XML 28 R19.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Leases | 9 Months Ended
--- | ---
Sep. 30, 2022
Leases [Abstract] |
Leases | Leases The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2026, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the ROU assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. The following table provides a summary of leases included on the condensed consolidated balance sheets as of September 30, 2022 and 2021 and December 31, 2021, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, respectively:
| Condensed Consolidated Balance Sheets Line Item | September 30, | December 31,
(in thousands) |  | 2022 | 2021 | 2021
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 48,196 |  | $ | 41,513 |  | $ | 45,438 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | $ | 10,163 |  | $ | 8,849 |  | $ | 8,769 |
Operating - noncurrent | Operating lease liabilities | 38,650 |  | 33,063 |  | 37,091 |
Total operating lease liabilities |  | $ | 48,813 |  | $ | 41,912 |  | $ | 45,860 |
Finance leases |  |  |  |
Assets |  |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (3,569) |  | (3,340) |  | (3,416) |
Property and equipment, net | Property, plant and equipment, net | $ | — |  | $ | 229 |  | $ | 153 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item | Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 | 2022 |  | 2021
Operating lease cost | General administrative expenses and cost of sales | $ | 3,436 |  |  | $ | 2,958 |  | $ | 9,851 |  |  | $ | 8,570 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | — |  |  | $ | 2 |  | $ | — |  |  | $ | 215 |
Interest on lease liabilities | Interest expense, net | — |  |  | — |  | — |  |  | 2 |
Total finance lease |  | $ | — |  |  | $ | 2 |  | $ | — |  |  | $ | 217 |
Other Information Supplemental cash flow information related to leases is as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2022 |  | 2021 | 2022 | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 3,435 |  |  | $ | 2,919 |  | $ | 9,662 |  | $ | 8,417 |
Finance cash flows for finance leases | — |  |  | 2 |  | — |  | 291 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period | 3,159 |  |  | 926 |  | 8,728 |  | 5,624 |
The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2022:
(in thousands) |  |  | Operating Leases
Remaining three months of 2022 |  |  | $ | 3,391 |
2023 |  |  | 12,218 |
2024 |  |  | 10,161 |
2025 |  |  | 8,287 |
2026 |  |  | 6,405 |
Thereafter |  |  | 18,070 |
Total lease payments |  |  | 58,532 |
Less: Present value discount |  |  | (9,719) |
Total lease liabilities |  |  | $ | 48,813 |
The following table summarizes the Company's lease terms and discount rates as of September 30, 2022 and 2021:
Weighted-average remaining lease terms (in years): | 2022 |  | 2021
Operating leases | 6.12 |  | 6.77
Weighted-average discount rate: |  |  |
Operating leases | 4.79 | % |  | 5.26 | %
Leases | Leases The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2026, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the ROU assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. The following table provides a summary of leases included on the condensed consolidated balance sheets as of September 30, 2022 and 2021 and December 31, 2021, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, respectively:
| Condensed Consolidated Balance Sheets Line Item | September 30, | December 31,
(in thousands) |  | 2022 | 2021 | 2021
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 48,196 |  | $ | 41,513 |  | $ | 45,438 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | $ | 10,163 |  | $ | 8,849 |  | $ | 8,769 |
Operating - noncurrent | Operating lease liabilities | 38,650 |  | 33,063 |  | 37,091 |
Total operating lease liabilities |  | $ | 48,813 |  | $ | 41,912 |  | $ | 45,860 |
Finance leases |  |  |  |
Assets |  |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (3,569) |  | (3,340) |  | (3,416) |
Property and equipment, net | Property, plant and equipment, net | $ | — |  | $ | 229 |  | $ | 153 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item | Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 | 2022 |  | 2021
Operating lease cost | General administrative expenses and cost of sales | $ | 3,436 |  |  | $ | 2,958 |  | $ | 9,851 |  |  | $ | 8,570 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | — |  |  | $ | 2 |  | $ | — |  |  | $ | 215 |
Interest on lease liabilities | Interest expense, net | — |  |  | — |  | — |  |  | 2 |
Total finance lease |  | $ | — |  |  | $ | 2 |  | $ | — |  |  | $ | 217 |
Other Information Supplemental cash flow information related to leases is as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2022 |  | 2021 | 2022 | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 3,435 |  |  | $ | 2,919 |  | $ | 9,662 |  | $ | 8,417 |
Finance cash flows for finance leases | — |  |  | 2 |  | — |  | 291 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period | 3,159 |  |  | 926 |  | 8,728 |  | 5,624 |
The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2022:
(in thousands) |  |  | Operating Leases
Remaining three months of 2022 |  |  | $ | 3,391 |
2023 |  |  | 12,218 |
2024 |  |  | 10,161 |
2025 |  |  | 8,287 |
2026 |  |  | 6,405 |
Thereafter |  |  | 18,070 |
Total lease payments |  |  | 58,532 |
Less: Present value discount |  |  | (9,719) |
Total lease liabilities |  |  | $ | 48,813 |
The following table summarizes the Company's lease terms and discount rates as of September 30, 2022 and 2021:
Weighted-average remaining lease terms (in years): | 2022 |  | 2021
Operating leases | 6.12 |  | 6.77
Weighted-average discount rate: |  |  |
Operating leases | 4.79 | % |  | 5.26 | %

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration