Leases

9 Months Ended

Sep. 30, 2021

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 one year to approximately six 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 “right-of-use” (“ROU”) assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date.

As of September 30, 2021 and December 31, 2020, the Company had the following ROU assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets:

		September 30,		December 31,
		2021		2020
Assets	Balance Sheet Classification
Operating lease right-of-use assets	Other noncurrent assets	$	15,127	$	17,069
Financing lease right-of-use assets	Other noncurrent assets		4,539		5,512
Total Lease Assets		$	19,666	$	22,581
Liabilities	Balance Sheet Classification
Financing lease liabilities - current	Accrued expenses and other current liabilities	$	902	$	860
Operating lease liabilities - current	Accrued expenses and other current liabilities		2,515		2,454
Financing lease liabilities - long-term	Other noncurrent liabilities		4,332		5,014
Operating lease liabilities - long-term	Other noncurrent liabilities		13,272		15,278
		$	21,021	$	23,606
Weighted average remaining lease term in years
Operating leases			5.25
Finance leases			3.50
Weighted average discount rate
Operating leases			5.5%
Finance leases			6.4%

Information related to leases was as follows:

		Three Months Ended September 30,					Nine Months Ended September 30,
		2021		2020			2021		2020
	(In thousands)					(In thousands)
Operating lease information:
Operating lease cost		$	841	$	846		$	2,533	$	2,774
Operating cash flows from operating leases			865		860			2,551		2,787
Financing lease information:
Financing lease cost		$	393	$	393		$	1,179	$	1,179
Operating cash flows from financing leases			303		303			909		909

Future minimum lease payments under non-cancellable leases as of September 30, 2021 were as follows:

	Operating		Finance
Year	Leases		Leases
	(In thousands)
2021	$	816	$	303
2022		3,317		1,210
2023		3,285		1,210
2024		3,200		1,210
2025		3,185		2,111
Thereafter		4,613		—
Total minimum lease payments	$	18,416	$	6,044
Less imputed interest		(2,629)		(810)
Total lease liabilities	$	15,787	$	5,234