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Leases | 6 Months Ended
--- | ---
Jun. 30, 2021
Leases [Abstract] |
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| June 30, 2021 |  | December 31, 2020
Operating Leases: |  |  |
Operating lease assets | $ | 40,608 |  |  | $ | 39,151 |
Current portions of operating lease liabilities | $ | 5,995 |  |  | $ | 6,106 |
Long-term portions of operating lease liabilities | 36,731 |  |  | 35,300 |
Total operating lease liabilities | $ | 42,726 |  |  | $ | 41,406 |
Weighted-average remaining lease term | 13 years |  | 12 years
Weighted-average discount rate | 5.79 | % |  | 5.94 | %
Financing Leases: |  |  |
Energy assets | $ | 32,940 |  |  | $ | 34,005 |
Current portions of financing lease liabilities | $ | 3,796 |  |  | $ | 4,273 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,617 |  |  | 19,227 |
Total financing lease liabilities | $ | 21,413 |  |  | $ | 23,500 |
Weighted-average remaining lease term | 16 years |  | 16 years
Weighted-average discount rate | 12.04 | % |  | 11.94 | %
The costs related to our leases were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,187 |  |  | $ | 2,106 |  |  | $ | 4,340 |  |  | $ | 3,932 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 533 |  |  | 532 |  |  | 1,065 |  |  | 1,064 |
Interest on lease liabilities | 666 |  |  | 726 |  |  | 1,324 |  |  | 1,559 |
Total lease costs | $ | 3,386 |  |  | $ | 3,364 |  |  | $ | 6,729 |  |  | $ | 6,555 |
Supplemental cash flow information related to our leases was as follows:
| Six Months Ended June 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,355 |  |  | $ | 3,861 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 4,961 |  |  | $ | 4,838 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2021 | $ | 4,116 |  |  | $ | 3,485 |
2022 | 8,098 |  |  | 5,178 |
2023 | 6,659 |  |  | 3,676 |
2024 | 5,516 |  |  | 2,565 |
2025 | 4,488 |  |  | 2,213 |
Thereafter | 32,721 |  |  | 21,866 |
Total minimum lease payments | 61,598 |  |  | 38,983 |
Less: interest | 18,872 |  |  | 17,570 |
Present value of lease liabilities | $ | 42,726 |  |  | $ | 21,413 |
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 June 30, 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 for a long-term financing facility 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 two energy assets for $26,820 in cash under this facility during the six months ended June 30, 2021. As of June 30, 2021, approximately $284,885 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. In July 2021, we entered into an amendment to our December 2020 long-term financing facility which increased our maximum commitment from $4,500 to $23,559 and extended the end date of the agreement to December 31, 2021. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended June 30, 2021 and 2020 and $114 and $112 for the six months ended June 30, 2021 and 2020, respectively.
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| June 30, 2021 |  | December 31, 2020
Operating Leases: |  |  |
Operating lease assets | $ | 40,608 |  |  | $ | 39,151 |
Current portions of operating lease liabilities | $ | 5,995 |  |  | $ | 6,106 |
Long-term portions of operating lease liabilities | 36,731 |  |  | 35,300 |
Total operating lease liabilities | $ | 42,726 |  |  | $ | 41,406 |
Weighted-average remaining lease term | 13 years |  | 12 years
Weighted-average discount rate | 5.79 | % |  | 5.94 | %
Financing Leases: |  |  |
Energy assets | $ | 32,940 |  |  | $ | 34,005 |
Current portions of financing lease liabilities | $ | 3,796 |  |  | $ | 4,273 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,617 |  |  | 19,227 |
Total financing lease liabilities | $ | 21,413 |  |  | $ | 23,500 |
Weighted-average remaining lease term | 16 years |  | 16 years
Weighted-average discount rate | 12.04 | % |  | 11.94 | %
The costs related to our leases were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,187 |  |  | $ | 2,106 |  |  | $ | 4,340 |  |  | $ | 3,932 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 533 |  |  | 532 |  |  | 1,065 |  |  | 1,064 |
Interest on lease liabilities | 666 |  |  | 726 |  |  | 1,324 |  |  | 1,559 |
Total lease costs | $ | 3,386 |  |  | $ | 3,364 |  |  | $ | 6,729 |  |  | $ | 6,555 |
Supplemental cash flow information related to our leases was as follows:
| Six Months Ended June 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,355 |  |  | $ | 3,861 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 4,961 |  |  | $ | 4,838 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2021 | $ | 4,116 |  |  | $ | 3,485 |
2022 | 8,098 |  |  | 5,178 |
2023 | 6,659 |  |  | 3,676 |
2024 | 5,516 |  |  | 2,565 |
2025 | 4,488 |  |  | 2,213 |
Thereafter | 32,721 |  |  | 21,866 |
Total minimum lease payments | 61,598 |  |  | 38,983 |
Less: interest | 18,872 |  |  | 17,570 |
Present value of lease liabilities | $ | 42,726 |  |  | $ | 21,413 |
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 June 30, 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 for a long-term financing facility 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 two energy assets for $26,820 in cash under this facility during the six months ended June 30, 2021. As of June 30, 2021, approximately $284,885 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. In July 2021, we entered into an amendment to our December 2020 long-term financing facility which increased our maximum commitment from $4,500 to $23,559 and extended the end date of the agreement to December 31, 2021. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended June 30, 2021 and 2020 and $114 and $112 for the six months ended June 30, 2021 and 2020, respectively.
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| June 30, 2021 |  | December 31, 2020
Operating Leases: |  |  |
Operating lease assets | $ | 40,608 |  |  | $ | 39,151 |
Current portions of operating lease liabilities | $ | 5,995 |  |  | $ | 6,106 |
Long-term portions of operating lease liabilities | 36,731 |  |  | 35,300 |
Total operating lease liabilities | $ | 42,726 |  |  | $ | 41,406 |
Weighted-average remaining lease term | 13 years |  | 12 years
Weighted-average discount rate | 5.79 | % |  | 5.94 | %
Financing Leases: |  |  |
Energy assets | $ | 32,940 |  |  | $ | 34,005 |
Current portions of financing lease liabilities | $ | 3,796 |  |  | $ | 4,273 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,617 |  |  | 19,227 |
Total financing lease liabilities | $ | 21,413 |  |  | $ | 23,500 |
Weighted-average remaining lease term | 16 years |  | 16 years
Weighted-average discount rate | 12.04 | % |  | 11.94 | %
The costs related to our leases were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,187 |  |  | $ | 2,106 |  |  | $ | 4,340 |  |  | $ | 3,932 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 533 |  |  | 532 |  |  | 1,065 |  |  | 1,064 |
Interest on lease liabilities | 666 |  |  | 726 |  |  | 1,324 |  |  | 1,559 |
Total lease costs | $ | 3,386 |  |  | $ | 3,364 |  |  | $ | 6,729 |  |  | $ | 6,555 |
Supplemental cash flow information related to our leases was as follows:
| Six Months Ended June 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,355 |  |  | $ | 3,861 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 4,961 |  |  | $ | 4,838 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2021 | $ | 4,116 |  |  | $ | 3,485 |
2022 | 8,098 |  |  | 5,178 |
2023 | 6,659 |  |  | 3,676 |
2024 | 5,516 |  |  | 2,565 |
2025 | 4,488 |  |  | 2,213 |
Thereafter | 32,721 |  |  | 21,866 |
Total minimum lease payments | 61,598 |  |  | 38,983 |
Less: interest | 18,872 |  |  | 17,570 |
Present value of lease liabilities | $ | 42,726 |  |  | $ | 21,413 |
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 June 30, 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 for a long-term financing facility 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 two energy assets for $26,820 in cash under this facility during the six months ended June 30, 2021. As of June 30, 2021, approximately $284,885 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. In July 2021, we entered into an amendment to our December 2020 long-term financing facility which increased our maximum commitment from $4,500 to $23,559 and extended the end date of the agreement to December 31, 2021. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended June 30, 2021 and 2020 and $114 and $112 for the six months ended June 30, 2021 and 2020, respectively.

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