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Leases

12 Months Ended

Dec. 31, 2021

LeasesThe Company recognizes right-of-use assets (“ROU assets”) and lease liabilities for operating leases of real estate, mining and other equipment that expire at various dates through 2031. The majority of the Company's leases are operating leases. See the table below for further information on the Consolidated Balance Sheet. The Company's lease agreements do not contain lease payments that depend on an index or a rate, as such, minimum lease payments do not include variable lease payments.

Leased assets and liabilities include the following:


Description	Location	DECEMBER 31 2021		DECEMBER 31 2020
Assets
Operating	Operating lease right-of-use assets	$	8,911	$	10,324
Finance	Property, plant and equipment, net (a)	334		1,478


Liabilities
Current
Operating	Other current liabilities	$	1,463	$	1,457
Finance	Current maturities of long-term debt	150		1,188
Noncurrent
Operating	Operating lease liabilities	$	9,733	$	11,196
Finance	Long-term debt	190		280

(a) Finance leased assets are recorded net of accumulated amortization of $0.3 million and $0.2 million as of December 31, 2021 and December 31, 2020, respectively.

The components of lease expense for the years ended December 31 are as follows:


Description	Location	2021		2020
Lease expense
Operating lease cost	Selling, general and administrative expenses	$	2,122	$	2,103
Finance lease cost:
Amortization of leased assets	Cost of sales	220		164
Interest on lease liabilities	Interest expense	31		19
Variable lease expense	Selling, general and administrative expenses	571		588
Short-term lease expense	Selling, general and administrative expenses	1,176		260
Total lease expense		$	4,120	$	3,134

Future minimum finance and operating lease payments were as follows at December 31, 2021:


	Finance Leases		Operating Leases		Total
2022	$	161	$	2,181	$	2,342
2023	127		1,705		1,832
2024	63		1,661		1,724
2025	7		1,469		1,476
2026	—		1,501		1,501
Subsequent to 2026	—		6,451		6,451
Total minimum lease payments	358		14,968		$	15,326
Amounts representing interest	18		3,772
Present value of net minimum lease payments	$	340	$	11,196

As most of the Company's leases do not provide an implicit rate, the Company determines the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company considers its credit rating and the current economic environment in determining this collateralized rate. The assumptions used in accounting for ASC 842 for the years ended December 31 are as follows:


Lease term and discount rate	2021		2020
Weighted average remaining lease term (years)
Operating	8.38		8.92
Finance	2.44		1.38

Weighted average discount rate
Operating	7.08	%	7.00	%
Finance	4.16	%	4.11	%

The following table details cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:


Cash paid for amounts included in the measurement of lease liabilities	2021		2020
Operating cash flows from operating leases	$	2,260	$	2,223
Operating cash flows from finance leases	31		19
Financing cash flows from finance leases	275		623

Leases

Leased assets and liabilities include the following:


Description	Location	DECEMBER 31 2021		DECEMBER 31 2020
Assets
Operating	Operating lease right-of-use assets	$	8,911	$	10,324
Finance	Property, plant and equipment, net (a)	334		1,478


Liabilities
Current
Operating	Other current liabilities	$	1,463	$	1,457
Finance	Current maturities of long-term debt	150		1,188
Noncurrent
Operating	Operating lease liabilities	$	9,733	$	11,196
Finance	Long-term debt	190		280

(a) Finance leased assets are recorded net of accumulated amortization of $0.3 million and $0.2 million as of December 31, 2021 and December 31, 2020, respectively.

The components of lease expense for the years ended December 31 are as follows:


Description	Location	2021		2020
Lease expense
Operating lease cost	Selling, general and administrative expenses	$	2,122	$	2,103
Finance lease cost:
Amortization of leased assets	Cost of sales	220		164
Interest on lease liabilities	Interest expense	31		19
Variable lease expense	Selling, general and administrative expenses	571		588
Short-term lease expense	Selling, general and administrative expenses	1,176		260
Total lease expense		$	4,120	$	3,134

Future minimum finance and operating lease payments were as follows at December 31, 2021:


	Finance Leases		Operating Leases		Total
2022	$	161	$	2,181	$	2,342
2023	127		1,705		1,832
2024	63		1,661		1,724
2025	7		1,469		1,476
2026	—		1,501		1,501
Subsequent to 2026	—		6,451		6,451
Total minimum lease payments	358		14,968		$	15,326
Amounts representing interest	18		3,772
Present value of net minimum lease payments	$	340	$	11,196


Lease term and discount rate	2021		2020
Weighted average remaining lease term (years)
Operating	8.38		8.92
Finance	2.44		1.38

Weighted average discount rate
Operating	7.08	%	7.00	%
Finance	4.16	%	4.11	%

The following table details cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:


Cash paid for amounts included in the measurement of lease liabilities	2021		2020
Operating cash flows from operating leases	$	2,260	$	2,223
Operating cash flows from finance leases	31		19
Financing cash flows from finance leases	275		623