Ecovyst, Inc. Current report filing

Current report filing

Leases (Tables)

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

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 consolidated balance sheet as of December 31, 2020 and 2019:


	Classification	December 31, 2020		December 31, 2019
Assets
Operating lease assets	Right-of-use lease assets	$	28,943	$	24,324
Finance lease assets	Property, plant and equipment, net		1,727		1,509

Total leased assets		$	30,670	$	25,833

Liabilities
Current:
Operating lease liabilities	Operating lease liabilities—current	$	6,715	$	5,515
Finance lease liabilities	Accrued liabilities		245		169
Noncurrent:
Operating lease liabilities	Operating lease liabilities—noncurrent		21,972		18,726
Finance lease liabilities	Other long-term liabilities		349		285

Total lease liabilities		$	29,281	$	24,695

Weighted Average Remaining Lease Term and Discount Rate

The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2020 are as follows:


	December 31, 2020			December 31, 2019

Weighted average remaining lease term (in years):
Operating leases		5.51			5.96
Finance leases		2.46			2.58
Weighted average discount rate:
Operating leases		6.06	%		6.20	%
Finance leases		4.70	%		4.70	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2020 are as follows:


Year	Operating Leases			Finance Leases
2021	$	8,197		$	392
2022		7,064			144
2023		5,771			35
2024		4,342			35
2025		2,994			8
Thereafter		5,317			—

Total lease payments		33,685			614
Less: Interest		(4,998	)		(20	)

Total lease liabilities	$	28,687		$	594

(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 consolidated balance sheet at December 31, 2020.

Cash Flow Information Related to Leases

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


	Years ended December 31,
	2020		2019

Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows	$	8,322	$	7,375
Interest payments under finance lease obligations included in operating cash flows		20		25
Principal payments under finance lease obligations included in financing cash flows		209		162
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases		10,633		625
Finance leases		353		—