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Leases | 9 Months Ended
--- | ---
Sep. 30, 2021
Leases [Abstract] |
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| September 30, 2021 |  | December 31, 2020
Operating Leases: |  |  |
Operating lease assets | $ | 40,355 |  |  | $ | 39,151 |
Current portions of operating lease liabilities | $ | 6,258 |  |  | $ | 6,106 |
Long-term portions of operating lease liabilities | 36,373 |  |  | 35,300 |
Total operating lease liabilities | $ | 42,631 |  |  | $ | 41,406 |
Weighted-average remaining lease term | 12 years |  | 12 years
Weighted-average discount rate | 5.74 | % |  | 5.94 | %
Financing Leases: |  |  |
Energy assets | $ | 32,408 |  |  | $ | 34,005 |
Current portions of financing lease liabilities | $ | 3,745 |  |  | $ | 4,273 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,607 |  |  | 19,227 |
Total financing lease liabilities | $ | 21,352 |  |  | $ | 23,500 |
Weighted-average remaining lease term | 15 years |  | 16 years
Weighted-average discount rate | 12.02 | % |  | 11.94 | %
The costs related to our leases were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,165 |  |  | $ | 2,001 |  |  | $ | 6,505 |  |  | $ | 5,933 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 532 |  |  | 533 |  |  | 1,597 |  |  | 1,597 |
Interest on lease liabilities | 608 |  |  | 723 |  |  | 1,932 |  |  | 2,282 |
Total lease costs | $ | 3,305 |  |  | $ | 3,257 |  |  | $ | 10,034 |  |  | $ | 9,812 |
Supplemental cash flow information related to our leases was as follows:
| Nine Months Ended September 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 6,347 |  |  | $ | 5,690 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 6,544 |  |  | $ | 8,087 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2021 | $ | 2,037 |  |  | $ | 3,305 |
2022 | 8,326 |  |  | 5,179 |
2023 | 6,952 |  |  | 3,676 |
2024 | 5,804 |  |  | 2,565 |
2025 | 4,703 |  |  | 2,213 |
Thereafter | 33,254 |  |  | 21,866 |
Total minimum lease payments | 61,076 |  |  | 38,804 |
Less: interest | 18,445 |  |  | 17,452 |
Present value of lease liabilities | $ | 42,631 |  |  | $ | 21,352 |
We have future lease commitments for a certain ground lease and office space which do not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of these commitments total $3,320 as of September 30, 2021, of which $3,000 relates to a one-time payment due when specific criteria are met, which we estimate will occur during the three months ended December 31, 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 three energy assets for $31,095 in cash proceeds under this facility during the nine months ended September 30, 2021. As of September 30, 2021, approximately $280,610 remained available under this lending commitment. 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. We sold and leased back one energy asset for $3,281 in cash proceeds under this facility during nine months ended September 30, 2021. As of September 30, 2021, approximately $15,936 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 recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $57 for the three months ended September 30, 2021 and 2020, respectively, and $172 and $170 for the nine months ended September 30, 2021 and 2020, respectively.
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| September 30, 2021 |  | December 31, 2020
Operating Leases: |  |  |
Operating lease assets | $ | 40,355 |  |  | $ | 39,151 |
Current portions of operating lease liabilities | $ | 6,258 |  |  | $ | 6,106 |
Long-term portions of operating lease liabilities | 36,373 |  |  | 35,300 |
Total operating lease liabilities | $ | 42,631 |  |  | $ | 41,406 |
Weighted-average remaining lease term | 12 years |  | 12 years
Weighted-average discount rate | 5.74 | % |  | 5.94 | %
Financing Leases: |  |  |
Energy assets | $ | 32,408 |  |  | $ | 34,005 |
Current portions of financing lease liabilities | $ | 3,745 |  |  | $ | 4,273 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,607 |  |  | 19,227 |
Total financing lease liabilities | $ | 21,352 |  |  | $ | 23,500 |
Weighted-average remaining lease term | 15 years |  | 16 years
Weighted-average discount rate | 12.02 | % |  | 11.94 | %
The costs related to our leases were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,165 |  |  | $ | 2,001 |  |  | $ | 6,505 |  |  | $ | 5,933 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 532 |  |  | 533 |  |  | 1,597 |  |  | 1,597 |
Interest on lease liabilities | 608 |  |  | 723 |  |  | 1,932 |  |  | 2,282 |
Total lease costs | $ | 3,305 |  |  | $ | 3,257 |  |  | $ | 10,034 |  |  | $ | 9,812 |
Supplemental cash flow information related to our leases was as follows:
| Nine Months Ended September 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 6,347 |  |  | $ | 5,690 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 6,544 |  |  | $ | 8,087 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2021 | $ | 2,037 |  |  | $ | 3,305 |
2022 | 8,326 |  |  | 5,179 |
2023 | 6,952 |  |  | 3,676 |
2024 | 5,804 |  |  | 2,565 |
2025 | 4,703 |  |  | 2,213 |
Thereafter | 33,254 |  |  | 21,866 |
Total minimum lease payments | 61,076 |  |  | 38,804 |
Less: interest | 18,445 |  |  | 17,452 |
Present value of lease liabilities | $ | 42,631 |  |  | $ | 21,352 |
We have future lease commitments for a certain ground lease and office space which do not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of these commitments total $3,320 as of September 30, 2021, of which $3,000 relates to a one-time payment due when specific criteria are met, which we estimate will occur during the three months ended December 31, 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 three energy assets for $31,095 in cash proceeds under this facility during the nine months ended September 30, 2021. As of September 30, 2021, approximately $280,610 remained available under this lending commitment. 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. We sold and leased back one energy asset for $3,281 in cash proceeds under this facility during nine months ended September 30, 2021. As of September 30, 2021, approximately $15,936 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 recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $57 for the three months ended September 30, 2021 and 2020, respectively, and $172 and $170 for the nine months ended September 30, 2021 and 2020, respectively.
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
| September 30, 2021 |  | December 31, 2020
Operating Leases: |  |  |
Operating lease assets | $ | 40,355 |  |  | $ | 39,151 |
Current portions of operating lease liabilities | $ | 6,258 |  |  | $ | 6,106 |
Long-term portions of operating lease liabilities | 36,373 |  |  | 35,300 |
Total operating lease liabilities | $ | 42,631 |  |  | $ | 41,406 |
Weighted-average remaining lease term | 12 years |  | 12 years
Weighted-average discount rate | 5.74 | % |  | 5.94 | %
Financing Leases: |  |  |
Energy assets | $ | 32,408 |  |  | $ | 34,005 |
Current portions of financing lease liabilities | $ | 3,745 |  |  | $ | 4,273 |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,607 |  |  | 19,227 |
Total financing lease liabilities | $ | 21,352 |  |  | $ | 23,500 |
Weighted-average remaining lease term | 15 years |  | 16 years
Weighted-average discount rate | 12.02 | % |  | 11.94 | %
The costs related to our leases were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Leases: |  |  |  |  |  |  |
Operating lease costs | $ | 2,165 |  |  | $ | 2,001 |  |  | $ | 6,505 |  |  | $ | 5,933 |
Financing Leases: |  |  |  |  |  |  |
Amortization expense | 532 |  |  | 533 |  |  | 1,597 |  |  | 1,597 |
Interest on lease liabilities | 608 |  |  | 723 |  |  | 1,932 |  |  | 2,282 |
Total lease costs | $ | 3,305 |  |  | $ | 3,257 |  |  | $ | 10,034 |  |  | $ | 9,812 |
Supplemental cash flow information related to our leases was as follows:
| Nine Months Ended September 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 6,347 |  |  | $ | 5,690 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 6,544 |  |  | $ | 8,087 |
The table below sets forth our estimated minimum future lease obligations under our leases:
| Operating Leases |  | Financing Leases
Year ended December 31, |  |  |
2021 | $ | 2,037 |  |  | $ | 3,305 |
2022 | 8,326 |  |  | 5,179 |
2023 | 6,952 |  |  | 3,676 |
2024 | 5,804 |  |  | 2,565 |
2025 | 4,703 |  |  | 2,213 |
Thereafter | 33,254 |  |  | 21,866 |
Total minimum lease payments | 61,076 |  |  | 38,804 |
Less: interest | 18,445 |  |  | 17,452 |
Present value of lease liabilities | $ | 42,631 |  |  | $ | 21,352 |
We have future lease commitments for a certain ground lease and office space which do not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of these commitments total $3,320 as of September 30, 2021, of which $3,000 relates to a one-time payment due when specific criteria are met, which we estimate will occur during the three months ended December 31, 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 three energy assets for $31,095 in cash proceeds under this facility during the nine months ended September 30, 2021. As of September 30, 2021, approximately $280,610 remained available under this lending commitment. 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. We sold and leased back one energy asset for $3,281 in cash proceeds under this facility during nine months ended September 30, 2021. As of September 30, 2021, approximately $15,936 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 recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 and $57 for the three months ended September 30, 2021 and 2020, respectively, and $172 and $170 for the nine months ended September 30, 2021 and 2020, respectively.

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