XML 36 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases

18.Leases

The Company has operating and finance leases for office space, equipment and vehicles.

Leases recorded on the balance sheet consists of the following:

    

June 30,

December 31,

Leases

2021

2020

Assets

Operating lease right-of-use assets, net (1)

$

16,204

$

18,874

Financing lease right-of-use assets, net (2)

 

12,289

 

12,858

Total assets

$

28,493

$

31,732

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

4,395

$

4,989

Financing

 

2,085

 

3,901

Total current

 

6,480

 

8,890

Noncurrent

 

  

 

  

Operating

 

12,687

 

14,537

Financing

 

9,890

 

8,376

Total noncurrent

 

22,577

 

22,913

Total liabilities

$

29,057

$

31,803

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $9.4 million and $9.0 million as of June 30, 2021 and December 31, 2020, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $3.7 million and $6.4 million as of June 30, 2021 and December 31, 2020, respectively.

Other information related to lease term and discount rate is as follows:

June 30,

 

December 31,

 

2021

 

2020

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

5.16

5.25

Financing leases

5.27

4.96

Weighted Average Discount Rate

  

Operating leases (1)

4.76

%

4.73

%

Financing leases

4.33

%

4.46

%

(1)Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.

The components of lease expense are as follows:

Three Months Ended June 30,

Six Months Ended June 30,

    

2021

    

2020

2021

    

2020

Operating lease costs:

 

  

 

  

  

 

  

Operating lease cost

$

1,518

$

1,613

$

3,172

$

3,227

Short-term lease cost (1)

 

317

 

920

 

1,007

 

2,081

Financing lease costs:

 

  

 

  

 

  

 

  

Interest on lease liabilities

 

118

 

169

 

244

 

275

Amortization of right-of-use assets

 

821

 

885

 

1,602

 

1,585

Total lease cost

$

2,774

$

3,587

$

6,025

$

7,168

(1)Includes expenses related to leases with a lease term of more than one month but less than one year.

Supplemental cash flow information related to leases is as follows:

Six Months Ended June 30,

2021

2020

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

$

2,949

$

3,179

Operating cash flows for finance leases

$

244

$

275

Financing cash flows for finance leases

$

1,675

$

1,858

Non-cash activity:

 

 

  

ROU assets obtained in exchange for new operating lease liabilities

$

358

$

2,688

ROU assets obtained in exchange for new financing lease liabilities

$

3,147

$

9,425

Maturities of lease liabilities are summarized as follows:

Operating Leases

    

Finance Leases

Year ending December 31,

2021 (excluding the six months ended June 30, 2021)

$

2,761

$

1,992

2022

 

4,330

 

2,437

2023

 

3,276

 

2,577

2024

 

2,549

 

2,017

2025

 

2,354

 

1,386

Thereafter

 

4,090

 

3,161

Total future minimum lease payments

 

19,360

 

13,570

Less - amount representing interest

 

2,278

 

1,595

Present value of future minimum lease payments

 

17,082

 

11,975

Less - current lease obligations

 

4,395

 

2,085

Long-term lease obligations

$

12,687

$

9,890