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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

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

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

Operating lease assets

Other long-term assets

 

$

9,306

 

 

$

8,514

 

Finance lease assets1

Property, plant and equipment, net

 

 

13,213

 

 

 

10,663

 

Total lease assets

 

 

$

22,519

 

 

$

19,177

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

Operating lease liabilities

Accounts payable and accrued liabilities

 

$

2,570

 

 

$

3,021

 

Finance lease liabilities

Accounts payable and accrued liabilities

 

 

4,834

 

 

 

3,577

 

Noncurrent

 

 

 

 

 

 

 

Operating lease liabilities

Other long-term obligations

 

 

6,716

 

 

 

5,598

 

Finance lease liabilities

Other long-term obligations

 

 

8,179

 

 

 

6,972

 

Total lease liabilities

 

 

$

22,299

 

 

$

19,168

 

 

1

Finance lease assets are presented net of accumulated amortization of $7.9 million and $4.5 million as of December 31, 2022 and 2021, respectively.

 

 

 

 

 

2022

 

 

2021

 

Weighted-average remaining terms (years)

 

 

 

 

 

 

Operating leases

 

 

 

5.44

 

 

 

3.88

 

Finance leases

 

 

 

3.32

 

 

 

3.66

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

 

4.40

%

 

 

3.84

%

Finance leases

 

 

 

3.49

%

 

 

2.54

%

LEASE COSTS

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

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Operating lease costs1

 

$

3,525

 

 

$

4,798

 

 

$

5,640

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

4,277

 

 

 

2,825

 

 

 

1,451

 

Interest on lease assets

 

 

340

 

 

 

227

 

 

 

153

 

Net lease costs

 

$

8,142

 

 

$

7,850

 

 

$

7,244

 

 

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 lease 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 year ended December 31:

 

(in thousands)

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

3,591

 

 

$

4,745

 

Operating cash flows for finance leases

 

 

$

340

 

 

$

227

 

Financing cash flows for finance leases

 

 

$

4,421

 

 

$

2,846

 

Lease assets exchanged for new lease liabilities:

 

 

 

 

 

 

Operating leases1

 

 

$

3,932

 

 

$

1,907

 

Finance leases

 

 

$

6,819

 

 

$

6,279

 

 

1

Includes $2.4 million for an office lease assumed in the CatchMark merger. See Note 17: Mergers.

MATURITY OF LEASE LIABILITIES

At December 31, 2022, the future minimum lease payment obligations under noncancelable leases were as follows:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

2023

 

$

2,920

 

 

$

5,185

 

2024

 

 

1,992

 

 

 

3,835

 

2025

 

 

1,707

 

 

 

2,686

 

2026

 

 

1,676

 

 

 

1,491

 

2027

 

 

832

 

 

 

505

 

Thereafter

 

 

1,343

 

 

 

113

 

Total lease payments

 

 

10,470

 

 

 

13,815

 

Less: interest

 

 

1,184

 

 

 

802

 

Present value of lease liabilities

 

$

9,286

 

 

$

13,013