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LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
Finance Leases
The Company's finance leases liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):
Creditor20232022
Matheson Tri-Gas$44,132 $45,311 
Plaquemines994 1,169 
Harvey Ford39 47 
DLL financial47 — 
Diego137 — 
Centerpoint Blakely23,292 — 
$68,641 $46,527 
Future payments of finance lease obligations, as of December 31, 2023 are summarized as follows (in thousands):
Year Ended December 31,Amount Due
2024$8,446 
20258,459 
20268,449 
20278,410 
202826,488 
Thereafter57,877 
Total118,129 
Less: interest(49,488)
Present value of financing lease liabilities68,641 
Less: current portion of lease liabilities(2,435)
Total lease liabilities, net of current portion$66,206 
On January 21, 2023, the Company entered into one finance lease. Payments are $803 per month for three years and the amount of the finance lease obligation is $16.3 thousand at December 31, 2023. The amount of the right of use assets is $17.2 thousand at December 31, 2023.
On April 1, 2023, the Company entered into one finance lease. Base payments are $0.1 million per month for five years. The amount of the right of use assets is $23.4 million at December 31, 2023, and the finance lease obligation is $23.3 million at December 31, 2023.
On December 1, 2023, the Company entered into one finance lease. Payments are $1,000 per month for first 6 months and $3,500 per month for the next 54 months and the amount of the finance lease obligation is $137.3 thousand at December 31, 2023. The amount of the right of use assets is $135.5 thousand at December 31, 2023.
On December 5, 2023, the Company entered into one finance lease. Payments are $639 per month for 64 months and the amount of the finance lease obligation is $30.7 thousand at December 31, 2023. The amount of the right of use assets is
$30.1 thousand at December 31, 2023.
The following table summarizes the lease cost recognized in our consolidated statements of operations (in thousands):
Year Ended December 31,
Lease Cost Type202320222021
Amortization of finance lease ROU assets$3,740 $2,291 $114 
Interest on lease liabilities6,004 4,117 99 
Net finance lease costs$9,744 $6,408 $213 
Operating Leases
Operating leases are included in operating lease right-of-use lease assets, and operating current and long-term lease liabilities on the consolidated balance sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense for equipment is included in cost of revenues and other rents are included in selling, general and administrative expense on the unaudited consolidated statements of operations.
On April 30, 2023, the Company renewed one operating lease. Base payments are $0.3 million per month for 5 years, then the lease is automatically renewable until either party provides a termination notice at least 90 days prior to the end of the then term. The Company elected 15 years for the lease term to estimate the total amount of the right of use assets and operating lease liabilities, which is $19.9 million as of December 31, 2023.
On November 15, 2022, the Company entered into one operating lease. Base payments are $0.2 million per month for 15 months, then the lease is automatically renewable until either party provides a termination notice at least 90 days prior to the end of the then term. The Company elected 20 years for the lease term to estimate the total amount of the right of use assets and operating lease liabilities, which is $19.6 million as of December 31, 2023.
The following table summarizes the operating lease costs recognized (in thousands):
Year Ended December 31,
Lease Cost Type202320222021
Operating lease cost$22,285 $8,349 $5,566 
Variable lease cost2,932 1,032 225 
Short-term lease cost23,392 950 1,322 
Net lease cost$48,609 $10,331 $7,113 
Cash Flows
During the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in operating lease liabilities was $22.3 million, $8.3 million and $5.6 million, respectively, and is included in operating cash flows. Cash paid for amounts included in finance lease was $2.0 million, $0.8 million and $0.8 million during the years ended December 31, 2023, 2022 and 2021, respectively, and is included in financing cash flows.
Maturities of our lease liabilities for all operating leases are as follows as of December 31, 2023 (in thousands):
For the period ending December 31,FacilitiesEquipmentPlantRailcarTotal
2024$948 $20,168 $8,953 $614 $30,683 
2025842 10,078 8,538 471 19,929 
2026643 5,058 8,538 328 14,567 
2027604 4,371 8,589 165 13,729 
2028584 324 7,735 — 8,643 
Thereafter1,407 — 81,904 — 83,311 
Total lease payments5,028 39,999 124,257 1,578 170,862 
Less: interest(1,481)(5,761)(68,656)(224)(76,122)
Present value of operating lease liabilities3,547 34,238 55,601 1,354 94,740 
Less: current portion of lease liabilities(582)(16,950)(2,265)(499)(20,296)
Total lease liabilities, net of current portion$2,965 $17,288 $53,336 $855 $74,444 

The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of December 31, 2023:
Remaining lease term and discount rate:December 31, 2023
Weighted average remaining lease terms (years)
   Lease facilities6.60
   Lease equipment3.16
   Lease plant15.83
Lease railcar1.57
Weighted average discount rate
   Lease facilities11.02 %
   Lease equipment12.09 %
   Lease plant12.28 %
Lease railcar10.18 %
Significant Judgments
Significant judgments include the discount rates applied, the expected lease terms, lease renewal options and residual value guarantees. There are several leases with renewal options or purchase options.
The purchase options are not expected to have a material impact on the lease obligation. There are several facility and plant leases which have lease renewal options from one to twenty years.
The largest facility lease has an initial term through 2032. That lease does not have an extension option. For the two plant leases both have multiple 5-year extension options for a total of 20 years. Two extension options have been included in the lease right to use asset and lease obligation at January 1, 2019. One terminal lease has an initial term through 2024, with an automatic extension option, unless terminated prior to 150 days before the end of the then current term, thus the lease has an estimated term of a total of 20 years.
The Company will reassess the lease terms and purchase options when there is a significant change in circumstances or when the Company elects to exercise an option that had previously been determined that it was not reasonably certain to do so.
LEASES LEASES
Finance Leases
The Company's finance leases liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):
Creditor20232022
Matheson Tri-Gas$44,132 $45,311 
Plaquemines994 1,169 
Harvey Ford39 47 
DLL financial47 — 
Diego137 — 
Centerpoint Blakely23,292 — 
$68,641 $46,527 
Future payments of finance lease obligations, as of December 31, 2023 are summarized as follows (in thousands):
Year Ended December 31,Amount Due
2024$8,446 
20258,459 
20268,449 
20278,410 
202826,488 
Thereafter57,877 
Total118,129 
Less: interest(49,488)
Present value of financing lease liabilities68,641 
Less: current portion of lease liabilities(2,435)
Total lease liabilities, net of current portion$66,206 
On January 21, 2023, the Company entered into one finance lease. Payments are $803 per month for three years and the amount of the finance lease obligation is $16.3 thousand at December 31, 2023. The amount of the right of use assets is $17.2 thousand at December 31, 2023.
On April 1, 2023, the Company entered into one finance lease. Base payments are $0.1 million per month for five years. The amount of the right of use assets is $23.4 million at December 31, 2023, and the finance lease obligation is $23.3 million at December 31, 2023.
On December 1, 2023, the Company entered into one finance lease. Payments are $1,000 per month for first 6 months and $3,500 per month for the next 54 months and the amount of the finance lease obligation is $137.3 thousand at December 31, 2023. The amount of the right of use assets is $135.5 thousand at December 31, 2023.
On December 5, 2023, the Company entered into one finance lease. Payments are $639 per month for 64 months and the amount of the finance lease obligation is $30.7 thousand at December 31, 2023. The amount of the right of use assets is
$30.1 thousand at December 31, 2023.
The following table summarizes the lease cost recognized in our consolidated statements of operations (in thousands):
Year Ended December 31,
Lease Cost Type202320222021
Amortization of finance lease ROU assets$3,740 $2,291 $114 
Interest on lease liabilities6,004 4,117 99 
Net finance lease costs$9,744 $6,408 $213 
Operating Leases
Operating leases are included in operating lease right-of-use lease assets, and operating current and long-term lease liabilities on the consolidated balance sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense for equipment is included in cost of revenues and other rents are included in selling, general and administrative expense on the unaudited consolidated statements of operations.
On April 30, 2023, the Company renewed one operating lease. Base payments are $0.3 million per month for 5 years, then the lease is automatically renewable until either party provides a termination notice at least 90 days prior to the end of the then term. The Company elected 15 years for the lease term to estimate the total amount of the right of use assets and operating lease liabilities, which is $19.9 million as of December 31, 2023.
On November 15, 2022, the Company entered into one operating lease. Base payments are $0.2 million per month for 15 months, then the lease is automatically renewable until either party provides a termination notice at least 90 days prior to the end of the then term. The Company elected 20 years for the lease term to estimate the total amount of the right of use assets and operating lease liabilities, which is $19.6 million as of December 31, 2023.
The following table summarizes the operating lease costs recognized (in thousands):
Year Ended December 31,
Lease Cost Type202320222021
Operating lease cost$22,285 $8,349 $5,566 
Variable lease cost2,932 1,032 225 
Short-term lease cost23,392 950 1,322 
Net lease cost$48,609 $10,331 $7,113 
Cash Flows
During the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in operating lease liabilities was $22.3 million, $8.3 million and $5.6 million, respectively, and is included in operating cash flows. Cash paid for amounts included in finance lease was $2.0 million, $0.8 million and $0.8 million during the years ended December 31, 2023, 2022 and 2021, respectively, and is included in financing cash flows.
Maturities of our lease liabilities for all operating leases are as follows as of December 31, 2023 (in thousands):
For the period ending December 31,FacilitiesEquipmentPlantRailcarTotal
2024$948 $20,168 $8,953 $614 $30,683 
2025842 10,078 8,538 471 19,929 
2026643 5,058 8,538 328 14,567 
2027604 4,371 8,589 165 13,729 
2028584 324 7,735 — 8,643 
Thereafter1,407 — 81,904 — 83,311 
Total lease payments5,028 39,999 124,257 1,578 170,862 
Less: interest(1,481)(5,761)(68,656)(224)(76,122)
Present value of operating lease liabilities3,547 34,238 55,601 1,354 94,740 
Less: current portion of lease liabilities(582)(16,950)(2,265)(499)(20,296)
Total lease liabilities, net of current portion$2,965 $17,288 $53,336 $855 $74,444 

The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of December 31, 2023:
Remaining lease term and discount rate:December 31, 2023
Weighted average remaining lease terms (years)
   Lease facilities6.60
   Lease equipment3.16
   Lease plant15.83
Lease railcar1.57
Weighted average discount rate
   Lease facilities11.02 %
   Lease equipment12.09 %
   Lease plant12.28 %
Lease railcar10.18 %
Significant Judgments
Significant judgments include the discount rates applied, the expected lease terms, lease renewal options and residual value guarantees. There are several leases with renewal options or purchase options.
The purchase options are not expected to have a material impact on the lease obligation. There are several facility and plant leases which have lease renewal options from one to twenty years.
The largest facility lease has an initial term through 2032. That lease does not have an extension option. For the two plant leases both have multiple 5-year extension options for a total of 20 years. Two extension options have been included in the lease right to use asset and lease obligation at January 1, 2019. One terminal lease has an initial term through 2024, with an automatic extension option, unless terminated prior to 150 days before the end of the then current term, thus the lease has an estimated term of a total of 20 years.
The Company will reassess the lease terms and purchase options when there is a significant change in circumstances or when the Company elects to exercise an option that had previously been determined that it was not reasonably certain to do so.