XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.22.4

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
LEASES | LEASES The Company’s lease portfolio is predominately operating leases for real estate, vehicles and industrial equipment utilized in operations and rail cars. The Company presents operating lease balances separately on the consolidated balance sheets. The Company's finance leases relate to equipment, rail cars and certain real estate. The following table presents the Company's finance lease balances and their classification on the consolidated balance sheets (in thousands):
Finance Lease Balances (Classification) |  | December 31, 2022 |  | December 31, 2021
ROU assets (Property, plant and equipment, net) |  | $ | 96,207 |  |  | $ | 81,267 |
Current portion of lease liabilities (Accrued expenses) |  | 12,767 |  |  | 10,893 |
Long-term portion of lease liabilities (Other long-term liabilities) |  | 86,390 |  |  | 72,051 |
The Company’s lease expense was as follows (in thousands):
|  |  | For the years ended December 31,
|  |  | 2022 |  | 2021 |  | 2020
Operating lease cost |  |  | $ | 59,041 |  |  | $ | 50,264 |  |  | $ | 53,194 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of ROU assets |  |  | 13,239 |  |  | 9,504 |  |  | 4,966 |
Interest on lease liabilities |  |  | 3,011 |  |  | 2,544 |  |  | 1,523 |
Total finance lease cost |  |  | 16,250 |  |  | 12,048 |  |  | 6,489 |
Short-term lease cost |  |  | 158,736 |  |  | 102,913 |  |  | 70,692 |
Variable lease cost |  |  | 4,353 |  |  | 3,546 |  |  | 3,691 |
Total lease cost |  |  | $ | 238,380 |  |  | $ | 168,771 |  |  | $ | 134,066 |
Other information related to leases was as follows:
Weighted Average Remaining Lease Term (years) |  | December 31, 2022 |  | December 31, 2021
Operating leases |  | 4.2 |  | 4.4
Finance leases |  | 7.5 |  | 8.1
Weighted Average Discount Rate |  | December 31, 2022 |  | December 31, 2021
Operating leases |  | 4.08 | % |  | 4.35 | %
Finance leases |  | 3.53 | % |  | 3.65 | %
|  | For the years ended December 31,
Supplemental Cash Flow Related Disclosures (in thousands) |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts related to lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 61,014 |  |  | $ | 50,963 |  |  | $ | 53,498 |
Operating cash flows from finance leases |  | 3,011 |  |  | 2,544 |  |  | 1,523 |
Financing cash flows from finance leases |  | 12,821 |  |  | 8,458 |  |  | 4,469 |
ROU assets obtained in exchange for operating lease liabilities |  | 58,230 |  |  | 55,556 |  |  | 34,358 |
ROU assets obtained in exchange for finance lease liabilities |  | 29,205 |  |  | 30,476 |  |  | 32,526 |
At December 31, 2022, the Company's future lease payments under non-cancelable leases that have lease terms in excess of one year were as follows (in thousands):
Years ending December 31, | December 31, 2022
Operating Leases |  | Finance Leases
2023 | $ | 57,757 |  |  | $ | 17,085 |
2024 | 45,478 |  |  | 16,423 |
2025 | 32,739 |  |  | 15,748 |
2026 | 23,791 |  |  | 15,761 |
2027 | 14,635 |  |  | 15,748 |
Thereafter | 11,564 |  |  | 33,950 |
Total future lease payments | 185,964 |  |  | 114,715 |
Amount representing interest | (17,173) |  |  | (15,558) |
Total lease liabilities | $ | 168,791 |  |  | $ | 99,157 |
At December 31, 2022, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. Additionally, the Company does not have any related party leases, and there were no restrictions or covenants imposed by its leases.
LEASES | LEASES The Company’s lease portfolio is predominately operating leases for real estate, vehicles and industrial equipment utilized in operations and rail cars. The Company presents operating lease balances separately on the consolidated balance sheets. The Company's finance leases relate to equipment, rail cars and certain real estate. The following table presents the Company's finance lease balances and their classification on the consolidated balance sheets (in thousands):
Finance Lease Balances (Classification) |  | December 31, 2022 |  | December 31, 2021
ROU assets (Property, plant and equipment, net) |  | $ | 96,207 |  |  | $ | 81,267 |
Current portion of lease liabilities (Accrued expenses) |  | 12,767 |  |  | 10,893 |
Long-term portion of lease liabilities (Other long-term liabilities) |  | 86,390 |  |  | 72,051 |
The Company’s lease expense was as follows (in thousands):
|  |  | For the years ended December 31,
|  |  | 2022 |  | 2021 |  | 2020
Operating lease cost |  |  | $ | 59,041 |  |  | $ | 50,264 |  |  | $ | 53,194 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of ROU assets |  |  | 13,239 |  |  | 9,504 |  |  | 4,966 |
Interest on lease liabilities |  |  | 3,011 |  |  | 2,544 |  |  | 1,523 |
Total finance lease cost |  |  | 16,250 |  |  | 12,048 |  |  | 6,489 |
Short-term lease cost |  |  | 158,736 |  |  | 102,913 |  |  | 70,692 |
Variable lease cost |  |  | 4,353 |  |  | 3,546 |  |  | 3,691 |
Total lease cost |  |  | $ | 238,380 |  |  | $ | 168,771 |  |  | $ | 134,066 |
Other information related to leases was as follows:
Weighted Average Remaining Lease Term (years) |  | December 31, 2022 |  | December 31, 2021
Operating leases |  | 4.2 |  | 4.4
Finance leases |  | 7.5 |  | 8.1
Weighted Average Discount Rate |  | December 31, 2022 |  | December 31, 2021
Operating leases |  | 4.08 | % |  | 4.35 | %
Finance leases |  | 3.53 | % |  | 3.65 | %
|  | For the years ended December 31,
Supplemental Cash Flow Related Disclosures (in thousands) |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts related to lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 61,014 |  |  | $ | 50,963 |  |  | $ | 53,498 |
Operating cash flows from finance leases |  | 3,011 |  |  | 2,544 |  |  | 1,523 |
Financing cash flows from finance leases |  | 12,821 |  |  | 8,458 |  |  | 4,469 |
ROU assets obtained in exchange for operating lease liabilities |  | 58,230 |  |  | 55,556 |  |  | 34,358 |
ROU assets obtained in exchange for finance lease liabilities |  | 29,205 |  |  | 30,476 |  |  | 32,526 |
At December 31, 2022, the Company's future lease payments under non-cancelable leases that have lease terms in excess of one year were as follows (in thousands):
Years ending December 31, | December 31, 2022
Operating Leases |  | Finance Leases
2023 | $ | 57,757 |  |  | $ | 17,085 |
2024 | 45,478 |  |  | 16,423 |
2025 | 32,739 |  |  | 15,748 |
2026 | 23,791 |  |  | 15,761 |
2027 | 14,635 |  |  | 15,748 |
Thereafter | 11,564 |  |  | 33,950 |
Total future lease payments | 185,964 |  |  | 114,715 |
Amount representing interest | (17,173) |  |  | (15,558) |
Total lease liabilities | $ | 168,791 |  |  | $ | 99,157 |
At December 31, 2022, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. Additionally, the Company does not have any related party leases, and there were no restrictions or covenants imposed by its leases.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration