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LEASE
12 Months Ended
Dec. 31, 2021
LEASE  
LEASE

12. LEASE

The Company leases office space, office equipment and vehicles for solar power plants construction, and manufacturing facilities in various regions where the Company operates. Leased assets are mainly located in the PRC, United States and Canada.

The leases considered as ROU assets have various terms of up to twenty years. The Company also has certain leases with terms of 12 months or less, which are not recorded on the consolidated balance sheet.

​

The components of lease expenses were as follows:

​

​

​

​

​

​

​

    

Year ended

​

Year ended

​

 

December 31, 2020

    

December 31, 2021

​

 

$

​

$

Finance lease cost:

​

  

​

  

Amortization of right-of-use assets

​

8,036

​

14,920

Interest on lease liabilities

​

1,497

​

1,349

Operating fixed lease cost

​

19,630

​

18,443

Short-term lease cost

​

850

​

1,884

Total lease cost

​

30,013

​

36,596

​

Other supplemental information related to leases is summarized below:

​

​

​

​

​

​

​

    

Year ended

​

Year ended

​

 

December 31, 2020

    

December 31, 2021

​

 

$

​

$

Cash paid for amounts included in the measurement of lease liabilities

​

  

​

  

Operating cash outflows from finance lease

​

(1,497)

​

(1,349)

Operating cash outflows from operating lease

​

(20,589)

​

(19,972)

Financing cash outflows from finance lease

​

(19,163)

​

(35,554)

ROU assets obtained in exchange of new finance lease liabilities in non-cash transaction

​

10,666

​

60,102

ROU assets obtained in exchange of new operating lease liabilities in non-cash transaction

​

14,892

​

24,694

ROU assets disposed through early termination of operating leases in non-cash transaction

​

(6,572)

​

(1,880)

​

​

​

​

​

​

​

​

    

At December 31, 

    

At December 31, 

 

​

 

2020

​

2021

​

Weighted average of remaining operating lease term - finance leases (in years)

 

0.90

​

2.66

​

Weighted average of remaining operating lease term - operating leases (in years)

 

3.07

​

4.40

​

​

​

​

​

​

​

Weighted average of operating lease discount rate - finance lease

 

5.54

%

4.95

%

Weighted average of operating lease discount rate - operating lease

 

4.18

%

4.34

%

​

​

12. LEASE (Continued)

​

As of December 31, 2021, maturities of operating and finance lease liabilities were as follows:

​

​

​

​

​

​

​

​

​

    

Operating Lease

    

Finance Lease 

    

Total Lease 

​

​

Payment

​

Payment

​

Payment

​

​

$

​

$

​

$

Year Ending December 31:

​

​

​

​

​

​

2022

 

12,768

 

20,381

 

33,149

2023

 

7,941

 

17,052

 

24,993

2024

 

4,833

 

16,272

 

21,105

2025

 

1,880

 

—

 

1,880

2026

 

2,398

 

—

 

2,398

Thereafter

 

10,651

 

—

 

10,651

Total future minimum lease payments

 

40,471

 

53,705

 

94,176

Less: imputed interest

 

5,071

 

3,552

 

8,623

NPV for future minimum lease payments

 

35,400

 

50,153

 

85,553

​

​

​

​

​

​

​

Analysis as:

​

​

​

​

​

​

Short-term

​

12,185

​

18,749

​

30,934

Long-term

​

23,215

​

31,404

​

54,619

Total lease liabilities

​

35,400

​

50,153

​

85,553

​

As of December 31, 2020, maturities of operating and finance lease liabilities were as follows:

​

​

​

​

​

​

​

​

​

    

Operating Lease 

    

Finance Lease 

    

Total Lease 

​

​

Payment

​

Payment

​

Payment

​

​

$

​

$

​

$

Year Ending December 31:

​

​

​

​

​

​

2021

​

14,374

​

22,706

​

37,080

2022

​

7,427

​

2,514

​

9,941

2023

​

3,632

​

—

​

3,632

2024

​

1,242

​

—

​

1,242

2025

​

369

​

—

​

369

Thereafter

​

1,859

​

—

​

1,859

Total future minimum lease payments

​

28,903

​

25,220

​

54,123

Less: imputed interest

​

467

​

963

​

1,430

NPV for future minimum lease payments

​

28,436

​

24,257

​

52,693

​

​

​

​

​

​

​

Analysis as:

​

​

​

​

​

​

Short-term

​

15,204

​

21,887

​

37,091

Long-term

​

13,232

​

2,370

​

15,602

Total lease liabilities

​

28,436

​

24,257

​

52,693

​