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Capital Leases

3 Months Ended

Mar. 31, 2021

17. Capital Leases

On September 30, 2020, the Company converted operating leases for equipment and vehicles to capital leases and recorded the associated equipment purchases and capital lease liability, current and non-current. The payment terms on the lease agreements range between 30 and 50 months with payments totaling approximately $0.4 million per month. We use the incremental borrowing rate on our revolving line of credit to calculate the present value on new leases.

Future minimum commitments under non-cancelable capital leases for the remainder of 2021 and succeeding years are as follows (in thousands):

2021	$	3,218
2022		3,965
2023		2,723
2024		530
2025		30
Total minimum lease payments	$	10,466
Less: amount representing interest		(943	)
Present value of total net minimum lease payments	$	9,523
Less: current portion of net minimum lease payments		(3,797	)
Long-term portion of net minimum lease payments	$	5,726

The above table is exclusive of the $1.9 million bargain purchase price associated with the $11.4 million total liability to capital leases as presented on the combined balance sheet.