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Lease Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Components of Operating Lease Expense | For the three and six months ended June 30, 2023 and 2022, the components of lease expense recorded within Selling, General and Administrative Expenses are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands of U.S. Dollars) |  | 2023 |  |  |  | 2022 |  |  | 2023 |  |  |  | 2022 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of operating lease assets |  | $ | 556 |  |  |  | $ | 669 |  |  | $ | 1,280 |  |  |  | $ | 1,362 |
Interest on operating lease liabilities |  |  | 192 |  |  |  |  | 201 |  |  |  | 396 |  |  |  |  | 416 |
Short-term and variable lease costs |  |  | 149 |  |  |  |  | 168 |  |  |  | 300 |  |  |  |  | 328 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of finance lease assets |  |  | 99 |  |  |  | N/A |  |  |  | 199 |  |  |  | N/A |
Interest on finance lease liabilities |  |  | 14 |  |  |  | N/A |  |  |  | 28 |  |  |  | N/A |
Total lease cost |  | $ | 1,010 |  |  |  | $ | 1,038 |  |  | $ | 2,203 |  |  |  | $ | 2,106 |
Supplemental Cash and Non-Cash Flow Information Related to Leases | For the six months ended June 30, 2023 and 2022, supplemental cash and non-cash information related to leases is as follows:
| Six Months Ended June 30, |
(In thousands of U.S. Dollars) |  | 2023 |  |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating leases | $ |  | 1,860 |  |  | $ |  | 1,679 |
Finance leases | $ |  | — |  |  |  |  | 890 |
Supplemental disclosure of noncash leasing activities: |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ |  | 233 |  |  | $ |  | 622 |
Right-of-use assets obtained in exchange for finance lease obligations | $ |  | — |  |  |  |  | 950 |
Lessee Operating Lease Balance Sheet Amounts and Lines | As of June 30, 2023 and December 31, 2022, supplemental balance sheet information related to leases is as follows:
|  |  | June 30, |  |  | December 31, |
(In thousands of U.S. Dollars) |  |  | 2023 |  |  | 2022 |
Assets | Balance Sheet Location |  |  |  |  |  |
Operating lease right-of-use assets | Property, plant and equipment |  | $ | 11,175 |  |  | $ | 12,341 |
Finance lease right-of-use assets | Property, plant and equipment |  | $ | 1,619 |  |  | $ | 1,876 |
Liabilities | Balance Sheet Location |  |  |  |  |  |
Operating lease liabilities | Accrued and other liabilities |  | $ | 13,287 |  |  | $ | 14,461 |
Finance lease liabilities(1) | Accrued and other liabilities |  | $ | 981 |  |  | $ | 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 June 30, 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:
|  |  | June 30, |  |  | December 31, |
|  |  | 2023 |  |  | 2022 |
Operating leases: |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 5.7 |  |  |  | 6.0 |
Weighted-average discount rate |  | 5.92% |  |  | 5.90% |
Finance leases: |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 4.2 |  |  |  | 4.7 |
Weighted-average discount rate |  | 6.00% |  |  | 6.00% |
Lessee Operating and Finance Lease, Maturity | As of June 30, 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 (six months remaining) |  | $ | 1,788 |  |  | $ | 508 |
2024 |  |  | 3,021 |  |  |  | 508 |
2025 |  |  | 2,453 |  |  |  | — |
2026 |  |  | 2,081 |  |  |  | — |
2027 |  |  | 2,106 |  |  |  | — |
Thereafter |  |  | 4,237 |  |  |  | — |
Total lease payments |  | $ | 15,686 |  |  | $ | 1,016 |
Less: interest expense |  |  | (2,399 | ) |  |  | (35 | )
Present value of lease liabilities |  | $ | 13,287 |  |  | $ | 981 |
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 June 30, 2023 balance sheet date:
|  | Sales-Type |  |  | Joint Revenue |
(In thousands of U.S. Dollars) |  | Leases |  |  | Sharing Arrangements |
2023 (six months remaining) |  | $ | 1,506 |  |  | $ | 86 |
2024 |  |  | 3,158 |  |  |  | 69 |
2025 |  |  | 3,049 |  |  |  | 27 |
2026 |  |  | 2,971 |  |  |  | — |
2027 |  |  | 2,905 |  |  |  | — |
Thereafter |  |  | 16,595 |  |  |  | — |
Total |  | $ | 30,184 |  |  | $ | 182 |

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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 undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating 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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + 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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