Knife River Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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9. Leases
Note 9 –Leases
Most of the leases the Company enters into are for equipment, buildings and vehicles as part of their ongoing operations. The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 -Leases.
Lessee accounting
The leases the Company has entered into as part of its ongoing operations are considered operating leases and are recognized on the Consolidated Balance Sheets as operating lease right-of-use assets, current operating lease liabilities and noncurrent operating lease liabilities. The corresponding lease costs are included in cost of revenue and selling, general and administrative expenses on the Consolidated Statements of Operations.
Generally, the leases for vehicles and equipment have a term offive years or less and buildings have a longer term of up to 35 years or more. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties.
The following tables provide information on the Company’s operating leases at and for the years ended December 31:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $18,199 | $17,941 | $21,914 |
| Variable lease cost | 383 | 98 | 84 |
| Short-term lease cost | 53,987 | 55,871 | 53,016 |
| Total lease costs | $72,569 | $73,910 | $75,014 |
| 2023 | 2022 | |
|---|---|---|
| (Dollars in thousands) | ||
| Weighted average remaining lease term | 1.62 years | 2.03 years |
| Weighted average discount rate | 5.13% | 4.05% |
| Cash paid for amounts included in the measurement of lease liabilities | $18,199 | $17,941 |
The reconciliation of future undiscounted cash flows to operating lease liabilities presented on the Consolidated Balance Sheet at December 31, 2023, was as follows (in thousands):
| 2024 | $14,128 |
| 2025 | 10,286 |
| 2026 | 7,207 |
| 2027 | 5,115 |
| 2028 | 3,174 |
| Thereafter | 13,329 |
| Total | 53,239 |
| Less discount | 8,533 |
| Total operating lease liabilities | $44,706 |
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