Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Assets and Liabilities, Lessee

The following table provides information on the amounts (in thousands) of our right-of-use assets (“ROU assets”) and liabilities as of September 30, 2023 and December 31, 2022 and their placement within our condensed consolidated balance sheets:

Lease type	Balance Sheet Location	September 30, 2023		December 31, 2022
Assets
Finance	Property, plant, and equipment	$	24,172	$	21,150
Finance	Accumulated amortization	(11,729)		(10,308)
Finance	Property, plant, and equipment, net	$	12,443	$	10,842
Operating	Operating lease right-of-use assets	329,428		350,761
Total right-of-use assets		$	341,871	$	361,603
Liabilities
Current
Finance	Other accrued liabilities	$	1,652	$	1,782
Operating	Operating lease liabilities	71,626		66,081
Long-term
Finance	Finance lease liabilities	8,178		6,311
Operating	Operating lease liabilities	266,982		292,701
Total lease liabilities		$	348,438	$	366,875

The following table summarizes the weighted-average lease terms and discount rates of our leases as of September 30, 2023 and December 31, 2022:

	September 30, 2023		December 31, 2022
Weighted-average remaining lease term (in years)
Finance	8.62		5.60
Operating	8.81		9.00
Weighted-average discount rate
Finance	7.27	%	7.38	%
Operating	7.23	%	7.10	%

Schedule of Lease, Cost

The following table summarizes the lease costs and income recognized in our condensed consolidated statements of operations (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Lease cost (income) type	2023		2022		2023		2022
Finance lease cost
Amortization of finance lease ROU assets	$	476	$	482	$	1,422	$	1,450
Interest on lease liabilities	154		152		446		475
Operating lease cost	24,898		22,138		73,188		66,385
Variable lease cost	2,807		769		62,394		3,506
Short-term lease cost	2,778		1,266		7,341		3,611
Net lease cost	$	31,113	$	24,807	$	144,791	$	75,427
Operating lease income (1)	$	(3,918)	$	(3,495)	$	(11,193)	$	(7,560)

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(1)The majority of our lessor income comes from leases with lease terms of one year or less and the estimated future undiscounted cash flows from lessor income are not expected to be material.

The following table summarizes the supplemental cash flow information related to leases as follows (in thousands):

	Nine Months Ended September 30,
Lease type	2023		2022
Cash paid for amounts included in the measurement of liabilities
Financing cash flows from finance leases	$	1,287	$	1,203
Operating cash flows from finance leases	440		464
Operating cash flows from operating leases	72,407		63,578
Non-cash supplemental amounts
ROU assets obtained in exchange for new finance lease liabilities	3,021		594
ROU assets obtained in exchange for new operating lease liabilities	35,822		19,014
ROU assets terminated in exchange for release from operating lease liabilities	1,439		32,902

Schedule of Lessee, Operating Lease, Liability, Maturity

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of September 30, 2023 (in thousands):

For the year ending December 31,	Finance leases		Operating leases		Total
2023 (1)	$	639	$	24,830	$	25,469
2024	2,157		88,428		90,585
2025	2,191		56,178		58,369
2026	1,726		49,733		51,459
2027	1,501		47,550		49,051
2028	742		45,138		45,880
Thereafter	4,563		134,063		138,626
Total lease payments	13,519		445,920		459,439
Less amount representing interest	(3,689)		(107,312)		(111,001)
Present value of lease liabilities	$	9,830	$	338,608	$	348,438

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(1)Represents the period from October 1, 2023 to December 31, 2023.

Schedule of Finance Lease, Liability, Maturity

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of September 30, 2023 (in thousands):

For the year ending December 31,	Finance leases		Operating leases		Total
2023 (1)	$	639	$	24,830	$	25,469
2024	2,157		88,428		90,585
2025	2,191		56,178		58,369
2026	1,726		49,733		51,459
2027	1,501		47,550		49,051
2028	742		45,138		45,880
Thereafter	4,563		134,063		138,626
Total lease payments	13,519		445,920		459,439
Less amount representing interest	(3,689)		(107,312)		(111,001)
Present value of lease liabilities	$	9,830	$	338,608	$	348,438

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(1)Represents the period from October 1, 2023 to December 31, 2023.