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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | LEASES The Partnership has numerous operating leases primarily for terminal facilities and transportation and other equipment. The leases generally provide that all expenses related to the facilities and equipment are to be paid by the lessee. Operating lease Right-of-Use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Partnership's leases do not provide an implicit rate of return, the Partnership uses its imputed collateralized rate based on the information available at commencement date in determining the present value of lease payments. The estimated rate is based on a risk-free rate plus a risk-adjusted margin. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The Partnership includes extension periods in its lease term if, at commencement, it is reasonably likely that the Par tnership will exercise the extension options. The components of lease expense for the three months ended March 31, 2025 and 2024, were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Operating lease cost |  |  |  |  | $ | 6,134 |  |  | $ | 4,939 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 4 |  |  | 0 |
Interest on lease liabilities |  |  |  |  | 1 |  |  | — |
Short-term lease cost |  |  |  |  | 1,498 |  |  | 1,166 |
Variable lease cost |  |  |  |  | 44 |  |  | 47 |
Total lease cost |  |  |  |  | $ | 7,681 |  |  | $ | 6,152 |
Supplemental balance sheet information related to leases at March 31, 2025 and December 31, 2024, was as follows:
| March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 68,658 |  |  | $ | 67,140 |
Current portion of operating lease liabilities included in "Other accrued liabilities" | $ | 20,568 |  |  | $ | 19,707 |
Operating lease liabilities | 48,430 |  |  | 47,815 |
Total operating lease liabilities | $ | 68,998 |  |  | $ | 67,522 |
Finance Leases |  |  |
Property, plant and equipment, at cost | $ | 77 |  |  | $ | 77 |
Accumulated depreciation | (14) |  |  | (10) |
Property, plant and equipment, net | $ | 63 |  |  | $ | 67 |
Current installments of finance lease obligations | $ | 14 |  |  | $ | 14 |
Finance lease obligations | 51 |  |  | 55 |
Total finance lease obligations | $ | 65 |  |  | $ | 69 |
For the three months ended March 31, 2025, the Partnership incurred new operating leases, primarily related to land transportation assets, operating equipment, and renewed existing operating leases set to expire, primarily related to leased land and facilities. The Partnership’s future minimum lease obligations as of March 31, 2025, consist of the following:
| Operating Leases
Year 1 | $ | 24,969 |
Year 2 | 21,263 |
Year 3 | 16,429 |
Year 4 | 9,128 |
Year 5 | 3,647 |
Thereafter | 4,035 |
Total | 79,471 |
Less amounts representing interest costs | (10,473) |
Total lease liability | $ | 68,998 |
Leases | LEASES The Partnership has numerous operating leases primarily for terminal facilities and transportation and other equipment. The leases generally provide that all expenses related to the facilities and equipment are to be paid by the lessee. Operating lease Right-of-Use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Partnership's leases do not provide an implicit rate of return, the Partnership uses its imputed collateralized rate based on the information available at commencement date in determining the present value of lease payments. The estimated rate is based on a risk-free rate plus a risk-adjusted margin. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The Partnership includes extension periods in its lease term if, at commencement, it is reasonably likely that the Par tnership will exercise the extension options. The components of lease expense for the three months ended March 31, 2025 and 2024, were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Operating lease cost |  |  |  |  | $ | 6,134 |  |  | $ | 4,939 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 4 |  |  | 0 |
Interest on lease liabilities |  |  |  |  | 1 |  |  | — |
Short-term lease cost |  |  |  |  | 1,498 |  |  | 1,166 |
Variable lease cost |  |  |  |  | 44 |  |  | 47 |
Total lease cost |  |  |  |  | $ | 7,681 |  |  | $ | 6,152 |
Supplemental balance sheet information related to leases at March 31, 2025 and December 31, 2024, was as follows:
| March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 68,658 |  |  | $ | 67,140 |
Current portion of operating lease liabilities included in "Other accrued liabilities" | $ | 20,568 |  |  | $ | 19,707 |
Operating lease liabilities | 48,430 |  |  | 47,815 |
Total operating lease liabilities | $ | 68,998 |  |  | $ | 67,522 |
Finance Leases |  |  |
Property, plant and equipment, at cost | $ | 77 |  |  | $ | 77 |
Accumulated depreciation | (14) |  |  | (10) |
Property, plant and equipment, net | $ | 63 |  |  | $ | 67 |
Current installments of finance lease obligations | $ | 14 |  |  | $ | 14 |
Finance lease obligations | 51 |  |  | 55 |
Total finance lease obligations | $ | 65 |  |  | $ | 69 |
For the three months ended March 31, 2025, the Partnership incurred new operating leases, primarily related to land transportation assets, operating equipment, and renewed existing operating leases set to expire, primarily related to leased land and facilities. The Partnership’s future minimum lease obligations as of March 31, 2025, consist of the following:
| Operating Leases
Year 1 | $ | 24,969 |
Year 2 | 21,263 |
Year 3 | 16,429 |
Year 4 | 9,128 |
Year 5 | 3,647 |
Thereafter | 4,035 |
Total | 79,471 |
Less amounts representing interest costs | (10,473) |
Total lease liability | $ | 68,998 |

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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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