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Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Assets and Liabilities, Lessee

The following table provides information on the amounts (in thousands) of our right-of-use assets (“ROU assets”) and liabilities, weighted-average remaining lease term, and weighted average discount rate as of March 31, 2024 and December 31, 2023 and their placement within our condensed consolidated balance sheets:

Lease type						Balance Sheet Location						March 31, 2024						December 31, 2023
Assets
Finance						Property, plant, and equipment						$	30,589					$	28,264
Finance						Accumulated amortization						(12,756)						(12,212)
Finance						Property, plant, and equipment, net						$	17,833					$	16,052
Operating						Operating lease right-of-use (“ROU”) assets						341,405						346,454
Total right-of-use assets												$	359,238					$	362,506
Liabilities
Current
Finance						Other accrued liabilities						$	2,000					$	1,820
Operating						Operating lease liabilities						68,841						72,833
Long-term
Finance						Finance lease liabilities						13,375						12,438
Operating						Operating lease liabilities						283,099						282,517
Total lease liabilities												$	367,315					$	369,608
Weighted-average remaining lease term (in years)
Finance												10.75						11.02
Operating												8.57						8.67
Weighted-average discount rate
Finance												7.11		%				8.04		%
Operating												7.25		%				7.24		%

Schedule of Lease, Cost

The following table summarizes the lease costs and income recognized in our condensed consolidated statements of operations (in thousands):

												Three Months Ended March 31,
Lease cost (income) type												2024						2023
Finance lease cost
Amortization of finance lease ROU assets												$	544					$	473
Interest on lease liabilities												244						147
Operating lease cost												25,817						23,869
Variable lease cost												1,962						1,442
Short-term lease cost												2,058						2,627
Net lease cost												$	30,625					$	28,558
Operating lease income (1)												$	(3,865)					$	(3,427)

_________________________________________________________

(1)The majority of our lessor income comes from leases with lease terms of one year or less and the estimated future undiscounted cash flows from lessor income are not expected to be material.

The following table summarizes the supplemental cash flow information related to leases as follows (in thousands):

												Three Months Ended March 31,
Lease type												2024						2023
Cash paid for amounts included in the measurement of liabilities
Financing cash flows from finance leases												$	474					$	461
Operating cash flows from finance leases												234						141
Operating cash flows from operating leases												24,412						25,015
Non-cash supplemental amounts
ROU assets obtained in exchange for new finance lease liabilities												1,544						731
ROU assets obtained in exchange for new operating lease liabilities												18,756						8,380
ROU assets terminated in exchange for release from operating lease liabilities												4,177						—

Schedule of Lessee, Operating Lease, Liability, Maturity

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of March 31, 2024 (in thousands):

For the year ending December 31,						Finance leases						Operating leases						Total
2024 (1)						$	2,208					$	72,838					$	75,046
2025						3,068						67,592						70,660
2026						2,618						60,964						63,582
2027						2,416						59,654						62,070
2028						1,587						55,234						56,821
2029						1,563						15,798						17,361
Thereafter						8,445						118,978						127,423
Total lease payments						21,905						451,058						472,963
Less amount representing interest						(6,530)						(99,118)						(105,648)
Present value of lease liabilities						$	15,375					$	351,940					$	367,315

_________________________________________________________

(1)Represents the period from April 1, 2024 to December 31, 2024.

Schedule of Finance Lease, Liability, Maturity

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of March 31, 2024 (in thousands):

For the year ending December 31,						Finance leases						Operating leases						Total
2024 (1)						$	2,208					$	72,838					$	75,046
2025						3,068						67,592						70,660
2026						2,618						60,964						63,582
2027						2,416						59,654						62,070
2028						1,587						55,234						56,821
2029						1,563						15,798						17,361
Thereafter						8,445						118,978						127,423
Total lease payments						21,905						451,058						472,963
Less amount representing interest						(6,530)						(99,118)						(105,648)
Present value of lease liabilities						$	15,375					$	351,940					$	367,315

_________________________________________________________

(1)Represents the period from April 1, 2024 to December 31, 2024.

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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