Leases

12 Months Ended

Dec. 31, 2021

NOTE 13. LEASES

See Note 1: Summary of Significant Accounting Policies for details on our lease accounting policies.

Balance Sheet Classification

The following tables provide supplemental balance sheet information related to our leases as of December 31:


(in thousands)	Classification	2021		2020
Assets
Operating lease assets	Other long-term assets	$	8,514	$	11,081
Finance lease assets1	Property, plant and equipment, net		10,663		7,206
Total lease assets		$	19,177	$	18,287

Liabilities
Current
Operating lease liabilities	Accounts payable and accrued liabilities	$	3,021	$	4,304
Finance lease liabilities	Accounts payable and accrued liabilities		3,577		2,202
Noncurrent
Operating lease liabilities	Other long-term obligations		5,598		6,835
Finance lease liabilities	Other long-term obligations		6,972		4,914
Total lease liabilities		$	19,168	$	18,255


1	Finance lease assets are presented net of accumulated amortization of $4.5 million and $1.7 million as of December 31, 2021 and 2020, respectively.


	2021			2020
Weighted-average remaining terms (years)
Operating leases		3.88			3.80
Finance leases		3.66			3.59
Weighted-average discount rate
Operating leases		3.84	%		4.13	%
Finance leases		2.54	%		2.76	%

Lease Costs

The following table summarizes the components of our lease expense for the years ended December 31:


(in thousands)	2021		2020		2019
Operating lease costs1	$	4,798	$	5,640	$	5,938
Finance lease costs:
Amortization of leased assets		2,825		1,451		269
Interest on lease assets		227		153		40
Net lease costs	$	7,850	$	7,244	$	6,247


1	Excludes short-term leases and variable lease costs, which are immaterial.

Operating lease costs and amortization of finance lease assets are included within costs of goods sold and selling, general and administrative expenses and interest on leased assets is included in interest expense, net on our Consolidated Statements of Operations.

Other Lease Information

The following table presents supplemental cash flow information related to leases for the years ended December 31:


(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	4,745	$	5,627
Operating cash flows for finance leases	$	227	$	153
Financing cash flows for finance leases	$	2,846	$	1,526
Leased assets exchanged for new lease liabilities:
Operating leases	$	1,907	$	447
Finance leases	$	6,279	$	6,295

Maturity of Lease Liabilities

At December 31, 2021, the future minimum lease payment obligations under noncancelable leases were as follows:


(in thousands)	Operating Leases		Finance Leases
2022	$	3,289	$	3,800
2023		2,289		3,076
2024		1,349		2,213
2025		1,052		1,156
2026		1,008		554
Thereafter		292		240
Total lease payments		9,279		11,039
Less: interest		660		490
Present value of lease liabilities	$	8,619	$	10,549