XML 41 R32.htm IDEA: XBRL DOCUMENT v3.22.1
Leases, Right-of-Use Assets and Related Liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Lease, Cost
The following table presents the (a) costs by lease category and (b) other quantitative information relating to the Company’s leases (in thousands):
 Three Months Ended March 31,
 20222021
Lease Cost
 
 
 
Finance lease cost:  
Amortization of right-of-use assets (1)$464 $— 
Interest on lease liabilities (1)262 11 
Operating lease cost139 61 
Short-term lease cost379 132 
Variable lease cost (2)115 39 
Total lease cost$1,359 $243 
(1)$0.6 million and $0.4 million of amortization and interest expense for the three months ended March 31, 2022 and 2021, respectively, were capitalized as part of construction in progress, for related finance lease liabilities of $23.0 million and $0.6 million, respectively. The accumulated capitalized amounts of $3.0 million are included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related NW Iowa RNG facilities were still under construction on March 31, 2022. Since these leases include approximately 75% fuel supplies, when the RNG facilities reach 60% production (expected in the second or third quarter of 2022), these capitalized amounts will be moved to inventory, and as units are sold they will be expensed through cost of goods sold.
(2)Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our NW Iowa RNG leases based on the number of cows maintained by the owners above the minimum required by the contracts of the respective facilities.
 Three Months Ended March 31,
 20222021
Other Information


Cash paid for amounts included in the measurement of lease liabilities:  
Operating cash flows from finance leases$16$6
Operating cash flows from operating leases$456$61
Finance cash flows from finance leases$34$7
Right-of-use asset obtained in exchange for new finance lease liabilities$—$—
Right-of-use asset obtained in exchange for new operating lease liabilities$—$1,562
Weighted-average remaining lease term, finance lease (months)215221
Weighted-average remaining lease term, operating leases (months)7194
Weighted-average discount rate - finance leases (1)5%13%
Weighted-average discount rate - operating leases (1)5%5%
(1)The discount rate used for operating and finance leases is based on the Company's implicit borrowing rate ("IBR"). The Company estimated the IBR based on collateralized borrowings for similar terms and payments.
Operating Lease, Liability, Fiscal Year Maturity
The table below shows the future minimum payments under non-cancelable financing and operating leases at March 31, 2022 (in thousands):

Year ending December 31,
Operating Leases
Finance Leases
2022 (remaining)$447 $2,204 
2023528 1,713 
2024305 1,729 
2025315 1,743 
2026324 1,781 
2027 and thereafter706 22,130 
Total2,625 31,300 
Less: Amounts representing present value discounts371 9,868 
Total lease liabilities2,254 21,432 
Less: current portion416 4,029 
Long-term portion$1,838 $17,403 
Finance Lease, Liability, Fiscal Year Maturity
The table below shows the future minimum payments under non-cancelable financing and operating leases at March 31, 2022 (in thousands):

Year ending December 31,
Operating Leases
Finance Leases
2022 (remaining)$447 $2,204 
2023528 1,713 
2024305 1,729 
2025315 1,743 
2026324 1,781 
2027 and thereafter706 22,130 
Total2,625 31,300 
Less: Amounts representing present value discounts371 9,868 
Total lease liabilities2,254 21,432 
Less: current portion416 4,029 
Long-term portion$1,838 $17,403