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Leases | 12 Months Ended
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Dec. 31, 2024
Leases, Operating [Abstract] |
Leases | Leases We determine if an arrangement is a lease at inception. Operating leases, which are reported as Operating lease right-of-use assets ("ROU"), Operating lease liabilities – short-term, and Operating lease liabilities – long-term are included in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment – net, Accounts payable, and Other liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease pre-payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease and, when it is reasonably certain that such an option will be exercised, it is included in the determination of the corresponding assets and liabilities. Short-term leases are not recognized on our Consolidated Balance Sheets. Lease expense for all operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The Company has entered into agreements to lease transportation equipment, storage facilities, office space, dock access and other equipment. The operating leases have initial terms of up to 20 years with some containing renewal options subject to customary conditions. The term and length of the various agreements, as well as the timing of any renewals, will impact the ROU asset calculation and related liability. The components of lease expense were as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |
Amortization of right-of-use asset | $ | 1,036 |  |  | $ | 932 |  |  | $ | 917 |
Interest on lease liabilities | 163 |  |  | 106 |  |  | 53 |
Total finance lease cost | 1,199 |  |  | 1,038 |  |  | 970 |
Operating lease cost | 43,517 |  |  | 47,148 |  |  | 43,668 |
Short-term lease cost | 6,647 |  |  | 5,415 |  |  | 5,338 |
Total lease cost | $ | 51,363 |  |  | $ | 53,601 |  |  | $ | 49,976 |
Supplemental cash flow information related to leases was as follows:
| Years Ended December 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 43,188 |  |  | $ | 47,196 |
Operating cash flows from finance leases | 124 |  |  | 106 |
Financing cash flows from finance leases | 1,011 |  |  | 938 |
Non-cash information: |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | 72,361 |  |  | 14,818 |
Finance leases | 1,218 |  |  | 1,325 |
Supplemental balance sheet information related to leases was as follows:
| Years Ended December 31,
| 2024 |  | 2023
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 153,438 |  |  | $ | 95,805 |
Operating lease liabilities – short term | 42,493 |  |  | 32,053 |
Operating lease liabilities – long term | 111,400 |  |  | 63,961 |
Total operating lease liabilities | $ | 153,893 |  |  | $ | 96,014 |
Finance Leases |  |  |
Property, plant and equipment – gross | $ | 4,131 |  |  | $ | 3,528 |
Accumulated depreciation | (1,771) |  |  | (1,369) |
Property, plant and equipment – net | $ | 2,360 |  |  | $ | 2,159 |
Accounts payable | $ | 897 |  |  | $ | 797 |
Other liabilities | 1,549 |  |  | 1,400 |
Total finance lease liabilities | $ | 2,446 |  |  | $ | 2,197 |
Weighted Average Remaining Lease Term |  |  |
Operating leases | 7.2 years |  | 9.1 years
Finance leases | 3.1 years |  | 3.3 years
Weighted Average Discount Rate |  |  |
Operating leases | 6.16 | % |  | 6.40 | %
Finance leases | 6.92 | % |  | 6.71 | %
Maturities of lease liabilities are as follows:
Year Ending December 31, | Operating Leases |  | Finance Leases
2025 | $ | 51,252 |  |  | $ | 1,047 |
2026 | 40,462 |  |  | 806 |
2027 | 30,566 |  |  | 521 |
2028 | 24,359 |  |  | 301 |
2029 | 9,972 |  |  | 50 |
Thereafter | 41,880 |  |  | 14 |
Total lease payments | 198,491 |  |  | 2,739 |
Less imputed interest | (44,598) |  |  | (293) |
Total | $ | 153,893 |  |  | $ | 2,446 |
As of December 31, 2024, we have no additional operating or finance leases that have not yet commenced.
Leases | Leases We determine if an arrangement is a lease at inception. Operating leases, which are reported as Operating lease right-of-use assets ("ROU"), Operating lease liabilities – short-term, and Operating lease liabilities – long-term are included in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment – net, Accounts payable, and Other liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease pre-payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease and, when it is reasonably certain that such an option will be exercised, it is included in the determination of the corresponding assets and liabilities. Short-term leases are not recognized on our Consolidated Balance Sheets. Lease expense for all operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The Company has entered into agreements to lease transportation equipment, storage facilities, office space, dock access and other equipment. The operating leases have initial terms of up to 20 years with some containing renewal options subject to customary conditions. The term and length of the various agreements, as well as the timing of any renewals, will impact the ROU asset calculation and related liability. The components of lease expense were as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |
Amortization of right-of-use asset | $ | 1,036 |  |  | $ | 932 |  |  | $ | 917 |
Interest on lease liabilities | 163 |  |  | 106 |  |  | 53 |
Total finance lease cost | 1,199 |  |  | 1,038 |  |  | 970 |
Operating lease cost | 43,517 |  |  | 47,148 |  |  | 43,668 |
Short-term lease cost | 6,647 |  |  | 5,415 |  |  | 5,338 |
Total lease cost | $ | 51,363 |  |  | $ | 53,601 |  |  | $ | 49,976 |
Supplemental cash flow information related to leases was as follows:
| Years Ended December 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 43,188 |  |  | $ | 47,196 |
Operating cash flows from finance leases | 124 |  |  | 106 |
Financing cash flows from finance leases | 1,011 |  |  | 938 |
Non-cash information: |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | 72,361 |  |  | 14,818 |
Finance leases | 1,218 |  |  | 1,325 |
Supplemental balance sheet information related to leases was as follows:
| Years Ended December 31,
| 2024 |  | 2023
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 153,438 |  |  | $ | 95,805 |
Operating lease liabilities – short term | 42,493 |  |  | 32,053 |
Operating lease liabilities – long term | 111,400 |  |  | 63,961 |
Total operating lease liabilities | $ | 153,893 |  |  | $ | 96,014 |
Finance Leases |  |  |
Property, plant and equipment – gross | $ | 4,131 |  |  | $ | 3,528 |
Accumulated depreciation | (1,771) |  |  | (1,369) |
Property, plant and equipment – net | $ | 2,360 |  |  | $ | 2,159 |
Accounts payable | $ | 897 |  |  | $ | 797 |
Other liabilities | 1,549 |  |  | 1,400 |
Total finance lease liabilities | $ | 2,446 |  |  | $ | 2,197 |
Weighted Average Remaining Lease Term |  |  |
Operating leases | 7.2 years |  | 9.1 years
Finance leases | 3.1 years |  | 3.3 years
Weighted Average Discount Rate |  |  |
Operating leases | 6.16 | % |  | 6.40 | %
Finance leases | 6.92 | % |  | 6.71 | %
Maturities of lease liabilities are as follows:
Year Ending December 31, | Operating Leases |  | Finance Leases
2025 | $ | 51,252 |  |  | $ | 1,047 |
2026 | 40,462 |  |  | 806 |
2027 | 30,566 |  |  | 521 |
2028 | 24,359 |  |  | 301 |
2029 | 9,972 |  |  | 50 |
Thereafter | 41,880 |  |  | 14 |
Total lease payments | 198,491 |  |  | 2,739 |
Less imputed interest | (44,598) |  |  | (293) |
Total | $ | 153,893 |  |  | $ | 2,446 |
As of December 31, 2024, we have no additional operating or finance leases that have not yet commenced.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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