LEASES (Tables)
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9 Months Ended |
Sep. 30, 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 |
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September 30, 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 |
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$ |
13,628 |
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$ |
13,303 |
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| Finance |
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Property, plant and equipment, net |
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127,143 |
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56,708 |
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| Total leased assets |
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$ |
140,771 |
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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 |
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$ |
3,751 |
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$ |
2,734 |
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| Finance |
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Accrued and other liabilities |
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858 |
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140 |
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| Non-current |
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| Operating |
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Other non-current liabilities |
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11,729 |
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12,148 |
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| Finance |
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Finance lease liabilities |
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121,675 |
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49,963 |
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| Total leased liabilities |
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$ |
138,013 |
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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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September 30, 2023 |
| Lease term and discount rate |
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| Weighted average remaining lease term (years) |
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| Operating lease |
3.8 |
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| Finance lease |
36.3 |
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| Weighted average discount rate |
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| Operating lease |
6.3 |
% |
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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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Nine Months Ended September 30, |
| Lease costs |
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2023 |
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2022 |
| Operating lease cost |
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$ |
2,860 |
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$ |
2,247 |
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| Finance lease cost |
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| Amortization of lease assets |
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2,545 |
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881 |
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| Interest on lease liabilities |
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6,788 |
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2,983 |
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| Finance lease cost |
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9,333 |
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3,864 |
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| Total lease cost |
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$ |
12,193 |
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$ |
6,111 |
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The following table includes other quantitative information for our operating and finance leases (in thousands):
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Nine Months Ended September 30, |
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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 |
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$ |
2,628 |
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$ |
2,545 |
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| Operating cash flows from finance leases |
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5,716 |
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2,868 |
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| Financing cash flows from finance leases |
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344 |
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1 |
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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 September 30, 2023 (in thousands):
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Operating |
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Finance |
| 2023 |
$ |
1,144 |
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$ |
2,623 |
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| 2024 |
4,655 |
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10,491 |
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| 2025 |
4,710 |
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10,491 |
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| 2026 |
4,745 |
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10,491 |
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| 2027 |
1,947 |
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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 |
$ |
17,476 |
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$ |
377,413 |
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| Less: discount |
1,996 |
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254,880 |
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| Present value of lease liability |
$ |
15,480 |
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$ |
122,533 |
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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 September 30, 2023 (in thousands):
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Operating |
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Finance |
| 2023 |
$ |
1,144 |
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$ |
2,623 |
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| 2024 |
4,655 |
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10,491 |
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| 2025 |
4,710 |
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10,491 |
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| 2026 |
4,745 |
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10,491 |
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| 2027 |
1,947 |
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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 |
$ |
17,476 |
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$ |
377,413 |
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| Less: discount |
1,996 |
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254,880 |
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| Present value of lease liability |
$ |
15,480 |
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$ |
122,533 |
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