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Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Leases

The Company’s Condensed Consolidated Balance Sheets include the following related to operating leases:

Leases						Classification						September 30, 2021						December 31, 2020
Assets
ROU assets						Other Assets						$	42,043					$	46,728
Liabilities
ROU - current						Accrued expenses and other current liabilities						$	9,871					$	10,348
ROU liability - long-term						Other long-term liabilities						33,691						37,689
Total ROU liabilities												$	43,562					$	48,037

Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility was approximately $3.1 million and $3.8 million as of September 30, 2021 and December 31, 2020, respectively. Total rent payments for this facility were approximately $0.3 million and $0.1 million for the three months ended September 30, 2021 and September 30, 2020, respectively. Total rent payments for this facility were approximately $1.0 million and $0.5 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. An agreement was reached with the related party to reduce rental payments by 20% and defer payments for 90 days for the lease of the Company’s headquarters, starting in June 2020 through December 2020 as part of COVID-19 related vendor concessions.

The total ROU assets attributable to finance leases were approximately $14.6 million and $15.8 million as of September 30, 2021 and December 31, 2020, respectively, which is included in Property, plant, and equipment, net on the Condensed Consolidated Balance Sheets.

As described in Note 9-Intangible Assets, the Company performed an analysis to determine whether there was any impairment of long-lived assets, which included the ROU assets, within the Services, International, and Products and Systems operating segments as well as Corporate. The result of the analysis was a $0.2 million impairment of a ROU asset in an asset group within the Services segment which is included in Impairment charges on the Unaudited Condensed Consolidated Statements of Loss for the nine months ended September 30, 2020.

The components of lease costs were as follows:

												Three months ended September 30,									Nine months ended September 30,
						Classification						2021						2020			2021						2020
Finance lease expense
Amortization of ROU assets						Depreciation and amortization						$	1,002					$	1,081		$	3,094					$	3,495
Interest on lease liabilities						Interest expense						177						207			550						650
Operating lease expense						Cost of revenue; Selling, general & administrative expenses						3,239						3,341			9,808						9,970
Short-term lease expense						Cost of revenue; Selling, general & administrative expenses						7						11			22						60
Variable lease expense						Cost of revenue; Selling, general & administrative expenses						532						(4)			1,956						441
Total												$	4,957					$	4,636		$	15,430					$	14,616

Additional information related to leases was as follows:

									Nine months ended September 30,
															2021						2020
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases
Finance - financing cash flows															$	3,032					$	3,078
Finance - operating cash flows															$	550					$	650
Operating - operating cash flows															$	9,870					$	9,819
ROU assets obtained in the exchange for lease liabilities
Finance leases															$	2,445					$	1,607
Operating leases															$	4,212					$	6,919
Weighted-average remaining lease term (in years)
Finance leases															5.5						5.9
Operating leases															5.3						5.9
Weighted-average discount rate
Finance leases															5.4		%				5.8		%
Operating leases															5.8		%				5.8		%

Maturities of lease liabilities as of September 30, 2021 were as follows:

			Finance						Operating
Remainder of 2021			$	2,023					$	3,165
2022			4,602						11,595
2023			3,711						10,111
2024			2,778						7,843
2025			1,185						5,554
Thereafter			991						12,484
Total			15,290						50,752
Less: Present value discount			1,179						7,190
Lease liability			$	14,111					$	43,562

Leases

Leases

The Company’s Condensed Consolidated Balance Sheets include the following related to operating leases:

Leases						Classification						September 30, 2021						December 31, 2020
Assets
ROU assets						Other Assets						$	42,043					$	46,728
Liabilities
ROU - current						Accrued expenses and other current liabilities						$	9,871					$	10,348
ROU liability - long-term						Other long-term liabilities						33,691						37,689
Total ROU liabilities												$	43,562					$	48,037

Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility was approximately $3.1 million and $3.8 million as of September 30, 2021 and December 31, 2020, respectively. Total rent payments for this facility were approximately $0.3 million and $0.1 million for the three months ended September 30, 2021 and September 30, 2020, respectively. Total rent payments for this facility were approximately $1.0 million and $0.5 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. An agreement was reached with the related party to reduce rental payments by 20% and defer payments for 90 days for the lease of the Company’s headquarters, starting in June 2020 through December 2020 as part of COVID-19 related vendor concessions.

The total ROU assets attributable to finance leases were approximately $14.6 million and $15.8 million as of September 30, 2021 and December 31, 2020, respectively, which is included in Property, plant, and equipment, net on the Condensed Consolidated Balance Sheets.

As described in Note 9-Intangible Assets, the Company performed an analysis to determine whether there was any impairment of long-lived assets, which included the ROU assets, within the Services, International, and Products and Systems operating segments as well as Corporate. The result of the analysis was a $0.2 million impairment of a ROU asset in an asset group within the Services segment which is included in Impairment charges on the Unaudited Condensed Consolidated Statements of Loss for the nine months ended September 30, 2020.

The components of lease costs were as follows:

												Three months ended September 30,									Nine months ended September 30,
						Classification						2021						2020			2021						2020
Finance lease expense
Amortization of ROU assets						Depreciation and amortization						$	1,002					$	1,081		$	3,094					$	3,495
Interest on lease liabilities						Interest expense						177						207			550						650
Operating lease expense						Cost of revenue; Selling, general & administrative expenses						3,239						3,341			9,808						9,970
Short-term lease expense						Cost of revenue; Selling, general & administrative expenses						7						11			22						60
Variable lease expense						Cost of revenue; Selling, general & administrative expenses						532						(4)			1,956						441
Total												$	4,957					$	4,636		$	15,430					$	14,616

Additional information related to leases was as follows:

									Nine months ended September 30,
															2021						2020
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases
Finance - financing cash flows															$	3,032					$	3,078
Finance - operating cash flows															$	550					$	650
Operating - operating cash flows															$	9,870					$	9,819
ROU assets obtained in the exchange for lease liabilities
Finance leases															$	2,445					$	1,607
Operating leases															$	4,212					$	6,919
Weighted-average remaining lease term (in years)
Finance leases															5.5						5.9
Operating leases															5.3						5.9
Weighted-average discount rate
Finance leases															5.4		%				5.8		%
Operating leases															5.8		%				5.8		%

Maturities of lease liabilities as of September 30, 2021 were as follows:

			Finance						Operating
Remainder of 2021			$	2,023					$	3,165
2022			4,602						11,595
2023			3,711						10,111
2024			2,778						7,843
2025			1,185						5,554
Thereafter			991						12,484
Total			15,290						50,752
Less: Present value discount			1,179						7,190
Lease liability			$	14,111					$	43,562

X

- References

No definition available.

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- 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

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- 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

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