LEASES (Tables)
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3 Months Ended |
Mar. 31, 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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March 31, 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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$ |
11,985 |
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$ |
12,814 |
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| Finance |
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Property, plant and equipment, net |
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125,308 |
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126,225 |
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| Total leased assets |
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$ |
137,293 |
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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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$ |
3,910 |
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$ |
3,835 |
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| Finance |
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Accrued and other liabilities |
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891 |
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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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9,737 |
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10,743 |
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| Finance |
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Finance lease liabilities |
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121,221 |
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121,450 |
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| Total leased liabilities |
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$ |
135,759 |
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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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March 31, 2024 |
| Lease term and discount rate |
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| Weighted average remaining lease term (years) |
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| Operating lease |
3.3 |
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| Finance lease |
35.8 |
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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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Three Months Ended March 31, |
| Lease costs |
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2024 |
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2023 |
| Operating lease cost |
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$ |
1,056 |
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$ |
869 |
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| Finance lease cost |
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| Amortization of lease assets |
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918 |
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709 |
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| Interest on lease liabilities |
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2,410 |
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1,948 |
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| Finance lease cost |
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3,328 |
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2,657 |
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| Total lease cost |
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$ |
4,384 |
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$ |
3,526 |
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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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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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$ |
938 |
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$ |
974 |
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| Operating cash flows from finance leases |
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2,226 |
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807 |
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| Financing cash flows from finance leases |
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177 |
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— |
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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, 2024 (in thousands):
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Operating |
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Finance |
| 2024 |
$ |
3,508 |
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$ |
7,869 |
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| 2025 |
4,724 |
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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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322,334 |
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| Total lease payments |
$ |
15,220 |
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$ |
372,167 |
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| Less: discount |
1,572 |
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250,055 |
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| Present value of lease liability |
$ |
13,648 |
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$ |
122,112 |
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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, 2024 (in thousands):
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Operating |
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Finance |
| 2024 |
$ |
3,508 |
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$ |
7,869 |
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| 2025 |
4,724 |
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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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322,334 |
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| Total lease payments |
$ |
15,220 |
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$ |
372,167 |
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| Less: discount |
1,572 |
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250,055 |
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| Present value of lease liability |
$ |
13,648 |
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$ |
122,112 |
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