Ecovyst, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Right-of-Use Lease Assets and Lease Liabilities

The table below presents the operating and finance right-of-use lease assets and lease liabilities recognized on the condensed consolidated balance sheet as of June 30, 2019:



	Classification	June 30, 2019
Assets
Operating lease assets	Right-of-use lease assets	$	55,095
Finance lease assets	Property, plant and equipment, net	1,612
Total leased assets		$	56,707

Liabilities
Current:
Operating lease liabilities	Operating lease liabilities - current	$	13,997
Finance lease liabilities	Accrued liabilities	177

Noncurrent:
Operating lease liabilities	Operating lease liabilities - noncurrent	39,352
Finance lease liabilities	Other long-term liabilities	410
Total lease liabilities		$	53,936

Weighted Average Remaining Lease Term and Discount Rate

The Company’s weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, 2019 are as follows:



	June 30, 2019
Weighted average remaining lease term (in years):
Operating leases	5.52
Finance leases	3.14

Weighted average discount rate:
Operating leases	5.76	%
Finance leases	4.67	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2019 are as follows:



	Operating Leases			Finance Leases
Remainder of 2019	$	16,438		$	100
2020	13,462			201
2021	10,190			201
2022	7,605			123
2023	5,125			4
Thereafter	10,222			—
Total lease payments	63,042			629
Less: Interest	(9,693		)	(42		)
Total lease liabilities ⁽¹⁾	$	53,349		$	587

⁽¹⁾

Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the presentation of the lease liabilities in the Company’s condensed consolidated balance sheet at June 30, 2019.

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2018, future minimum payments under non-cancelable operating leases under previous lease guidance was as follows:



Year	Amount
2019	$	18,457
2020	14,344
2021	11,432
2022	8,354
2023	6,198
Thereafter	17,477
	$	76,262

Cash Flow Information Related to Leases

The following table presents other information related to our operating and finance leases and the impact on the Company’s condensed consolidated statement of cash flows:



	Six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows	$	8,064
Interest payments under finance lease obligations included in operating cash flows	19
Principal payments under finance lease obligations included in financing cash flows	109

Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases	1,566
Finance leases	—