XML 37 R25.htm IDEA: XBRL DOCUMENT v3.22.1
Leases
3 Months Ended
Mar. 31, 2022
Leases  
Leases

17. 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 five 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 March 31, 2022 and December 31, 2021, the Company had the following ROU assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets:

    

    

    

March 31, 

    

December 31, 

2022

2021

Assets

 

Balance Sheet Classification

 

  

 

  

Operating lease right-of-use assets

 

Other noncurrent assets

$

14,024

$

14,646

Financing lease right-of-use assets

 

Other noncurrent assets

3,891

4,215

Total Lease Assets

$

17,915

$

18,861

Liabilities

Balance Sheet Classification

Financing lease liabilities - current

Accrued expenses and other current liabilities

$

931

$

917

Operating lease liabilities - current

Accrued expenses and other current liabilities

2,652

2,606

Financing lease liabilities - long-term

Other noncurrent liabilities

3,859

4,097

Operating lease liabilities - long-term

Other noncurrent liabilities

12,009

12,713

$

19,451

$

20,333

Weighted average remaining lease term in years

Operating leases

4.89

5.14

Finance leases

3.00

3.25

Weighted average discount rate

Operating leases

5.5%

5.5%

Finance leases

6.4%

6.4%

Information related to leases was as follows:

Three Months Ended March 31, 

2022

    

2021

 

Operating lease information:

 

  

Operating lease cost

$

831

$

846

Operating cash flows from operating leases

 

 

866

860

Financing lease information:

 

  

Financing lease cost

$

393

$

393

Operating cash flows from financing leases

 

303

303

Future minimum lease payments under non-cancellable leases as of March 31, 2022 were as follows:

    

Operating

Finance

Year

Leases

Leases

 

(In thousands)

2022

$

2,522

$

908

2023

 

3,356

 

1,210

2024

 

3,200

 

1,210

2025

 

3,185

 

2,111

2026

 

3,080

 

Thereafter

 

1,532

 

Total minimum lease payments

$

16,875

$

5,439

Less imputed interest

 

(2,214)

 

(649)

Total lease liabilities

$

14,661

$

4,790