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Note 17 - Leases | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
17. | Leases
We are a lessee for numerous operating leases, primarily related to real estate, transportation and equipment. The terms and conditions for these leases vary by the type of underlying asset. The vast majority of our operating leases have terms ranging between one and fifteen years, some of which include options to extend the leases, and some of which include options to terminate the leases. We include the renewal or termination options in the lease terms, when it is reasonably certain that we will exercise that option. We also lease certain real estate and equipment under finance leases. Our lease contracts generally do not provide any guaranteed residual values. The accounting for some of our leases may require significant judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options. The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2023, 2022 and 2021, along with other supplemental information about our existing leases (in thousands, except years and percentages):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Components of lease expenses: |  |  |  |  |  |  |  |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right of use assets |  | $ | 1,230 |  |  | $ | 1,352 |  |  | $ | 967 |
Interest incurred on lease liabilities |  |  | 1,969 |  |  |  | 2,006 |  |  |  | 2,246 |
Operating lease expense |  |  | 26,451 |  |  |  | 26,231 |  |  |  | 21,479 |
Short term lease expense |  |  | 121,615 |  |  |  | 84,045 |  |  |  | 54,756 |
Total lease expense |  | $ | 151,265 |  |  | $ | 113,634 |  |  | $ | 79,448 |
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Other supplementary information (in thousands, except years and discount rates): |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 28,269 |  |  | $ | 28,454 |  |  | $ | 25,348 |
Right-of-use assets obtained in an exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 13,022 |  |  | $ | 15,051 |  |  | $ | 8,529 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  |  | 7.0 |  |  |  | 6.9 |  |  |  | 7.3 |
Finance leases |  |  | 8.2 |  |  |  | 10.1 |  |  |  | 11.0 |
Weighted average discount rate for operating leases |  |  | 9.6 | % |  |  | 8.9 | % |  |  | 8.8 | %
Weighted average discount rate for finance leases |  |  | 12.6 | % |  |  | 12.9 | % |  |  | 13.1 | %
The operating cash flows for finance leases approximates the interest expense for the year. As of December 31, 2023, maturity of our lease liabilities are as follows (in thousands):
|  | Operating |  |  | Finance |
|  | Leases |  |  | Leases |
Years ending December 31, |  |  |  |  |  |  |  |
2024 |  | $ | 23,429 |  |  | $ | 4,148 |
2025 |  |  | 16,069 |  |  |  | 3,711 |
2026 |  |  | 11,282 |  |  |  | 3,703 |
2027 |  |  | 9,996 |  |  |  | 3,231 |
2028 |  |  | 9,027 |  |  |  | 2,558 |
Due after 5 years |  |  | 31,479 |  |  |  | 12,497 |
|  | $ | 101,282 |  |  | $ | 29,848 |
Less: amounts representing interest |  |  | (28,775 | ) |  |  | (11,471 | )
Total |  | $ | 72,507 |  |  | $ | 18,377 |
Current portion |  | $ | 17,531 |  |  | $ | 1,967 |
Noncurrent portion |  |  | 54,976 |  |  |  | 16,410 |
Total |  | $ | 72,507 |  |  | $ | 18,377 |

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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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