Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Cost and Additional Information

The following tables provide information related to our lease costs (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating Lease Cost - Purchased Power & Energy Storage Lease Contracts	$	81,456	$	68,714	$	117,111	$	97,854
Operating Lease Cost - Land, Property, and Other Equipment	4,820		4,456		14,394		13,597
Total Operating Lease Cost	86,276		73,170		131,505		111,451
Variable lease cost (a)	48,572		42,188		113,296		103,493
Short-term lease cost	9,114		5,065		17,918		8,568
Total lease cost	$	143,962	$	120,423	$	262,719	$	223,512

(a)     Primarily relates to purchased power lease contracts.

The following tables provide other additional information related to operating lease liabilities (dollars in thousands):

	Nine Months Ended September 30, 2023			Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows:	$	89,304		$	86,323
Right-of-use operating lease assets obtained in exchange for operating lease liabilities	599,281		(a)	14,533

	September 30, 2023		December 31, 2022
Weighted average remaining lease term	10 years		7 years
Weighted average discount rate (b)	4.53	%	2.21	%

(a) Primarily relates to the two purchased power operating lease agreements that were modified in January 2023.

(b) Most of our lease agreements do not contain an implicit rate that is readily determinable. For these agreements, we use our incremental borrowing rate to measure the present value of lease liabilities. We determine our incremental borrowing rate at lease commencement based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We use the implicit rate when it is readily determinable.

Schedule of Future Minimum Payments

The following table provides information related to the maturity of our operating lease liabilities (dollars in thousands):

	September 30, 2023
Year	Purchased Power & Energy Storage Lease Contracts		Land, Property & Equipment Leases		Total
2023 (remaining three months of 2023)	$	30,520	$	4,004	$	34,524
2024	108,201		13,964		122,165
2025	124,968		11,480		136,448
2026	138,692		9,181		147,873
2027	164,613		7,154		171,767
2028	168,410		4,831		173,241
Thereafter	835,813		63,473		899,286
Total lease commitments	1,571,217		114,087		1,685,304
Less imputed interest	347,899		42,188		390,087
Total lease liabilities	$	1,223,318	$	71,899	$	1,295,217