XML 29 R19.htm IDEA: XBRL DOCUMENT v3.21.2

LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

LEASES

Our lease obligations consist of operating and finance leases related to real estate and equipment. The components of lease cost are as follows (in thousands):

									Three months ended September 30,												Nine months ended September 30,
			Income Statement Classification						2020						2021						2020						2021
Operating lease cost			Facilities and grounds expense(1)						$	927					$	947					$	2,838					$	2,871
Short-term lease cost			Facilities and grounds expense(1)						35						39						107						145
Variable lease cost			Facilities and grounds expense(1)						17						43						41						100
Finance lease cost:
Depreciation of leased assets			Depreciation and amortization(2)						$	111					$	111					$	329					$	328
Interest on lease liabilities			Interest expense						123						117						374						356
Total finance lease cost									234						228						703						684
Total lease cost									$	1,213					$	1,257					$	3,689					$	3,800

(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation and Home office depreciation and amortization on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):

			Nine months ended September 30,
			2020						2021
Cash paid for operating leases included in operating activities			$	2,470					$	2,891
Cash paid for finance leases included in financing activities			621						626

Right-of-use assets obtained in exchange for new leases is as follows (in thousands):

			Nine months ended September 30,
			2020						2021
Right-of-use assets obtained in exchange for new operating lease liabilities			$	75					$	(1,358)
Right-of-use assets obtained in exchange for new finance lease liabilities			—						—

During the three and nine months ended September 30, 2021, we received a leasehold improvement allowance of $1.4 million for the renovation of our home office space in Houston, Texas from our lessor. We recorded a leasehold improvement asset as property plant and equipment and reduced our right-of-use asset by $1.4 million. The leasehold improvement allowance will be recognized prospectively by ratably reducing the lease expense over the remaining lease term.

Supplemental balance sheet information related to leases is as follows (in thousands):

Lease Type			Balance Sheet Classification			December 31, 2020						September 30, 2021
Operating lease right-of-use assets			Operating lease right-of-use assets			$	21,201					$	18,307
Finance lease right-of-use assets			Property, plant and equipment, net			$	6,770					$	6,770
Accumulated depreciation			Property, plant and equipment, net			(2,005)						(2,333)
Finance lease right-of-use assets, net						$	4,765					$	4,437
Operating lease current liabilities			Current portion of operating lease obligations			$	2,082					$	1,954
Finance lease current liabilities			Current portion of finance lease obligations			323						357
Total current lease liabilities						$	2,405					$	2,311
Operating lease non-current liabilities			Obligations under operating leases, net of current portion			$	20,302					$	18,951
Finance lease non-current liabilities			Obligations under finance leases, net of current portion			5,531						5,258
Total non-current lease liabilities						$	25,833					$	24,209
Total lease liabilities						$	28,238					$	26,520

The average lease terms and discount rates at September 30, 2021 are as follows:

			Weighted-average remaining lease term (years)						Weighted-average discount rate
Operating leases			10.1						8.1		%
Finance leases			12.5						8.2		%

The aggregate future lease payments for operating and finance leases at September 30, 2021 are as follows (in thousands):

			Operating						Finance
Lease payments due:
Remainder of 2021			$	935					$	209
2022			3,453						860
2023			3,326						860
2024			3,301						791
2025			3,162						736
Thereafter			16,187						5,555
Total lease payments			30,364						9,011
Less: Interest			(9,459)						(3,396)
Present value of lease liabilities			$	20,905					$	5,615

At September 30, 2021, we had no additional significant operating or finance leases that had not yet commenced.

LEASES

LEASES

Our lease obligations consist of operating and finance leases related to real estate and equipment. The components of lease cost are as follows (in thousands):

									Three months ended September 30,												Nine months ended September 30,
			Income Statement Classification						2020						2021						2020						2021
Operating lease cost			Facilities and grounds expense(1)						$	927					$	947					$	2,838					$	2,871
Short-term lease cost			Facilities and grounds expense(1)						35						39						107						145
Variable lease cost			Facilities and grounds expense(1)						17						43						41						100
Finance lease cost:
Depreciation of leased assets			Depreciation and amortization(2)						$	111					$	111					$	329					$	328
Interest on lease liabilities			Interest expense						123						117						374						356
Total finance lease cost									234						228						703						684
Total lease cost									$	1,213					$	1,257					$	3,689					$	3,800

(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation and Home office depreciation and amortization on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):

			Nine months ended September 30,
			2020						2021
Cash paid for operating leases included in operating activities			$	2,470					$	2,891
Cash paid for finance leases included in financing activities			621						626

Right-of-use assets obtained in exchange for new leases is as follows (in thousands):

			Nine months ended September 30,
			2020						2021
Right-of-use assets obtained in exchange for new operating lease liabilities			$	75					$	(1,358)
Right-of-use assets obtained in exchange for new finance lease liabilities			—						—

During the three and nine months ended September 30, 2021, we received a leasehold improvement allowance of $1.4 million for the renovation of our home office space in Houston, Texas from our lessor. We recorded a leasehold improvement asset as property plant and equipment and reduced our right-of-use asset by $1.4 million. The leasehold improvement allowance will be recognized prospectively by ratably reducing the lease expense over the remaining lease term.

Supplemental balance sheet information related to leases is as follows (in thousands):

Lease Type			Balance Sheet Classification			December 31, 2020						September 30, 2021
Operating lease right-of-use assets			Operating lease right-of-use assets			$	21,201					$	18,307
Finance lease right-of-use assets			Property, plant and equipment, net			$	6,770					$	6,770
Accumulated depreciation			Property, plant and equipment, net			(2,005)						(2,333)
Finance lease right-of-use assets, net						$	4,765					$	4,437
Operating lease current liabilities			Current portion of operating lease obligations			$	2,082					$	1,954
Finance lease current liabilities			Current portion of finance lease obligations			323						357
Total current lease liabilities						$	2,405					$	2,311
Operating lease non-current liabilities			Obligations under operating leases, net of current portion			$	20,302					$	18,951
Finance lease non-current liabilities			Obligations under finance leases, net of current portion			5,531						5,258
Total non-current lease liabilities						$	25,833					$	24,209
Total lease liabilities						$	28,238					$	26,520

The average lease terms and discount rates at September 30, 2021 are as follows:

			Weighted-average remaining lease term (years)						Weighted-average discount rate
Operating leases			10.1						8.1		%
Finance leases			12.5						8.2		%

The aggregate future lease payments for operating and finance leases at September 30, 2021 are as follows (in thousands):

			Operating						Finance
Lease payments due:
Remainder of 2021			$	935					$	209
2022			3,453						860
2023			3,326						860
2024			3,301						791
2025			3,162						736
Thereafter			16,187						5,555
Total lease payments			30,364						9,011
Less: Interest			(9,459)						(3,396)
Present value of lease liabilities			$	20,905					$	5,615

At September 30, 2021, we had no additional significant operating or finance leases that had not yet commenced.

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

+ Details

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 http://asc.fasb.org/subtopic&trid=77888251

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration