LEASES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Leases [Abstract] |
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| Summary of Assets And Liabilities, Lessee |
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):
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December 31, |
| Leases |
Consolidated Balance Sheets Classification |
2023 |
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2022 |
| Right of use asset |
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| Operating |
Other Non-Current Assets |
$ |
12,814 |
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$ |
13,303 |
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| Finance |
Property, plant and equipment, net |
126,225 |
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|
56,708 |
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| Total Leased Assets |
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$ |
139,039 |
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$ |
70,011 |
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| Liabilities |
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| Current |
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| Operating |
Accrued and other liabilities |
$ |
3,835 |
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$ |
2,734 |
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| Finance |
Accrued and other liabilities |
875 |
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|
140 |
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| Non-Current |
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| Operating |
Other non-current liabilities |
10,743 |
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|
12,148 |
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| Finance |
Finance lease liabilities |
121,450 |
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|
49,963 |
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| Total leased liabilities |
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$ |
136,903 |
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$ |
64,985 |
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Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:
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December 31, |
| Lease term and discount rate |
2023 |
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2022 |
| Weighted average remaining lease term (years) |
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| Operating lease |
3.5 |
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4.5 |
| Finance lease |
36.1 |
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48.4 |
| Weighted average discount rate |
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| Operating lease |
6.4 |
% |
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6.2 |
% |
| Finance lease |
8.7 |
% |
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9.4 |
% |
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| Schedule of Lease, Cost |
Lease costs recognized in our Consolidated Statements of Operations is summarized as follows (in thousands):
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Year Ended December 31, |
| Lease costs |
2023 |
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2022 |
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2021 |
| Operating lease cost |
$ |
3,915 |
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$ |
3,149 |
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$ |
2,519 |
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| Finance lease cost |
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| Amortization of lease assets |
3,461 |
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|
1,174 |
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|
788 |
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| Interest on lease liabilities |
9,202 |
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3,978 |
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|
2,904 |
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| Finance lease cost |
$ |
12,663 |
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$ |
5,152 |
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$ |
3,692 |
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| Total lease cost |
$ |
16,578 |
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$ |
8,301 |
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$ |
6,211 |
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The following shows other quantitative information for our operating and finance leases (in thousands):
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Year Ended December 31, |
| . |
2023 |
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2022 |
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2021 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
$ |
4,333 |
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$ |
3,423 |
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$ |
2,953 |
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| Operating cash flows from finance leases |
$ |
7,950 |
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$ |
3,674 |
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$ |
1,813 |
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| Financing cash flows from finance leases |
$ |
512 |
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$ |
132 |
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$ |
1,926 |
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| Schedule of Finance Lease, Liability, Maturity |
The table below presents an analysis of the maturity of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of December 31, 2022 (in thousands):
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Operating |
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Finance |
| 2024 |
$ |
4,666 |
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$ |
10,491 |
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| 2025 |
4,721 |
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10,491 |
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| 2026 |
4,756 |
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10,491 |
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| 2027 |
1,954 |
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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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322,334 |
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| Total lease payments |
$ |
16,372 |
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$ |
374,789 |
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| Less: discount |
1,794 |
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|
252,465 |
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| Present value of lease liability |
$ |
14,578 |
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$ |
122,324 |
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| Schedule of Operating Lease Maturity |
The table below presents an analysis of the maturity of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of December 31, 2022 (in thousands):
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Operating |
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Finance |
| 2024 |
$ |
4,666 |
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$ |
10,491 |
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| 2025 |
4,721 |
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|
10,491 |
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| 2026 |
4,756 |
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10,491 |
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| 2027 |
1,954 |
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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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322,334 |
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| Total lease payments |
$ |
16,372 |
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$ |
374,789 |
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| Less: discount |
1,794 |
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252,465 |
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| Present value of lease liability |
$ |
14,578 |
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$ |
122,324 |
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