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Leases and Other (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Summary of Balance Sheet Presentation of Operating and Finance Leases | The balance sheet presentation of our operating and finance leases is as follows:
|  |  |  | June 30, |  |  | December 31, |
(in thousands) |  | Classification on the Condensed Consolidated Balance Sheet |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease ROU assets |  | Operating lease ROU assets |  | $ | 102,997 |  |  | $ | 109,774 |
Finance lease ROU assets |  | Property and equipment, net |  |  | 53,800 |  |  |  | 57,120 |
Total lease ROU assets |  |  |  | $ | 156,797 |  |  | $ | 166,894 |
Liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 17,326 |  |  | $ | 17,334 |
Finance lease obligations |  | Current portion of debt and finance obligations |  |  | 2,590 |  |  |  | 2,742 |
Noncurrent: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 99,456 |  |  |  | 106,109 |
Finance lease obligations |  | Long-term debt and finance obligations |  |  | 60,680 |  |  |  | 61,187 |
Total lease liabilities |  |  |  | $ | 180,052 |  |  | $ | 187,372 |
Components of Lease Expense | The components of lease expense consisted of the following:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 1,103 |  |  | $ | 1,048 |  |  | $ | 2,216 |  |  | $ | 2,104 |
Interest on lease liabilities |  |  | 1,424 |  |  |  | 1,427 |  |  |  | 2,860 |  |  |  | 2,837 |
Operating lease cost |  |  | 6,824 |  |  |  | 6,586 |  |  |  | 13,687 |  |  |  | 12,793 |
Short-term lease cost |  |  | 996 |  |  |  | 950 |  |  |  | 1,639 |  |  |  | 1,385 |
Variable lease cost |  |  | 1,296 |  |  |  | 1,510 |  |  |  | 2,536 |  |  |  | 2,738 |
Total lease cost, net |  | $ | 11,643 |  |  | $ | 11,521 |  |  | $ | 22,938 |  |  | $ | 21,857 |
Schedule of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,634 |  |  | $ | 6,669 |  |  | $ | 14,395 |  |  | $ | 13,321 |
Operating cash flows from finance leases |  | $ | 1,601 |  |  | $ | 1,535 |  |  | $ | 3,167 |  |  | $ | 3,052 |
Financing cash flows from finance leases |  | $ | 747 |  |  | $ | 572 |  |  | $ | 1,565 |  |  | $ | 1,177 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 383 |  |  | $ | 14,571 |  |  | $ | 3,628 |  |  | $ | 17,587 |
Finance leases(1) |  | $ | 500 |  |  | $ | 376 |  |  | $ | 1,242 |  |  | $ | 363 |
(1) Includes terminations of equipment finance leases during 2023.
|  |  |  |  |  | June 30, |  |  | December 31, |
|  |  |  |  |  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 7.35 |  |  |  | 7.64 |
Finance leases |  |  |  |  |  |  | 33.15 |  |  |  | 33.47 |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 7.93 | % |  |  | 7.88 | %
Finance leases |  |  |  |  |  |  | 9.19 | % |  |  | 9.17 | %
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of June 30, 2024, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:
(in thousands) |  | Operating Leases |  |  | Finance Leases |  |  | Total |
Remainder of 2024 |  | $ | 12,226 |  |  | $ | 4,048 |  |  | $ | 16,274 |
2025 |  |  | 26,203 |  |  |  | 7,827 |  |  |  | 34,030 |
2026 |  |  | 25,081 |  |  |  | 7,131 |  |  |  | 32,212 |
2027 |  |  | 21,480 |  |  |  | 6,693 |  |  |  | 28,173 |
2028 |  |  | 15,636 |  |  |  | 6,353 |  |  |  | 21,989 |
Thereafter |  |  | 56,576 |  |  |  | 174,868 |  |  |  | 231,444 |
Total future lease payments |  |  | 157,202 |  |  |  | 206,920 |  |  |  | 364,122 |
Less: Amount representing interest |  |  | (40,420 | ) |  |  | (143,650 | ) |  |  | (184,070 | )
Present value of minimum lease payments |  |  | 116,782 |  |  |  | 63,270 |  |  |  | 180,052 |
Current portion |  |  | (17,326 | ) |  |  | (2,590 | ) |  |  | (19,916 | )
Long-term portion |  | $ | 99,456 |  |  | $ | 60,680 |  |  | $ | 160,136 |
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of June 30, 2024, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows:
(in thousands) |  |  |
Remainder of 2024 |  | $ | 1,045 |
2025 |  |  | 1,879 |
2026 |  |  | 1,630 |
2027 |  |  | 947 |
2028 |  |  | 775 |
Thereafter |  |  | 2,078 |
Total minimum rents |  | $ | 8,354 |

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- Definition 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 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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