Leases (Tables)

9 Months Ended

Sep. 30, 2023

The following table provides details of our lease contracts for the three-month and nine-month periods ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	11,307	$	11,456	$	37,369	$	32,657
Finance lease cost:
Amortization of right of use assets	1,686		952		4,466		2,354
Interest on lease liabilities	1,616		826		4,310		2,519
Total finance lease cost	3,302		1,778		8,776		4,873

Short-term lease cost	4,826		4,171		14,746		10,141
Variable lease cost	7,560		3,179		15,835		5,810


Total lease cost	$	26,995	$	20,584	$	76,726	$	53,481

Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2023 and 2022 is as follows (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35,364	$	27,201
Operating cash flows from finance leases	3,593		2,360
Financing cash flows from finance leases	1,627		999
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	43,907		8,378
Finance leases	46,773		—

Supplemental Balance Sheet Information related to Leases

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2023 and December 31, 2022 is as follows (in thousands, except as noted):


	September 30, 2023			December 31, 2022
Operating leases:
Other assets	$	140,691		$	128,173

Accrued expenses	34,159			35,515
Other noncurrent liabilities	115,619			99,269
Total operating lease liabilities	149,778			134,784
Finance leases:
Net property, plant and equipment	123,146			81,356

Current portion of long-term debt(a)	9,450			4,995
Long-term debt	114,993			74,409
Total finance lease liabilities	124,443			79,404
Weighted average remaining lease term (in years):
Operating leases	12.2			13.3
Finance leases	21.4			22.8
Weighted average discount rate (%):
Operating leases	4.58		%	3.60		%
Finance leases	4.65		%	4.41		%

(a) Balance includes accrued interest of finance lease recorded in Accrued expenses.

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities at September 30, 2023 were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2023	$	13,143	$	4,997
2024	32,787		12,879
2025	27,622		9,795
2026	19,039		9,160
2027	14,726		9,160
Thereafter	112,850		148,497
Total lease payments	220,167		194,488
Less imputed interest	70,389		70,045
Total	$	149,778	$	124,443

Finance Lease, Liability, Maturity

Maturities of lease liabilities at September 30, 2023 were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2023	$	13,143	$	4,997
2024	32,787		12,879
2025	27,622		9,795
2026	19,039		9,160
2027	14,726		9,160
Thereafter	112,850		148,497
Total lease payments	220,167		194,488
Less imputed interest	70,389		70,045
Total	$	149,778	$	124,443