LEASES (Tables)
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6 Months Ended |
Jun. 30, 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 |
June 30, 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 |
$ |
12,872 |
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$ |
10,166 |
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| Finance |
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Property, plant and equipment, net |
57,295 |
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57,883 |
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| Total leased assets |
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$ |
70,167 |
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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 |
$ |
2,473 |
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$ |
2,147 |
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| Finance |
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Accrued and other liabilities |
136 |
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132 |
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| Non-Current |
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| Operating |
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Other non-current liabilities |
11,910 |
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9,563 |
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| Finance |
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Finance lease liabilities |
50,034 |
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50,103 |
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| Total leased liabilities |
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$ |
64,553 |
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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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June 30, 2022 |
| Lease term and discount rate |
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| Weighted average remaining lease term (years) |
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| Operating lease |
5.0 |
| Finance lease |
48.9 |
| 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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Six months ended |
| Lease Costs |
2022 |
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2021 |
| Operating lease cost |
$ |
1,452 |
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$ |
1,448 |
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| Finance lease cost |
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| Amortization of lease assets |
587 |
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|
201 |
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| Interest on lease liabilities |
1,990 |
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|
911 |
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| Finance lease cost |
$ |
2,577 |
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$ |
1,112 |
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| Total lease cost |
$ |
4,029 |
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$ |
2,560 |
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The following table includes other quantitative information for our operating and finance leases (in thousands):
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Six Months Ended June 30, |
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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 |
$ |
1,494 |
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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 |
$ |
2,668 |
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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 June 30, 2022 (in thousands):
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Operating |
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Finance |
| 2022 |
$ |
1,614 |
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$ |
2,055 |
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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 |
$ |
16,746 |
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$ |
200,721 |
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| Less: discount |
2,362 |
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150,551 |
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| Present value of lease liability |
$ |
14,384 |
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$ |
50,170 |
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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 June 30, 2022 (in thousands):
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Operating |
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Finance |
| 2022 |
$ |
1,614 |
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$ |
2,055 |
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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 |
$ |
16,746 |
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$ |
200,721 |
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| Less: discount |
2,362 |
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150,551 |
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| Present value of lease liability |
$ |
14,384 |
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$ |
50,170 |
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