Leases |
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| Leases |
NOTE 15 — LEASES
Finance Leases
Our land leases are classified as financing leases and include one or more options to extend the lease term for up to 40 years, as well as to terminate the lease within five years, at our sole discretion. We are reasonably certain that those options will be exercised, and that our termination rights will not be exercised, and we have, therefore, included those assumptions within our right of use assets and corresponding lease liabilities. As of September 30, 2020, the weighted-average remaining lease term for our financing leases was approximately fifty years. As none of our finance leases provide an implicit rate, we have determined our own discount rate, which, on a weighted-average basis at September 30, 2020, was approximately 13%.
As of September 30, 2020, our financing leases had a corresponding right of use asset of approximately $20.1 million, which is recognized within Property, plant and equipment, net, and a total lease liability of approximately $13.5 million, which is recognized in Other non-current liabilities. For the three and nine months ended September 30, 2020, our finance lease costs, which are associated with the interest on our lease liabilities, were approximately $0.5 million and $1.2 million, respectively, of which approximately $0.2 million has been paid as of September 30, 2020. For the three and nine months ended September 30, 2020, we paid approximately $0.2 million and $1.8 million, respectively, in cash for amounts included in the measurement of finance lease liabilities, all of which are presented within the finance section of our cash flows.
Operating Leases
Our office space leases are classified as operating leases and include one or more options to extend the lease term up to 10 years, at our sole discretion. As we are not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. As of September 30, 2020, our weighted-average remaining lease term for our operating leases was approximately six years. As none of our operating leases provide an implicit rate, we have determined our own discount rate, which, on a weighted-average basis at September 30, 2020, was approximately 8%.
As of September 30, 2020, our operating leases had a corresponding right of use asset of approximately $12.3 million which is recognized within Other non-current assets and a total lease liability of approximately $14.1 million which is recognized within Accrued and other liabilities (approximately $1.9 million) and Other non-current liabilities (approximately $12.2 million). For the three and nine months ended September 30, 2020 and 2019, our operating lease costs were $0.7 million and $0.9 million, respectively, and $2.1 million and $2.7 million, respectively. For the three and nine months ended September 30, 2020 and 2019, we paid approximately $0.7 million and $0.9 million, respectively, and $2.1 million, and $2.3 million, respectively, in cash for amounts included in the measurement of operating lease liabilities, all of which are presented within operating cash flows.
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of September 30, 2020 (in thousands):
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| Leases |
NOTE 15 — LEASES
Finance Leases
Our land leases are classified as financing leases and include one or more options to extend the lease term for up to 40 years, as well as to terminate the lease within five years, at our sole discretion. We are reasonably certain that those options will be exercised, and that our termination rights will not be exercised, and we have, therefore, included those assumptions within our right of use assets and corresponding lease liabilities. As of September 30, 2020, the weighted-average remaining lease term for our financing leases was approximately fifty years. As none of our finance leases provide an implicit rate, we have determined our own discount rate, which, on a weighted-average basis at September 30, 2020, was approximately 13%.
As of September 30, 2020, our financing leases had a corresponding right of use asset of approximately $20.1 million, which is recognized within Property, plant and equipment, net, and a total lease liability of approximately $13.5 million, which is recognized in Other non-current liabilities. For the three and nine months ended September 30, 2020, our finance lease costs, which are associated with the interest on our lease liabilities, were approximately $0.5 million and $1.2 million, respectively, of which approximately $0.2 million has been paid as of September 30, 2020. For the three and nine months ended September 30, 2020, we paid approximately $0.2 million and $1.8 million, respectively, in cash for amounts included in the measurement of finance lease liabilities, all of which are presented within the finance section of our cash flows.
Operating Leases
Our office space leases are classified as operating leases and include one or more options to extend the lease term up to 10 years, at our sole discretion. As we are not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. As of September 30, 2020, our weighted-average remaining lease term for our operating leases was approximately six years. As none of our operating leases provide an implicit rate, we have determined our own discount rate, which, on a weighted-average basis at September 30, 2020, was approximately 8%.
As of September 30, 2020, our operating leases had a corresponding right of use asset of approximately $12.3 million which is recognized within Other non-current assets and a total lease liability of approximately $14.1 million which is recognized within Accrued and other liabilities (approximately $1.9 million) and Other non-current liabilities (approximately $12.2 million). For the three and nine months ended September 30, 2020 and 2019, our operating lease costs were $0.7 million and $0.9 million, respectively, and $2.1 million and $2.7 million, respectively. For the three and nine months ended September 30, 2020 and 2019, we paid approximately $0.7 million and $0.9 million, respectively, and $2.1 million, and $2.3 million, respectively, in cash for amounts included in the measurement of operating lease liabilities, all of which are presented within operating cash flows.
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of September 30, 2020 (in thousands):
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