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Leases (Tables) | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands):
|  | June 30, 2021 |  | December 31, 2020
Finance lease right-of-use assets, net(1) |  | $ | 81,823 |  | $ | 46,746 |
Finance lease liabilities |  |  |  |
Current |  | 24,849 |  | 14,385 |
Noncurrent |  | 39,241 |  | 24,091 |
Total finance lease liabilities |  | $ | 64,090 |  | $ | 38,476 |
Weighted average remaining lease term - finance leases (in months) |  | 40.4 |  |  | 42.9 |
Weighted average discount rate - finance leases(2) |  | 5.82 | % |  | 5.77 | %
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $12.3 million and $9.8 million and are included in property, plant and equipment, net in the Condensed Balance Sheet as of June 30, 2021 and the Balance Sheet as of December 31, 2020, respectively. (2) When an implicit discount rate is not readily available in a lease, the Company uses its incremental borrowing rate based on information available at the commencement date when determining the present value of lease payments.
Components of Lease Expense | The components of lease expense were as follows (in thousands):
| For the three months ended June 30, |  | For the six months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost(1): | $ | 1,600 |  |  | $ | 501 |  |  | $ | 2,790 |  |  | $ | 793 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets | 2,708 |  |  | 2,918 |  |  | 6,833 |  |  | 5,916 |
Interest on lease liabilities | 1,122 |  |  | 542 |  |  | 1,916 |  |  | 1,088 |
Net lease cost | $ | 5,430 |  |  | $ | 3,961 |  |  | $ | 11,539 |  |  | $ | 7,797 |
(1) Includes leases that are for periods of 12 months or less.
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands):
|  | Finance Leases(1)
2021 |  | $ | 16,490 |
2022 |  | 27,006 |
2023 |  | 22,781 |
2024 |  | 3,178 |
2025 |  | 1,353 |
Thereafter |  | 156 |
Total |  | 70,964 |
Less: amount representing interest |  | (6,874) |
Present value of lease liabilities |  | $ | 64,090 |
(1) Finance lease payments include $3.0 million of future payments required under signed lease agreements that have not yet commenced.
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands):
| For the six months ended June 30,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 1,916 |  |  | $ | 1,088 |
Financing cash flows from finance leases | $ | 13,984 |  |  | $ | 7,985 |
Non-cash right-of-use assets obtained in exchange for lease obligations: |  |  |
Finance leases | $ | 41,889 |  |  | $ | 4,394 |

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- Definition Assets and Liabilities, Lessee + References No definition available. + Details
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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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