): |  |  |  |
Operating leases |  | $ | 6,606 |  |  | $ | 2,961 |
Lease term and discount rate: |  |  |  |
Weighted average remaining lease term (years) |  | 5.8 |  | 3.9
Weighted average discount rate |  | 1.64 | % |  | 2.51 | %
Rental Income from third parties We own office buildings in Bangor, Falmouth, and Yarmouth, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; and Moraine, Ohio. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2022 and 2027, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Rental income from third-party tenants for the three and six months ended June 30, 2022 totaled $493,000 and $798,000, respectively, and for the three and six months ended June 30, 2021 totaled $296,000 and $590,000, respectively. Rental income is included in hardware and other revenue in the condensed consolidated statements of income. As of June 30, 2022, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31, |  | Amount
2022 (Remaining) |  | $ | 914 |
2023 |  | 1,858 |
2024 |  | 1,898 |
2025 |  | 1,363 |
2026 |  | 408 |
Thereafter |  | 131 |
Total |  | $ | 6,572 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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