Leases, Codification Topic 842 (Policies)

6 Months Ended

Jun. 30, 2021

LEASES

LESSOR

The Company is the lessor under operating leases for land, office space and operating equipment. Minimum lease payments from such contracts are recognized as operating lease revenue on a straight-line basis over the lease term whereas contingent rentals are recognized when earned. Lease revenue included in the Unaudited Condensed Consolidated Statements of Operations was $0.3 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively, and was $0.6 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively. Underlying gross assets and accumulated depreciation of operating leases included in Total net property, plant and equipment on the Unaudited Condensed Consolidated Balance Sheet were $4.6 million and $1.0 million, respectively, as of June 30, 2021 and $4.3 million and $0.8 million, respectively, as of December 31, 2020.

The option to extend or terminate a lease is based on customary early termination provisions in the contract. The Company has not recognized any early terminations as of June 30, 2021.

The following table shows the future minimum lease receipts as of June 30, 2021 for the remainder of 2021 through 2025 and thereafter (in thousands):


	Operating Leases
2021	$	443
2022	903
2023	906
2024	786
2025	553
Thereafter	2,113
Total	$	5,704