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Note 18 - Leases

12 Months Ended

Dec. 31, 2021

18.

LEASES

The Partnership leases certain office space and land under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; lease expense for these leases is recognized as paid over the lease term. For real property leases, the Partnership has elected the practical expedient to not separate non-lease components (e.g., common-area maintenance costs) from lease components and to instead account for each component as a single lease component. For leases that do not contain an implicit interest rate, the Partnership uses its most recent incremental borrowing rate.

Some real property leases contain options to renew, with renewal terms that can extend indefinitely. The exercise of such lease renewal options is at the Partnership’s sole discretion. The Partnership determines the lease term at the lease commencement date as the non-cancellable period of the lease, including options to extend or terminate the lease when such an option is reasonably certain to be exercised. The Partnership uses various data to analyze these options, including historical trends, current expectations and useful lives of assets related to the lease. Operating lease assets and liabilities are stated in separate line items on the consolidated balance sheets.

Future commitments, including options to extend lease terms that are reasonably certain of being exercised, related to leases at December 31, 2021, are summarized below (in thousands):

	*Operating Leases*
Twelve months ending December 31, 2022	$	1,708
Twelve months ending December 31, 2023		1,615
Twelve months ending December 31, 2024		989
Twelve months ending December 31, 2025		887
Twelve months ending December 31, 2026		869
Thereafter		4,716
Total		10,784
Less: Interest		2,663
Present value of lease liabilities	$	8,121

The following table summarizes the Partnership’s total lease cost by type as well as cash flow information (in thousands):

		*Year ended December 31, 2021*
	*Classification*	*2020*		*2021*
Total Lease Cost by Type:
Operating lease cost⁽¹⁾	Operating Expense	$	1,953	$	1,920
Short-term lease cost	Operating Expense		172		122
Net lease cost		$	2,125	$	2,042
Supplemental cash flow disclosures:
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases		$	1,400	$	1,895
Leased assets obtained in exchange for new operating lease liabilities		$	119	$	884

(1)	Includes variable lease costs, which are immaterial.

	*As of*
	*December 31,*
	*2021*
Lease Term and Discount Rate
Weighted-average remaining operating lease term (years)		10.0
Weighted-average discount rate		5.5	%