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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
FORM 10-Q
___________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2021
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 001-08641
____________________________________________
 
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________
Delaware
82-0109423
 (State or other jurisdiction of
    incorporation or organization)
(I.R.S. Employer
Identification No.)
104 S. Michigan Ave.
Suite 900Chicago,Illinois60603
(Address of principal executive offices)(Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $.01 per share)CDENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The Company has 300,000,000 shares of common stock, par value of $0.01, authorized of which 243,436,472 shares were issued and outstanding as of April 26, 2021.



COEUR MINING, INC.
INDEX
 Page
Part I.
Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
Notes to Condensed Consolidated Financial Statements (Unaudited)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Financial Results
Results of Operations
Liquidity and Capital Resources
Non-GAAP Financial Performance Measures
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II.
Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures


3


PART I

Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31, 2021December 31, 2020
ASSETSNotesIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$154,066 $92,794 
Receivables422,606 23,484 
Inventory553,591 51,210 
Ore on leach pads578,689 74,866 
Prepaid expenses and other27,274 27,254 
336,226 269,608 
NON-CURRENT ASSETS
Property, plant and equipment, net248,237 230,139 
Mining properties, net739,559 716,790 
Ore on leach pads587,723 81,963 
Restricted assets9,266 9,492 
Equity securities68,209 12,943 
Receivables4, 1725,605 26,447 
Other60,590 56,595 
TOTAL ASSETS$1,515,415 $1,403,977 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$96,715 $90,577 
Accrued liabilities and other1862,682 119,158 
Debt821,404 22,074 
Reclamation92,299 2,299 
183,100 234,108 
NON-CURRENT LIABILITIES
Debt8390,721 253,427 
Reclamation9139,112 136,975 
Deferred tax liabilities34,577 34,202 
Other long-term liabilities47,399 51,786 
611,809 476,390 
COMMITMENTS AND CONTINGENCIES17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,469,002 issued and outstanding at March 31, 2021 and 243,751,283 at December 31, 2020
2,435 2,438 
Additional paid-in capital3,610,631 3,610,297 
Accumulated other comprehensive income (loss)13,500 (11,136)
Accumulated deficit(2,906,060)(2,908,120)
720,506 693,479 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,515,415 $1,403,977 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 Three Months Ended March 31,
 20212020
 NotesIn thousands, except share data
Revenue3$202,117 $173,167 
COSTS AND EXPENSES
Costs applicable to sales(1)
3108,147 118,917 
Amortization29,937 36,162 
General and administrative11,554 8,920 
Exploration9,666 6,386 
Pre-development, reclamation, and other13,712 6,555 
Total costs and expenses173,016 176,940 
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment8(9,173) 
Fair value adjustments, net12(3,799)(8,819)
Interest expense, net of capitalized interest8(4,910)(5,128)
Other, net143,627 1,881 
Total other income (expense), net(14,255)(12,066)
Income (loss) before income and mining taxes14,846 (15,839)
Income and mining tax (expense) benefit10(12,786)3,939 
NET INCOME (LOSS) $2,060 $(11,900)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges, net of tax of $0 and $22 for the three months ended March 31, 2021 and 2020, respectively.
27,357 206 
Reclassification adjustments for realized (gain) loss on cash flow hedges(2,721) 
Other comprehensive income (loss) 24,636 206 
COMPREHENSIVE INCOME (LOSS)$26,696 $(11,694)
NET INCOME (LOSS) PER SHARE15
Basic$0.01 $(0.05)
Diluted$0.01 $(0.05)
(1) Excludes amortization.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Three Months Ended March 31,
 20212020
 NotesIn thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$2,060 $(11,900)
Adjustments:
Amortization29,937 36,162 
Accretion2,905 2,847 
Deferred taxes124 (5,487)
Loss on debt extinguishment89,173  
Fair value adjustments, net123,799 8,819 
Stock-based compensation114,256 2,013 
Gain on modification of right of use lease (4,051)
Write-downs 10,381 
Deferred revenue recognition17(8,346)(7,548)
Other(2,328)(1,092)
Changes in operating assets and liabilities:
Receivables999 (813)
Prepaid expenses and other current assets(655)(346)
Inventory and ore on leach pads(17,486)(21,925)
Accounts payable and accrued liabilities(28,797)(15,051)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (4,359)(7,991)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(59,424)(22,208)
Proceeds from the sale of assets4,588 4,506 
Sale of investments935  
Other(17)(17)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (53,918)(17,719)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings, net of issuance costs8367,493 50,000 
Payments on debt, finance leases, and associated costs7, 8(243,967)(5,901)
Silvertip contingent consideration17 (18,750)
Other(3,925)(1,973)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 119,601 23,376 
Effect of exchange rate changes on cash and cash equivalents(51)(626)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH61,273 (2,960)
Cash, cash equivalents and restricted cash at beginning of period94,170 57,018 
Cash, cash equivalents and restricted cash at end of period$155,443 $54,058 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6


COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2020243,752 $2,438 $3,610,297 $(2,908,120)$(11,136)$693,479 
Net income (loss)— — — 2,060 — 2,060 
Other comprehensive income (loss)— — — — 24,636 24,636 
Common stock issued/canceled under long-term incentive plans and director fees and options, net(282)(3)334 — — 331 
Balances at March 31, 2021243,470 $2,435 $3,610,631 $(2,906,060)$13,500 $720,506 

In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2019 241,529 $2,415 $3,598,472 $(2,933,747)$(136)$667,004 
Net income (loss)— — — (11,900)— (11,900)
Other comprehensive income (loss)— — — — 206 206 
Common stock issued for Silvertip contingent consideration payment878 9 5,286 — — 5,295 
Common stock issued/canceled under long-term incentive plans and director fees and options, net1,179 12 27 — — 39 
Balances at March 31, 2020243,586 $2,436 $3,603,785 $(2,945,647)$70 $660,644 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements


NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2021. The condensed consolidated December 31, 2020 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2020 10-K.
Use of Estimates
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Revenue Recognition
The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
The following table presents a rollforward of the Franco-Nevada contract liability balance:
Three Months Ended March 31,
In thousands20212020
Opening Balance$9,376 $11,061 
Revenue Recognized(346)(556)
Closing Balance$9,030 $10,505 
In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment” as defined in Note 17) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
The following table presents a rollforward of the Amended Sales Contract liability balance:
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Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Three Months Ended March 31,
In thousands20212020
Opening Balance$15,003 $15,010 
Additions101 132 
Revenue Recognized(8,000)(7,124)
Closing Balance$7,104 $8,018 
Recently Adopted Accounting Standards
In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows.

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Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

NOTE 3 – SEGMENT REPORTING
The Company’s operating segments include the Palmarejo, Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine, which temporarily suspended mining and processing activities in February 2020, is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
The 2019 novel strain of coronavirus causing a contagious respiratory disease known as COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, poses a material risk to Coeur’s business and operations and the Company expects costs associated with its COVID-19 mitigation and response efforts at each of its operations to continue.
Incremental costs associated with the Company’s COVID-19 health and safety protocols are recorded in Pre-development, reclamation, and other expenses in our Consolidated Statement of Comprehensive Income (Loss) and are included in Other operating expenses in the table below. Because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to estimate the impact of the pandemic on the Company’s operating segments. However, these effects could have a material impact on our operations, and Coeur will continue to monitor the COVID-19 situation closely.
Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended March 31, 2021PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$37,567 $12,440 $54,466 $33,849 $ $ $138,322 
Silver sales42,778 20,317  700   63,795 
Metal sales80,345 32,757 54,466 34,549   202,117 
Costs and Expenses
Costs applicable to sales(1)
33,988 24,033 31,394 18,732   108,147 
Amortization9,059 3,577 13,445 2,475 1,086 295 29,937 
Exploration1,693 472 1,109 67 2,932 3,393 9,666 
Other operating expenses1,270 1,448 2,995 185 6,555 12,813 25,266 
Other income (expense)
Loss on debt extinguishment     (9,173)(9,173)
Fair value adjustments, net     (3,799)(3,799)
Interest expense, net(187)(222)(232)(37)45 (4,277)(4,910)
Other, net(665)(61) 24 (102)4,431 3,627 
Income and mining tax (expense) benefit(11,340)(138)(334)(1,129) 155 (12,786)
Net Income (loss) $22,143 $2,806 $4,957 $11,948 $(10,630)$(29,164)$2,060 
Segment assets(2)
$306,648 $388,047 $162,727 $79,018 $169,328 $177,516 $1,283,284 
Capital expenditures$9,983 $30,177 $7,202 $1,481 $10,387 $194 $59,424 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

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Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Three Months Ended March 31, 2020PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
Revenue
Gold sales$41,647 $8,666 $51,666 $25,626 $ $ $127,605 
Silver sales32,692 10,739  248 1,230 $ 44,909 
Zinc sales    (662) (662)
Lead sales    1,315  1,315 
Metal sales74,339 19,405 51,666 25,874 1,883  173,167 
Costs and Expenses
Costs applicable to sales(1)
35,974 16,956 30,507 17,823 17,657  118,917 
Amortization13,175 2,904 11,922 2,444 5,345 372 36,162 
Exploration1,492 220 1,772 4 251 2,647 6,386 
Other operating expenses722 1,246 331 442 2,374 10,360 15,475 
Other income (expense)
Loss on debt extinguishment       
Fair value adjustments, net     (8,819)(8,819)
Interest expense, net(155)(268)(309)(51)(259)(4,086)(5,128)
Other, net(47)(53)71 (13)1,130 793 1,881 
Income and mining tax (expense) benefit2,287 (43) (475) 2,170 3,939 
Net Income (loss) $25,061 $(2,285)$6,896 $4,622 $(22,873)$(23,321)$(11,900)
Segment assets(2)
$307,662 $295,972 $188,470 $85,531 161,214 $164,745 $1,203,594 
Capital expenditures$7,080 $5,058 $4,808 $409 4,616 $237 $22,208 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests


Assets March 31, 2021December 31, 2020
Total assets for reportable segments$1,283,284 $1,232,153 
Cash and cash equivalents154,066 92,794 
Other assets78,065 79,030 
Total consolidated assets$1,515,415 $1,403,977 

Geographic Information
Long-Lived Assets March 31, 2021December 31, 2020
United States$530,895 $503,818 
Mexico294,702 293,436 
Canada162,072 149,018 
Other127 657 
Total$987,796 $946,929 
RevenueThree months ended March 31,
20212020
United States$121,772 $96,945 
Mexico80,345 74,339 
Canada 1,883 
Total$202,117 $173,167 

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Notes to Consolidated Financial Statements

NOTE 4 – RECEIVABLES
    Receivables consist of the following:
In thousandsMarch 31, 2021December 31, 2020
Current receivables:
Trade receivables$5,008 $3,293 
Value added tax (“VAT”) receivable16,265 17,080 
Income tax receivable448 530 
Other885 2,581 
$22,606 $23,484 
Non-current receivables:
VAT receivable(1)
$25,605 $26,447 
25,605 26,447 
Total receivables$48,211 $49,931 
(1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation). See Note 17 -- Commitments and Contingencies for additional detail. The $0.8 million decrease in the three months ended March 31, 2021 is attributable to a weaker Mexican Peso.


NOTE 5 – INVENTORY AND ORE ON LEACH PADS
    Inventory consists of the following:
In thousandsMarch 31, 2021December 31, 2020
Inventory:
Concentrate$2,100 $2,909 
Precious metals16,573 14,788 
Supplies34,918 33,513 
53,591 51,210 
Ore on Leach Pads:
Current78,689 74,866 
Non-current87,723 81,963 
166,412 156,829 
Long-term Stockpile (included in Other)
$10,759 $5,664 
Total Inventory and Ore on Leach Pads$230,762 $213,703 

NOTE 6 – INVESTMENTS
Equity Securities
    The Company makes strategic investments in equity and debt securities of silver and gold exploration, development and royalty and streaming companies.
At March 31, 2021
In thousandsCostGross
Unrealized
Losses
Gross
Unrealized
Gains
Estimated
Fair Value
Equity Securities
Integra Resources Corp.$7,500 $ $707 $8,207 
Other2   2 
Equity securities$7,502 $ $707 $8,209 
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Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

At December 31, 2020
In thousandsCostGross
Unrealized
Losses
Gross
Unrealized
Gains
Estimated
Fair Value
Equity Securities
Metalla Royalty & Streaming Ltd.$166 $ $875 $1,041 
Integra Resources Corp.7,500  4,401 11,901 
Other2 (1) 1 
Equity securities$7,668 $(1)$5,276 $12,943 
On January 4, 2021, the Company completed the sale of 83,556 shares of common stock of Metalla Royalty & Streaming Ltd. (“Metalla”) (“Metalla Common Shares”) at an average price (net of commission) of $11.19 per Metalla Common Share for net proceeds of $0.9 million for a realized gain of $0.8 million.
    
NOTE 7 – LEASES
Right of Use Assets and Liabilities
The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.
Three months ended March 31,
In thousands20212020
Lease Cost
Operating lease cost$3,151 $2,897 
Short-term operating lease cost$3,045 $1,667 
Finance Lease Cost:
Amortization of leased assets$5,888 $5,973 
Interest on lease liabilities589 1,005 
Total finance lease cost$6,477 $6,978 
Supplemental cash flow information related to leases was as follows:
Three months ended March 31,
In thousands20212020
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,401 $4,871 
Operating cash flows from finance leases$589 $1,005 
Financing cash flows from finance leases$5,663 $5,901 
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Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Supplemental balance sheet information related to leases was as follows:
In thousandsMarch 31, 2021December 31, 2020
Operating Leases
Other assets, non-current$37,881 $40,511 
Accrued liabilities and other$11,798 $12,410 
Other long-term liabilities25,196