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Leases and Other | 9 Months Ended
--- | ---
Sep. 30, 2024
Leases [Abstract] |
Leases and Other | Note 20. Leases and Other The balance sheet presentation of our operating and finance leases is as follows:
|  |  |  | September 30, |  |  | December 31, |
(in thousands) |  | Classification on the Condensed Consolidated Balance Sheet |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease ROU assets |  | Operating lease ROU assets |  | $ | 100,404 |  |  | $ | 109,774 |
Finance lease ROU assets, net |  | Property and equipment, net |  |  | 54,330 |  |  |  | 57,120 |
Total lease ROU assets |  |  |  | $ | 154,734 |  |  | $ | 166,894 |
Liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 17,807 |  |  | $ | 17,334 |
Finance lease obligations |  | Current portion of debt and finance obligations |  |  | 2,530 |  |  |  | 2,742 |
Noncurrent: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 96,502 |  |  |  | 106,109 |
Finance lease obligations |  | Long-term debt and finance obligations |  |  | 60,667 |  |  |  | 61,187 |
Total lease liabilities |  |  |  | $ | 177,506 |  |  | $ | 187,372 |
The components of lease expense consisted of the following:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 1,022 |  |  | $ | 1,092 |  |  | $ | 3,238 |  |  | $ | 3,196 |
Interest on lease liabilities |  |  | 1,423 |  |  |  | 1,430 |  |  |  | 4,283 |  |  |  | 4,267 |
Operating lease cost |  |  | 6,875 |  |  |  | 6,753 |  |  |  | 20,562 |  |  |  | 19,546 |
Short-term lease cost |  |  | 1,464 |  |  |  | 1,431 |  |  |  | 3,103 |  |  |  | 2,816 |
Variable lease cost |  |  | 1,086 |  |  |  | 1,220 |  |  |  | 3,622 |  |  |  | 3,958 |
Total lease cost, net |  | $ | 11,870 |  |  | $ | 11,926 |  |  | $ | 34,808 |  |  | $ | 33,783 |
Other information related to operating and finance leases are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,029 |  |  | $ | 6,862 |  |  | $ | 21,424 |  |  | $ | 20,183 |
Operating cash flows from finance leases |  | $ | 1,609 |  |  | $ | 1,512 |  |  | $ | 4,776 |  |  | $ | 4,564 |
Financing cash flows from finance leases |  | $ | 743 |  |  | $ | 687 |  |  | $ | 2,308 |  |  | $ | 2,415 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 1,545 |  |  | $ | 5,803 |  |  | $ | 5,173 |  |  | $ | 23,390 |
Finance leases (1) |  | $ | 273 |  |  | $ | 433 |  |  | $ | 1,515 |  |  | $ | 796 |
(1) Includes terminations of equipment finance leases during 2023.
|  |  |  |  |  | September 30, |  |  | December 31, |
|  |  |  |  |  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 7.22 |  |  |  | 7.64 |
Finance leases |  |  |  |  |  |  | 33.10 |  |  |  | 33.47 |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 7.94 | % |  |  | 7.88 | %
Finance leases |  |  |  |  |  |  | 9.19 | % |  |  | 9.17 | %
As of September 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 |  | $ | 5,943 |  |  | $ | 2,371 |  |  | $ | 8,314 |
2025 |  |  | 27,440 |  |  |  | 7,924 |  |  |  | 35,364 |
2026 |  |  | 25,687 |  |  |  | 7,229 |  |  |  | 32,916 |
2027 |  |  | 21,896 |  |  |  | 6,749 |  |  |  | 28,645 |
2028 |  |  | 15,937 |  |  |  | 6,347 |  |  |  | 22,284 |
Thereafter |  |  | 57,064 |  |  |  | 174,774 |  |  |  | 231,838 |
Total future lease payments |  |  | 153,967 |  |  |  | 205,394 |  |  |  | 359,361 |
Less: Amount representing interest |  |  | (39,658 | ) |  |  | (142,197 | ) |  |  | (181,855 | )
Present value of minimum lease payments |  |  | 114,309 |  |  |  | 63,197 |  |  |  | 177,506 |
Current portion |  |  | (17,807 | ) |  |  | (2,530 | ) |  |  | (20,337 | )
Long-term portion |  | $ | 96,502 |  |  | $ | 60,667 |  |  | $ | 157,169 |
As of September 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 |  | $ | 827 |
2025 |  |  | 1,957 |
2026 |  |  | 1,678 |
2027 |  |  | 972 |
2028 |  |  | 799 |
Thereafter |  |  | 2,081 |
Total minimum rents |  | $ | 8,314 |

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