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v3.22.1

Leases | 3 Months Ended
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Apr. 01, 2022
Leases [Abstract] |
Leases | Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
|  | April 1, 2022 |  | December 31, 2021
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 8.0 years |  | 8.3 years
Financing leases |  | 5.0 years |  | 12.5 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 3.6 | % |  | 3.6 | %
Financing leases |  | 5.2 | % |  | 3.1 | %
During the first quarter of 2022, the Company terminated its financing lease for the Snyder Production Center, which was scheduled to expire on December 31, 2035. See Note 2 for additional information on the lease termination. Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
|  | First Quarter |  |
(in thousands) |  | 2022 |  | 2021 |  |  |  |
Operating lease costs |  | $ | 7,303 |  |  | $ | 6,254 |  |  |  |  |
Short-term and variable leases |  | 3,580 |  |  | 3,877 |  |  |  |  |
Depreciation expense from financing leases |  | 1,080 |  |  | 1,414 |  |  |  |  |
Interest expense on financing lease obligations |  | 470 |  |  | 584 |  |  |  |  |
Total lease cost |  | $ | 12,433 |  |  | $ | 12,129 |  |  |  |  |
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of April 1, 2022:
(in thousands) |  | Operating Leases |  | Financing Leases
Remainder of 2022 |  | $ | 20,696 |  |  | $ | 2,027 |
2023 |  | 26,590 |  |  | 2,750 |
2024 |  | 22,312 |  |  | 2,808 |
2025 |  | 16,762 |  |  | 2,869 |
2026 |  | 15,597 |  |  | 1,233 |
Thereafter |  | 65,713 |  |  | 1,304 |
Total minimum lease payments including interest |  | $ | 167,670 |  |  | $ | 12,991 |
Less: Amounts representing interest |  | 24,300 |  |  | 1,556 |
Present value of minimum lease principal payments |  | 143,370 |  |  | 11,435 |
Less: Current portion of lease liabilities |  | 23,556 |  |  | 2,171 |
Noncurrent portion of lease liabilities |  | $ | 119,814 |  |  | $ | 9,264 |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:
(in thousands) |  | Operating Leases |  | Financing Leases
2022 |  | $ | 26,026 |  |  | $ | 7,145 |
2023 |  | 24,893 |  |  | 7,201 |
2024 |  | 20,639 |  |  | 7,396 |
2025 |  | 16,740 |  |  | 7,593 |
2026 |  | 15,575 |  |  | 6,100 |
Thereafter |  | 65,695 |  |  | 49,728 |
Total minimum lease payments including interest |  | $ | 169,568 |  |  | $ | 85,163 |
Less: Amounts representing interest |  | 25,474 |  |  | 14,097 |
Present value of minimum lease principal payments |  | 144,094 |  |  | 71,066 |
Less: Current portion of lease liabilities |  | 22,048 |  |  | 6,060 |
Noncurrent portion of lease liabilities |  | $ | 122,046 |  |  | $ | 65,006 |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
|  | First Quarter
(in thousands) |  | 2022 |  | 2021
Cash flows from operating activities impact: |  |  |  |
Operating leases |  | $ | 7,006 |  |  | $ | 6,129 |
Interest payments on financing lease obligations |  | 470 |  |  | 316 |
Total cash flows from operating activities impact |  | $ | 7,476 |  |  | $ | 6,445 |
Cash flows from financing activities impact: |  |  |  |
Principal payments on financing lease obligations |  | $ | 1,375 |  |  | $ | 1,447 |
Total cash flows from financing activities impact |  | $ | 1,375 |  |  | $ | 1,447 |
As of April 1, 2022, the Company had three operating lease commitments that had not yet commenced. These lease commitments have a lease term of approximately three to five years and are expected to commence during the second quarter of 2022. The additional lease liability associated with these lease commitments is expected to be $2.5 million.
Leases | Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
|  | April 1, 2022 |  | December 31, 2021
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 8.0 years |  | 8.3 years
Financing leases |  | 5.0 years |  | 12.5 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 3.6 | % |  | 3.6 | %
Financing leases |  | 5.2 | % |  | 3.1 | %
During the first quarter of 2022, the Company terminated its financing lease for the Snyder Production Center, which was scheduled to expire on December 31, 2035. See Note 2 for additional information on the lease termination. Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
|  | First Quarter |  |
(in thousands) |  | 2022 |  | 2021 |  |  |  |
Operating lease costs |  | $ | 7,303 |  |  | $ | 6,254 |  |  |  |  |
Short-term and variable leases |  | 3,580 |  |  | 3,877 |  |  |  |  |
Depreciation expense from financing leases |  | 1,080 |  |  | 1,414 |  |  |  |  |
Interest expense on financing lease obligations |  | 470 |  |  | 584 |  |  |  |  |
Total lease cost |  | $ | 12,433 |  |  | $ | 12,129 |  |  |  |  |
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of April 1, 2022:
(in thousands) |  | Operating Leases |  | Financing Leases
Remainder of 2022 |  | $ | 20,696 |  |  | $ | 2,027 |
2023 |  | 26,590 |  |  | 2,750 |
2024 |  | 22,312 |  |  | 2,808 |
2025 |  | 16,762 |  |  | 2,869 |
2026 |  | 15,597 |  |  | 1,233 |
Thereafter |  | 65,713 |  |  | 1,304 |
Total minimum lease payments including interest |  | $ | 167,670 |  |  | $ | 12,991 |
Less: Amounts representing interest |  | 24,300 |  |  | 1,556 |
Present value of minimum lease principal payments |  | 143,370 |  |  | 11,435 |
Less: Current portion of lease liabilities |  | 23,556 |  |  | 2,171 |
Noncurrent portion of lease liabilities |  | $ | 119,814 |  |  | $ | 9,264 |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:
(in thousands) |  | Operating Leases |  | Financing Leases
2022 |  | $ | 26,026 |  |  | $ | 7,145 |
2023 |  | 24,893 |  |  | 7,201 |
2024 |  | 20,639 |  |  | 7,396 |
2025 |  | 16,740 |  |  | 7,593 |
2026 |  | 15,575 |  |  | 6,100 |
Thereafter |  | 65,695 |  |  | 49,728 |
Total minimum lease payments including interest |  | $ | 169,568 |  |  | $ | 85,163 |
Less: Amounts representing interest |  | 25,474 |  |  | 14,097 |
Present value of minimum lease principal payments |  | 144,094 |  |  | 71,066 |
Less: Current portion of lease liabilities |  | 22,048 |  |  | 6,060 |
Noncurrent portion of lease liabilities |  | $ | 122,046 |  |  | $ | 65,006 |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
|  | First Quarter
(in thousands) |  | 2022 |  | 2021
Cash flows from operating activities impact: |  |  |  |
Operating leases |  | $ | 7,006 |  |  | $ | 6,129 |
Interest payments on financing lease obligations |  | 470 |  |  | 316 |
Total cash flows from operating activities impact |  | $ | 7,476 |  |  | $ | 6,445 |
Cash flows from financing activities impact: |  |  |  |
Principal payments on financing lease obligations |  | $ | 1,375 |  |  | $ | 1,447 |
Total cash flows from financing activities impact |  | $ | 1,375 |  |  | $ | 1,447 |
As of April 1, 2022, the Company had three operating lease commitments that had not yet commenced. These lease commitments have a lease term of approximately three to five years and are expected to commence during the second quarter of 2022. The additional lease liability associated with these lease commitments is expected to be $2.5 million.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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