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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary of Lease Portfolio | A summary of the Company’s lease portfolio as of December 31, 2024, and 2023, is presented in the table below:
(U.S. Dollars, in thousands, except lease term and discount rate) |  | Classification |  | December 31, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |  |  |
Operating leases |  | Other long-term assets |  | $ | 17,238 |  |  | $ | 19,869 |
Finance leases |  | Property, plant and equipment, net |  |  | 15,386 |  |  |  | 16,345 |
Total lease assets |  |  |  | $ | 32,624 |  |  | $ | 36,214 |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating leases |  | Other current liabilities |  | $ | 4,023 |  |  | $ | 3,477 |
Finance leases |  | Current portion of finance lease liability |  |  | 755 |  |  |  | 708 |
Long-term |  |  |  |  |  |  |  |
Operating leases |  | Other long-term liabilities |  |  | 14,084 |  |  |  | 17,125 |
Finance leases |  | Long-term portion of finance lease liability |  |  | 17,835 |  |  |  | 18,532 |
Total lease liabilities |  |  |  | $ | 36,697 |  |  | $ | 39,842 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  |  |  | 5.4 years |  |  | 6.2 years |
Finance leases |  |  |  | 15.6 years |  |  | 16.6 years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | 7.6 | % |  |  | 7.3 | %
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, 2024 |  |  | For the Year Ended December 31, 2023 |  |  | For the Year Ended December 31, 2022 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,014 |  |  | $ | 1,013 |  |  | $ | 1,238 |
Interest on finance lease liabilities |  |  | 832 |  |  |  | 857 |  |  |  | 890 |
Operating lease costs |  |  | 5,257 |  |  |  | 5,015 |  |  |  | 2,126 |
Short-term lease costs |  |  | 249 |  |  |  | 313 |  |  |  | 152 |
Variable lease costs |  |  | 1,796 |  |  |  | 1,883 |  |  |  | 932 |
Total lease costs |  | $ | 9,148 |  |  | $ | 9,081 |  |  | $ | 5,338 |
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, 2024 |  |  | For the Year Ended December 31, 2023 |  |  | For the Year Ended December 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 8,917 |  |  | $ | 7,682 |  |  | $ | 3,805 |
Operating cash flows from finance leases |  |  | 831 |  |  |  | 857 |  |  |  | 885 |
Financing cash flows from finance leases |  |  | 706 |  |  |  | 652 |  |  |  | 2,594 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |  |
Operating leases |  |  | 1,449 |  |  |  | 16,688 |  |  |  | 5,603 |
Finance leases |  |  | 55 |  |  |  | — |  |  |  | — |
Summary of Remaining Lease Liabilities | A summary of the Company’s remaining lease liabilities as of December 31, 2024, is included below:
(U.S. Dollars, in thousands) |  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 5,185 |  |  | $ | 1,553 |
2026 |  |  | 5,006 |  |  |  | 1,581 |
2027 |  |  | 3,651 |  |  |  | 1,612 |
2028 |  |  | 1,841 |  |  |  | 1,643 |
2029 |  |  | 1,636 |  |  |  | 1,662 |
Thereafter |  |  | 5,116 |  |  |  | 17,740 |
Total undiscounted value of lease liabilities |  |  | 22,435 |  |  |  | 25,791 |
Less: Interest |  |  | (4,328 | ) |  |  | (7,201 | )
Present value of lease liabilities |  | $ | 18,107 |  |  | $ | 18,590 |
Current portion of lease liabilities |  | $ | 4,023 |  |  | $ | 755 |
Long-term portion of lease liabilities |  |  | 14,084 |  |  |  | 17,835 |
Total lease liabilities |  | $ | 18,107 |  |  | $ | 18,590 |

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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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