Alpha Metallurgical Resources Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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(11) Leases
The Company’s lease population consists primarily of vehicle and heavy equipment leases and leases for office equipment. The Company’s building and land leases relate to corporate office space and certain site offices. The Company determines whether a contract contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant, and equipment for a period of time in exchange for consideration. For the years ended December 31, 2023, 2022, and 2021 the Company identified no instances requiring significant judgment in determining whether any contracts entered into during the period were or were not leases. Additionally, the Company had no material sublease agreements within the scope of ASC 842 or lease agreements for which the Company was the lessor for the years ended December 31, 2023, 2022, and 2021.
Renewal options in the Company’s lease population primarily relate to month-to-month extensions on vehicle leases and are immaterial both individually and in the aggregate. The Company includes renewal options that are reasonably certain to be exercised in the measurement of lease liabilities. As of December 31, 2023, the Company does not intend to exercise any termination options on existing leases.
As of December 31, 2023 and 2022, the Company had the following right-of-use assets and lease liabilities within the Company’s Consolidated Balance Sheets:
| December 31, 2023 · December 31, 2022 | |||
|---|---|---|---|
| Assets · Balance Sheet Classification | |||
| Financing lease assets | Property, plant, and equipment, net | $5,949 | $5,429 |
| Operating lease right-of-use assets | Other non-current assets | 4,038 | 4,488 |
| Total lease assets | $9,987 | $9,917 | |
| Liabilities | Balance Sheet Classification | ||
| Financing lease liabilities - current | Current portion of long-term debt | $1,280 | $1,052 |
| Operating lease liabilities - current | Accrued expenses and other current liabilities | 572 | 612 |
| Financing lease liabilities - long-term | Long-term debt | 3,997 | 3,744 |
| Operating lease liabilities - long-term | Other non-current liabilities | 3,466 | 3,876 |
| Total lease liabilities | $9,315 | $9,284 | |
Total lease costs and other lease information for the years ended December 31, 2023, 2022, and 2021 included the following:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Lease cost (1) | |||
| Financing lease cost: | |||
| Amortization of leased assets | $1,444 | $2,644 | $2,061 |
| Interest on lease liabilities | 651 | 315 | 245 |
| Operating lease cost | 1,127 | 1,113 | 1,383 |
| Short-term lease cost | 1,315 | 1,234 | 786 |
| Total lease cost | $4,537 | $5,306 | $4,475 |
(1) The Company hadno variable lease costs or sublease income for the years ended December 31, 2023, 2022, and 2021.
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Other information | |||
| Cash paid for amounts included in the measurement of lease liabilities | $4,571 | $5,556 | $4,478 |
| Operating cash flows from financing leases | $651 | $315 | $245 |
| Operating cash flows from operating leases | $2,443 | $2,347 | $2,169 |
| Financing cash flows from financing leases | $1,477 | $2,894 | $2,064 |
| Right-of-use assets obtained in exchange for new financing lease liabilities | $1,891 | $4,728 | $703 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $206 | $48 | $275 |
| Lease Term and Discount Rate | |||
| Weighted-average remaining lease term in years - financing leases | 5.10 | 5.90 | 1.75 |
| Weighted-average remaining lease term in years - operating leases | 6.30 | 7.10 | 7.88 |
| Weighted-average discount rate - financing leases | 12.3% | 13.5% | 9.6% |
| Weighted-average discount rate - operating leases | 11.4% | 11.6% | 11.3% |
The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Consolidated Statements of Cash Flows.
The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2023:
| Financing Leases · Operating Leases | ||
|---|---|---|
| Lease cost | ||
| 2024 | $1,850 | $1,003 |
| 2025 | 1,740 | 952 |
| 2026 | 1,205 | 918 |
| 2027 | 646 | 747 |
| 2028 | 360 | 677 |
| Thereafter | 1,387 | 1,412 |
| Total future minimum lease payments | $7,188 | $5,709 |
| Imputed interest | (1,911) | (1,671) |
| Present value of future minimum lease payments | $5,277 | $4,038 |
As of December 31, 2023, the Company had no leases with future commencement dates that will create significant rights or obligations for the Company.
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