Leases

3 Months Ended

Mar. 31, 2020

Right of Use Assets and Liabilities

The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.



	Three Months Ended March 31,
In thousands	2020		2019
Lease Cost
Operating lease cost	$	2,897	$	3,449

Short-term operating lease cost	$	1,667	$	2,751

Finance Lease Cost:
Amortization of leased assets	$	5,973	$	2,968
Interest on lease liabilities	1,005		1,107
Total finance lease cost	$	6,978	$	4,075

Supplemental cash flow information related to leases was as follows:



	Three Months Ended March 31,
In thousands	2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,871	$	6,200
Operating cash flows from finance leases	$	1,005	$	1,107
Financing cash flows from finance leases	$	5,901	$	7,356

Supplemental balance sheet information related to leases was as follows:



In thousands	March 31, 2020			December 31, 2019
Operating Leases
Other assets, non-current	$	44,436		$	49,169

Accrued liabilities and other	$	12,198		$	13,104
Other long-term liabilities	32,448			40,634
Total operating lease liabilities	$	44,646		$	53,738

Finance Leases
Property and equipment, gross	$	102,768		$	103,903
Accumulated depreciation	(43,734		)	(42,209		)
Property and equipment, net	$	59,034		$	61,694

Debt, current	$	23,588		$	22,746
Debt, non-current	42,459			45,866
Total finance lease liabilities	$	66,047		$	68,612

Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases	1.63			1.73
Weighted-average remaining lease term - operating leases	4.47			4.70

Weighted Average Discount Rate
Weighted-average discount rate - finance leases	5.35		%	5.40		%
Weighted-average discount rate - operating leases	5.19		%	5.20		%

In the three months ended March 31, 2020, the Company entered into an agreement to modify one of its operating leases, significantly reducing the lease amount and lease term, thereby decreasing the operating lease liability at remeasurement. The Company recognized a gain of $4.1 million, which is recognized in Pre-development, reclamation, and other, together with the adjustment to the right of use asset and operating lease liability.

Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:



At March 31, (In thousands)
	Operating leases			Finance leases
2020	$	9,524		$	19,938
2021	11,119			25,412
2022	10,684			18,779
2023	10,205			6,817
2024	8,605			1,690
Thereafter	—			145
Total	$	50,137		$	72,781
Less: imputed interest	(5,491		)	(6,734		)
Net lease obligation	$	44,646		$	66,047

LEASES

Right of Use Assets and Liabilities

The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.



	Three Months Ended March 31,
In thousands	2020		2019
Lease Cost
Operating lease cost	$	2,897	$	3,449

Short-term operating lease cost	$	1,667	$	2,751

Finance Lease Cost:
Amortization of leased assets	$	5,973	$	2,968
Interest on lease liabilities	1,005		1,107
Total finance lease cost	$	6,978	$	4,075

Supplemental cash flow information related to leases was as follows:



	Three Months Ended March 31,
In thousands	2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,871	$	6,200
Operating cash flows from finance leases	$	1,005	$	1,107
Financing cash flows from finance leases	$	5,901	$	7,356

Supplemental balance sheet information related to leases was as follows:



In thousands	March 31, 2020			December 31, 2019
Operating Leases
Other assets, non-current	$	44,436		$	49,169

Accrued liabilities and other	$	12,198		$	13,104
Other long-term liabilities	32,448			40,634
Total operating lease liabilities	$	44,646		$	53,738

Finance Leases
Property and equipment, gross	$	102,768		$	103,903
Accumulated depreciation	(43,734		)	(42,209		)
Property and equipment, net	$	59,034		$	61,694

Debt, current	$	23,588		$	22,746
Debt, non-current	42,459			45,866
Total finance lease liabilities	$	66,047		$	68,612

Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases	1.63			1.73
Weighted-average remaining lease term - operating leases	4.47			4.70

Weighted Average Discount Rate
Weighted-average discount rate - finance leases	5.35		%	5.40		%
Weighted-average discount rate - operating leases	5.19		%	5.20		%

Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:



At March 31, (In thousands)
	Operating leases			Finance leases
2020	$	9,524		$	19,938
2021	11,119			25,412
2022	10,684			18,779
2023	10,205			6,817
2024	8,605			1,690
Thereafter	—			145
Total	$	50,137		$	72,781
Less: imputed interest	(5,491		)	(6,734		)
Net lease obligation	$	44,646		$	66,047