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

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

9 Months Ended

Sep. 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 September 30, 2019:



	Classification	September 30, 2019
Assets
Operating lease assets	Right-of-use lease assets	$	54,238
Finance lease assets	Property, plant and equipment, net	1,582
Total leased assets		$	55,820

Liabilities
Current:
Operating lease liabilities	Operating lease liabilities—current	$	14,095
Finance lease liabilities	Accrued liabilities	176

Noncurrent:
Operating lease liabilities	Operating lease liabilities—noncurrent	38,473
Finance lease liabilities	Other long-term liabilities	364
Total lease liabilities		$	53,108

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 September 30, 2019 are as follows:



	September 30, 2019
Weighted average remaining lease term (in years):
Operating leases	5.86
Finance leases	2.90

Weighted average discount rate:
Operating leases	5.74	%
Finance leases	4.67	%

Maturities of Lease Liabilities

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



	Operating Leases			Finance Leases
Remainder of 2019	$	16,522		$	47
2020	13,198			201
2021	9,816			201
2022	7,256			123
2023	4,767			3
Thereafter	11,395			—
Total lease payments	62,954			575
Less: Interest	(10,386		)	(35		)
Total lease liabilities ⁽¹⁾	$	52,568		$	540

⁽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 September 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:



	Nine months ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows	$	12,158
Interest payments under finance lease obligations included in operating cash flows	29
Principal payments under finance lease obligations included in financing cash flows	169

Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases	5,148
Finance leases	—