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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease Cost
The components of lease cost are as follows (in thousands) (1):
Years Ended December 31,
202320222021
Operating lease cost$11,533 $12,054 $12,586 
Short-term lease cost5,031 2,541 1,609 
Variable lease cost3,826 4,803 600 
Total lease cost$20,390 $19,398 $14,795 
(1) Includes an immaterial amount of financing lease cost.
Supplemental balance sheet information related to leases is as follows:
Years Ended December 31,
20232022
Weighted-average remaining lease term (years) for operating leases3.53.3
Weighted-average discount rate (1) operating leases
7.3 %6.6 %
Weighted-average remaining lease term (years) for finance lease3.61.1
Weighted-average discount rate (1) finance lease
7.2 %1.9 %
(1) Our discount rate is primarily based on our incremental borrowing rate in accordance with ASC 842.
Supplemental cash flow and other information related to leases are as follows (in thousands):
Years Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(9,588)$(12,054)$(12,586)
Leased assets obtained in exchange for new operating lease liabilities$3,804 $12,682 $6,386 
Leased assets obtained in exchange for new financing lease liabilities$1,162 $35 $3,071 
Schedule of Operating Lease Maturities
Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
Year Ended December 31,OperatingFinance
2024$7,515 $583 
20254,377 288 
20261,972 263 
20271,473 263 
2028631 154 
2029 and thereafter1,111 — 
Total lease payments17,079 1,551 
Less: present value discount2,047 206 
Lease payable$15,032 $1,345 
Schedule of Finance Lease Maturities
Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
Year Ended December 31,OperatingFinance
2024$7,515 $583 
20254,377 288 
20261,972 263 
20271,473 263 
2028631 154 
2029 and thereafter1,111 — 
Total lease payments17,079 1,551 
Less: present value discount2,047 206 
Lease payable$15,032 $1,345 
Schedule of Lease Payments to be Received
The following is a schedule of annual undiscounted minimum future lease cash receipts on the non-cancellable operating leases as of December 31, 2023 (in thousands):
2024$129,596 
2025112,428 
2026107,660 
202793,469 
202862,909 
2029 and thereafter76,455 
Total minimum future lease revenue$582,517 
Summary of Investment in Assets Held Under Operating Lease by Major Class
The following table summarized our investment in assets held under operating lease by major classes (in thousands):
December 31,
20232022
Land$14,946 $14,946 
Building and building improvements853 853 
Pipelines, tanks and terminals664,567 622,609 
Other equipment3,856 3,856 
Property, plant and equipment684,222 642,264 
Less: accumulated depreciation253,955 221,375 
Property, plant and equipment, net$430,267 $420,889