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Leases (Table)
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Schedule of Balances Included in Condensed Consolidated Statement of Financial Position (Unaudited) Related to Leases

Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to leases include:

 

 

 

 

June 30,

 

 

December 31,

 

 

Classification

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

22,834

 

 

$

18,390

 

Finance lease assets

Property, plant and equipment, net

 

 

10,109

 

 

 

—

 

Total lease assets

 

 

$

32,943

 

 

$

18,390

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

4,833

 

 

$

4,359

 

Long-term

Operating lease liability - long-term

 

 

17,778

 

 

 

13,755

 

Total operating lease liabilities

 

 

$

22,611

 

 

$

18,114

 

Current

Finance lease liability - short-term

 

$

491

 

 

$

—

 

Long-term

Finance lease liability - long-term

 

 

9,688

 

 

 

—

 

Total finance lease liabilities

 

 

 

10,179

 

 

 

—

 

Total lease liabilities

 

 

$

32,790

 

 

$

18,114

 

 

Schedule of Lease Expense

 

The components of lease expense include:

 

 

 

 

 

For the Quarter Ended June 30,

 

 

For the Six Months Ended June 30,

 

Lease Cost

 

Classification

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating lease cost (1)

 

Cost of sales

 

$

1,176

 

 

$

435

 

 

$

2,246

 

 

$

834

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

544

 

 

 

427

 

 

 

1,095

 

 

 

868

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

Cost of sales

 

 

173

 

 

 

—

 

 

 

230

 

 

 

—

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

89

 

 

 

—

 

 

 

119

 

 

 

—

 

Total lease cost

 

 

 

$

1,982

 

 

$

862

 

 

$

3,690

 

 

$

1,702

 

 

(1)

Includes short-term leases and variable lease costs, which are immaterial

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Six Months Ended June 30,

 

Supplemental Cash Flow Information

 

2021

 

 

2020

 

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

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

2,627

 

 

$

1,244

 

Operating cash flows from finance leases

 

$

119

 

 

$

—

 

Financing cash flows from finance leases

 

$

161

 

 

$

—

 

Right-of-use assets obtained in exchange for new lease liabilities:

 

 

 

 

 

 

 

 

Operating leases

 

$

6,753

 

 

$

—

 

Finance leases

 

$

10,339

 

 

$

—

 

 

Lease Term and Discount Rate

 

June 30, 2021

 

 

December 31, 2020

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

6.19

 

 

 

5.66

 

Finance leases

 

 

14.68

 

 

 

—

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

3.6

%

 

 

3.7

%

Finance leases

 

 

3.5

%

 

 

—

 

 

 

Maturity of Operating and Finance Lease Liabilities

Maturity of Lease Liabilities - As of June 30, 2021

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2021(1)

 

$

2,853

 

 

$

420

 

 

$

3,273

 

2022

 

 

5,138

 

 

 

840

 

 

 

5,978

 

2023

 

 

4,539

 

 

 

840

 

 

 

5,379

 

2024

 

 

3,158

 

 

 

861

 

 

 

4,019

 

2025

 

 

2,351

 

 

 

865

 

 

 

3,216

 

After 2025

 

 

7,071

 

 

 

9,273

 

 

 

16,344

 

Total lease payments

 

 

25,110

 

 

 

13,099

 

 

 

38,209

 

Less: interest

 

 

(2,499

)

 

 

(2,920

)

 

 

(5,419

)

Present value of lease liabilities

 

$

22,611

 

 

$

10,179

 

 

$

32,790

 

 

(1)

Represents amounts due in 2021 after June 30, 2021