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Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Summary of Operating Leases, Including Lease Terms, Discount Rates and Supplemental Cash Flow Information
The following table provides a summary of the Company's lease costs for operating leases:
Three months ended September 30, Nine months ended September 30,
2024202320242023
(In thousands)
Lease costs:
Operating lease cost
$8,156 $6,693 $22,769 $19,448 
Variable lease cost(1)
319 296 917 892 
Short-term lease cost(1)
27,965 25,889 75,703 72,803 
Total lease costs
$36,440 $32,878 $99,389 $93,143 
__________________
(1)Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 and the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amounts in the preceding table have been revised to correct the impact of this classification error for the nine months ended September 30, 2024 and 2023. The classification error will be corrected in future filings for the historical periods. The reclassification error had no impact to results of operations, balance sheets, or cash flows for any of the periods within the Form 10.
The following is a summary of the lease terms and discount rates for operating leases:
September 30, 2024December 31, 2023
Weighted average remaining lease term
1.38 years
1.34 years
Weighted average discount rate5.51 %4.94 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Nine months ended September 30,
20242023

(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating lease liabilities
$22,653 $19,745 
Right-of-use assets obtained in exchange for new operating lease liabilities
$38,454 $21,164 
Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the unaudited condensed consolidated balance sheets was as follows:
September 30, 2024
(In thousands)
Remainder of 2024$7,963 
202526,851 
202618,202 
202711,052 
20286,087 
Thereafter6,043 
Total
76,198 
Less: discount
6,841 
Total operating lease liabilities
$69,357 
Components of Certain Equipment Leased to Third Parties Under Operating Leases
The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the unaudited condensed consolidated balance sheets, were as follows:
September 30, 2024December 31, 2023
(In thousands)
Machinery and equipment$56,367 $56,186 
Less: accumulated depreciation
29,427 29,134 
Property, plant and equipment, net
$26,940 $27,052