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Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Leases | LeasesWe lease office facilities for use in our operations, as well as transportation and other equipment. Most of our leases are non-cancelable operating lease agreements with maturities between one and 11 years. Some of these leases include options to extend for up to six years. We have no finance leases and one related party lessor agreement (see Note 16, "Related party transactions") as of September 30, 2023. Right-of-use lease assets and lease liabilities for our operating leases are recorded in the condensed consolidated balance sheets. During the three and nine months ended September 30, 2023, we incurred lease restructuring costs, resulting in $3.1 million and $4.5 million of operating lease costs. During both the three and nine months ended September 30, 2022, we incurred lease restructuring costs resulting $1.4 million of operating lease costs. The components of operating lease expense were as follows:
Lease Costs |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost |  | $ | 6,306 |  |  | $ | 4,601 |  |  | $ | 13,816 |  |  | $ | 10,609 |
Short-term lease cost |  | 540 |  |  | 578 |  |  | 1,576 |  |  | 1,572 |
Variable lease cost |  | 233 |  |  | 276 |  |  | 769 |  |  | 850 |
Net lease cost |  | $ | 7,079 |  |  | $ | 5,455 |  |  | $ | 16,161 |  |  | $ | 13,031 |
Supplemental information related to leases is as follows:
Other Information |  | Nine Months Ended September 30,
|  | 2023 |  | 2022
Cash flows: |  |  |  |
Cash paid amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 9,118 |  |  | $ | 10,247 |
Right-of-use assets obtained in exchange for lease obligations (non-cash): |  |  |  |
Operating leases |  | $ | 3,108 |  |  | $ | 23,821 |
Lease term and discount rate: |  |  |  |
Weighted average remaining lease term (years) |  | 6.9 |  | 7.3
Weighted average discount rate |  | 1.66 | % |  | 1.57 | %
Rental Income from third parties We own office buildings in Bangor, Falmouth, and Yarmouth, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; and Moraine, Ohio. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2023 and 2028, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Rental income from third-party tenants for the three and nine months ended September 30, 2023, totaled $552,000 and $1.6 million, respectively, and for the three and nine months ended September 30, 2022 totaled $456,000 and $1.2 million, respectively. As of September 30, 2023, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31, |  | Amount
2023 (Remaining) |  | $ | 592 |
2024 |  | 3,049 |
2025 |  | 2,317 |
2026 |  | 1,171 |
2027 |  | 913 |
Thereafter |  | 733 |
Total |  | $ | 8,775 |
Leases | LeasesWe lease office facilities for use in our operations, as well as transportation and other equipment. Most of our leases are non-cancelable operating lease agreements with maturities between one and 11 years. Some of these leases include options to extend for up to six years. We have no finance leases and one related party lessor agreement (see Note 16, "Related party transactions") as of September 30, 2023. Right-of-use lease assets and lease liabilities for our operating leases are recorded in the condensed consolidated balance sheets. During the three and nine months ended September 30, 2023, we incurred lease restructuring costs, resulting in $3.1 million and $4.5 million of operating lease costs. During both the three and nine months ended September 30, 2022, we incurred lease restructuring costs resulting $1.4 million of operating lease costs. The components of operating lease expense were as follows:
Lease Costs |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost |  | $ | 6,306 |  |  | $ | 4,601 |  |  | $ | 13,816 |  |  | $ | 10,609 |
Short-term lease cost |  | 540 |  |  | 578 |  |  | 1,576 |  |  | 1,572 |
Variable lease cost |  | 233 |  |  | 276 |  |  | 769 |  |  | 850 |
Net lease cost |  | $ | 7,079 |  |  | $ | 5,455 |  |  | $ | 16,161 |  |  | $ | 13,031 |
Supplemental information related to leases is as follows:
Other Information |  | Nine Months Ended September 30,
|  | 2023 |  | 2022
Cash flows: |  |  |  |
Cash paid amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 9,118 |  |  | $ | 10,247 |
Right-of-use assets obtained in exchange for lease obligations (non-cash): |  |  |  |
Operating leases |  | $ | 3,108 |  |  | $ | 23,821 |
Lease term and discount rate: |  |  |  |
Weighted average remaining lease term (years) |  | 6.9 |  | 7.3
Weighted average discount rate |  | 1.66 | % |  | 1.57 | %
Rental Income from third parties We own office buildings in Bangor, Falmouth, and Yarmouth, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; and Moraine, Ohio. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2023 and 2028, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Rental income from third-party tenants for the three and nine months ended September 30, 2023, totaled $552,000 and $1.6 million, respectively, and for the three and nine months ended September 30, 2022 totaled $456,000 and $1.2 million, respectively. As of September 30, 2023, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31, |  | Amount
2023 (Remaining) |  | $ | 592 |
2024 |  | 3,049 |
2025 |  | 2,317 |
2026 |  | 1,171 |
2027 |  | 913 |
Thereafter |  | 733 |
Total |  | $ | 8,775 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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