Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LEASES

Supplemental information about our operating leases follows:

		December 31,
(in thousands)		2023		2022
Assets:
	Right-of-use operating lease assets	$	337,554	$	139,611
Liabilities:
	Current	$	78,117	$	19,580
	Noncurrent	293,482		151,842
Lease liabilities		$	371,599	$	171,422

		December 31,
		2023		2022
Lease Term and Discount Rate:
	Weighted-average remaining lease term (years)	7		9
	Weighted-average discount rate	5.9	%	5.8	%

No impairments of right-of-use operating leases were recorded in the years ended December 31, 2023 and 2022.

Operating lease cost reflects the lease expense resulting from amortization over the respective lease terms of our operating leases with initial lease terms greater than 12 months. Our short-term lease cost consists of expense for our operating leases with initial lease terms of 12 months or less that are not recorded on our balance sheet. The components of lease cost are as follows:

		Year ended December 31,
(in thousands)		2023		2022
Lease Cost:
Operating lease cost	Operating lease cost	$	56,212	$	34,467
Short-term lease cost	Short-term lease cost	98,763		101,048
Total Lease Cost		$	154,975	$	135,515

As of December 31, 2023, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows:

(in thousands)
For the year ended December 31,
2024	$	97,549
2025	98,119
2026	60,289
2027	33,371
2028	25,861
Thereafter	144,366
Total lease payments	459,555
Less: Interest	(87,956)
Present Value of Operating Lease Liabilities	$	371,599