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Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Operating Lease Maturity

The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2024 are as follows:

(in thousands)						Operating Leases						Finance Leases
2024						$	9,697					$	5,229
2025						38,680						20,915
2026						37,916						13,462
2027						11,332						—
2028						821						—
Total undiscounted future lease payments						98,446						39,606
Less: amount representing interest						(8,639)						(2,494)
Present value of future lease payments (lease obligation)						$	89,807					$	37,112

Finance Lease Maturity

The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2024 are as follows:

(in thousands)						Operating Leases						Finance Leases
2024						$	9,697					$	5,229
2025						38,680						20,915
2026						37,916						13,462
2027						11,332						—
2028						821						—
Total undiscounted future lease payments						98,446						39,606
Less: amount representing interest						(8,639)						(2,494)
Present value of future lease payments (lease obligation)						$	89,807					$	37,112

Lease, Cost

Supplemental cash flow information related to leases are as follows:

						Nine Months Ended September 30,
(in thousands)						2024						2023
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases						$	23,929					$	1,430
Operating cash flows from finance lease						2,272						196
Financing cash flows from finance lease						13,067						889
Noncash lease obligations arising from obtaining right-of-use assets related to:
Operating leases (1)						53,071						24,890
Finance lease (2)						2,230						27,244

(1)During the nine months ended September 30, 2024, we recorded noncash operating lease obligations arising from obtaining right-of-use assets related to the receipt of equipment under the Electric Fleet Two Lease, the Electric Fleet Three Lease, the Electric Fleet Four Lease and the Electric Fleet Five Lease. During the nine months ended September 30, 2023, we recorded a noncash operating lease obligations arising from obtaining right-of-use assets related to our execution of the Real Estate Two Lease, the Silvertip Three Lease, the Silvertip Office Lease, the Electric Fleet One Lease and the Corporate Office Lease, and our extension of the Silvertip One Lease.

(2)During the nine months ended September 30, 2024, we recorded noncash finance lease obligations related to the Power Equipment Lease. During the nine months ended September 30, 2023, we recorded noncash finance lease obligations arising from obtaining right-of-use assets related to the commencement of the Power Equipment Lease.

The components of lease costs are as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)						2024						2023						2024						2023
Operating lease cost						$	12,884					$	1,178					$	33,845					$	1,857
Finance lease cost:
Amortization of right-of-use assets						4,849						977						14,117						977
Interest on lease liabilities						704						196						2,272						196
Total finance lease cost						5,553						1,173						16,389						1,173
Variable lease cost						1,107						—						2,526						—
Short-term lease cost						210						173						657						626

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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

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X

- 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

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- References

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X

- 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

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