XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.24.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2024
Leases |
Leases | Note 11. Leases The Company has leases for office space, warehouse space and equipment in its corporate office and operating regions as well as vehicles, compressors and surface rentals related to its business operations. In addition, the Company has right-of-way leases to operate the San Pedro Bay Pipeline. Most of the Company’s leases, other than its corporate office lease, have an initial term and may be extended on a month-to-month basis after expiration of the initial term. Most of the Company’s leases can be terminated with 30-day prior written notice. The majority of its month-to-month leases are not included as a lease liability in its balance sheet because continuation of the lease is not reasonably certain. Additionally, the Company elected the short-term practical expedient to exclude leases with a term of twelve months or less. For the quarter ended September 30, 2024, all of the Company’s leases qualified as operating leases, and it did not have any existing or new leases qualifying as financing leases or variable leases. The Company’s corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, the Company uses an incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, the Company applies a portfolio approach based on the applicable lease terms and the current economic environment. The Company uses a reasonable market interest rate for its office equipment and vehicle leases. For the nine months ended September 30, 2024 and 2023, the Company recognized approximately $1.5 million and $1.6 million, respectively, of costs relating to the operating leases in the Unaudited Condensed Consolidated Statements of Operations. Supplemental cash flow information related to the Company’s lease liabilities is included in the table below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Nine Months Ended
​ | ​ | September 30,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Non-cash amounts included in the measurement of lease liabilities: | ​ |  | ​ | ​ |  | ​
Operating cash flows from operating leases |  | $ | 1,143 | ​ | $ | 1,352
​ The following table presents the Company’s right-of-use assets and lease liabilities for the period presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Right-of-use asset | ​ | $ | 4,613 | ​ | $ | 5,756
​ | ​ | ​ | ​ | ​ | ​ | ​
Lease liabilities: |  | ​ |  |  | ​ |
Current lease liability |  | ​ | 1,772 |  | ​ | 1,737
Long-term lease liability |  | ​ | 3,806 |  | ​ | 5,090
Total lease liability | ​ | $ | 5,578 | ​ | $ | 6,827
​ The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Office and | ​ | Leased vehicles | ​ | ​ | ​
​ | ​ | ​ | warehouse | ​ | and office | ​ | ​ | ​
​ |  | leases |  | equipment |  | Total
2024 | ​ | $ | 357 | ​ | $ | 188 | ​ | $ | 545
2025 | ​ | ​ | 1,429 | ​ | ​ | 573 | ​ | ​ | 2,002
2026 | ​ | ​ | 1,206 | ​ | ​ | 87 | ​ | ​ | 1,293
2027 | ​ | ​ | 836 | ​ | ​ | 4 | ​ | ​ | 840
2028 and thereafter |  | ​ | 1,798 |  | ​ | — |  | ​ | 1,798
Total lease payments |  | ​ | 5,626 |  | ​ | 852 |  | ​ | 6,478
Less: interest |  | ​ | 856 |  | ​ | 44 |  | ​ | 900
Present value of lease liabilities | ​ | $ | 4,770 | ​ | $ | 808 | ​ | $ | 5,578
​ The weighted average remaining lease terms and discount rate for all of the Company’s operating leases for the period presented: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |
​ | ​ | 2024 | ​ | 2023 |
Weighted average remaining lease term (years): | ​ |  | ​ |  |
Office and warehouse space |  | 4.00 |  | 4.42 | ​
Vehicles |  | 0.07 |  | 0.36 | ​
Office equipment |  | — |  | 0.02 | ​
Weighted average discount rate: |  | ​ |  | ​ | ​
Office and warehouse space |  | 5.59 | % | 5.16 | %
Vehicles |  | 0.98 | % | 1.19 | %
Office equipment |  | 0.04 | % | 0.09 | %
​

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration