Leases

9 Months Ended

Sep. 30, 2023

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 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 September 30, 2023 and December 31, 2022, the Company had the following ROU assets and lease liabilities within its Condensed Consolidated Balance Sheets:

		September 30,		December 31,
		2023		2022
Assets	Balance Sheet Classification
Operating lease right-of-use assets	Other noncurrent assets	$	10,134	$	12,106
Financing lease right-of-use assets	Other noncurrent assets		1,945		2,918
Total Lease Assets		$	12,079	$	15,024
Liabilities	Balance Sheet Classification
Financing lease liabilities - current	Accrued expenses and other current liabilities	$	1,025	$	977
Operating lease liabilities - current	Accrued expenses and other current liabilities		2,719		2,722
Financing lease liabilities - long-term	Other noncurrent liabilities		2,346		3,121
Operating lease liabilities - long-term	Other noncurrent liabilities		7,929		9,993
		$	14,019	$	16,813
Weighted average remaining lease term in years
Operating leases			3.53		4.14
Finance leases			1.50		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 September 30,					Nine Months Ended September 30,
	2023		2022			2023		2022
	(In thousands)				(In thousands)
Operating lease information:
Operating lease cost	$	801	$	831		$	2,462	$	2,492
Operating cash flows from operating leases		851		876			2,555		2,562
Financing lease information:
Financing lease cost	$	393	$	393		$	1,179	$	1,179
Operating cash flows from financing leases		303		303			908		908

Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows:

	Operating		Finance
Year	Leases		Leases
	(In thousands)
2023	$	801	$	303
2024		3,200		1,210
2025		3,185		2,111
2026		3,080		—
2027		1,533		—
Thereafter		—		—
Total minimum lease payments	$	11,799	$	3,624
Less imputed interest		(1,151)		(253)
Total lease liabilities	$	10,648	$	3,371