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LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Assets and Liabilities, Lessee

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):

						Classification						September 30, 2024						December 31, 2023
Right-of-Use Assets
Operating						Other assets						$	33,768					$	32,219
Total leased ROU assets												$	33,768					$	32,219
Liabilities
Current
Operating						Other accrued liabilities						$	11,034					$	9,049
Noncurrent
Operating						Other non-current liabilities						22,734						23,170
Total lease liabilities												$	33,768					$	32,219

Lease, Cost

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):

						Classification						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
Operating lease cost						Cost of sales, selling expenses and general and administrative expense						$	3,111					$	2,442
Net lease cost												$	3,111					$	2,442
						Classification						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Operating lease cost						Cost of sales, selling expenses and general and administrative expense						$	8,776					$	6,440
Net lease cost												$	8,776					$	6,440

Remaining lease term and discount rates are as follows:

						September 30, 2024						December 31, 2023
Weighted average remaining lease term (years)
Operating leases						3.3						3.8
Weighted average discount rate
Operating leases						5.07		%				4.94		%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):

						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases						$	8,837					$	6,434
Operating cash flows from finance leases						$	—					$	—
Financing cash flows from finance leases						$	—					$	—

Operating Lease, Liability, Maturity

Maturity of the Company’s lease liabilities as of September 30, 2024 is as follows (in thousands):

						Operating Leases						Finance Leases						Total
2024 (remainder)						$	3,202					$	—					$	3,202
2025						12,268						—						12,268
2026						11,132						—						11,132
2027						6,134						—						6,134
2028						2,550						—						2,550
Thereafter						1,428						—						1,428
Total lease payments						$	36,714					$	—					$	36,714
Less: interest						2,946						—
Present value of lease payments						$	33,768					$	—

Finance Lease, Liability, Maturity

Maturity of the Company’s lease liabilities as of September 30, 2024 is as follows (in thousands):

						Operating Leases						Finance Leases						Total
2024 (remainder)						$	3,202					$	—					$	3,202
2025						12,268						—						12,268
2026						11,132						—						11,132
2027						6,134						—						6,134
2028						2,550						—						2,550
Thereafter						1,428						—						1,428
Total lease payments						$	36,714					$	—					$	36,714
Less: interest						2,946						—
Present value of lease payments						$	33,768					$	—

Operating Lease, Lease Income

For the three and nine months ended September 30, 2024 and 2023, the Company’s lease income consisted of the following components (in thousands):

						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
Operating lease income
Fixed lease income						$	580					$	324
Variable lease income						—						—
Total lease income1						$	580					$	324
						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Operating lease income
Fixed lease income						$	1,782					$	503
Variable lease income						—						—
Total lease income1						$	1,782					$	503

—————————

(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 as of September 30, 2024 (in thousands):

						Operating Leases2
2024 (remainder)						$	580
2025						2,062
2026						2,062
2027						1,949
2028						1,567
Thereafter						99
Total contractual receipts						$	8,319

—————————

(2) 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.

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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- 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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- 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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- Definition

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-12

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- Definition

Tabular disclosure of components of income from operating lease.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A

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