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v3.23.1

Lease Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Components of Operating Lease Expense | For the three months ended March 31, 2023 and 2022, the components of lease expense recorded within Selling, General and Administrative Expenses are as follows:
|  | Three Months Ended March 31, |
(In thousands of U.S. Dollars) |  | 2023 |  |  |  | 2022 |
Operating lease cost: |  |  |  |  |  |  |
Amortization of operating lease assets |  | $ | 151 |  |  |  | $ | 693 |
Interest on operating lease liabilities |  |  | 724 |  |  |  |  | 215 |
Short-term and variable lease costs |  |  | 204 |  |  |  |  | 160 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of finance lease assets |  |  | 100 |  |  |  | N/A |
Interest on finance lease liabilities |  |  | 14 |  |  |  | N/A |
Total lease cost |  | $ | 1,193 |  |  |  | $ | 1,068 |
Supplemental Cash and Non-Cash Flow Information Related to Leases | For the three months ended March 31, 2023 and 2022, supplemental cash and non-cash information related to leases is as follows:
| Three Months Ended March 31, |
(In thousands of U.S. Dollars) |  | 2023 |  |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating leases | $ |  | 971 |  |  | $ |  | 945 |
Finance leases | $ |  | — |  |  |  | N/A |
Supplemental disclosure of noncash leasing activities: |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ |  | 228 |  |  | $ |  | 217 |
Right-of-use assets obtained in exchange for finance lease obligations | $ |  | — |  |  |  | N/A |
Lessee Operating Lease Balance Sheet Amounts and Lines | As of March 31, 2023 and December 31, 2022, supplemental balance sheet information related to leases is as follows:
|  |  | March 31, |  |  | December 31, |
(In thousands of U.S. Dollars) |  |  | 2023 |  |  | 2022 |
Assets | Balance Sheet Location |  |  |  |  |  |
Operating lease right-of-use assets | Property, plant and equipment |  | $ | 11,888 |  |  | $ | 12,341 |
Finance lease right-of-use assets | Property, plant and equipment |  | $ | 1,776 |  |  | $ | 1,876 |
Liabilities | Balance Sheet Location |  |  |  |  |  |
Operating lease liabilities | Accrued and other liabilities |  | $ | 14,140 |  |  | $ | 14,461 |
Finance lease liabilities(1) | Accrued and other liabilities |  | $ | 967 |  |  | $ | 1,011 |
(1) Recorded net of a $0.9 million upfront payment made upon execution of the finance lease arrangement.
Lessee Leases Weighted Average Remaining Lease Term and Weighted Average Interest Rate | As of March 31, 2023 and December 31, 2022, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s leases are as follows:
|  |  | March 31, |  |  | December 31, |
|  |  | 2023 |  |  | 2022 |
Operating leases: |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 5.8 |  |  |  | 6.0 |
Weighted-average discount rate |  | 5.91% |  |  | 5.90% |
Finance leases: |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 4.4 |  |  |  | 4.7 |
Weighted-average discount rate |  | 6.00% |  |  | 6.00% |
Lessee Operating and Finance Lease, Maturity | As of March 31, 2023, the maturities of the Company’s operating and finance lease liabilities are as follows:
(In thousands of U.S. Dollars) |  | Operating Leases |  |  | Finance Leases |
2023 (nine months remaining) |  | $ | 2,699 |  |  | $ | 508 |
2024 |  |  | 3,049 |  |  |  | 508 |
2025 |  |  | 2,457 |  |  |  | — |
2026 |  |  | 2,069 |  |  |  | — |
2027 |  |  | 2,093 |  |  |  | — |
Thereafter |  |  | 4,354 |  |  |  | — |
Total lease payments |  | $ | 16,721 |  |  | $ | 1,016 |
Less: interest expense |  |  | (2,581 | ) |  |  | (49 | )
Present value of lease liabilities |  | $ | 14,140 |  |  | $ | 967 |
Schedule of Maturities of Lease Receivables | The following lease payments are expected to be received by the Company for its sales-type leases and joint revenue sharing arrangements in each of the next five years and thereafter following the March 31, 2023 balance sheet date:
|  | Sales-Type |  |  | Joint Revenue |
(In thousands of U.S. Dollars) |  | Leases |  |  | Sharing Arrangements |
2023 (nine months remaining) |  | $ | 2,260 |  |  | $ | 130 |
2024 |  |  | 3,519 |  |  |  | 69 |
2025 |  |  | 3,248 |  |  |  | 27 |
2026 |  |  | 3,163 |  |  |  | — |
2027 |  |  | 3,018 |  |  |  | — |
Thereafter |  |  | 16,889 |  |  |  | — |
Total |  | $ | 32,097 |  |  | $ | 226 |

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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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