| Leases |
As of June 30, 2024, the weighted-average remaining lease term was 7.0 and 3.3 years for operating and
finance leases, respectively. As of June 30, 2024, the weighted-average discount rate was 3.7% and 3.7% for operating and finance leases, respectively.
The components of lease expense were as follows (U.S. dollars in thousands):
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Operating lease expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease cost
|
|
$
|
5,873
|
|
|
$
|
8,022
|
|
|
$
|
11,939
|
|
|
$
|
16,183
|
|
|
Variable lease cost
|
|
|
964
|
|
|
|
412
|
|
|
|
2,740
|
|
|
|
1,487
|
|
|
Finance lease expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets
|
|
|
725
|
|
|
|
1,603
|
|
|
|
1,483
|
|
|
|
2,603
|
|
|
Interest on lease liabilities
|
|
|
94
|
|
|
|
123
|
|
|
|
203
|
|
|
|
257
|
|
|
Total lease expense
|
|
$
|
7,656
|
|
|
$
|
10,160
|
|
|
$
|
16,365
|
|
|
$
|
20,530
|
|
Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):
| |
|
Six Months Ended June 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
Operating cash outflow from operating leases
|
|
$
|
12,515
|
|
|
$
|
15,310
|
|
|
Operating cash outflow from finance leases
|
|
$
|
204
|
|
|
$
|
260
|
|
|
Financing cash outflow from finance leases
|
|
$
|
1,560
|
|
|
$
|
1,546
|
|
|
Right-of-use assets obtained in exchange for operating lease obligations
|
|
$
|
14,595
|
|
|
$
|
14,052
|
|
|
Right-of-use assets obtained in exchange for finance lease obligations
|
|
$
|
10
|
|
|
$
|
576
|
|
Maturities of lease liabilities were as follows (U.S. dollars in thousands):
|
Year Ending December 31
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
|
2024
|
|
$
|
12,332
|
|
|
$
|
1,569
|
|
|
2025
|
|
|
20,230
|
|
|
|
2,891
|
|
|
2026
|
|
|
15,540
|
|
|
|
2,884
|
|
|
2027
|
|
|
11,810
|
|
|
|
2,811
|
|
|
2028
|
|
|
8,738
|
|
|
|
60
|
|
|
Thereafter
|
|
|
32,402
|
|
|
|
—
|
|
|
Total
|
|
|
101,052
|
|
|
|
10,215
|
|
|
Less: Finance charges
|
|
|
10,731
|
|
|
|
643
|
|
|
Total principal liability
|
|
$
|
90,321
|
|
|
$
|
9,572
|
|
|