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

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2019:



	Classification	March 31, 2019
Assets
Operating lease assets	Right-of-use lease assets	$	57,173
Finance lease assets	Property, plant and equipment, net	1,632
Total leased assets		$	58,805

Liabilities
Current:
Operating lease liabilities	Operating lease liabilities - current	$	14,482
Finance lease liabilities	Accrued liabilities	162

Noncurrent:
Operating lease liabilities	Operating lease liabilities - noncurrent	40,971
Finance lease liabilities	Other long-term liabilities	474
Total lease liabilities		$	56,089

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 March 31, 2019 are as follows:



	March 31, 2019
Weighted average remaining lease term (in years):
Operating leases	5.62
Finance leases	3.39

Weighted average discount rate:
Operating leases	5.73	%
Finance leases	4.67	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2019 are as follows:



	Operating Leases			Finance Leases			Total
Remainder of 2019	$	13,262		$	152		$	13,414
2020	14,492			202			14,694
2021	11,501			202			11,703
2022	8,366			124			8,490
2023	6,153			5			6,158
Thereafter	11,947			—			11,947
Total lease payments	65,721			685			66,406
Less: Interest	(10,268		)	(49		)	(10,317		)
Present value of lease liabilities	$	55,453		$	636		$	56,089

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:



	Three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows	$	3,978
Interest payments under finance lease obligations included in operating cash flows	$	9
Principal payments under finance lease obligations included in financing cash flows	$	48

Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases	$	508
Finance leases	$	—