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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2023 is as follows:

(in thousands)						Balance Sheet Classification						December 31, 2023						December 31, 2022
Right-of-use assets
Finance leases						Finance lease right-of-use assets, net						$	382,734					$	247,943
Operating leases						Operating lease right-of-use assets, net						199,673						169,302
Total right-of-use assets												$	582,407					$	417,245
Lease liabilities
Finance leases						Current portion of finance lease liabilities						$	9,482					$	7,971
						Finance lease liabilities, net of current portion						367,775						237,130
Operating leases						Current portion of operating lease liabilities						10,239						9,317
						Operating lease liabilities, net of current portion						191,419						161,228
Total lease liabilities												$	578,915					$	415,646

The components of lease cost were as follows for the periods presented:

																		Year Ended December 31,
(in thousands)						Statement of Operations Classification																		2023						2022
Finance lease cost
Amortization of right-of-use assets						Cost of sales																		$	21,305					$	11,728
Interest on lease liabilities						Interest expense																		17,516						9,263
Total finance lease cost																								38,821						20,991
Operating lease cost						Cost of sales																		19,440						16,465
Variable lease cost						Cost of sales																		5,216						3,979
Total lease cost																								$	63,477					$	41,435

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2023 are as follows:

(in thousands)						Finance						Operating
2024						$	31,006					$	19,553
2025						33,550						20,181
2026						33,856						19,844
2027						34,533						18,942
2028						35,610						18,355
Thereafter						433,244						191,530
Total						$	601,799					$	288,405
Less: imputed interest						(224,542)						(86,747)
Present value of minimum lease payments						377,257						201,658
Less: current portion						(9,482)						(10,239)
Lease liabilities, net of current portion						$	367,775					$	191,419

A summary of lease terms and discount rates for finance and operating leases is as follows:

						December 31, 2023			December 31, 2022
Weighted-average remaining lease term (years)
Finance leases						16.3			16.1
Operating leases						14.7			14.9
Weighted-average discount rate (percentages)
Finance leases						5.9%			5.3%
Operating leases						4.9%			4.2%

Supplemental cash flow information related to leases as of December 31, 2023 is as follows for the periods presented:

						Year Ended December 31,
(in thousands)						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	17,516					$	9,264
Operating cash flows from operating leases						17,167						16,269
Financing cash flows from finance leases						12,432						5,838
Right-of-use assets obtained in exchange for lease obligations1:
Finance leases						144,588						167,687
Operating leases						40,253						178,138

________________

1 The 2022 amounts include the transition adjustment for the adoption of ASU 2016-02, as amended.

Leases

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2023 is as follows:

(in thousands)						Balance Sheet Classification						December 31, 2023						December 31, 2022
Right-of-use assets
Finance leases						Finance lease right-of-use assets, net						$	382,734					$	247,943
Operating leases						Operating lease right-of-use assets, net						199,673						169,302
Total right-of-use assets												$	582,407					$	417,245
Lease liabilities
Finance leases						Current portion of finance lease liabilities						$	9,482					$	7,971
						Finance lease liabilities, net of current portion						367,775						237,130
Operating leases						Current portion of operating lease liabilities						10,239						9,317
						Operating lease liabilities, net of current portion						191,419						161,228
Total lease liabilities												$	578,915					$	415,646

The components of lease cost were as follows for the periods presented:

																		Year Ended December 31,
(in thousands)						Statement of Operations Classification																		2023						2022
Finance lease cost
Amortization of right-of-use assets						Cost of sales																		$	21,305					$	11,728
Interest on lease liabilities						Interest expense																		17,516						9,263
Total finance lease cost																								38,821						20,991
Operating lease cost						Cost of sales																		19,440						16,465
Variable lease cost						Cost of sales																		5,216						3,979
Total lease cost																								$	63,477					$	41,435

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2023 are as follows:

(in thousands)						Finance						Operating
2024						$	31,006					$	19,553
2025						33,550						20,181
2026						33,856						19,844
2027						34,533						18,942
2028						35,610						18,355
Thereafter						433,244						191,530
Total						$	601,799					$	288,405
Less: imputed interest						(224,542)						(86,747)
Present value of minimum lease payments						377,257						201,658
Less: current portion						(9,482)						(10,239)
Lease liabilities, net of current portion						$	367,775					$	191,419

A summary of lease terms and discount rates for finance and operating leases is as follows:

						December 31, 2023			December 31, 2022
Weighted-average remaining lease term (years)
Finance leases						16.3			16.1
Operating leases						14.7			14.9
Weighted-average discount rate (percentages)
Finance leases						5.9%			5.3%
Operating leases						4.9%			4.2%

Supplemental cash flow information related to leases as of December 31, 2023 is as follows for the periods presented:

						Year Ended December 31,
(in thousands)						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases						$	17,516					$	9,264
Operating cash flows from operating leases						17,167						16,269
Financing cash flows from finance leases						12,432						5,838
Right-of-use assets obtained in exchange for lease obligations1:
Finance leases						144,588						167,687
Operating leases						40,253						178,138

________________

1 The 2022 amounts include the transition adjustment for the adoption of ASU 2016-02, as amended.

X

- References

No definition available.

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- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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