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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.

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