LEASES

12 Months Ended

Dec. 31, 2022

NOTE 17 — LEASES

Our land leases are classified as finance leases and include one or more options to extend the lease term for up to 40 years, as well as to terminate the lease within five years, at our sole discretion. We are reasonably certain that those options will be exercised, and that our termination rights will not be exercised, and we have, therefore, included those assumptions within our right of use assets and corresponding lease liabilities. Our office space leases are classified as operating leases and include one or more options to extend the lease term up to 10 years, at our sole discretion. As we are not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. As none of our leases provide an implicit rate, we have determined our own discount rate.

The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):


		December 31,
Leases	Consolidated Balance Sheets Classification	2022		2021
Right of use asset
Operating	Other Non-Current Assets	$	13,303	$	10,166
Finance	Property, plant and equipment, net	56,708		57,883
Total Leased Assets		$	70,011	$	68,049
Liabilities
Current
Operating	Accrued and other liabilities	$	2,734	$	2,147
Finance	Accrued and other liabilities	140		132
Non-Current
Operating	Other non-current liabilities	12,148		9,563
Finance	Finance lease liabilities	49,963		50,103
Total leased liabilities		$	64,985	$	61,945

Lease costs recognized in our Consolidated Statements of Operations is summarized as follows (in thousands):


	Year Ended December 31,
Lease Costs	2022		2021		2020
Operating lease cost	$	3,149	$	2,519	$	2,741
Finance lease cost
Amortization of lease assets	1,174		788		367
Interest on lease liabilities	3,978		2,904		1,694
Finance lease cost	$	5,152	$	3,692	$	2,061
Total lease cost	$	8,301	$	6,211	$	4,802

Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:


	December 31,
Lease term and discount rate	2022		2021
Weighted average remaining lease term (years)
Operating lease	4.5		4.7
Finance lease	48.4		49.4
Weighted average discount rate
Operating lease	6.2	%	8.0	%
Finance lease	9.4	%	9.4	%

The following shows other quantitative information for our operating and finance leases (in thousands):


	Year Ended December 31,
.	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,423	$	2,953	$	2,847
Operating cash flows from finance leases	$	3,674	$	1,813	$	1,056
Financing cash flows from finance leases	$	132	$	1,926	$	1,777

The table below presents an analysis of the maturity of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of December 31, 2022 (in thousands):


	Operating		Finance
2023	$	3,581	$	4,111
2024	3,848		4,111
2025	3,891		4,111
2026	3,913		4,111
2027	1,665		4,111
After 2027	275		178,111
Total lease payments	$	17,173	$	198,666
Less: discount	2,291		148,563
Present value of lease liability	$	14,882	$	50,103

LEASES

NOTE 17 — LEASES

The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):


		December 31,
Leases	Consolidated Balance Sheets Classification	2022		2021
Right of use asset
Operating	Other Non-Current Assets	$	13,303	$	10,166
Finance	Property, plant and equipment, net	56,708		57,883
Total Leased Assets		$	70,011	$	68,049
Liabilities
Current
Operating	Accrued and other liabilities	$	2,734	$	2,147
Finance	Accrued and other liabilities	140		132
Non-Current
Operating	Other non-current liabilities	12,148		9,563
Finance	Finance lease liabilities	49,963		50,103
Total leased liabilities		$	64,985	$	61,945

Lease costs recognized in our Consolidated Statements of Operations is summarized as follows (in thousands):


	Year Ended December 31,
Lease Costs	2022		2021		2020
Operating lease cost	$	3,149	$	2,519	$	2,741
Finance lease cost
Amortization of lease assets	1,174		788		367
Interest on lease liabilities	3,978		2,904		1,694
Finance lease cost	$	5,152	$	3,692	$	2,061
Total lease cost	$	8,301	$	6,211	$	4,802

Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:


	December 31,
Lease term and discount rate	2022		2021
Weighted average remaining lease term (years)
Operating lease	4.5		4.7
Finance lease	48.4		49.4
Weighted average discount rate
Operating lease	6.2	%	8.0	%
Finance lease	9.4	%	9.4	%

The following shows other quantitative information for our operating and finance leases (in thousands):


	Year Ended December 31,
.	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,423	$	2,953	$	2,847
Operating cash flows from finance leases	$	3,674	$	1,813	$	1,056
Financing cash flows from finance leases	$	132	$	1,926	$	1,777


	Operating		Finance
2023	$	3,581	$	4,111
2024	3,848		4,111
2025	3,891		4,111
2026	3,913		4,111
2027	1,665		4,111
After 2027	275		178,111
Total lease payments	$	17,173	$	198,666
Less: discount	2,291		148,563
Present value of lease liability	$	14,882	$	50,103