| Lease |
The Company has various non-cancelable operating leases with various terms through July 2031 primarily for office space and office equipment.
The lease costs for the nine months ended September 30, 2021 and 2020 were as follows:
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Nine months ended September 30, |
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2021 |
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2020 |
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Lease cost: |
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Operating lease cost |
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$ |
18,015 |
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$ |
13,492 |
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Finance lease costs: |
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Amortization of leased assets |
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124 |
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57 |
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Interest on lease liabilities |
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3 |
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2 |
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Short term lease costs: |
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Operating lease cost |
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384 |
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462 |
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Finance lease cost |
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Amortization of leased assets |
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7 |
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5 |
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Interest on lease liabilities |
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1 |
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— |
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Sublease income |
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(292 |
) |
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(265 |
) |
Lease cost – net |
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$ |
18,242 |
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$ |
13,753 |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
19,615 |
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$ |
11,352 |
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Operating cash flows from finance leases |
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134 |
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38 |
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Non-cash related activities |
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Right-of-use assets obtained in exchange for new operating lease liabilities |
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2,294 |
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4,734 |
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Right-of-use assets obtained in exchange for new finance lease liabilities |
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— |
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— |
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Weighted average discount rate (percent) |
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Operating leases |
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3.75 |
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3.69 |
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Finance leases |
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3.10 |
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2.93 |
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Weighted average remaining lease term (years) |
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Operating leases |
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6.0 |
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5.7 |
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Finance leases |
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2.7 |
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1.9 |
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Supplemental balance sheet information related to Lease right-of-use assets:
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September 30, 2021 |
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December 31, 2020 |
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Right-of-use assets – operating leases – net |
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$ |
80,177 |
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$ |
93,715 |
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Right-of-use assets – finance leases – net |
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118 |
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226 |
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Total lease right-of-use assets – net |
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$ |
80,295 |
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$ |
93,941 |
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Supplemental balance sheet information related to lease liabilities:
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September 30, 2021 |
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December 31, 2020 |
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Current lease liabilities |
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Operating |
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$ |
18,811 |
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$ |
19,880 |
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Finance |
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51 |
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147 |
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Non-current lease liabilities |
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Operating |
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69,928 |
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83,737 |
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Finance |
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66 |
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78 |
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Total lease liabilities |
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$ |
88,856 |
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$ |
103,842 |
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The estimated future minimum payments of operating and financing leases as of September 30, 2021:
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Finance Leases |
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Operating Leases |
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The remainder of 2021 |
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$ |
22 |
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$ |
4,348 |
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2022 |
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41 |
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22,032 |
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2023 |
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37 |
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17,518 |
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2024 |
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18 |
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13,970 |
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2025 |
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4 |
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10,864 |
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Thereafter |
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— |
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31,263 |
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Total undiscounted future lease payments |
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$ |
122 |
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$ |
99,995 |
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Less imputed interest |
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(5 |
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(11,256 |
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Present value lease liabilities |
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$ |
117 |
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$ |
88,739 |
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Average annual sublease income for the next eight years is $0.3 million.
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