LEASES (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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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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Condensed Consolidated Balance Sheets Classification |
March 31, 2023 |
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December 31, 2022 |
| Right of use asset |
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| Operating |
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Other non-current assets |
$ |
12,661 |
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$ |
13,303 |
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| Finance |
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Property, plant and equipment, net |
128,977 |
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56,708 |
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| Total leased assets |
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$ |
141,638 |
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$ |
70,011 |
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| Liabilities |
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| Current |
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| Operating |
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Accrued and other liabilities |
$ |
2,880 |
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$ |
2,734 |
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| Finance |
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Accrued and other liabilities |
827 |
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|
140 |
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| Non-current |
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| Operating |
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Other non-current liabilities |
11,375 |
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12,148 |
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| Finance |
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Finance lease liabilities |
122,112 |
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49,963 |
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| Total leased liabilities |
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$ |
137,194 |
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$ |
64,985 |
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Other information about lease amounts recognized in our Condensed 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 |
4.3 |
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4.5 |
| Finance lease |
36.8 |
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48.4 |
| Weighted average discount rate |
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| Operating lease |
6.2 |
% |
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6.2 |
% |
| Finance lease |
8.6 |
% |
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9.4 |
% |
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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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Three months ended |
| Lease Costs |
2023 |
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2022 |
| Operating lease cost |
$ |
869 |
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$ |
685 |
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| Finance lease cost |
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| Amortization of lease assets |
709 |
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294 |
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| Interest on lease liabilities |
1,948 |
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994 |
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| Finance lease cost |
$ |
2,657 |
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$ |
1,288 |
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| Total lease cost |
$ |
3,526 |
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$ |
1,973 |
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The following table includes other quantitative information for our operating and finance leases (in thousands):
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Three months ended March 31, |
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2023 |
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2022 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
$ |
974 |
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$ |
743 |
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| Operating cash flows from finance leases |
$ |
807 |
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$ |
— |
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| Financing cash flows from finance leases |
$ |
— |
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$ |
— |
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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 March 31, 2023 (in thousands):
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Operating |
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Finance |
| 2023 |
$ |
2,728 |
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$ |
7,869 |
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| 2024 |
3,850 |
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|
10,491 |
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| 2025 |
3,893 |
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10,491 |
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| 2026 |
3,914 |
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10,491 |
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| 2027 |
1,666 |
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10,491 |
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| After 2027 |
275 |
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332,826 |
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| Total lease payments |
$ |
16,326 |
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$ |
382,659 |
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| Less: discount |
2,071 |
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|
259,721 |
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| Present value of lease liability |
$ |
14,255 |
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$ |
122,938 |
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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 March 31, 2023 (in thousands):
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Operating |
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Finance |
| 2023 |
$ |
2,728 |
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$ |
7,869 |
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| 2024 |
3,850 |
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|
10,491 |
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| 2025 |
3,893 |
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10,491 |
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| 2026 |
3,914 |
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10,491 |
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| 2027 |
1,666 |
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10,491 |
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| After 2027 |
275 |
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332,826 |
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| Total lease payments |
$ |
16,326 |
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$ |
382,659 |
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| Less: discount |
2,071 |
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|
259,721 |
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| Present value of lease liability |
$ |
14,255 |
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$ |
122,938 |
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