Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.0.1
LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES
Our land leases are classified as finance leases and include one or more options to extend the lease term for up to 40 years, as well as to terminate the lease within five years, at our sole discretion. We are reasonably certain that those options will be exercised, and that our termination rights will not be exercised, and we have, therefore, included those assumptions within our right of use assets and corresponding lease liabilities. Our office space leases are classified as operating leases and include one or more options to extend the lease term up to 10 years, at our sole discretion. As we are not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. As none of our leases provide an implicit rate, we have determined our own discount rate.
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):
December 31,
Leases Consolidated Balance Sheets Classification 2021 2020
Right of use asset
Operating Other Non-Current Assets $ 10,166  $ 11,884 
Finance Property, plant and equipment, net 57,883  20,018 
Total Leased Assets $ 68,049  $ 31,902 
Liabilities
Current
Operating Accrued and other liabilities $ 2,147  $ 1,947 
Finance Accrued and other liabilities 132  3 
Non-Current
Operating Other non-current liabilities 9,563  11,709 
Finance Other non-current liabilities 50,103  13,506 
Total leased liabilities $ 61,945  $ 27,165 

Lease costs recognized in our Consolidated Statements of Operations is summarized as follows (in thousands):
Year Ended December 31,
Lease Costs 2021 2020 2019
Operating lease cost $ 2,519  $ 2,741  $ 3,616 
Finance lease cost
Amortization of lease assets 788  367  44 
Interest on lease liabilities 2,904  1,694  197 
Finance lease cost $ 3,692  $ 2,061  $ 241 
Total lease cost $ 6,211  $ 4,802  $ 3,857 
Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:
December 31,
Lease term and discount rate 2021 2020
Weighted average remaining lease term (years)
Operating lease 4.7 5.7
Finance lease 49.4 50.2
Weighted average discount rate
Operating lease 8.0  % 8.0  %
Finance lease 9.4  % 13.5  %

The following table includes other quantitative information for our operating and finance leases (in thousands):
Year Ended December 31,
2021 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 2,953  $ 2,847  $ 3,173 
Operating cash flows from finance leases $ 1,813  $ 1,056  $ — 
Financing cash flows from finance leases $ 1,926  $ 1,777  $ 2,224 

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 December 31, 2021 (in thousands):
Operating Finance
2022 $ 3,006  $ 4,111 
2023 3,044  4,111 
2024 3,081  4,111 
2025 3,119  4,111 
2026 1,261  4,111 
After 2026 600  182,222 
Total lease payments $ 14,111  $ 202,777 
Less: discount 2,401  152,542 
Present value of lease liability $ 11,710  $ 50,235 
LEASES
Our land leases are classified as finance leases and include one or more options to extend the lease term for up to 40 years, as well as to terminate the lease within five years, at our sole discretion. We are reasonably certain that those options will be exercised, and that our termination rights will not be exercised, and we have, therefore, included those assumptions within our right of use assets and corresponding lease liabilities. Our office space leases are classified as operating leases and include one or more options to extend the lease term up to 10 years, at our sole discretion. As we are not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. As none of our leases provide an implicit rate, we have determined our own discount rate.
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):
December 31,
Leases Consolidated Balance Sheets Classification 2021 2020
Right of use asset
Operating Other Non-Current Assets $ 10,166  $ 11,884 
Finance Property, plant and equipment, net 57,883  20,018 
Total Leased Assets $ 68,049  $ 31,902 
Liabilities
Current
Operating Accrued and other liabilities $ 2,147  $ 1,947 
Finance Accrued and other liabilities 132  3 
Non-Current
Operating Other non-current liabilities 9,563  11,709 
Finance Other non-current liabilities 50,103  13,506 
Total leased liabilities $ 61,945  $ 27,165 

Lease costs recognized in our Consolidated Statements of Operations is summarized as follows (in thousands):
Year Ended December 31,
Lease Costs 2021 2020 2019
Operating lease cost $ 2,519  $ 2,741  $ 3,616 
Finance lease cost
Amortization of lease assets 788  367  44 
Interest on lease liabilities 2,904  1,694  197 
Finance lease cost $ 3,692  $ 2,061  $ 241 
Total lease cost $ 6,211  $ 4,802  $ 3,857 
Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:
December 31,
Lease term and discount rate 2021 2020
Weighted average remaining lease term (years)
Operating lease 4.7 5.7
Finance lease 49.4 50.2
Weighted average discount rate
Operating lease 8.0  % 8.0  %
Finance lease 9.4  % 13.5  %

The following table includes other quantitative information for our operating and finance leases (in thousands):
Year Ended December 31,
2021 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 2,953  $ 2,847  $ 3,173 
Operating cash flows from finance leases $ 1,813  $ 1,056  $ — 
Financing cash flows from finance leases $ 1,926  $ 1,777  $ 2,224 

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 December 31, 2021 (in thousands):
Operating Finance
2022 $ 3,006  $ 4,111 
2023 3,044  4,111 
2024 3,081  4,111 
2025 3,119  4,111 
2026 1,261  4,111 
After 2026 600  182,222 
Total lease payments $ 14,111  $ 202,777 
Less: discount 2,401  152,542 
Present value of lease liability $ 11,710  $ 50,235