XML 50 R34.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Assets and Liabilities Leases
Operating and financing lease right-of-use assets and lease liabilities for facilities, office buildings and vehicles as of September 30, 2021 and December 31, 2020 were as follows (in thousands):
September 30,December 31,
20212020
Assets:
Operating lease right-of-use assets, net 1, 2
$70,055 $35,621 
Financing lease right-of-use assets, net 2, 3, 4
2,943 334 
Total
$72,998 $35,955 
Liabilities:
Current:
Operating lease liabilities
$6,206 $7,899 
Financing lease liabilities 5
798 74 
Total current lease liabilities
7,004 7,973 
Non-current:
Operating lease liabilities
78,146 41,849 
Financing lease liabilities 6
2,165 267 
Total non-current lease liabilities
80,311 42,116 
Total lease liabilities
$87,315 $50,089 
1 These assets primarily include leases for facilities, office buildings and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net, in the condensed consolidated balance sheets, net of accumulated amortization.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
Lease, Cost
The components of our facilities, office buildings and vehicles' lease costs for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Operating lease costs
$3,925 $2,683 $10,620 $6,280 
Financing lease costs:
Amortization of financing lease right-of-use assets
214 15 1,096 32 
Interest expense for financing lease liabilities
51 4 296 10 
Total financing lease costs
265 19 1,392 42 
Short-term lease costs
625 131 951 668 
Total lease costs
$4,815 $2,833 $12,963 $6,990 

Weighted average remaining lease terms and discount rates for our facilities, office buildings and vehicles as of September 30, 2021 and December 31, 2020 were as follows:
September 30,December 31,
20212020
Remaining lease term (years):
Operating leases
9.3 years6.7 years
Finance leases
3.6 years4.2 years
Discount rate:
Operating leases
9.3 %8.7 %
Finance leases
7.6 %7.0 %
Finance Lease, Liability, Fiscal Year Maturity
Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of September 30, 2021, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2021
$3,581 $240 
2022
13,076 960 
2023
14,949 955 
2024
13,455 782 
2025
13,477 313 
Thereafter
79,085 88 
Total minimum lease payments
137,623 3,338 
Less: amounts representing interest or imputed interest
(53,271)(375)
Present value of lease liabilities
$84,352 $2,963 
At September 30, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands):
Financing Obligations
Sublease Payments1
Remainder of 2021$10,412 $(10,412)
202242,265 (42,265)
202343,223 (43,223)
202441,141 (41,141)
202540,106 (40,106)
Thereafter90,023 (90,023)
Total lease payments267,170 $(267,170)
Less: imputed interest(154,762) 
Total lease obligations112,408  
Less: current obligations(14,260) 
Long-term lease obligations$98,148  
1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank.
Lessee, Operating Lease, Liability, Maturity
Future lease payments under lease agreements for our facilities, office buildings, and vehicles as of September 30, 2021, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2021
$3,581 $240 
2022
13,076 960 
2023
14,949 955 
2024
13,455 782 
2025
13,477 313 
Thereafter
79,085 88 
Total minimum lease payments
137,623 3,338 
Less: amounts representing interest or imputed interest
(53,271)(375)
Present value of lease liabilities
$84,352 $2,963 
At September 30, 2021, future lease payments under the Managed Services financing obligations and the sublease payments from the customers under the related operating leases were as follows (in thousands):
Financing Obligations
Sublease Payments1
Remainder of 2021$10,412 $(10,412)
202242,265 (42,265)
202343,223 (43,223)
202441,141 (41,141)
202540,106 (40,106)
Thereafter90,023 (90,023)
Total lease payments267,170 $(267,170)
Less: imputed interest(154,762) 
Total lease obligations112,408  
Less: current obligations(14,260) 
Long-term lease obligations$98,148  
1 Sublease Payments primarily represents the fees received by the bank from our customer for the electricity generated by our Energy Servers leased under our Managed Services and other similar arrangements, which also pay down our financing obligation to the bank.
Sales-type Lease, Net Investment in Lease
The components of our aggregate net investment in sales-type leases under our Portfolio Financings through PPA entities consisted of the following (in thousands):
September 30,December 31,
20212020
Lease payment receivables, net1
$45,784 $49,806 
Estimated residual value of leased assets (unguaranteed)
890 890 
Net investment in sales-type leases
46,674 50,696 
Less: current portion(5,693)(5,428)
Non-current portion of net investment in sales-type leases$40,981 $45,268 
1 Net of current estimated credit losses of approximately $0.1 million as of September 30, 2021 and December 31, 2020.
Sales-type Leases, Lease Receivable, Maturity
As of September 30, 2021, the future scheduled customer payments from sales-type leases were as follows (in thousands):
Future minimum lease payments
Remainder of 2021$1,494 
20226,110 
20236,435 
20246,797 
20257,125 
Thereafter19,176 
Total undiscounted cash flows47,137 
Less: imputed interest(1,302)
Present value of lease payments1
$45,835 
1 Amount comprises a current and long-term portion of lease receivables of $5.7 million and $41.0 million, respectively, after giving effect to a $0.1 million current expected credit loss reserve on the long-term portion, which is reflected as a component of the net investment in sales-type leases presented in our condensed consolidated statement of financial position as customer financing receivables.
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
Future estimated operating lease payments we expect to receive from Portfolio Financing arrangements through PPA Entities as of September 30, 2021, were as follows (in thousands):
Operating Leases
Remainder of 2021$10,850 
202244,205 
202345,290 
202446,533 
202547,553 
Thereafter
264,018 
Total lease payments
$458,449