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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease, Cost
The components of lease cost are as follows (in thousands) (1):
Years Ended December 31,
202420232022
Operating lease cost$10,370 $11,533 $12,054 
Short-term lease cost7,359 5,031 2,541 
Variable lease cost1,261 3,826 4,803 
Total lease cost$18,990 $20,390 $19,398 
(1) Includes an immaterial amount of financing lease cost.
Supplemental balance sheet information related to leases is as follows:
Years Ended December 31,
20242023
Weighted-average remaining lease term (years) for operating leases3.43.5
Weighted-average discount rate (1) operating leases
7.4 %7.3 %
Weighted-average remaining lease term (years) for finance lease3.53.6
Weighted-average discount rate (1) finance lease
8.4 %7.2 %
(1) Our discount rate is primarily based on our incremental borrowing rate in accordance with ASC 842.
Supplemental cash flow and other information related to leases are as follows (in thousands):
Years Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(8,101)$(9,588)$(12,054)
Leased assets obtained in exchange for new operating lease liabilities$3,665 $3,804 $12,682 
Leased assets obtained in exchange for new financing lease liabilities$— $1,162 $35 
Finance Lease, Liability, to be Paid, Maturity
Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
Year Ended December 31,OperatingFinance
2025$5,924 $283 
20262,871 263 
20271,906 263 
2028905 154 
2029234 — 
2030 and thereafter984 — 
Total lease payments12,824 963 
Less: present value discount1,480 127 
Lease liabilities$11,344 $836 
Lessee, Operating Lease, Liability, to be Paid, Maturity
Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
Year Ended December 31,OperatingFinance
2025$5,924 $283 
20262,871 263 
20271,906 263 
2028905 154 
2029234 — 
2030 and thereafter984 — 
Total lease payments12,824 963 
Less: present value discount1,480 127 
Lease liabilities$11,344 $836 
Sales-type Lease, Lease Income
Lease income included in the consolidated statements of income and comprehensive income was as follows:
Year Ended December 31,
(in thousands)202420232022
Operating leases:
Lease revenue$268,843 $311,096 $287,370 
Sales-type leases:
Interest income (Sales-type rental revenue-fixed minimum)47,709 — — 
Lease revenue (Revenue from variable lease payments)7,673 — — 
Sales-type lease income$55,382 $— $— 
The following presents the consolidated financial statement impact of sales-type leases on commencement or modification date for the year ended December 31, 2024. There were no amounts recognized for the year ended December 31, 2023. These transactions are non-cash transactions. The amount recognized on commencement date was recorded in contributions in the consolidated statements of partners' equity (deficit), given the underlying agreements are between entities under common control.
Year Ended December 31,
(in thousands)2024
Lease receivables$217,263 
Unguaranteed residual assets10,573 
Property, plant and equipment, net(108,143)
Amount recognized on commencement date$119,693 
Schedule of Lease Payments to be Received
The following is a schedule of annual undiscounted minimum future lease cash receipts on the non-cancelable operating leases as of December 31, 2024 (in thousands):
2025$108,376 
2026105,957 
202793,867 
202863,306 
202957,194 
2030 and thereafter16,258 
Total minimum future lease revenue$444,958 
Sales-Type and Direct Financing Leases, Payment to be Received, Maturity
Annual future minimum undiscounted lease receipts under our sales-type leases were as follows as of December 31, 2024 (in thousands):
2025$104,323 
202683,926 
202778,858 
202878,858 
202978,858 
2030 and thereafter262,763 
Total minimum future lease revenue687,586 
Less: Imputed interest483,783 
Lease receivable (1)
$203,803 
Current lease receivables (2)
$22,783 
Long-term lease receivables (3)
$181,020 
Unguaranteed residual assets (3)
$12,106 
(1) This amount does not include the unguaranteed residual assets.
(2) Presented in Lease receivable - affiliate, in the consolidated balance sheets.
(3) Presented in Net lease investment - affiliate in the consolidated balance sheets.
Property, Plant, and Equipment, Lessor Asset under Operating Lease
The following table summarized our investment in assets held under operating lease by major classes (in thousands):
December 31,
20242023
Land$11,643 $14,946 
Building and building improvements387 853 
Pipelines, tanks and terminals419,528 664,567 
Other equipment2,229 3,856 
Property, plant and equipment433,787 684,222 
Less: accumulated depreciation143,961 253,955 
Property, plant and equipment, net$289,826 $430,267