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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Components of Lease Expense | The components of lease cost are as follows (in thousands):
|  |  | Three months ended September 30, |  | Nine months ended September 30,
| Income Statement Classification |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | Facilities and grounds expense(1) |  | $ | 1,007 |  |  | $ | 887 |  |  | $ | 2,984 |  |  | $ | 2,638 |
Short-term lease cost | Facilities and grounds expense(1) |  | 63 |  |  | 75 |  |  | 157 |  |  | 261 |
Variable lease cost | Facilities and grounds expense(1) |  | 86 |  |  | 69 |  |  | 278 |  |  | 183 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Depreciation of leased assets | Depreciation and amortization(2) |  | $ | 126 |  |  | $ | 190 |  |  | $ | 378 |  |  | $ | 407 |
Interest on lease liabilities | Interest expense |  | 119 |  |  | 137 |  |  | 366 |  |  | 345 |
Total finance lease cost |  |  | 245 |  |  | 327 |  |  | 744 |  |  | 752 |
Total lease cost |  |  | $ | 1,401 |  |  | $ | 1,358 |  |  | $ | 4,163 |  |  | $ | 3,834 |
(1) | Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2) | Depreciation and amortization expense is included within Field depreciation expense and General, administrative and other on our Consolidated Statements of Operations.
Supplemental cash flow information related to our leases is as follows (in thousands):
| Nine months ended September 30,
| 2024 |  | 2023
Cash paid for operating leases included in operating activities | $ | 3,235 |  |  | $ | 2,840 |
Cash paid for finance leases included in financing activities | 813 |  |  | 806 |
Right-of-use assets obtained in exchange for new lease liabilities are as follows (in thousands):
| Nine months ended September 30,
| 2024 |  | 2023
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 1,131 |  |  | $ | 412 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,027 |  |  | 2,703 |
Supplemental balance sheet information related to leases is as follows (in thousands):
Lease Type |  | Balance Sheet Classification |  | September 30, 2024 |  | December 31, 2023
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 15,522 |  |  | $ | 16,295 |
Finance lease right-of-use assets |  | Property, plant and equipment, net |  | $ | 8,897 |  |  | $ | 8,249 |
Accumulated depreciation |  | Property, plant and equipment, net |  | (3,414) |  |  | (3,059) |
Finance lease right-of-use assets, net |  |  |  | $ | 5,483 |  |  | $ | 5,190 |
Operating lease current liabilities |  | Current portion of operating lease obligations |  | $ | 2,831 |  |  | $ | 2,713 |
Finance lease current liabilities |  | Current portion of finance lease obligations |  | 596 |  |  | 592 |
Total current lease liabilities |  |  |  | $ | 3,427 |  |  | $ | 3,305 |
Operating lease non-current liabilities |  | Obligations under operating leases, net of current portion |  | $ | 14,660 |  |  | $ | 15,797 |
Finance lease non-current liabilities |  | Obligations under finance leases, net of current portion |  | 6,107 |  |  | 5,831 |
Total non-current lease liabilities |  |  |  | $ | 20,767 |  |  | $ | 21,628 |
Total lease liabilities |  |  |  | $ | 24,194 |  |  | $ | 24,933 |
The average lease terms and discount rates at September 30, 2024 are as follows:
| Weighted-average remaining lease term (years) |  | Weighted-average discount rate
Operating leases | 7.3 |  | 8.1 | %
Finance leases | 13.1 |  | 8.1 | %
Maturities of Operating Lease Liabilities | The aggregate future lease payments for non-cancelable operating and finance leases at September 30, 2024 are as follows (in thousands):
| Operating |  | Finance
Lease payments due: |  |  |
Remainder of 2024 | $ | 1,088 |  |  | $ | 270 |
2025 | 4,044 |  |  | 1,063 |
2026 | 3,907 |  |  | 1,072 |
2027 | 3,665 |  |  | 1,073 |
2028 | 3,348 |  |  | 822 |
Thereafter | 6,867 |  |  | 7,040 |
Total lease payments | 22,919 |  |  | 11,340 |
Less: Interest | (5,428) |  |  | (4,637) |
Present value of lease liabilities | $ | 17,491 |  |  | $ | 6,703 |
Maturities of Financing Lease Liabilities | The aggregate future lease payments for non-cancelable operating and finance leases at September 30, 2024 are as follows (in thousands):
| Operating |  | Finance
Lease payments due: |  |  |
Remainder of 2024 | $ | 1,088 |  |  | $ | 270 |
2025 | 4,044 |  |  | 1,063 |
2026 | 3,907 |  |  | 1,072 |
2027 | 3,665 |  |  | 1,073 |
2028 | 3,348 |  |  | 822 |
Thereafter | 6,867 |  |  | 7,040 |
Total lease payments | 22,919 |  |  | 11,340 |
Less: Interest | (5,428) |  |  | (4,637) |
Present value of lease liabilities | $ | 17,491 |  |  | $ | 6,703 |

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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 undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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