Leases (Tables)

12 Months Ended

Dec. 31, 2020

The following table provides details of our lease contracts for the years ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2020		2019
Operating lease cost	$	33,904	$	35,335
Finance lease cost:
Amortization of right of use assets	585		625
Interest on lease liabilities	2,681		117
Total finance lease cost	3,266		742

Short-term lease cost	11,663		6,655
Variable lease cost	8,691		6,198


Total lease cost	$	57,524	$	48,930

Supplemental cash flow information related to our lease contracts for the years ended December 31, 2020 and 2019 is as follows (in thousands):


	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	36,245	$	29,946
Operating cash flows from finance leases	1,568		117
Financing cash flows from finance leases	663		678
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	29,581		24,687
Finance leases(a)	—		55,806

(a) Represents 60% ownership interest in finance lease acquired as part of the Wodgina Project acquisition. See Note 2, “Acquisitions,” for further details.

Supplemental Balance Sheet Information related

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2020 and 2019 is as follows (in thousands, except as noted):


	December 31,
	2020			2019
Operating leases:
Other assets	$	136,292		$	133,864

Accrued expenses	22,297			23,137
Other noncurrent liabilities	116,765			114,686
Total operating lease liabilities	139,062			137,823
Finance leases:
Net property, plant and equipment	58,963			59,494

Current portion of long-term debt(a)	1,752			636
Long-term debt	58,543			58,888
Total finance lease liabilities	60,295			59,524
Weighted average remaining lease term (in years):
Operating leases	15.3			11.4
Finance leases	27.5			28.3
Weighted average discount rate (%):
Operating leases	3.94		%	3.84		%
Finance leases	4.56		%	4.56		%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	25,620	$	2,200
2022	20,428		4,479
2023	21,846		4,479
2024	10,794		4,479
2025	9,620		4,479
Thereafter	132,365		89,918
Total lease payments	220,673		110,034
Less imputed interest	81,611		49,739
Total	$	139,062	$	60,295

Finance Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	25,620	$	2,200
2022	20,428		4,479
2023	21,846		4,479
2024	10,794		4,479
2025	9,620		4,479
Thereafter	132,365		89,918
Total lease payments	220,673		110,034
Less imputed interest	81,611		49,739
Total	$	139,062	$	60,295