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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Summary of Lease Portfolio | A summary of the Company’s lease portfolio as of December 31, 2023, and 2022, is presented in the table below:
(U.S. Dollars, in thousands, except lease term and discount rate) |  | Classification |  | December 31, 2023 |  |  | December 31, 2022 |
Assets |  |  |  |  |  |  |  |
Operating leases |  | Other long-term assets |  | $ | 19,869 |  |  | $ | 6,788 |
Finance leases |  | Property, plant and equipment, net |  |  | 16,345 |  |  |  | 17,360 |
Total lease assets |  |  |  | $ | 36,214 |  |  | $ | 24,148 |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating leases |  | Other current liabilities |  | $ | 3,477 |  |  | $ | 1,638 |
Finance leases |  | Current portion of finance lease liability |  |  | 708 |  |  |  | 652 |
Long-term |  |  |  |  |  |  |  |
Operating leases |  | Other long-term liabilities |  |  | 17,125 |  |  |  | 5,376 |
Finance leases |  | Long-term portion of finance lease liability |  |  | 18,532 |  |  |  | 19,239 |
Total lease liabilities |  |  |  | $ | 39,842 |  |  | $ | 26,905 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  |  |  | 6.2 years |  |  | 4.5 years |
Finance leases |  |  |  | 16.6 years |  |  | 17.6 years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | 7.3 | % |  |  | 4.0 | %
Finance leases |  |  |  |  | 4.4 | % |  |  | 4.4 | %
Summary of Components of Lease Costs | The components of lease costs were as follows:
(U.S. Dollars, in thousands) |  | For the Year Ended December 31, 2023 |  |  | For the Year Ended December 31, 2022 |  |  | For the Year Ended December 31, 2021 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,013 |  |  | $ | 1,238 |  |  | $ | 2,049 |
Interest on finance lease liabilities |  |  | 857 |  |  |  | 890 |  |  |  | 933 |
Operating lease costs |  |  | 5,015 |  |  |  | 2,126 |  |  |  | 2,234 |
Short-term lease costs |  |  | 313 |  |  |  | 152 |  |  |  | 213 |
Variable lease costs |  |  | 1,883 |  |  |  | 932 |  |  |  | 815 |
Total lease costs |  | $ | 9,081 |  |  | $ | 5,338 |  |  | $ | 6,244 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
(U.S. Dollars, in thousands) |  | For the Year Ended December 31, 2023 |  |  | For the Year Ended December 31, 2022 |  |  | For the Year Ended December 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,682 |  |  | $ | 3,805 |  |  | $ | 4,627 |
Operating cash flows from finance leases |  |  | 857 |  |  |  | 885 |  |  |  | 907 |
Financing cash flows from finance leases |  |  | 652 |  |  |  | 2,594 |  |  |  | 537 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |  |
Operating leases |  |  | 16,688 |  |  |  | 5,603 |  |  |  | 589 |
Finance leases |  |  | — |  |  |  | — |  |  |  | 149 |
Summary of Remaining Lease Liabilities | A summary of the Company’s remaining lease liabilities as of December 31, 2023, is included below:
(U.S. Dollars, in thousands) |  | Operating Leases |  |  | Finance Leases |
2024 |  | $ | 4,861 |  |  | $ | 1,538 |
2025 |  |  | 4,788 |  |  |  | 1,543 |
2026 |  |  | 4,607 |  |  |  | 1,562 |
2027 |  |  | 3,441 |  |  |  | 1,593 |
2028 |  |  | 1,785 |  |  |  | 1,624 |
Thereafter |  |  | 6,766 |  |  |  | 19,396 |
Total undiscounted value of lease liabilities |  |  | 26,248 |  |  |  | 27,256 |
Less: Interest |  |  | (5,646 | ) |  |  | (8,016 | )
Present value of lease liabilities |  | $ | 20,602 |  |  | $ | 19,240 |
Current portion of lease liabilities |  | $ | 3,477 |  |  | $ | 708 |
Long-term portion of lease liabilities |  |  | 17,125 |  |  |  | 18,532 |
Total lease liabilities |  | $ | 20,602 |  |  | $ | 19,240 |

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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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