XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.22.2

Leases | 6 Months Ended
--- | ---
Jun. 30, 2022
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. These leases have remaining lease terms of one to five years and 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):
|  | June 30, 2022 |  | December 31, 2021
Finance lease right-of-use assets, net(1) |  | $ | 69,789 |  | $ | 75,692 |
Finance lease liabilities |  |  |  |
Current |  | 22,770 |  | 23,622 |
Noncurrent |  | 18,251 |  | 28,434 |
Total finance lease liabilities |  | $ | 41,021 |  | $ | 52,056 |
Weighted average remaining lease term - finance leases (in months) |  | 30.2 |  |  | 35.1 |
Weighted average discount rate - finance leases(2) |  | 5.99 | % |  | 6.11 | %
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $25.0 million and $17.7 million and are included in property, plant and equipment, net in the Condensed Balance Sheets as of June 30, 2022 and the Balance Sheets as of December 31, 2021, 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 June 30, |  | For the six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost(1): | $ | 12,582 |  |  | $ | 1,600 |  |  | $ | 18,572 |  |  | $ | 2,790 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets | 2,690 |  |  | 2,708 |  |  | 7,311 |  |  | 6,833 |
Interest on lease liabilities | 913 |  |  | 1,122 |  |  | 1,793 |  |  | 1,916 |
Net lease cost | $ | 16,185 |  |  | $ | 5,430 |  |  | $ | 27,676 |  |  | $ | 11,539 |
(1) Includes leases that are for periods of 12 months or less. Maturities of lease liabilities for the Company's finance leases as of June 30, 2022 were as follows (in thousands):
|  | Finance Leases(1)
2022 |  | 10,197 |
2023 |  | 24,427 |
2024 |  | 7,357 |
2025 |  | 2,055 |
2026 |  | 207 |
Thereafter |  | — |
Total |  | 44,243 |
Less: amount representing interest |  | (3,222) |
Present value of lease liabilities |  | $ | 41,021 |
(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 the Company's leases was as follows (in thousands):
| For the six months ended June 30,
| 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 1,793 |  |  | $ | 1,916 |
Financing cash flows from finance leases | $ | 14,100 |  |  | $ | 13,984 |
Non-cash right-of-use assets obtained in exchange for lease obligations: |  |  |
Finance leases | $ | 914 |  |  | $ | 41,889 |
As of June 30, 2022, 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 year 2022 and 2023 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. These leases have remaining lease terms of one to five years and 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):
|  | June 30, 2022 |  | December 31, 2021
Finance lease right-of-use assets, net(1) |  | $ | 69,789 |  | $ | 75,692 |
Finance lease liabilities |  |  |  |
Current |  | 22,770 |  | 23,622 |
Noncurrent |  | 18,251 |  | 28,434 |
Total finance lease liabilities |  | $ | 41,021 |  | $ | 52,056 |
Weighted average remaining lease term - finance leases (in months) |  | 30.2 |  |  | 35.1 |
Weighted average discount rate - finance leases(2) |  | 5.99 | % |  | 6.11 | %
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $25.0 million and $17.7 million and are included in property, plant and equipment, net in the Condensed Balance Sheets as of June 30, 2022 and the Balance Sheets as of December 31, 2021, 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 June 30, |  | For the six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost(1): | $ | 12,582 |  |  | $ | 1,600 |  |  | $ | 18,572 |  |  | $ | 2,790 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets | 2,690 |  |  | 2,708 |  |  | 7,311 |  |  | 6,833 |
Interest on lease liabilities | 913 |  |  | 1,122 |  |  | 1,793 |  |  | 1,916 |
Net lease cost | $ | 16,185 |  |  | $ | 5,430 |  |  | $ | 27,676 |  |  | $ | 11,539 |
(1) Includes leases that are for periods of 12 months or less. Maturities of lease liabilities for the Company's finance leases as of June 30, 2022 were as follows (in thousands):
|  | Finance Leases(1)
2022 |  | 10,197 |
2023 |  | 24,427 |
2024 |  | 7,357 |
2025 |  | 2,055 |
2026 |  | 207 |
Thereafter |  | — |
Total |  | 44,243 |
Less: amount representing interest |  | (3,222) |
Present value of lease liabilities |  | $ | 41,021 |
(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 the Company's leases was as follows (in thousands):
| For the six months ended June 30,
| 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 1,793 |  |  | $ | 1,916 |
Financing cash flows from finance leases | $ | 14,100 |  |  | $ | 13,984 |
Non-cash right-of-use assets obtained in exchange for lease obligations: |  |  |
Finance leases | $ | 914 |  |  | $ | 41,889 |
As of June 30, 2022, 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 year 2022 and 2023 with lease terms of one to two years.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration