Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Right of use assets

Right of use assets are included in the consolidated balance sheet are as follows:

 

   

December 31,

2020

 

December 31,

2019

Non-current assets                
Right of use assets - operating leases, net of amortization   $ 687,568     $ 792,078  
Right of use assets - finance leases, net of depreciation – included in property, plant and equipment   $ 27,119     $ 37,091  

 

 

Lease costs consists of the following:

 

    Year ended December 31,
    2020   2019
Finance lease cost:   $ 14,040     $ 13,292  
Amortization of right-of-use assets     12,870       11,890  
Interest expense on lease liabilities     1,170       1,402  
                 
Operating lease cost     265,081       210,881  
                 
Total lease cost   $ 279,121     $ 224,173  

  

Other lease information:

    Year ended December 31,
    2020   2019
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from finance leases   $ (1,170 )   $ (1,252 )
Operating cash flows from operating leases     (265,081 )     (210,881 )
Financing cash flows from finance leases     (12,666 )     (11,371 )
                 
Right-of-use assets obtained in exchange for new finance leases     470       14,989  
Right-of-use assets disposed of under operating leases prior to lease maturity     (21,588 )     (81,263 )
Right-of -use assets obtained in exchange for new operating leases   $ 84,918     $ 442,281  
Weighted average remaining lease term – finance leases     2.74 years       3.46 years  
Weighted average remaining lease term – operating leases     2.83 years       3.74 years  
Weighted average discount rate – finance leases     3.65 %     3.52 %
Weighted average discount rate – operating leases     3.59 %     3.42 %

 

 

Finance lease liability

    Amount
2021     11,342  
2022     9,461  
2023     7,581  
2024     879  
Total undiscounted minimum future lease payments     29,263  
Imputed interest     (1,487 )
Total finance lease liability   $ 27,776  
Disclosed as:        
Current portion   $ 10,511  
Non-Current portion     17,265  
    $ 27,776  

 

Operating lease liability

    Amount
2021     258,406  
2022     221,799  
2023     178,842  
2024 and beyond     31,304  
Total undiscounted minimum future lease payments     690,351  
Imputed interest     (34,591 )
Total operating lease liability   $ 655,760  
Disclosed as:        
Current portion   $ 238,899  
Non-Current portion     416,861  
    $ 655,760