Leases

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021, the Company had the following ROU assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets:

		June 30,		December 31,
		2022		2021
Assets	Balance Sheet Classification
Operating lease right-of-use assets	Other noncurrent assets	$	13,394	$	14,646
Financing lease right-of-use assets	Other noncurrent assets		3,566		4,215
Total Lease Assets		$	16,960	$	18,861
Liabilities	Balance Sheet Classification
Financing lease liabilities - current	Accrued expenses and other current liabilities	$	946	$	917
Operating lease liabilities - current	Accrued expenses and other current liabilities		2,697		2,606
Financing lease liabilities - long-term	Other noncurrent liabilities		3,617		4,097
Operating lease liabilities - long-term	Other noncurrent liabilities		11,345		12,713
		$	18,605	$	20,333
Weighted average remaining lease term in years
Operating leases			4.64		5.14
Finance leases			3.25		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 June 30,					Six Months Ended June 30,
	2022		2021			2022		2021
	(In thousands)				(In thousands)
Operating lease information:
Operating lease cost	$	831	$	846		$	1,661	$	1,692
Operating cash flows from operating leases		820		826			1,686		1,686
Financing lease information:
Financing lease cost	$	393	$	393		$	786	$	786
Operating cash flows from financing leases		303		303			605		606

Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows:

	Operating		Finance
Year	Leases		Leases
	(In thousands)
2022	$	1,702	$	606
2023		3,356		1,210
2024		3,200		1,210
2025		3,185		2,111
2026		3,080		—
Thereafter		1,533		—
Total minimum lease payments	$	16,056	$	5,137
Less imputed interest		(2,014)		(574)
Total lease liabilities	$	14,042	$	4,563