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Leases
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases LeasesThe Company primarily enters into rental agreements for certain mining equipment that are for periods of 12 months or less, some of which include options to extend the leases. Leases that are for periods of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense on these agreements on a straight-line basis over the lease term. Additionally, the Company has certain finance leases for mining equipment that expire over various contractual periods. The
leases have remaining lease terms of one to five years. These leases do not include an option to renew. Amortization expense for finance leases is included in depreciation and depletion expense.

Supplemental balance sheet information related to leases was as follows (in thousands):
September 30, 2021December 31, 2020
Finance lease right-of-use assets, net(1)
$77,837$46,746 
Finance lease liabilities
Current22,42114,385 
Noncurrent34,80524,091 
Total finance lease liabilities$57,226$38,476 
Weighted average remaining lease term - finance leases (in months)38.0 42.9 
Weighted average discount rate - finance leases(2)
5.89 %5.77 %
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $15.6 million and $9.8 million and are included in property, plant and equipment, net in the Condensed Balance Sheet as of September 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.

    The components of lease expense were as follows (in thousands):
For the three months ended
September 30,		For the nine months ended
September 30,
2021202020212020
Operating lease cost(1):
$782 $801 $3,572 $1,594 
Finance lease cost:
Amortization of leased assets3,389 2,943 10,222 8,859 
Interest on lease liabilities1,019 315 2,935 1,403 
Net lease cost$5,190 $4,059 $16,729 $11,856 
(1) Includes leases that are for periods of 12 months or less.

Maturities of lease liabilities were as follows (in thousands):
Finance Leases(1)
2021$7,745 
202227,885 
202322,763 
20243,195 
20251,353 
Thereafter156 
Total63,097 
Less: amount representing interest(5,871)
Present value of lease liabilities$57,226 
(1) Finance lease payments include $3.9 million of future payments required under signed lease agreements that have not yet commenced.


Supplemental cash flow information related to leases was as follows (in thousands):
For the nine months ended
September 30,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$2,935 $1,403 
Financing cash flows from finance leases$22,284 $10,972 
Non-cash right-of-use assets obtained in exchange for lease obligations:
Finance leases$42,842 $12,036 
As of September 30, 2021, the Company had additional commitments for finance leases, primarily for mining equipment, that have not yet commenced of $3.9 million. These finance leases will commence during fiscal years 2021 and 2022 with lease terms of one to two years.
Leases LeasesThe Company primarily enters into rental agreements for certain mining equipment that are for periods of 12 months or less, some of which include options to extend the leases. Leases that are for periods of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense on these agreements on a straight-line basis over the lease term. Additionally, the Company has certain finance leases for mining equipment that expire over various contractual periods. The
leases have remaining lease terms of one to five years. These leases do not include an option to renew. Amortization expense for finance leases is included in depreciation and depletion expense.

Supplemental balance sheet information related to leases was as follows (in thousands):
September 30, 2021December 31, 2020
Finance lease right-of-use assets, net(1)
$77,837$46,746 
Finance lease liabilities
Current22,42114,385 
Noncurrent34,80524,091 
Total finance lease liabilities$57,226$38,476 
Weighted average remaining lease term - finance leases (in months)38.0 42.9 
Weighted average discount rate - finance leases(2)
5.89 %5.77 %
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $15.6 million and $9.8 million and are included in property, plant and equipment, net in the Condensed Balance Sheet as of September 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.

    The components of lease expense were as follows (in thousands):
For the three months ended
September 30,		For the nine months ended
September 30,
2021202020212020
Operating lease cost(1):
$782 $801 $3,572 $1,594 
Finance lease cost:
Amortization of leased assets3,389 2,943 10,222 8,859 
Interest on lease liabilities1,019 315 2,935 1,403 
Net lease cost$5,190 $4,059 $16,729 $11,856 
(1) Includes leases that are for periods of 12 months or less.

Maturities of lease liabilities were as follows (in thousands):
Finance Leases(1)
2021$7,745 
202227,885 
202322,763 
20243,195 
20251,353 
Thereafter156 
Total63,097 
Less: amount representing interest(5,871)
Present value of lease liabilities$57,226 
(1) Finance lease payments include $3.9 million of future payments required under signed lease agreements that have not yet commenced.


Supplemental cash flow information related to leases was as follows (in thousands):
For the nine months ended
September 30,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$2,935 $1,403 
Financing cash flows from finance leases$22,284 $10,972 
Non-cash right-of-use assets obtained in exchange for lease obligations:
Finance leases$42,842 $12,036 
As of September 30, 2021, the Company had additional commitments for finance leases, primarily for mining equipment, that have not yet commenced of $3.9 million. These finance leases will commence during fiscal years 2021 and 2022 with lease terms of one to two years.