Knife River Corp
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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10. Leases
Note 10 –Leases
Most of the leases we enter into are for equipment, buildings and vehicles as part of our ongoing operations. We determine if an arrangement contains a lease at inception of a contract and account for all leases in accordance with ASC 842 -Leases.
Lessee accounting
The leases we have entered into as part of our 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, we do 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 operating leases at and for the years ended December 31:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $18,844 | $18,199 | $17,941 |
| Variable lease cost | 337 | 383 | 98 |
| Short-term lease cost | 56,373 | 53,987 | 55,871 |
| Total lease costs | $75,554 | $72,569 | $73,910 |
| 2024 | 2023 | |
|---|---|---|
| (Dollars in thousands) | ||
| Weighted average remaining lease term | 1.95 years | 1.62 years |
| Weighted average discount rate | 5.65% | 5.13% |
| Cash paid for amounts included in the measurement of lease liabilities | $18,844 | $18,199 |
Index
The reconciliation of future undiscounted cash flows to operating lease liabilities presented on the Consolidated Balance Sheet at December 31, 2024, was as follows (in thousands):
| 2025 | $15,478 |
| 2026 | 12,006 |
| 2027 | 9,082 |
| 2028 | 6,478 |
| 2029 | 3,901 |
| Thereafter | 11,301 |
| Total | 58,246 |
| Less discount | 8,868 |
| Total operating lease liabilities | $49,378 |
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