Leases (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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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, 2024 |
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December 31, 2023 |
| Long-term Assets |
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Right-of-use assets, operating leases |
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$ |
28,623 |
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$ |
27,784 |
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| Long-term Assets |
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Property, plant and equipment |
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1,303 |
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1,543 |
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| Current liabilities |
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Current portion of lease liabilities, operating leases |
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1,448 |
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1,140 |
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| Current liabilities |
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Current portion of lease liabilities, finance leases |
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288 |
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292 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, operating leases |
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30,433 |
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29,729 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, finance leases |
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1,089 |
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1,307 |
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| Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Leases |
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) |
2024 |
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2023 |
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2024 |
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2023 |
Operating lease cost1
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$ |
1,007 |
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$ |
985 |
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$ |
2,978 |
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$ |
2,956 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
79 |
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87 |
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237 |
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263 |
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| Interest on finance lease liabilities |
22 |
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24 |
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65 |
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61 |
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| Sublease income |
(92) |
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(91) |
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(276) |
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(273) |
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| Total lease cost |
$ |
1,016 |
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$ |
1,005 |
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$ |
3,004 |
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$ |
3,007 |
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1Includes short term leases, which are immaterial
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| Weighted-average remaining lease term |
September 30, 2024 |
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December 31, 2023 |
| Operating leases |
11.85 years |
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12.67 years |
| Finance leases |
4.37 years |
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5.07 years |
| Weighted-average discount rate |
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| Operating leases |
7.17 |
% |
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8.33 |
% |
| Finance leases |
5.93 |
% |
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5.92 |
% |
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| Schedule of Maturities For Operating Leases After Adoption of 842 |
The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2024 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2024 |
$ |
898 |
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$ |
90 |
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| 2025 |
3,698 |
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361 |
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| 2026 |
3,750 |
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361 |
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| 2027 |
3,825 |
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361 |
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| 2028 |
3,903 |
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303 |
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| Thereafter |
31,937 |
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85 |
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| Total undiscounted minimum future lease payments |
48,011 |
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1,561 |
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| Imputed interest |
(16,130) |
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(184) |
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| Present value of lease liabilities |
$ |
31,881 |
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$ |
1,377 |
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| Schedule of Maturities For Finance Leases After Adoption of 842 |
The amounts of undiscounted future minimum lease payments under leases in continuing operations as of September 30, 2024 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2024 |
$ |
898 |
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$ |
90 |
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| 2025 |
3,698 |
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361 |
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| 2026 |
3,750 |
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361 |
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| 2027 |
3,825 |
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361 |
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| 2028 |
3,903 |
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303 |
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| Thereafter |
31,937 |
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85 |
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| Total undiscounted minimum future lease payments |
48,011 |
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1,561 |
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| Imputed interest |
(16,130) |
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(184) |
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| Present value of lease liabilities |
$ |
31,881 |
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$ |
1,377 |
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| Schedule of Maturities for Sub Leases |
Future expected cash receipts from the Company's subleases as of September 30, 2024 are as follows:
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| (in thousands) |
Sublease Receipts |
| Remainder of 2024 |
$ |
145 |
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| 2025 |
582 |
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| 2026 |
594 |
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| 2027 |
606 |
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| 2028 |
618 |
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| Thereafter |
5,229 |
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| Total sublease receipts |
$ |
7,774 |
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