LEASES (Tables)
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9 Months Ended |
Sep. 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 |
September 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 |
$ |
13,932 |
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$ |
10,166 |
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| Finance |
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Property, plant and equipment, net |
57,002 |
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57,883 |
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| Total leased assets |
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$ |
70,934 |
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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 |
$ |
2,570 |
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$ |
2,147 |
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| Finance |
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Accrued and other liabilities |
138 |
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132 |
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| Non-Current |
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| Operating |
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Other non-current liabilities |
12,771 |
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9,563 |
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| Finance |
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Finance lease liabilities |
49,998 |
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50,103 |
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| Total leased liabilities |
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$ |
65,477 |
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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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September 30, 2022 |
| Lease term and discount rate |
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| Weighted average remaining lease term (years) |
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| Operating lease |
4.8 |
| Finance lease |
48.7 |
| Weighted average discount rate |
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| Operating lease |
6.2 |
% |
| 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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Nine months ended |
| Lease costs |
2022 |
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2021 |
| Operating lease cost |
$ |
2,247 |
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$ |
2,056 |
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| Finance lease cost |
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| Amortization of lease assets |
881 |
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|
494 |
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| Interest on lease liabilities |
2,983 |
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1,908 |
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| Finance lease cost |
$ |
3,864 |
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$ |
2,402 |
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| Total lease cost |
$ |
6,111 |
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$ |
4,458 |
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The following table includes other quantitative information for our operating and finance leases (in thousands):
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Nine Months Ended September 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 |
$ |
2,545 |
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$ |
2,173 |
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| Operating cash flows from finance leases |
$ |
2,868 |
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$ |
1,007 |
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| Financing cash flows from finance leases |
$ |
1 |
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$ |
1,862 |
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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 September 30, 2022 (in thousands):
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Operating |
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Finance |
| 2022 |
$ |
822 |
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$ |
1,229 |
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| 2023 |
3,579 |
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4,111 |
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| 2024 |
3,843 |
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4,111 |
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| 2025 |
3,886 |
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4,111 |
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| 2026 |
3,908 |
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4,111 |
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| After 2026 |
1,936 |
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182,222 |
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| Total lease payments |
$ |
17,974 |
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$ |
199,895 |
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| Less: discount |
2,633 |
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149,759 |
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| Present value of lease liability |
$ |
15,341 |
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$ |
50,136 |
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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 September 30, 2022 (in thousands):
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Operating |
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Finance |
| 2022 |
$ |
822 |
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$ |
1,229 |
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| 2023 |
3,579 |
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4,111 |
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| 2024 |
3,843 |
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4,111 |
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| 2025 |
3,886 |
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4,111 |
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| 2026 |
3,908 |
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4,111 |
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| After 2026 |
1,936 |
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182,222 |
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| Total lease payments |
$ |
17,974 |
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$ |
199,895 |
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| Less: discount |
2,633 |
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149,759 |
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| Present value of lease liability |
$ |
15,341 |
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$ |
50,136 |
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