XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.22.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 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 2027, some of which include options to extend the leases for up to five 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 right-of-use ("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 consolidated balance sheets as of December 31, 2022, and 2021, and consolidated statements of operations, and consolidated statements of cash flows for the year ended December 31, 2022 and 2021:
| Consolidated Balance Sheets Line Item | As of December 31,
|  | 2022 | 2021
(in thousands) |  |  |
Operating leases |  |  |
Assets |  |  |
Operating leases | Operating lease right-of-use assets | $ | 57,652 |  | $ | 45,438 |
Liabilities |  |  |
Operating-current | Accrued expenses and other current liabilities | $ | 11,544 |  | $ | 8,769 |
Operating-noncurrent | Operating lease liabilities | 46,882 |  | 37,091 |
Total operating lease liabilities |  | $ | 58,426 |  | $ | 45,860 |
Finance leases |  |  |
Assets |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (3,569) |  | (3,416) |
Property and equipment, net | Property, plant and equipment, net | $ | — |  | $ | 153 |
The components of lease expense were as follows:
| Consolidated Statements of Operations Line Item | Years Ended December 31, |
(in thousands) |  | 2022 | 2021 |
Operating lease cost | General administrative expenses and cost of sales | $ | 13,794 |  | $ | 11,704 |  |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | — |  | $ | 324 |  |
Interest on lease liabilities | Interest expense, net | — |  | 2 |  |
Total finance lease cost |  | $ | — |  | $ | 326 |  |
Other information Supplemental cash flow information related to leases is as follows:
| Years Ended December 31, |
(in thousands) | 2022 | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 13,355 |  | $ | 11,443 |  |
Finance cash flows for finance leases | $ | — |  | $ | 437 |  |
Operating right-of-use assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 19,587 |  | $ | 11,530 |  |
The following is a schedule, by years, of maturities for lease liabilities as of December 31, 2022:
(in thousands) | Operating Leases
2023 | $ | 14,157 |
2024 | 12,291 |
2025 | 10,292 |
2026 | 8,192 |
2027 | 6,518 |
Thereafter | 16,680 |
Total lease payments | 68,129 |
Less: Present value discount | (9,703) |
Total lease liabilities | $ | 58,426 |
The following table summarizes the Company’s lease terms and discount rates as of December 31, 2022:
| Years Ended December 31, |  |
| 2022 | 2021 |  |
Weighted-average remaining lease terms (in years): |  |  |  |
Operating leases | 6.10 | 6.88 |  |
Weighted-average discount rate: |  |  |  |
Operating leases | 4.68 | % | 5.22 | % |  |
Leases | Leases The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2027, some of which include options to extend the leases for up to five 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 right-of-use ("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 consolidated balance sheets as of December 31, 2022, and 2021, and consolidated statements of operations, and consolidated statements of cash flows for the year ended December 31, 2022 and 2021:
| Consolidated Balance Sheets Line Item | As of December 31,
|  | 2022 | 2021
(in thousands) |  |  |
Operating leases |  |  |
Assets |  |  |
Operating leases | Operating lease right-of-use assets | $ | 57,652 |  | $ | 45,438 |
Liabilities |  |  |
Operating-current | Accrued expenses and other current liabilities | $ | 11,544 |  | $ | 8,769 |
Operating-noncurrent | Operating lease liabilities | 46,882 |  | 37,091 |
Total operating lease liabilities |  | $ | 58,426 |  | $ | 45,860 |
Finance leases |  |  |
Assets |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (3,569) |  | (3,416) |
Property and equipment, net | Property, plant and equipment, net | $ | — |  | $ | 153 |
The components of lease expense were as follows:
| Consolidated Statements of Operations Line Item | Years Ended December 31, |
(in thousands) |  | 2022 | 2021 |
Operating lease cost | General administrative expenses and cost of sales | $ | 13,794 |  | $ | 11,704 |  |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | — |  | $ | 324 |  |
Interest on lease liabilities | Interest expense, net | — |  | 2 |  |
Total finance lease cost |  | $ | — |  | $ | 326 |  |
Other information Supplemental cash flow information related to leases is as follows:
| Years Ended December 31, |
(in thousands) | 2022 | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 13,355 |  | $ | 11,443 |  |
Finance cash flows for finance leases | $ | — |  | $ | 437 |  |
Operating right-of-use assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 19,587 |  | $ | 11,530 |  |
The following is a schedule, by years, of maturities for lease liabilities as of December 31, 2022:
(in thousands) | Operating Leases
2023 | $ | 14,157 |
2024 | 12,291 |
2025 | 10,292 |
2026 | 8,192 |
2027 | 6,518 |
Thereafter | 16,680 |
Total lease payments | 68,129 |
Less: Present value discount | (9,703) |
Total lease liabilities | $ | 58,426 |
The following table summarizes the Company’s lease terms and discount rates as of December 31, 2022:
| Years Ended December 31, |  |
| 2022 | 2021 |  |
Weighted-average remaining lease terms (in years): |  |  |  |
Operating leases | 6.10 | 6.88 |  |
Weighted-average discount rate: |  |  |  |
Operating leases | 4.68 | % | 5.22 | % |  |

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