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Leases (Tables)

9 Months Ended

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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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.

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-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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