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v3.22.2.2

Leases (Tables) | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Change of accounting principle, allocation | Upon transition, the Company recorded the following increases (decreases) to the respective line items on its condensed consolidated balance sheet:
(in thousands) |  | Adjustments as of January 1, 2022 (As Reported) |  | Subsequent Adjustments |  | Cumulative Adjustments as of September 30, 2022 (As Corrected)
Property and equipment, net |  | $ | (79,821) |  |  | $ | (6,171) |  |  | $ | (85,992) |
Finance lease right-of-use assets |  | 111,826 |  |  | 3,745 |  |  | 115,571 |
Operating lease right-of-use assets |  | 150,689 |  |  | — |  |  | 150,689 |
Deferred rent |  | (3,153) |  |  | — |  |  | (3,153) |
Current portion of finance lease obligations |  | 607 |  |  | — |  |  | 607 |
Current portion of operating lease obligations |  | 8,430 |  |  | — |  |  | 8,430 |
Current portion of long-term debt |  | (46) |  |  | — |  |  | (46) |
Finance lease obligations, net of current portion |  | 32,534 |  |  | — |  |  | 32,534 |
Operating lease obligations, net of current portion |  | 144,405 |  |  | — |  |  | 144,405 |
Long-term debt, net of current portion |  | (1,426) |  |  | (1,506) |  |  | (2,932) |
Accumulated deficit |  | 386 |  |  | (264) |  |  | 122 |
Non-controlling interests |  | 957 |  |  | (656) |  |  | 301 |
Summary of finance and operation lease right-of-use assets and lease liabilities | A summary of finance and operating lease right-of-use assets and lease liabilities as of September 30, 2022 is as follows:
(in thousands) |  | Balance Sheet Classification |  | September 30, 2022
Right-of-use assets |  |  |  |
Finance leases |  | Finance lease right-of-use assets, net |  | $ | 214,903 |
Operating leases |  | Operating lease right-of-use assets, net |  | 165,682 |
Total right-of-use assets |  |  |  | $ | 380,585 |
Lease liabilities |  |  |  |
Finance leases |  | Current portion of finance lease obligations |  | $ | 7,004 |
|  | Finance lease obligations, net of current portion |  | 209,257 |
Operating leases |  | Current portion of operating lease obligations |  | 9,462 |
|  | Operating lease obligations, net of current portion |  | 157,319 |
Total lease liabilities |  |  |  | $ | 383,042 |
A summary of lease terms and discount rates for finance and operating leases as of September 30, 2022 is as follows:
|  | September 30, 2022
Weighted-average remaining lease term (years) |  |
Finance leases |  | 16.2
Operating leases |  | 15.1
Weighted-average discount rate (percentages) |  |
Finance leases |  | 5.2%
Operating leases |  | 4.1%
Components of lease cost | The components of lease cost were as follows for the periods presented:
(in thousands) |  | Statement of Operations Classification |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use assets |  | Cost of sales |  | $ | 3,121 |  |  | $ | 7,919 |
Interest on lease liabilities |  | Interest expense |  | 2,482 |  |  | 6,261 |
Total finance lease cost |  |  |  | 5,603 |  |  | 14,180 |
Operating lease cost |  | Cost of sales |  | 4,228 |  |  | 12,109 |
Variable lease cost |  | Cost of sales |  | 566 |  |  | 1,625 |
Total lease cost |  |  |  | $ | 10,397 |  |  | $ | 27,914 |
Future minimum lease payments for financing lease liabilities | Future minimum lease payments for finance and operating lease liabilities as of September 30, 2022 were as follows:
(in thousands) |  | Finance |  | Operating
Remainder of 2022 |  | $ | 4,882 |  |  | $ | 4,363 |
2023 |  | 17,527 |  |  | 15,601 |
2024 |  | 18,185 |  |  | 15,291 |
2025 |  | 18,417 |  |  | 15,009 |
2026 |  | 18,741 |  |  | 14,868 |
Thereafter |  | 246,068 |  |  | 161,592 |
Total |  | $ | 323,820 |  |  | $ | 226,724 |
Less: imputed interest |  | (107,559) |  |  | (59,943) |
Present value of minimum lease payments |  | 216,261 |  |  | 166,781 |
Less: current portion |  | (7,004) |  |  | (9,462) |
Lease liabilities, net of current portion |  | $ | 209,257 |  |  | $ | 157,319 |
Future minimum lease payments for operating lease liabilities | Future minimum lease payments for finance and operating lease liabilities as of September 30, 2022 were as follows:
(in thousands) |  | Finance |  | Operating
Remainder of 2022 |  | $ | 4,882 |  |  | $ | 4,363 |
2023 |  | 17,527 |  |  | 15,601 |
2024 |  | 18,185 |  |  | 15,291 |
2025 |  | 18,417 |  |  | 15,009 |
2026 |  | 18,741 |  |  | 14,868 |
Thereafter |  | 246,068 |  |  | 161,592 |
Total |  | $ | 323,820 |  |  | $ | 226,724 |
Less: imputed interest |  | (107,559) |  |  | (59,943) |
Present value of minimum lease payments |  | 216,261 |  |  | 166,781 |
Less: current portion |  | (7,004) |  |  | (9,462) |
Lease liabilities, net of current portion |  | $ | 209,257 |  |  | $ | 157,319 |
Future minimum lease payments under non-cancellable operating leases and capital lease liabilities | Future minimum lease payments under noncancellable operating leases and capital lease liabilities as of December 31, 2021 were as follows:
(in thousands) |  | Capital |  | Operating
2022 |  | $ | 8,824 |  |  | $ | 12,398 |
2023 |  | 8,672 |  |  | 12,002 |
2024 |  | 8,743 |  |  | 11,699 |
2025 |  | 8,926 |  |  | 11,420 |
2026 |  | 9,229 |  |  | 11,297 |
Thereafter |  | 85,985 |  |  | 125,774 |
Total |  | $ | 130,379 |  |  | $ | 184,590 |
Less: imputed interest |  | (47,402) |  |  |
Present value of minimum lease payments |  | 82,977 |  |  |
Less: current portion |  | (3,389) |  |  |
Lease liabilities, net of current portion |  | $ | 79,588 |  |  |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to leases as of September 30, 2022 is as follows for the period presented:
(in thousands; unaudited) |  | Nine Months Ended September 30, 2022 |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 6,261 |  |  |  |  |
Operating cash flows from operating leases |  | 11,611 |  |  |  |  |
Financing cash flows from finance leases |  | 3,144 |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations 1 |  |  |  |  |  |
Finance leases |  | 135,987 |  |  |  |  |
Operating leases |  | 171,437 |  |  |  |  |
_________________ 1 Amounts include the transition adjustment for the adoption of ASU 2016-02, as amended.

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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