Leases (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Leases [Abstract] |
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| Schedule of Operating and Finance Leases Recorded in Consolidated Balance Sheet |
Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
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| Classification |
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Financial Statement Line Item |
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September 30, 2023 |
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December 31, 2022 |
| Long-term Assets |
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Right-of-use assets, operating leases |
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$ |
28,170 |
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$ |
29,198 |
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| Long-term Assets |
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Property, plant and equipment |
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1,624 |
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1,494 |
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| Current liabilities |
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Current portion of lease liabilities, operating leases |
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1,132 |
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1,029 |
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| Current liabilities |
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Current portion of lease liabilities, finance leases |
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296 |
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280 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, operating leases |
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30,051 |
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30,911 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, finance leases |
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1,378 |
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1,242 |
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| Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Lease Terms |
Individual components of the total lease cost incurred by the Company are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| (in thousands) |
2023 |
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2022 |
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2023 |
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2022 |
Operating lease cost1
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$ |
989 |
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$ |
1,039 |
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$ |
2,971 |
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$ |
3,116 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
87 |
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71 |
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251 |
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204 |
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| Interest on finance lease liabilities |
24 |
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9 |
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62 |
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27 |
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| Sublease income |
(91) |
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(32) |
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(273) |
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(96) |
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| Total lease cost |
$ |
1,009 |
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$ |
1,087 |
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$ |
3,011 |
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$ |
3,251 |
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1Includes short term leases, which are immaterial
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| Weighted-average remaining lease term |
September 30, 2023 |
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December 31, 2022 |
| Operating leases |
12.90 years |
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13.61 years |
| Finance leases |
5.30 years |
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6.06 years |
| Weighted-average discount rate |
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| Operating leases |
8.32 |
% |
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8.31 |
% |
| Finance leases |
5.92 |
% |
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2.32 |
% |
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| Schedule of Maturities For Sub Leases |
Future expected cash receipts from the Company's sublease as of September 30, 2023 are as follows:
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| (in thousands) |
Sublease Receipts |
| Remainder of 2023 |
$ |
92 |
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| 2024 |
370 |
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| 2025 |
377 |
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| 2026 |
385 |
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| 2027 |
392 |
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| Thereafter |
3,786 |
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| Total sublease receipts |
$ |
5,402 |
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| Schedule of Maturities For Operating Leases |
The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2023 |
$ |
916 |
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$ |
99 |
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| 2024 |
3,667 |
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367 |
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| 2025 |
3,687 |
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361 |
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| 2026 |
3,703 |
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361 |
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| 2027 |
3,765 |
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361 |
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| Thereafter |
36,152 |
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387 |
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| Total undiscounted minimum future lease payments |
51,890 |
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1,936 |
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| Imputed interest |
(20,707) |
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(262) |
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| Present value of lease liabilities |
$ |
31,183 |
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$ |
1,674 |
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| Schedule of Maturities For Finance Leases |
The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2023 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2023 |
$ |
916 |
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$ |
99 |
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| 2024 |
3,667 |
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367 |
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| 2025 |
3,687 |
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361 |
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| 2026 |
3,703 |
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361 |
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| 2027 |
3,765 |
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361 |
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| Thereafter |
36,152 |
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387 |
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| Total undiscounted minimum future lease payments |
51,890 |
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1,936 |
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| Imputed interest |
(20,707) |
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(262) |
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| Present value of lease liabilities |
$ |
31,183 |
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$ |
1,674 |
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