LEASES (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Leases [Abstract] |
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| Schedule of Assets and Liabilities, Lessee |
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Condensed Consolidated Balance Sheets (in thousands):
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| Leases |
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Balance Sheets Classification |
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June 30, 2024 |
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December 31, 2023 |
| Right of use asset |
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| Operating |
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Other non-current assets |
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$ |
11,141 |
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$ |
12,814 |
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| Finance |
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Property, plant and equipment, net |
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124,391 |
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126,225 |
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| Total leased assets |
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$ |
135,532 |
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$ |
139,039 |
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| Liabilities |
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| Current |
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| Operating |
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Accrued and other liabilities |
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$ |
3,987 |
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$ |
3,835 |
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| Finance |
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Accrued and other liabilities |
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908 |
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875 |
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| Non-current |
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| Operating |
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Other non-current liabilities |
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8,708 |
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10,743 |
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| Finance |
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Finance lease liabilities |
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120,987 |
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121,450 |
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| Total leased liabilities |
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$ |
134,590 |
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$ |
136,903 |
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Other information about lease amounts recognized in our Condensed Consolidated Financial Statements is as follows:
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June 30, 2024 |
| Lease term and discount rate |
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| Weighted average remaining lease term (years) |
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| Operating lease |
3.0 |
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| Finance lease |
35.6 |
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| Weighted average discount rate |
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| Operating lease |
6.4 |
% |
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| Finance lease |
8.7 |
% |
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| Schedule of Lease, Cost |
Lease costs recognized in our Condensed Consolidated Statements of Operations is summarized as follows (in thousands):
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Six Months Ended June 30, |
| Lease costs |
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2024 |
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2023 |
| Operating lease cost |
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$ |
2,117 |
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$ |
1,804 |
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| Finance lease cost |
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| Amortization of lease assets |
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1,835 |
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1,627 |
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| Interest on lease liabilities |
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4,816 |
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4,370 |
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| Finance lease cost |
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6,651 |
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5,997 |
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| Total lease cost |
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$ |
8,768 |
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$ |
7,801 |
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The following table includes other quantitative information for our operating and finance leases (in thousands):
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Six Months Ended June 30, |
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2024 |
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2023 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
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$ |
2,174 |
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$ |
2,009 |
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| Operating cash flows from finance leases |
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5,502 |
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4,294 |
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| Financing cash flows from finance leases |
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356 |
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170 |
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| Schedule of Operating Lease Maturity |
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of June 30, 2024 (in thousands):
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Operating |
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Finance |
| 2024 |
$ |
2,341 |
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$ |
5,245 |
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| 2025 |
4,723 |
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10,491 |
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| 2026 |
4,758 |
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10,491 |
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| 2027 |
1,955 |
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10,491 |
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| 2028 |
275 |
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10,491 |
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| After 2028 |
— |
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322,335 |
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| Total lease payments |
$ |
14,052 |
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$ |
369,544 |
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| Less: discount |
1,357 |
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247,649 |
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| Present value of lease liability |
$ |
12,695 |
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$ |
121,895 |
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| Schedule of Finance Lease, Liability, Maturity |
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of June 30, 2024 (in thousands):
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Operating |
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Finance |
| 2024 |
$ |
2,341 |
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$ |
5,245 |
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| 2025 |
4,723 |
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10,491 |
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| 2026 |
4,758 |
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10,491 |
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| 2027 |
1,955 |
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10,491 |
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| 2028 |
275 |
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10,491 |
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| After 2028 |
— |
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322,335 |
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| Total lease payments |
$ |
14,052 |
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$ |
369,544 |
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| Less: discount |
1,357 |
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247,649 |
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| Present value of lease liability |
$ |
12,695 |
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$ |
121,895 |
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