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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases |
6. | LEASES
The Company has primarily entered into lease arrangements for office space, in addition to other miscellaneous equipment. The Company’s leases have initial non-cancelable lease terms ranging from one to 10 years. Some of the Company’s lease arrangements include options to extend the term of the leases for up to 10 years. However, the lessor does not have the option to cancel any of the Company’s leases prior to the end of the remaining contractual term. Judgment is required when determining the minimum non-cancelable term of the lease. The Company includes options to extend or terminate the lease term that are reasonably certain of exercise. If facts and circumstances regarding those judgments change in future periods, the Company reassesses its initial estimate of the term. The Company’s corporate headquarters offices have initial lease terms expiring in 2027, and a 10 year renewal option that the Company is reasonably certain it will exercise. The Company determined that the present value of lease payments represents substantially all of the fair value of the underlying leased asset and therefore recognizes its corporate headquarters as a finance lease. The components of lease expense were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right of use assets |  | $ | 2,705 |  |  | $ | 2,683 |  |  | $ | 2,676 |
Interest on lease liabilities |  |  | 2,017 |  |  |  | 2,076 |  |  |  | 2,131 |
Operating lease cost |  |  | 11,526 |  |  |  | 8,943 |  |  |  | 8,045 |
Short-term lease cost |  |  | 674 |  |  |  | 47 |  |  |  | 1,643 |
Variable lease cost |  |  | 5,667 |  |  |  | 4,370 |  |  |  | 4,410 |
Total lease cost |  | $ | 22,589 |  |  | $ | 18,119 |  |  | $ | 18,905 |
Supplemental information related to leases is as follows (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Operating Leases |  |  |  |  |  |  |  |
Operating right of use assets |  | $ | 41,934 |  |  | $ | 44,052 |
Amount included within other current liabilities |  |  | 8,801 |  |  |  | 6,158 |
Operating lease liabilities, non-current |  |  | 38,087 |  |  |  | 41,573 |
Total operating lease liabilities |  | $ | 46,888 |  |  | $ | 47,731 |
Finance Leases |  |  |  |  |  |  |  |
Finance right of use assets |  | $ | 37,026 |  |  | $ | 39,623 |
Amount included within other current liabilities |  |  | 1,854 |  |  |  | 1,684 |
Finance lease liabilities, non-current |  |  | 45,578 |  |  |  | 47,344 |
Total finance lease liabilities |  | $ | 47,432 |  |  | $ | 49,028 |
|  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted-average remaining lease term (in years) |  |  |  |  |  |  |  |  |  |  |  |
Finance leases |  |  | 14.2 |  |  |  | 15.2 |  |  |  | 16.2 |
Operating leases |  |  | 6.6 |  |  |  | 7.8 |  |  |  | 8.7 |
Weighted-average discount rate |  |  |  |  |  |  |  |  |  |  |  |
Finance leases |  |  | 4.20 | % |  |  | 4.20 | % |  |  | 4.20 | %
Operating leases |  |  | 2.89 | % |  |  | 2.76 | % |  |  | 2.86 | %
Maturities of lease payments for leases where the lease commencement date commenced on or prior to December 31, 2022 are as follows (in thousands):
Years Ending December 31, |  | Operating |  |  | Finance |  |  | Total |
2023 |  | $ | 9,900 |  |  | $ | 3,806 |  |  | $ | 13,706 |
2024 |  |  | 8,138 |  |  |  | 3,886 |  |  |  | 12,024 |
2025 |  |  | 7,226 |  |  |  | 4,007 |  |  |  | 11,233 |
2026 |  |  | 6,808 |  |  |  | 4,120 |  |  |  | 10,928 |
2027 |  |  | 5,198 |  |  |  | 4,282 |  |  |  | 9,480 |
Thereafter |  |  | 14,384 |  |  |  | 43,959 |  |  |  | 58,343 |
Total lease payments |  | $ | 51,654 |  |  | $ | 64,060 |  |  | $ | 115,714 |
Less imputed interest |  |  | (4,766 | ) |  |  | (16,628 | ) |  |  | (21,394 | )
Total |  | $ | 46,888 |  |  | $ | 47,432 |  |  | $ | 94,320 |
As of December 31, 2022, operating lease payments for leases greater than one month, but less than 12 months in duration were not significant. As of December 31, 2022, the Company had undiscounted commitments of $2.7 million for an operating lease that had not yet commenced, and therefore are not included in the right-of-use assets or operating liabilities in the consolidated balance sheet. This operating lease commenced in 2023 with a lease term of two years.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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