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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Assets and Liabilities, Lessee | Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands):
|  | Classification |  | December 31, 2023 |  | December 31, 2022
Right-of-Use Assets |  |  |  |  |  |
Operating |  | Other assets |  | $ | 32,219 |  |  | $ | 23,003 |
Finance |  | Property, plant and equipment, net |  | — |  |  | — |
Total leased ROU assets |  |  |  | $ | 32,219 |  |  | $ | 23,003 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Other accrued liabilities |  | $ | 9,049 |  |  | $ | 6,120 |
Finance |  | Current portion of finance lease obligations |  | — |  |  | — |
Noncurrent |  |  |  |  |  |
Operating |  | Non-current liabilities |  | 23,170 |  |  | 16,883 |
Finance |  | Finance lease obligations |  | — |  |  | — |
Total lease liabilities |  |  |  | $ | 32,219 |  |  | $ | 23,003 |
Lease, Cost | Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands):
|  | Classification |  | Twelve Months Ended December 31, 2023 |  | Twelve Months Ended December 31, 2022
Operating lease cost |  | Cost of sales, selling expenses, and general and administrative expense |  | $ | 8,869 |  |  | $ | 5,785 |
Finance lease cost |  |  |  |  |  |
Amortization of ROU leased assets |  | Depreciation and amortization within Cost of sales |  | — |  |  | 36 |
Interest on lease liabilities |  | Interest expense |  | — |  |  | 1 |
Net lease cost |  |  |  | $ | 8,869 |  |  | $ | 5,822 |
Remaining lease term and discount rates are as follows:
|  | December 31, 2023 |  | December 31, 2022
Weighted average remaining lease term (years) |  |  |  |
Operating leases |  | 3.8 |  | 4.3
Finance leases |  | 0.0 |  | 0.0
Weighted average discount rate |  |  |  |
Operating leases |  | 4.94 | % |  | 4.92 | %
Finance leases |  | — | % |  | — | %
Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands):
|  | Twelve Months Ended December 31, 2023 |  | Twelve Months Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 8,866 |  |  | $ | 5,844 |
Operating cash flows from finance leases |  | $ | — |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | — |  |  | $ | 59 |
Operating Lease, Liability, Maturity | Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands):
|  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 10,418 |  |  | $ | — |  |  | $ | 10,418 |
2025 |  | 9,364 |  |  | — |  |  | 9,364 |
2026 |  | 8,310 |  |  | — |  |  | 8,310 |
2027 |  | 4,349 |  |  | — |  |  | 4,349 |
2028 |  | 1,920 |  |  | — |  |  | 1,920 |
Thereafter |  | 1,066 |  |  | — |  |  | 1,066 |
Total lease payments |  | $ | 35,427 |  |  | $ | — |  |  | $ | 35,427 |
Less: interest |  | 3,208 |  |  | — |  |  |
Present value of lease payments |  | $ | 32,219 |  |  | $ | — |  |  |
Finance Lease, Liability, Maturity | Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands):
|  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 10,418 |  |  | $ | — |  |  | $ | 10,418 |
2025 |  | 9,364 |  |  | — |  |  | 9,364 |
2026 |  | 8,310 |  |  | — |  |  | 8,310 |
2027 |  | 4,349 |  |  | — |  |  | 4,349 |
2028 |  | 1,920 |  |  | — |  |  | 1,920 |
Thereafter |  | 1,066 |  |  | — |  |  | 1,066 |
Total lease payments |  | $ | 35,427 |  |  | $ | — |  |  | $ | 35,427 |
Less: interest |  | 3,208 |  |  | — |  |  |
Present value of lease payments |  | $ | 32,219 |  |  | $ | — |  |  |
Operating Lease, Lease Income | Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2023 and 2022, the Company’s lease income consisted of the following components (in thousands):
|  | Twelve Months Ended December 31, 2023 |  | Twelve Months Ended December 31, 2022
Operating lease income |  |  |  |
Fixed lease income |  | $ | 874 |  |  | $ | 125 |
Variable lease income |  | — |  |  | — |
Total lease income 1 |  | $ | 874 |  |  | $ | 125 |
————————— (1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.
Lessor, Operating Lease, Payment to be Received, Maturity | The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2023 (in thousands):
|  | Operating Leases 1
2024 |  | $ | 2,076 |
2025 |  | 2,064 |
2026 |  | 2,064 |
2027 |  | 1,950 |
2028 |  | 1,209 |
Thereafter |  | — |
Total contractual receipts |  | $ | 9,363 |
————————— (1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
Carrying Value of Assets Subject to Leases | The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue earning equipment, net consists of the following (in thousands):
|  | December 31, 2023 |  | December 31, 2022
Revenue generating assets |  | $ | 5,650 |  |  | $ | — |
Less: accumulated depreciation |  | (186) |  |  | — |
Revenue generating assets, net |  | $ | 5,464 |  |  | $ | — |

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