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Leases
6 Months Ended
Jun. 30, 2020
Leases  
Leases

21. 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 7 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.

Information related to leases was as follows:

    

 

Six Months Ended June 30, 

2020

    

2019

Operating lease information:

(In thousands)

Operating lease cost

$

905

$

917

Operating cash flows from operating leases

 

885

871

Weighted average remaining lease term in years

 

5.38

5.06

Weighted average discount rate

 

5.5

%

5.6

%

Financing lease information:

 

  

Financing lease cost

$

393

$

Operating cash flows from financing leases

 

303

Weighted average remaining lease term in years

 

4.75

Weighted average discount rate

 

6.4

%

%

Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows:

    

Operating

Finance

Year

Leases

Leases

 

(In thousands)

2020

$

1,683

$

605

2021

 

3,367

 

1,210

2022

 

3,317

 

1,210

2023

 

3,285

 

1,210

2024

 

3,200

 

1,210

Thereafter

 

7,798

 

2,111

Total minimum lease payments

$

22,650

$

7,556

Less imputed interest

 

(3,742)

 

(1,273)

Total lease liabilities

$

18,908

$

6,283

As reflected on balance sheet:

 

 

Accrued expenses and other current liabilities

$

2,382

$

833

Other noncurrent liabilities

 

16,526

 

5,450

Total lease liability

$

18,908

$

6,283

At June 30, 2020, the Company had an $18.2 million ROU operating lease asset and a $6.2 million finance lease asset recorded within “Other noncurrent assets” on the Condensed Consolidated Balance Sheet.