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Leases (Table)
9 Months Ended
Sep. 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:

 

 

 

 

September 30,

 

 

December 31,

 

 

Classification

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

30,532

 

 

$

18,390

 

Finance lease assets

Property, plant and equipment, net

 

 

9,937

 

 

 

—

 

Total lease assets

 

 

$

40,469

 

 

$

18,390

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

5,369

 

 

$

4,359

 

Long-term

Operating lease liability - long-term

 

 

24,989

 

 

 

13,755

 

Total operating lease liabilities

 

 

$

30,358

 

 

$

18,114

 

Current

Finance lease liability - short-term

 

$

495

 

 

$

—

 

Long-term

Finance lease liability - long-term

 

 

9,563

 

 

 

—

 

Total finance lease liabilities

 

 

 

10,058

 

 

 

—

 

Total lease liabilities

 

 

$

40,416

 

 

$

18,114

 

 

Schedule of Lease Expense

 

The components of lease expense include:

 

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

Lease Cost

 

Classification

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating lease cost (1)

 

Cost of sales

 

$

1,374

 

 

$

392

 

 

$

3,620

 

 

$

1,226

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

618

 

 

 

396

 

 

 

1,713

 

 

 

1,264

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

172

 

 

 

—

 

 

 

402

 

 

 

—

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

90

 

 

 

—

 

 

 

209

 

 

 

—

 

Total lease cost

 

 

 

$

2,254

 

 

$

788

 

 

$

5,944

 

 

$

2,490

 

 

(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 Nine Months Ended September 30,

 

Supplemental Cash Flow Information

 

2021

 

 

2020

 

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

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

4,201

 

 

$

1,877

 

Operating cash flows from finance leases

 

$

209

 

 

$

—

 

Financing cash flows from finance leases

 

$

281

 

 

$

—

 

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

 

 

 

 

 

 

 

 

Operating leases

 

$

7,146

 

 

$

701

 

Finance leases

 

$

10,339

 

 

$

—

 

 

 

Lease Term and Discount Rate

 

September 30, 2021

 

 

December 31, 2020

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

7.42

 

 

 

5.66

 

Finance leases

 

 

14.42

 

 

 

—

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

3.4

%

 

 

3.7

%

Finance leases

 

 

3.5

%

 

 

—

 

 

Maturity of Operating and Finance Lease Liabilities

Maturity of Lease Liabilities - As of September 30, 2021

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2021(1)

 

$

1,657

 

 

$

210

 

 

$

1,867

 

2022

 

 

6,092

 

 

 

840

 

 

 

6,932

 

2023

 

 

5,551

 

 

 

840

 

 

 

6,391

 

2024

 

 

4,107

 

 

 

861

 

 

 

4,968

 

2025

 

 

3,317

 

 

 

865

 

 

 

4,182

 

After 2025

 

 

13,629

 

 

 

9,273

 

 

 

22,902

 

Total lease payments

 

 

34,353

 

 

 

12,889

 

 

 

47,242

 

Less: interest

 

 

(3,995

)

 

 

(2,831

)

 

 

(6,826

)

Present value of lease liabilities

 

$

30,358

 

 

$

10,058

 

 

$

40,416

 

 

(1)

Represents amounts due in 2021 after September 30, 2021