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 four 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, 2023 and December 31, 2022, the Company had the following ROU assets and lease liabilities within its Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | June 30, | | December 31, | | | | | 2023 | | 2022 | Assets | | Balance Sheet Classification | | | | | | | Operating lease right-of-use assets | | Other noncurrent assets | | $ | 10,781 | | $ | 12,106 | Financing lease right-of-use assets | | Other noncurrent assets | | | 2,270 | | | 2,918 | Total Lease Assets | | | | $ | 13,051 | | $ | 15,024 | | | | | | | | | | Liabilities | | Balance Sheet Classification | | | | | | | Financing lease liabilities - current | | Accrued expenses and other current liabilities | | $ | 1,009 | | $ | 977 | Operating lease liabilities - current | | Accrued expenses and other current liabilities | | | 2,708 | | | 2,722 | Financing lease liabilities - long-term | | Other noncurrent liabilities | | | 2,608 | | | 3,121 | Operating lease liabilities - long-term | | Other noncurrent liabilities | | | 8,638 | | | 9,993 | | | | | $ | 14,963 | | $ | 16,813 | | | | | | | | | | Weighted average remaining lease term in years | | | | | | | | | Operating leases | | | | | 3.64 | | | 4.14 | Finance leases | | | | | 1.75 | | | 2.25 | | | | | | | | | | 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, | | | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | | | (In thousands) | | (In thousands) | Operating lease information: | | | | | | | | | | | | | | | | | Operating lease cost | | | $ | 831 | | | $ | 831 | | | $ | 1,661 | | | $ | 1,661 | Operating cash flows from operating leases | | | | 828 | | | | 820 | | | | 1,704 | | | | 1,686 | | | | | | | | | | | | | | | | | | Financing lease information: | | | | | | | | | | | | | | | | | Financing lease cost | | | $ | 393 | | | $ | 393 | | | $ | 786 | | | $ | 786 | Operating cash flows from financing leases | | | | 303 | | | | 303 | | | | 605 | | | | 605 |
Future minimum lease payments under non-cancellable leases as of June 30, 2023 were as follows: | | | | | | | | | | Operating | | | Finance | Year | | Leases | | | Leases | | | (In thousands) | 2023 | | $ | 1,652 | | | $ | 605 | 2024 | | | 3,200 | | | | 1,210 | 2025 | | | 3,186 | | | | 2,112 | 2026 | | | 3,080 | | | | — | 2027 | | | 1,533 | | | | — | Thereafter | | | — | | | | — | Total minimum lease payments | | $ | 12,651 | | | $ | 3,927 | Less imputed interest | | | (1,305) | | | | (310) | | | | | | | | | Total lease liabilities | | $ | 11,346 | | | $ | 3,617 |
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