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Leases
9 Months Ended
Sep. 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:

    

September 30,

December 31,

Leases

2021

2020

Assets

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

$

15,193

$

18,874

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

 

12,135

 

12,858

Total assets

$

27,328

$

31,732

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

3,970

$

4,989

Financing

 

1,408

 

3,901

Total current

 

5,378

 

8,890

Noncurrent

 

  

 

  

Operating

 

12,033

 

14,537

Financing

 

10,324

 

8,376

Total noncurrent

 

22,357

 

22,913

Total liabilities

$

27,735

$

31,803

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $8.9 million and $9.0 million as of September 30, 2021 and December 31, 2020, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $2.1 million and $6.4 million as of September 30, 2021 and December 31, 2020, respectively.

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

September 30,

 

December 31,

 

2021

 

2020

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

5.07

5.25

Financing leases

5.05

4.96

Weighted Average Discount Rate

  

Operating leases (1)

4.78

%

4.73

%

Financing leases

4.22

%

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 September 30,

Nine Months Ended September 30,

    

2021

    

2020

2021

    

2020

Operating lease costs:

 

  

 

  

  

 

  

Operating lease cost

$

1,338

$

1,588

$

4,510

$

4,815

Short-term lease cost (1)

 

425

 

833

 

1,432

 

2,914

Financing lease costs:

 

  

 

  

 

  

 

  

Interest on lease liabilities

 

125

 

135

 

369

 

410

Amortization of right-of-use assets

 

657

 

902

 

2,259

 

2,487

Total lease cost

$

2,545

$

3,458

$

8,570

$

10,626

(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:

Nine Months Ended September 30,

2021

2020

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

Operating cash flows for operating leases

$

4,358

$

4,743

Operating cash flows for finance leases

$

369

$

410

Financing cash flows for finance leases

$

2,500

$

2,751

Non-cash activity:

 

 

  

ROU assets obtained in exchange for new operating lease liabilities

$

818

$

3,017

ROU assets obtained in exchange for new financing lease liabilities

$

4,329

$

9,714

Maturities of lease liabilities are summarized as follows:

Operating Leases

    

Finance Leases

Year ending December 31,

2021 (excluding the nine months ended September 30, 2021)

$

1,291

$

656

2022

 

4,296

 

3,492

2023

 

3,432

 

2,596

2024

 

2,641

 

2,036

2025

 

2,354

 

1,430

Thereafter

 

4,090

 

3,035

Total future minimum lease payments

 

18,104

 

13,245

Less - amount representing interest

 

2,101

 

1,513

Present value of future minimum lease payments

 

16,003

 

11,732

Less - current lease obligations

 

3,970

 

1,408

Long-term lease obligations

$

12,033

$

10,324