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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
LEASES | LEASES We determine if an arrangement is a lease at inception. Operating leases are included in “Operating lease right-of-use (‘ROU’) assets”, “operating lease liabilities” and “current portion of operating lease obligations” on our consolidated balance sheets. Finance leases are included in “property, plant and equipment, net”, “current portion of long-term debt and finance lease obligations” and “long-term debt and finance lease obligations” on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments and short-term lease payments (leases with initial terms less than 12 months) are expensed as incurred. We have lease agreements with lease and non-lease components for certain equipment, office, and vehicle leases. We have elected the practical expedient to not separate lease and non-lease components and account for both as a single lease component. We have operating and finance leases primarily for equipment, real estate, and vehicles. Our leases have remaining lease terms of 1 year to 15 years, some of which may include options to extend the leases for up to 10 years, and some of which may include options to terminate the leases within 1 year. The components of lease expense are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2021 |  | 2020 |  | 2021 |  | 2020
| (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited)
Operating lease costs | $ | 6,784 |  |  | $ | 6,882 |  |  | $ | 21,044 |  |  | $ | 21,573 |
Variable lease costs | 1,503 |  |  | 1,146 |  |  | 4,106 |  |  | 3,727 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets | 155 |  |  | 110 |  |  | 467 |  |  | 328 |
Interest on lease liabilities | 84 |  |  | 80 |  |  | 252 |  |  | 242 |
Total lease cost | $ | 8,526 |  |  | $ | 8,218 |  |  | $ | 25,869 |  |  | $ | 25,870 |
Other information related to leases are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Supplemental cash flow information: | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited)
Cash paid for amounts included in measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows from operating leases | 6,226 |  |  | 4,675 |  |  | 17,569 |  |  | 15,797 |
Operating cash flows from finance leases | 81 |  |  | 82 |  |  | 252 |  |  | 247 |
Financing cash flows from finance leases | 119 |  |  | 71 |  |  | 356 |  |  | 205 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |
Operating leases | 721 |  |  | 382 |  |  | 9,304 |  |  | 1,969 |
Finance leases | 611 |  |  | 3 |  |  | 1,017 |  |  | 48 |
Amounts recognized in the condensed consolidated balance sheet are as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
Operating Leases: | (unaudited) |  |
Operating lease right-of-use assets | $ | 63,471 |  |  | $ | 63,869 |
Current portion of operating lease obligations | 16,502 |  |  | 17,375 |
Operating lease obligations (non-current) | 51,867 |  |  | 52,207 |
Weighted average remaining lease term | 6.0 years |  | 6.0 years
Weighted average discount rate | 6.8 | % |  | 6.7 | %
| September 30, 2021 |  | December 31, 2020
Finance Leases: | (unaudited) |  |
Property, plant and equipment, net | $ | 5,305 |  |  | $ | 4,779 |
Current portion of long-term debt and finance lease obligations | 663 |  |  | 337 |
Long-term debt and finance lease obligations | 5,129 |  |  | 4,816 |
Weighted average remaining lease term | 10.0 years |  | 12.0 years
Weighted average discount rate | 6.4 | % |  | 6.2 | %
As of September 30, 2021, we have no material additional operating and finance leases that have not yet commenced. As of September 30, 2021, future minimum lease payments under non-cancellable leases (excluding short-term leases) are as follows (in thousands):
| Operating Leases |  | Finance Leases
| (unaudited) |  | (unaudited)
2021 (Remainder of the year) | $ | 7,234 |  |  | $ | 327 |
2022 | 18,663 |  |  | 978 |
2023 | 14,675 |  |  | 888 |
2024 | 11,591 |  |  | 730 |
2025 | 8,675 |  |  | 568 |
Thereafter | 25,321 |  |  | 4,557 |
Total future minimum lease payments | 86,159 |  |  | 8,048 |
Less: Interest | (17,790) |  |  | (2,256) |
Present value of lease liabilities | $ | 68,369 |  |  | $ | 5,792 |
LEASES | LEASES We determine if an arrangement is a lease at inception. Operating leases are included in “Operating lease right-of-use (‘ROU’) assets”, “operating lease liabilities” and “current portion of operating lease obligations” on our consolidated balance sheets. Finance leases are included in “property, plant and equipment, net”, “current portion of long-term debt and finance lease obligations” and “long-term debt and finance lease obligations” on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments and short-term lease payments (leases with initial terms less than 12 months) are expensed as incurred. We have lease agreements with lease and non-lease components for certain equipment, office, and vehicle leases. We have elected the practical expedient to not separate lease and non-lease components and account for both as a single lease component. We have operating and finance leases primarily for equipment, real estate, and vehicles. Our leases have remaining lease terms of 1 year to 15 years, some of which may include options to extend the leases for up to 10 years, and some of which may include options to terminate the leases within 1 year. The components of lease expense are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2021 |  | 2020 |  | 2021 |  | 2020
| (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited)
Operating lease costs | $ | 6,784 |  |  | $ | 6,882 |  |  | $ | 21,044 |  |  | $ | 21,573 |
Variable lease costs | 1,503 |  |  | 1,146 |  |  | 4,106 |  |  | 3,727 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets | 155 |  |  | 110 |  |  | 467 |  |  | 328 |
Interest on lease liabilities | 84 |  |  | 80 |  |  | 252 |  |  | 242 |
Total lease cost | $ | 8,526 |  |  | $ | 8,218 |  |  | $ | 25,869 |  |  | $ | 25,870 |
Other information related to leases are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Supplemental cash flow information: | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited)
Cash paid for amounts included in measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows from operating leases | 6,226 |  |  | 4,675 |  |  | 17,569 |  |  | 15,797 |
Operating cash flows from finance leases | 81 |  |  | 82 |  |  | 252 |  |  | 247 |
Financing cash flows from finance leases | 119 |  |  | 71 |  |  | 356 |  |  | 205 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |
Operating leases | 721 |  |  | 382 |  |  | 9,304 |  |  | 1,969 |
Finance leases | 611 |  |  | 3 |  |  | 1,017 |  |  | 48 |
Amounts recognized in the condensed consolidated balance sheet are as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
Operating Leases: | (unaudited) |  |
Operating lease right-of-use assets | $ | 63,471 |  |  | $ | 63,869 |
Current portion of operating lease obligations | 16,502 |  |  | 17,375 |
Operating lease obligations (non-current) | 51,867 |  |  | 52,207 |
Weighted average remaining lease term | 6.0 years |  | 6.0 years
Weighted average discount rate | 6.8 | % |  | 6.7 | %
| September 30, 2021 |  | December 31, 2020
Finance Leases: | (unaudited) |  |
Property, plant and equipment, net | $ | 5,305 |  |  | $ | 4,779 |
Current portion of long-term debt and finance lease obligations | 663 |  |  | 337 |
Long-term debt and finance lease obligations | 5,129 |  |  | 4,816 |
Weighted average remaining lease term | 10.0 years |  | 12.0 years
Weighted average discount rate | 6.4 | % |  | 6.2 | %
As of September 30, 2021, we have no material additional operating and finance leases that have not yet commenced. As of September 30, 2021, future minimum lease payments under non-cancellable leases (excluding short-term leases) are as follows (in thousands):
| Operating Leases |  | Finance Leases
| (unaudited) |  | (unaudited)
2021 (Remainder of the year) | $ | 7,234 |  |  | $ | 327 |
2022 | 18,663 |  |  | 978 |
2023 | 14,675 |  |  | 888 |
2024 | 11,591 |  |  | 730 |
2025 | 8,675 |  |  | 568 |
Thereafter | 25,321 |  |  | 4,557 |
Total future minimum lease payments | 86,159 |  |  | 8,048 |
Less: Interest | (17,790) |  |  | (2,256) |
Present value of lease liabilities | $ | 68,369 |  |  | $ | 5,792 |

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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 + Details
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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 + Details
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