Leases

12 Months Ended

Dec. 31, 2020

LEASES

Right of Use Assets and Liabilities

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


	Year ended December 31,
In thousands		2020		2019
Lease Cost
Operating lease cost		$	12,036	$	11,585

Short-term operating lease cost		$	8,055	$	12,975

Finance Lease Cost:
Amortization of leased assets		$	23,921	$	21,293
Interest on lease liabilities		3,634		4,150



Total finance lease cost		$	27,555	$	25,443

Supplemental cash flow information related to leases was as follows:


	Year ended December 31,
In thousands		2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	21,348	$	24,560
Operating cash flows from finance leases		$	3,634	$	4,150
Financing cash flows from finance leases		$	25,984	$	25,975

Supplemental balance sheet information related to leases was as follows:


In thousands	December 31, 2020			December 31, 2019
Operating Leases
Other assets, non-current	$	40,511		$	49,169

Accrued liabilities and other	$	12,410		$	13,104
Other long-term liabilities	27,433			40,634
Total operating lease liabilities	$	39,843		$	53,738

Finance Leases
Property and equipment, gross	$	104,433		$	103,903
Accumulated depreciation	(60,272)			(42,209)
Property and equipment, net	$	44,161		$	61,694

Debt, current	$	22,074		$	22,746
Debt, non-current	25,837			45,866
Total finance lease liabilities	$	47,911		$	68,612

Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases	1.36			1.73
Weighted-average remaining lease term - operating leases	4.00			4.70

Weighted Average Discount Rate
Weighted-average discount rate - finance leases	5.37		%	5.40		%
Weighted-average discount rate - operating leases	5.18		%	5.20		%

In the quarter ended June 30, 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 in connection with this lease modification, 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:


As of December 31, 2020 (In thousands)
	Operating leases		Finance leases
2021	$	12,602	$	23,958
2022	10,989		18,140
2023	10,407		8,440
2024	8,812		1,699
2025	213		101
Thereafter	1,167		—
Total	$	44,190	$	52,338
Less: imputed interest	(4,347)		(4,427)
Net lease obligation	$	39,843	$	47,911