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LEASES (Tables)

12 Months Ended

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 income1						$	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 Leases1
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					$	—

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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+ 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

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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-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479773/842-30-50-5

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