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Acquisition of Horizon (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The allocation of the purchase price was based upon management’s preliminary valuation of the fair values of tangible and intangible assets acquired and liabilities assumed in the Horizon Transaction, with the excess recorded as goodwill. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The fair value of acquired identifiable assets and liabilties, including but not limited to, property, plant and equipment, intangible assets, operating lease right-of-use assets, deferred tax liabilities, and non-current operating lease liabilities, and the resulting impact on goodwill recognized, are provisional pending receipt of the final valuations for these balances.
(in thousands) |  | Amount
Current and other assets |  | $ | 10,465 |
Property, plant and equipment |  | 386,045 |
Goodwill |  | 74,630 |
Intangible assets |  | 14,249 |
Operating lease right-of-use assets |  | 6,631 |
Other long-term assets |  | 1,843 |
Total assets acquired |  | 493,863 |
Current liabilities |  | $ | 15,187 |
Deferred tax liabilities |  | 32,218 |
Non-current operating lease liabilities |  | 3,778 |
Government grant liabilities |  | 16,348 |
Other long-term liabilities |  | 10,138 |
Total liabilities assumed |  | 77,669 |
Net assets acquired |  | $ | 416,194 |
Business Acquisition, Pro Forma Information | The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating revenues | N/A |  | $ | 83,164 |  |  | $ | 170,876 |  |  | $ | 166,740 |
Loss before income taxes | N/A |  | $ | (3,952) |  |  | $ | (26,911) |  |  | $ | (7,116) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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