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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Schedule of Lease Cost | The following table presents the components of the Company’s lease cost, lease term and discount rate during the years ended December 31, 2023, 2022 and 2021 (in thousands, except years and percentages):
|  |  |  | Year Ended December 31,
|  |  |  | 2023 |  | 2022 |  | 2021
Lease Cost |  |  |  |  |  |  |  |
Operating lease cost |  |  |  | $ | 22,955 |  |  | $ | 20,305 |  |  | $ | 11,646 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  | 3,350 |  |  | 3,253 |  |  | 3,082 |
Interest on lease liabilities |  |  |  | 1,375 |  |  | 1,439 |  |  | 1,495 |
Variable lease cost(1) |  |  |  | 10,835 |  |  | 10,012 |  |  | 6,699 |
Total lease costs |  |  |  | $ | 38,515 |  |  | $ | 35,009 |  |  | $ | 22,922 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  |  |  | 12.5 years |  | 13.4 years |  | 13.1 years
Finance leases |  |  |  | 10.3 years |  | 11.4 years |  | 12.2 years
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  |  | 5.07 | % |  | 4.94 | % |  | 4.92 | %
Finance leases |  |  |  | 5.37 | % |  | 5.30 | % |  | 5.30 | %
(1) Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges for its real estate leases as the Company does not separate lease from non-lease components.
Schedule of Maturities of Operating Lease Liabilities | The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2023 (in thousands):
|  | Operating Lease Payments(1) |  | Finance Lease Payments
Year Ending December 31: |  |  |  |
2024 |  | $ | 21,290 |  |  | $ | 3,559 |
2025 |  | 21,148 |  |  | 3,484 |
2026 |  | 21,080 |  |  | 3,098 |
2027 |  | 20,818 |  |  | 2,989 |
2028 |  | 20,886 |  |  | 2,935 |
Thereafter |  | 181,071 |  |  | 18,044 |
Total undiscounted lease payments |  | 286,293 |  |  | 34,109 |
Less imputed interest |  | (77,861) |  |  | (8,198) |
Present value of lease liabilities |  | $ | 208,432 |  |  | $ | 25,911 |
(1) The table above excludes the estimated future minimum lease payments of Phase 2 of the 620 Roseville Parkway Lease due to uncertainty around when Phase 2 lease will commence and payments will be due. The total estimated lease payments of the Phase 2 lease is approximately $10.3 million.
Schedule of Maturities of Finance Lease Liabilities | The following table is a schedule, by years, of maturities of the Company's operating and finance lease liabilities as of December 31, 2023 (in thousands):
|  | Operating Lease Payments(1) |  | Finance Lease Payments
Year Ending December 31: |  |  |  |
2024 |  | $ | 21,290 |  |  | $ | 3,559 |
2025 |  | 21,148 |  |  | 3,484 |
2026 |  | 21,080 |  |  | 3,098 |
2027 |  | 20,818 |  |  | 2,989 |
2028 |  | 20,886 |  |  | 2,935 |
Thereafter |  | 181,071 |  |  | 18,044 |
Total undiscounted lease payments |  | 286,293 |  |  | 34,109 |
Less imputed interest |  | (77,861) |  |  | (8,198) |
Present value of lease liabilities |  | $ | 208,432 |  |  | $ | 25,911 |
(1) The table above excludes the estimated future minimum lease payments of Phase 2 of the 620 Roseville Parkway Lease due to uncertainty around when Phase 2 lease will commence and payments will be due. The total estimated lease payments of the Phase 2 lease is approximately $10.3 million.
Schedule of Supplemental Cash Flow Disclosures | Supplemental cash flow information related to leases during the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 19,662 |  |  | $ | 17,554 |  |  | $ | 9,690 |
Financing cash flows from finance leases |  | $ | 1,981 |  |  | $ | 1,751 |  |  | $ | 1,451 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 9,339 |  |  | $ | 72,279 |  |  | $ | 101,510 |
Finance leases |  | $ | 1,118 |  |  | $ | 305 |  |  | $ | 1,346 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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