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Leases (Tables)
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows (in thousands):
June 30, 2022December 31, 2021
Finance lease right-of-use assets, net(1)
$69,789$75,692 
Finance lease liabilities
Current22,77023,622 
Noncurrent18,25128,434 
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.
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,
2022202120222021
Operating lease cost(1):
$12,582 $1,600 $18,572 $2,790 
Finance lease cost:
Amortization of leased assets2,690 2,708 7,311 6,833 
Interest on lease liabilities913 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
Maturities of lease liabilities for the Company's finance leases as of June 30, 2022 were as follows (in thousands):
Finance Leases(1)
202210,197 
202324,427 
20247,357 
20252,055 
2026207 
Thereafter— 
Total44,243 
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 Leases
Supplemental cash flow information related to the Company's leases was as follows (in thousands):
For the six months ended
June 30,
20222021
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