XML 47 R29.htm IDEA: XBRL DOCUMENT v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company’s lease portfolio is predominately operating leases for real estate, vehicles and industrial equipment utilized in operations and rail cars. The Company presents operating lease balances separately on the consolidated balance sheets. The Company's finance leases relate to vehicles, rail cars and certain real estate. The following table presents the Company's finance lease balances and their classification on the consolidated balance sheets (in thousands):
Finance Lease Balances (Classification)December 31, 2023December 31, 2022
ROU assets (Property, plant and equipment, net)$126,292 $96,207 
Current portion of lease liabilities (Accrued expenses and other current liabilities)16,975 12,767 
Long-term portion of lease liabilities (Other long-term liabilities)113,486 86,390 
The Company’s lease expense was as follows (in thousands):
For the years ended December 31,
202320222021
Operating lease cost$69,156 $59,041 $50,264 
Finance lease cost:
Amortization of ROU assets17,183 13,239 9,504 
Interest on lease liabilities4,051 3,011 2,544 
Total finance lease cost21,234 16,250 12,048 
Short-term lease cost167,379 158,736 102,913 
Variable lease cost4,887 4,353 3,546 
Total lease cost$262,656 $238,380 $168,771 
Other information related to leases was as follows:
Weighted Average Remaining Lease Term (years)December 31, 2023December 31, 2022
Operating leases3.84.2
Finance leases7.17.5
Weighted Average Discount RateDecember 31, 2023December 31, 2022
Operating leases4.68 %4.08 %
Finance leases3.96 %3.53 %
For the years ended December 31,
Supplemental Cash Flow Related Disclosures (in thousands)202320222021
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases$71,185 $61,014 $50,963 
Operating cash flows from finance leases4,051 3,011 2,544 
Financing cash flows from finance leases15,937 12,821 8,458 
ROU assets obtained in exchange for operating lease liabilities82,392 58,230 55,556 
ROU assets obtained in exchange for finance lease liabilities47,238 29,205 30,476 

At December 31, 2023, the Company's future lease payments under non-cancelable leases that have lease terms in excess of one year were as follows (in thousands):
Years ending December 31,December 31, 2023
Operating LeasesFinance Leases
2024$66,372 $23,703 
202553,215 23,017 
202638,927 23,029 
202728,011 23,016 
202812,925 19,040 
Thereafter9,408 41,681 
Total future lease payments208,858 153,486 
Amount representing interest(20,685)(23,025)
Total lease liabilities$188,173 $130,461 
At December 31, 2023, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. Additionally, the Company does not have any related party leases, and there were no restrictions or covenants imposed by its leases.
LEASES LEASES
The Company’s lease portfolio is predominately operating leases for real estate, vehicles and industrial equipment utilized in operations and rail cars. The Company presents operating lease balances separately on the consolidated balance sheets. The Company's finance leases relate to vehicles, rail cars and certain real estate. The following table presents the Company's finance lease balances and their classification on the consolidated balance sheets (in thousands):
Finance Lease Balances (Classification)December 31, 2023December 31, 2022
ROU assets (Property, plant and equipment, net)$126,292 $96,207 
Current portion of lease liabilities (Accrued expenses and other current liabilities)16,975 12,767 
Long-term portion of lease liabilities (Other long-term liabilities)113,486 86,390 
The Company’s lease expense was as follows (in thousands):
For the years ended December 31,
202320222021
Operating lease cost$69,156 $59,041 $50,264 
Finance lease cost:
Amortization of ROU assets17,183 13,239 9,504 
Interest on lease liabilities4,051 3,011 2,544 
Total finance lease cost21,234 16,250 12,048 
Short-term lease cost167,379 158,736 102,913 
Variable lease cost4,887 4,353 3,546 
Total lease cost$262,656 $238,380 $168,771 
Other information related to leases was as follows:
Weighted Average Remaining Lease Term (years)December 31, 2023December 31, 2022
Operating leases3.84.2
Finance leases7.17.5
Weighted Average Discount RateDecember 31, 2023December 31, 2022
Operating leases4.68 %4.08 %
Finance leases3.96 %3.53 %
For the years ended December 31,
Supplemental Cash Flow Related Disclosures (in thousands)202320222021
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases$71,185 $61,014 $50,963 
Operating cash flows from finance leases4,051 3,011 2,544 
Financing cash flows from finance leases15,937 12,821 8,458 
ROU assets obtained in exchange for operating lease liabilities82,392 58,230 55,556 
ROU assets obtained in exchange for finance lease liabilities47,238 29,205 30,476 

At December 31, 2023, the Company's future lease payments under non-cancelable leases that have lease terms in excess of one year were as follows (in thousands):
Years ending December 31,December 31, 2023
Operating LeasesFinance Leases
2024$66,372 $23,703 
202553,215 23,017 
202638,927 23,029 
202728,011 23,016 
202812,925 19,040 
Thereafter9,408 41,681 
Total future lease payments208,858 153,486 
Amount representing interest(20,685)(23,025)
Total lease liabilities$188,173 $130,461 
At December 31, 2023, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. Additionally, the Company does not have any related party leases, and there were no restrictions or covenants imposed by its leases.