Lease Arrangements (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Leases [Abstract] |
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| Components of Operating Lease Expense |
For the three and nine months ended September 30, 2022 and 2021, the components of lease expense recorded within Selling, General and Administrative expenses are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(In thousands of U.S. Dollars) |
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2022 |
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2021 |
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2022 |
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2021 |
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Operating lease cost: |
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Amortization of operating lease assets |
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$ |
602 |
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$ |
684 |
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$ |
1,964 |
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$ |
2,098 |
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Interest on operating lease liabilities |
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194 |
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242 |
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610 |
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715 |
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Short-term and variable lease costs |
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144 |
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163 |
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472 |
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546 |
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Finance lease cost: |
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Amortization of finance lease assets |
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75 |
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N/A |
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75 |
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N/A |
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Interest on finance lease liabilities |
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9 |
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N/A |
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9 |
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N/A |
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Total lease cost |
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$ |
1,024 |
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$ |
1,089 |
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$ |
3,130 |
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$ |
3,359 |
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| Supplemental Cash and Non-Cash Flow Information Related to Leases |
For the nine months ended September 30, 2022 and 2021, supplemental cash and non-cash information related to leases is as follows:
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Nine Months Ended September 30, |
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(In thousands of U.S. Dollars) |
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2022 |
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2021 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating leases |
$ |
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2,554 |
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$ |
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2,907 |
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Finance leases |
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890 |
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N/A |
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Supplemental disclosure of noncash leasing activities: |
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Right-of-use assets obtained in exchange for operating lease obligations |
$ |
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2,997 |
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$ |
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1,047 |
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Right-of-use assets obtained in exchange for finance lease obligations |
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1,882 |
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N/A |
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| Lessee Operating Lease Balance Sheet Amounts and Lines |
As of September 30, 2022 and December 31, 2021, supplemental balance sheet information related to leases is as follows:
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September 30, |
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December 31, |
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(In thousands of U.S. Dollars) |
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2022 |
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2021 |
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Assets |
Balance Sheet Location |
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Operating lease right-of-use assets |
Property, plant and equipment |
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$ |
13,092 |
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$ |
12,132 |
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Finance lease right-of-use assets |
Property, plant and equipment |
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1,805 |
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N/A |
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Liabilities |
Balance Sheet Location |
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Operating lease liabilities |
Accrued and other liabilities |
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$ |
15,373 |
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$ |
14,691 |
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Finance lease liabilities(1) |
Accrued and other liabilities |
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889 |
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N/A |
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(1)Recorded net of a $0.9 million upfront payment made upon execution of the finance lease arrangement.
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| Lessee Leases Weighted Average Remaining Lease Term and Weighted Average Interest Rate |
As of September 30, 2022 and December 31, 2021, the weighted-average remaining lease term and weighted-average interest rate associated with the Company's leases are as follows:
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September 30, |
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December 31, |
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2022 |
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2021 |
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Operating leases: |
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Weighted-average remaining lease term (years) |
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6.1 |
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7.0 |
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Weighted-average discount rate |
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5.91 |
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% |
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5.97 |
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% |
Finance leases: |
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Weighted-average remaining lease term (years) |
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5.0 |
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N/A |
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Weighted-average discount rate |
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6.00 |
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% |
N/A |
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| Lessee Operating and Finance Lease, Maturity |
As of September 30, 2022, the maturities of the Company's operating and finance lease liabilities are as follows:
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(In thousands of U.S. Dollars) |
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Operating Leases |
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Finance Leases |
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2022 (three months remaining) |
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$ |
970 |
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$ |
— |
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2023 |
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3,441 |
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480 |
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2024 |
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2,986 |
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480 |
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2025 |
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2,410 |
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— |
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2026 |
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2,062 |
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— |
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Thereafter |
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6,475 |
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— |
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Total lease payments |
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$ |
18,344 |
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$ |
960 |
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Less: interest expense |
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(2,971 |
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(71 |
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Present value of lease liabilities |
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$ |
15,373 |
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$ |
889 |
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| Schedule of Maturities of Lease Receivables |
The following lease payments are expected to be received by the Company for its sales-type leases and joint revenue sharing arrangements in each of the next five years and thereafter following the September 30, 2022 balance sheet date:
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Sales-Type |
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Joint Revenue |
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(In thousands of U.S. Dollars) |
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Leases |
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Sharing Arrangements |
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2022 (three months remaining) |
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$ |
948 |
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$ |
47 |
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2023 |
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2,897 |
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128 |
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2024 |
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2,871 |
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— |
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2025 |
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2,723 |
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— |
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2026 |
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2,472 |
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— |
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Thereafter |
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14,411 |
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— |
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Total |
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$ |
26,322 |
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$ |
175 |
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