Leases

3 Months Ended

Mar. 31, 2020

Leases

Leases

20. Leases

The Company has operating and financing leases for mining equipment, office equipment, office space and transloading terminals with remaining lease terms ranging from less than 1 year to approximately 8 years. Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases. As most of the leases do not provide an implicit rate, the Company calculated the ROU assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date. The Company currently does not have any finance leases outstanding.

Information related to leases was as follows:

		Three Months Ended March 31,
		2020			2019
Operating lease information:	(In thousands)
Operating lease cost	$	1,023		$	917
Operating cash flows from operating leases		1,042			871
Weighted average remaining lease term in years		5.64			5.06
Weighted average discount rate		5.5	%		5.6	%

Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows:

	Operating		Finance
Year	Leases		Leases
	(In thousands)
2020	$	2,570	$	1,009
2021		3,364		1,210
2022		3,314		1,210
2023		3,283		1,210
2024		3,199		1,210
Thereafter		7,970		2,010
Total minimum lease payments	$	23,700	$	7,859
Less imputed interest		(4,155)		(1,394)
Total lease liabilities	$	19,545	$	6,465
As reflected on balance sheet:
Accrued expenses and other current liabilities	$	2,412	$	879
Other noncurrent liabilities		17,133		5,586
Total lease liability	$	19,545	$	6,465

At March 31, 2020, the Company had an $18.9 million ROU operating lease asset and a $6.5 million finance lease asset recorded within “Other noncurrent assets” on the Condensed Consolidated Balance Sheet.