v3.24.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Lease, Cost
The components of lease expense for the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2024202320242023
Finance lease cost:
Amortization of right-of-use assets$9,933 $2,328 $18,844 $4,564 
Interest on lease liabilities3,920 695 7,293 1,389 
Operating lease cost8,656 10,064 17,691 20,638 
Variable lease cost1,621 1,271 3,388 2,517 
Short-term lease cost860 2,354 1,882 4,405 
Total lease cost, net$24,990 $16,712 $49,098 $33,513 
Lessee, Supplemental Cash Flow Information
Supplemental cash flow and other information related to leases for the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2024202320242023
Cash paid for amounts included in measurement of liabilities:
Operating leases$8,742 $10,383 $17,797 $20,260 
Finance leases15,102 3,523 27,729 6,461 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases5,458 12,358 9,700 16,920 
Finance leases51,367 14,384 81,505 17,173 
Lease Term and Discount Rate, Lessee
Lease terms and discount rates as of June 30, 2024 and December 31, 2023 were as follows:
June 30, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases4.1 years4.3 years
Finance leases3.4 years3.3 years
Weighted-average discount rate:
Operating leases6.4 %6.0 %
Finance leases7.8 %8.0 %
Lessee, Operating Lease, Liability, Maturity
Future minimum lease commitments as of June 30, 2024 are as follows:
($ in thousands)FinanceOperating
Remainder of 2024$35,736 $16,427 
202571,581 31,670 
202673,664 20,821 
202742,995 10,979 
202833,825 3,132 
Thereafter17,735 12,568 
Total lease payments275,536 95,597 
Less imputed interest(38,924)(10,908)
Total$236,612 $84,689 
Finance Lease, Liability, Maturity
Future minimum lease commitments as of June 30, 2024 are as follows:
($ in thousands)FinanceOperating
Remainder of 2024$35,736 $16,427 
202571,581 31,670 
202673,664 20,821 
202742,995 10,979 
202833,825 3,132 
Thereafter17,735 12,568 
Total lease payments275,536 95,597 
Less imputed interest(38,924)(10,908)
Total$236,612 $84,689 
Carrying Value of Assets Subject to Leases
The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of June 30, 2024 and December 31, 2023 were as follows:
($ in thousands)June 30, 2024December 31, 2023
Equipment leased to others - at original cost$143,117 $138,781 
Less: Accumulated depreciation(33,799)(25,819)
Equipment leased to others - net$109,318 $112,962 
Lessor, Operating Lease, Payment to be Received, Maturity
Future payments receivable for operating leases as of June 30, 2024 are as follows:
($ in thousands)
Remainder of 2024$3,650 
20255,412 
20262,239 
2027— 
2028— 
Thereafter— 
Total$11,301