Leases (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
| Leases [Abstract] |
|
| Summary of Leases Table |
The following table summarizes information related to the Partnership’s leases: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | | 2024 | | 2023 | thousands except lease terms and discount rates | | Operating Leases | | Finance Leases | | Operating Leases | | Finance Leases | | Assets | | | | | | | | | | Other assets | | $ | 219,500 | | | $ | — | | | $ | 84,279 | | | $ | — | | | Net property, plant, and equipment | | — | | | 33,771 | | | — | | | 36,958 | | Total lease assets (1) | | $ | 219,500 | | | $ | 33,771 | | | $ | 84,279 | | | $ | 36,958 | | | | | | | | | | | | Liabilities | | | | | | | | | | Accrued liabilities | | $ | 58,897 | | | $ | — | | | $ | 11,259 | | | $ | — | | | Short-term debt | | — | | | 10,956 | | | — | | | 7,436 | | | Other liabilities | | 143,801 | | | — | | | 48,459 | | | — | | | Long-term debt | | — | | | 23,329 | | | — | | | 28,668 | | Total lease liabilities (1) | | $ | 202,698 | | | $ | 34,285 | | | $ | 59,718 | | | $ | 36,104 | | | | | | | | | | | | Weighted-average remaining lease term (years) | | 4 | | 5 | | 9 | | 6 | | Weighted-average discount rate (%) | | 5.7 | | | 7.0 | | | 4.6 | | | 7.1 | | | | | | | | | | |
________________________________________________________________________________________ (1)Includes additions to ROU assets and lease liabilities of $154.1 million and $33.1 million related to operating leases for the years ended December 31, 2024 and 2023, respectively. Includes additions to ROU assets and lease liabilities of $4.3 million and $32.6 million related to finance leases for the years ended December 31, 2024 and 2023, respectively. |
| Summary of Lease Cost and Cash Flow Activity Tables |
The following table summarizes the Partnership’s lease cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | thousands | | | | 2024 | | 2023 | | 2022 | | Operating lease cost | | | | $ | 17,086 | | | $ | 15,457 | | | $ | 14,767 | | | Short-term lease cost | | | | 58,838 | | | 48,343 | | | 38,875 | | | Variable lease cost | | | | 3,773 | | | 3,930 | | | 5,611 | | | Sublease income | | | | (587) | | | (311) | | | (414) | | | Finance lease cost | | | | | | | | | | Amortization of ROU assets | | | | 7,433 | | | 3,487 | | | 5,377 | | | Interest on lease liabilities | | | | 2,573 | | | 1,083 | | | 414 | | | Total lease cost | | | | $ | 89,116 | | | $ | 71,989 | | | $ | 64,630 | |
The following table summarizes cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | | thousands | | Operating Leases | | Finance Leases | | Operating Leases | | Finance Leases | | Operating Leases | | Finance Leases | | Operating cash flows | | $ | 15,627 | | | $ | 2,573 | | | $ | 14,217 | | | $ | 1,083 | | | $ | 13,616 | | | $ | 229 | | | Financing cash flows | | — | | | 6,065 | | | — | | | 3,076 | | | — | | | 4,318 | |
|
| Lessee, Operating Leases Maturity Tables |
The following table reconciles the undiscounted cash flows to the operating and finance lease liabilities at December 31, 2024: | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | 2025 | | $ | 60,469 | | | $ | 11,492 | | | 2026 | | 62,650 | | | 10,245 | | | 2027 | | 63,959 | | | 6,787 | | | 2028 | | 8,920 | | | 6,580 | | | 2029 | | 9,230 | | | 3,795 | | | Thereafter | | 29,010 | | | — | | | Total lease payments | | 234,238 | | | 38,899 | | | Less portion representing imputed interest | | 31,540 | | | 4,614 | | | Total lease liabilities | | $ | 202,698 | | | $ | 34,285 | | | | | | | | | | | | | | | | |
|
| Lessee, Finance Leases Maturity Table |
The following table reconciles the undiscounted cash flows to the operating and finance lease liabilities at December 31, 2024: | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | 2025 | | $ | 60,469 | | | $ | 11,492 | | | 2026 | | 62,650 | | | 10,245 | | | 2027 | | 63,959 | | | 6,787 | | | 2028 | | 8,920 | | | 6,580 | | | 2029 | | 9,230 | | | 3,795 | | | Thereafter | | 29,010 | | | — | | | Total lease payments | | 234,238 | | | 38,899 | | | Less portion representing imputed interest | | 31,540 | | | 4,614 | | | Total lease liabilities | | $ | 202,698 | | | $ | 34,285 | | | | | | | | | | | | | | | | |
|