Leases, Codification Topic 842 (Policies)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lessor, Leases [Policy Text Block]

LEASES

LESSEE

The Company is the lessee under financing leases primarily for land. Right-of-use assets are long-term by nature. The following table summarizes the amounts recognized on the Condensed Consolidated Balance Sheets related to lease asset and liability balances as of the periods indicated (in thousands):

	Consolidated Balance Sheet Classification	March 31, 2024		December 31, 2023
Assets
Right-of-use assets — finance leases	Other non-current assets	$	88,249	$	16,357
Liabilities
Finance lease liabilities (current)	Short-term debt and current portion of long-term debt	$	4,312	$	—
Finance lease liabilities (noncurrent)	Long-term debt	83,315		17,769
Total finance lease liabilities		$	87,627	$	17,769

The following table summarizes supplemental balance sheet information related to leases as of the periods indicated:

Lease Term and Discount Rate	March 31, 2024		December 31, 2023
Weighted-average remaining lease term — finance leases	36 years		35 years
Weighted-average discount rate — finance leases	5.54	%	5.30	%

The following table summarizes the components of lease expense recognized in “Operating Costs and Expenses” on the accompanying Condensed Consolidated Statements of Operations for the periods indicated (in thousands):

	Three Months Ended March 31,
Components of Lease Cost	2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	116	$	102
Interest on lease liabilities	241		226
Total lease cost	$	357	$	328

Operating cash outflows from finance leases were $2.1 million and $0.0 million for the three months ended March 31, 2024 and 2023, respectively.

The following table shows the future lease payments under finance leases together with the present value of the net lease payments as of March 31, 2024 for 2024 through 2028 and thereafter (in thousands):

	Finance Leases
2024	$	1,687
2025	4,446
2026	4,535
2027	4,625
2028	4,718
Thereafter	315,194
Total	$	335,205
Less: Imputed interest	(247,578)
Present value of lease payments	$	87,627

LESSOR

The Company is the lessor under operating leases for land, office space and operating equipment. Lease receipts from such contracts are recognized as operating lease revenues on a straight-line basis over the lease term whereas contingent rentals are recognized when earned.

The following table presents lease revenue from operating leases in which the Company is the lessor for the periods indicated (in thousands):

	Three Months Ended March 31,
	2024		2023
Total lease revenue	$	533	$	401

The following table presents the underlying gross assets and accumulated depreciation of operating leases included in Property, plant and equipment, net for the periods indicated (in thousands):

Property, Plant and Equipment, Net	March 31, 2024		December 31, 2023
Gross assets	$	4,341	$	4,341
Less: Accumulated depreciation	(1,264)		(1,222)
Net assets	$	3,077	$	3,119

The option to extend or terminate a lease is based on customary early termination provisions in the contract.

The following table shows the future lease receipts as of March 31, 2024 for the remainder of 2024 through 2028 and thereafter (in thousands):

	Operating Leases
2024	$	408
2025	553
2026	554
2027	554
2028	354
Thereafter	891
Total	$	3,314