Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease Cost and Additional Information

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating Lease Cost - Purchased Power Lease Contracts	$	35,655	$	29,140	$	35,655	$	29,140
Operating Lease Cost - Land, Property, and Other Equipment	4,798		4,569		9,574		9,141
Total Operating Lease Cost	40,453		33,709		45,229		38,281
Variable lease cost (a)	47,994		42,662		64,724		61,304
Short-term lease cost	7,403		2,201		8,804		3,503
Total lease cost	$	95,850	$	78,572	$	118,757	$	103,088

(a)     Primarily relates to purchased power lease contracts.

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

	Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows:	$	13,798		$	12,953
Right-of-use operating lease assets obtained in exchange for operating lease liabilities	553,665		(a)	11,182

	June 30, 2023		December 31, 2022
Weighted average remaining lease term	10 years		7 years
Weighted average discount rate (b)	4.45	%	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):

	June 30, 2023
Year	Purchased Power Lease Contracts		Land, Property & Equipment Leases		Total
2023 (remaining six months of 2023)	$	100,130	$	8,420	$	108,550
2024	104,315		13,450		117,765
2025	121,082		10,966		132,048
2026	134,806		8,742		143,548
2027	160,727		6,790		167,517
2028	164,524		4,608		169,132
Thereafter	779,792		67,998		847,790
Total lease commitments	1,565,376		120,974		1,686,350
Less imputed interest	329,397		44,757		374,154
Total lease liabilities	$	1,235,979	$	76,217	$	1,312,196