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Leases as Lessee | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases as Lessee | Note 9: Leases as Lessee The Company’s operating lease agreements primarily consist of real estate property, such as production facilities, warehouses and office buildings, in addition to personal property, such as vehicles and equipment. The majority of the Company’s lease arrangements are comprised of fixed payments and a limited number of these arrangements include a variable payment component based on certain index fluctuations. During 2024, the Company closed on a sale leaseback transaction with an unrelated third party. Under this transaction, the Company sold eight properties with a combined net book value of $29.0 million for gross proceeds of $53.8 million, which was reduced by transaction costs and other fees of $1.3 million, for net cash proceeds of approximately $52.5 million. Additionally, $3.2 million from the proceeds were used to repay a note payable. The lease agreement has an initial term of 20 years, with four optional five-year renewal options. The Company recognized a gain of $23.5 million on this transaction, which is included in Gain on sale leaseback transaction in the Consolidated Statements of Operations and Comprehensive Income (Loss). Right-of-use assets and lease liabilities recognized related to this sale leaseback transaction were $43.8 million and $43.5 million, respectively. Components of Lease Expense The components of lease expense are as follows:
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 10,718 |  |  | $ | 10,149 |  |  | $ | 7,659 |
Finance lease cost: |  |  |  |  |
Amortization of lease assets | — |  |  | 1,748 |  |  | 1,820 |
Interest on lease liabilities | — |  |  | 300 |  |  | 1,189 |
Short-term lease cost | — |  |  | 978 |  |  | 1,472 |
Sublease income | — |  |  | (1,365) |  |  | (1,730) |
Total lease cost | $ | 10,718 |  |  | $ | 11,810 |  |  | $ | 10,410 |
Supplemental Cash Flow Information Supplemental cash flow information related to leases is as follows:
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash outflows - payments on operating leases | $ | 10,208 |  |  | $ | 7,891 |  |  | $ | 7,855 |
Operating cash outflows - interest payments on finance leases | $ | — |  |  | $ | 300 |  |  | $ | 1,189 |
Finance cash outflows - payments on finance lease obligations | $ | — |  |  | $ | 2,682 |  |  | $ | 3,955 |
Supplemental disclosure of noncash leasing activities: |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ | 65,012 |  |  | $ | 16,077 |  |  | $ | 3,761 |
(1) Includes lease extension and option exercises. Future Maturities and Payment Information Maturities of lease liabilities as of December 31, 2024 are as follows:
(in $000s) | Operating Leases |  |
2025 | $ | 14,363 |  |  |
2026 | 14,000 |  |  |
2027 | 12,881 |  |  |
2028 | 12,375 |  |  |
2029 | 11,702 |  |  |
Thereafter | 107,405 |  |  |
Total lease payments | 172,726 |  |  |
Less: imputed interest | (76,607) |  |  |
Total present value of lease liabilities | $ | 96,119 |  |  |
As of December 31, 2024, the weighted average discount rate and remaining term under operating leases was 8.4% and 13.3 years, respectively.
Leases as Lessee | Note 9: Leases as Lessee The Company’s operating lease agreements primarily consist of real estate property, such as production facilities, warehouses and office buildings, in addition to personal property, such as vehicles and equipment. The majority of the Company’s lease arrangements are comprised of fixed payments and a limited number of these arrangements include a variable payment component based on certain index fluctuations. During 2024, the Company closed on a sale leaseback transaction with an unrelated third party. Under this transaction, the Company sold eight properties with a combined net book value of $29.0 million for gross proceeds of $53.8 million, which was reduced by transaction costs and other fees of $1.3 million, for net cash proceeds of approximately $52.5 million. Additionally, $3.2 million from the proceeds were used to repay a note payable. The lease agreement has an initial term of 20 years, with four optional five-year renewal options. The Company recognized a gain of $23.5 million on this transaction, which is included in Gain on sale leaseback transaction in the Consolidated Statements of Operations and Comprehensive Income (Loss). Right-of-use assets and lease liabilities recognized related to this sale leaseback transaction were $43.8 million and $43.5 million, respectively. Components of Lease Expense The components of lease expense are as follows:
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 10,718 |  |  | $ | 10,149 |  |  | $ | 7,659 |
Finance lease cost: |  |  |  |  |
Amortization of lease assets | — |  |  | 1,748 |  |  | 1,820 |
Interest on lease liabilities | — |  |  | 300 |  |  | 1,189 |
Short-term lease cost | — |  |  | 978 |  |  | 1,472 |
Sublease income | — |  |  | (1,365) |  |  | (1,730) |
Total lease cost | $ | 10,718 |  |  | $ | 11,810 |  |  | $ | 10,410 |
Supplemental Cash Flow Information Supplemental cash flow information related to leases is as follows:
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash outflows - payments on operating leases | $ | 10,208 |  |  | $ | 7,891 |  |  | $ | 7,855 |
Operating cash outflows - interest payments on finance leases | $ | — |  |  | $ | 300 |  |  | $ | 1,189 |
Finance cash outflows - payments on finance lease obligations | $ | — |  |  | $ | 2,682 |  |  | $ | 3,955 |
Supplemental disclosure of noncash leasing activities: |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ | 65,012 |  |  | $ | 16,077 |  |  | $ | 3,761 |
(1) Includes lease extension and option exercises. Future Maturities and Payment Information Maturities of lease liabilities as of December 31, 2024 are as follows:
(in $000s) | Operating Leases |  |
2025 | $ | 14,363 |  |  |
2026 | 14,000 |  |  |
2027 | 12,881 |  |  |
2028 | 12,375 |  |  |
2029 | 11,702 |  |  |
Thereafter | 107,405 |  |  |
Total lease payments | 172,726 |  |  |
Less: imputed interest | (76,607) |  |  |
Total present value of lease liabilities | $ | 96,119 |  |  |
As of December 31, 2024, the weighted average discount rate and remaining term under operating leases was 8.4% and 13.3 years, respectively.

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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 + Details
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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 + Details
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