Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

The following table provides the components of lease expense for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Finance lease cost:
Amortization of ROU assets	$	1,207	$	1,140
Interest on lease liabilities	80		110
Operating lease cost	673		623
Short-term lease cost	3,781		3,212
Variable lease cost	6		1
Total lease expense	$	5,747	$	5,086

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	673	$	622
Operating cash flows from finance leases	80		109
Financing cash flows from finance leases	1,139		1,014
ROU assets obtained in exchange for new lease liabilities:
Finance leases	—		2,091
Operating leases	196		264

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:

	Three Months Ended
	March 31,
	2022	2021
Weighted-average remaining lease term (years):
Finance leases	3.39	4.10
Operating leases	3.63	4.32
Weighted-average discount rate:
Finance leases	2.6%	2.8%
Operating leases	3.7%	4.2%

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):

	March 31,		December 31,
	2022		2021
Assets
Finance lease ROU assets (1)	$	11,382	$	12,590
Operating lease ROU assets	6,699		7,113
Liabilities
Current
Finance lease liabilities	3,293		3,663
Operating lease liabilities	2,258		2,178
Noncurrent
Finance lease liabilities	8,903		9,672
Operating lease liabilities	4,445		4,938

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at March 31, 2022 (in thousands):

	Finance		Operating
	Lease		Lease
Remainder of 2022	$	2,722	$	1,923
2023	3,143		2,080
2024	2,348		1,911
2025	3,771		394
2026	801		333
Thereafter	—		455
Total lease payments	12,785		7,096
Less: Interest	(589)		(393)
Present value of lease liabilities	12,196		6,703
Less: Current portion of lease obligation	(3,293)		(2,258)
Total long-term lease obligation	$	8,903	$	4,445

The following table provides maturities of undiscounted lease liabilities at December 31, 2021 (in thousands):

	Finance		Operating
	Lease		Lease
2022	$	3,941	$	2,399
2023	3,143		2,080
2024	2,348		1,911
2025	3,771		394
2026	801		333
Thereafter	—		455
Total lease payments	14,004		7,572
Less: Interest	(669)		(456)
Present value of lease liabilities	13,335		7,116
Less: Current portion of lease obligation	(3,663)		(2,178)
Total long-term lease obligation	$	9,672	$	4,938

Leases

Leases

The following table provides the components of lease expense for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Finance lease cost:
Amortization of ROU assets	$	1,207	$	1,140
Interest on lease liabilities	80		110
Operating lease cost	673		623
Short-term lease cost	3,781		3,212
Variable lease cost	6		1
Total lease expense	$	5,747	$	5,086

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	673	$	622
Operating cash flows from finance leases	80		109
Financing cash flows from finance leases	1,139		1,014
ROU assets obtained in exchange for new lease liabilities:
Finance leases	—		2,091
Operating leases	196		264

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

The following table provides the lease terms and discount rates for the periods indicated:

	Three Months Ended
	March 31,
	2022	2021
Weighted-average remaining lease term (years):
Finance leases	3.39	4.10
Operating leases	3.63	4.32
Weighted-average discount rate:
Finance leases	2.6%	2.8%
Operating leases	3.7%	4.2%

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):

	March 31,		December 31,
	2022		2021
Assets
Finance lease ROU assets (1)	$	11,382	$	12,590
Operating lease ROU assets	6,699		7,113
Liabilities
Current
Finance lease liabilities	3,293		3,663
Operating lease liabilities	2,258		2,178
Noncurrent
Finance lease liabilities	8,903		9,672
Operating lease liabilities	4,445		4,938

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

The following table provides maturities of undiscounted lease liabilities at March 31, 2022 (in thousands):

	Finance		Operating
	Lease		Lease
Remainder of 2022	$	2,722	$	1,923
2023	3,143		2,080
2024	2,348		1,911
2025	3,771		394
2026	801		333
Thereafter	—		455
Total lease payments	12,785		7,096
Less: Interest	(589)		(393)
Present value of lease liabilities	12,196		6,703
Less: Current portion of lease obligation	(3,293)		(2,258)
Total long-term lease obligation	$	8,903	$	4,445

The following table provides maturities of undiscounted lease liabilities at December 31, 2021 (in thousands):

	Finance		Operating
	Lease		Lease
2022	$	3,941	$	2,399
2023	3,143		2,080
2024	2,348		1,911
2025	3,771		394
2026	801		333
Thereafter	—		455
Total lease payments	14,004		7,572
Less: Interest	(669)		(456)
Present value of lease liabilities	13,335		7,116
Less: Current portion of lease obligation	(3,663)		(2,178)
Total long-term lease obligation	$	9,672	$	4,938