LEASES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| Leases [Abstract] |
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| Assets And Liabilities, Lessee |
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):
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| Leases |
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Consolidated Balance Sheets Classification |
March 31, 2022 |
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December 31, 2021 |
| Right of use asset |
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| Operating |
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Other non-current assets |
$ |
13,437 |
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$ |
10,166 |
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| Finance |
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Property, plant and equipment, net |
57,589 |
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|
57,883 |
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| Total leased assets |
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$ |
71,026 |
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$ |
68,049 |
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| Liabilities |
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| Current |
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| Operating |
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Accrued and other liabilities |
$ |
2,365 |
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$ |
2,147 |
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| Finance |
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Accrued and other liabilities |
134 |
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132 |
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| Non-Current |
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| Operating |
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Other non-current liabilities |
12,553 |
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9,563 |
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| Finance |
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Other non-current liabilities |
50,068 |
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|
50,103 |
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| Total leased liabilities |
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$ |
65,120 |
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$ |
61,945 |
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Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:
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March 31, 2022 |
| Lease term and discount rate |
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| Weighted average remaining lease term (years) |
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| Operating lease |
5.2 |
| Finance lease |
49.2 |
| Weighted average discount rate |
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| Operating lease |
6.1 |
% |
| Finance lease |
9.4 |
% |
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| Schedule of Lease, Cost |
Lease costs recognized in our Consolidated Statements of Operations is summarized as follows (in thousands):
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Three months ended |
| Lease Costs |
2022 |
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2021 |
| Operating lease cost |
$ |
685 |
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$ |
724 |
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| Finance lease cost |
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| Amortization of lease assets |
294 |
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|
100 |
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| Interest on lease liabilities |
994 |
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|
456 |
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| Finance lease cost |
$ |
1,288 |
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$ |
556 |
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| Total lease cost |
$ |
1,973 |
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$ |
1,280 |
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The following table includes other quantitative information for our operating and finance leases (in thousands):
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Three months ended March 31, |
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2022 |
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2021 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
$ |
743 |
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$ |
724 |
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| Operating cash flows from finance leases |
$ |
— |
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$ |
— |
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| Financing cash flows from finance leases |
$ |
— |
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$ |
— |
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| Schedule of Finance Lease, Liability, Maturity |
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of March 31, 2022 (in thousands):
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Operating |
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Finance |
| 2022 |
$ |
2,350 |
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$ |
3,083 |
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| 2023 |
3,316 |
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4,111 |
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| 2024 |
3,359 |
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4,111 |
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| 2025 |
3,401 |
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4,111 |
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| 2026 |
3,423 |
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4,111 |
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| After 2026 |
1,633 |
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182,222 |
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| Total lease payments |
$ |
17,482 |
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$ |
201,749 |
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| Less: discount |
2,564 |
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|
151,547 |
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| Present value of lease liability |
$ |
14,918 |
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$ |
50,202 |
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| Schedule of Operating Lease Maturity |
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of March 31, 2022 (in thousands):
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Operating |
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Finance |
| 2022 |
$ |
2,350 |
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$ |
3,083 |
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| 2023 |
3,316 |
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|
4,111 |
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| 2024 |
3,359 |
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4,111 |
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| 2025 |
3,401 |
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4,111 |
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| 2026 |
3,423 |
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4,111 |
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| After 2026 |
1,633 |
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182,222 |
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| Total lease payments |
$ |
17,482 |
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$ |
201,749 |
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| Less: discount |
2,564 |
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|
151,547 |
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| Present value of lease liability |
$ |
14,918 |
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$ |
50,202 |
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