XML 81 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 11—Leases

For the years ended December 31, 2023, 2022, and 2021, the elements of lease expense were as follows (in thousands): 

			Year Ended   December 31,
			2023						2022						2021
Operating lease cost			$	6,832					$	8,251					$	6,320
Finance lease cost:
Amortization of right-of-use assets			6,809						7,174						9,139
Interest on lease liabilities			5,190						5,392						3,044
Total finance lease cost			11,999						12,566						12,183
Other lease cost, net (1)			1,385						1,220						1,193
Total lease cost			$	20,216					$	22,037					$	19,696

(1)Other lease cost, net includes short-term lease costs and variable lease costs.

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets (in thousands):

			As of December 31,
			2023						2022
Operating leases:
Other assets			$	42,153					$	38,784
Other current liabilities			$	4,939					$	4,233
Other liabilities			41,105						38,085
Total operating lease liabilities			$	46,044					$	42,318
Finance leases:
Property and equipment, net			$	95,381					$	102,169
Finance lease obligations—current			$	6,079					$	4,731
Finance lease obligations—net of current portion			99,620						105,699
Total finance lease liabilities			$	105,699					$	110,430

The following table summarizes the weighted average remaining lease term and weighted average discount rate as of December 31, 2023 and 2022:

			As of December 31,
			2023						2022
Weighted average remaining lease term:
Operating leases			13.47 years						14.54 years
Finance leases			15.56 years						16.49 years
Weighted average discount rate:
Operating leases			4.40		%				4.54		%
Finance leases			4.73		%				4.73		%

Supplemental cash flow information related to leases was 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 used in operating leases			$	(6,482)					$	(7,871)					$	(6,442)
Operating cash flows used in finance leases			(5,174)						(5,387)						(3,025)
Finance cash flows used in finance leases			(6,278)						(6,307)						(8,864)

Future minimum lease payments under non-cancelable leases as of December 31, 2023 were as follows (in thousands):

			Operating Leases						Finance Leases
2024			$	6,549					$	10,115
2025			6,565						10,760
2026			1,855						100
2027			1,310						882
2028			4,300						10,593
Thereafter			42,717						124,404
Total future minimum lease payments (1)			63,296						156,854
Less:
Imputed interest			17,252						51,155
Total			$	46,044					$	105,699

(1)In the fourth quarter of 2021, the Company entered into a First Amendment to Lease (the “First Amendment”) related to the Company’s corporate headquarters in Brooklyn, New York, a portion of which is accounted for as a finance lease and a portion as an operating lease. The First Amendment extended the expiration of the term of the lease from July 31, 2026 to July 31, 2039. The First Amendment includes a tenant allowance, a portion of which became available beginning in April 2022, rent concessions that become available beginning in 2026, and escalating commitments each contract year between 2028 and 2038, which are reflected in the future minimum lease payments.

Leases

Note 11—Leases

For the years ended December 31, 2023, 2022, and 2021, the elements of lease expense were as follows (in thousands): 

			Year Ended   December 31,
			2023						2022						2021
Operating lease cost			$	6,832					$	8,251					$	6,320
Finance lease cost:
Amortization of right-of-use assets			6,809						7,174						9,139
Interest on lease liabilities			5,190						5,392						3,044
Total finance lease cost			11,999						12,566						12,183
Other lease cost, net (1)			1,385						1,220						1,193
Total lease cost			$	20,216					$	22,037					$	19,696

(1)Other lease cost, net includes short-term lease costs and variable lease costs.

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets (in thousands):

			As of December 31,
			2023						2022
Operating leases:
Other assets			$	42,153					$	38,784
Other current liabilities			$	4,939					$	4,233
Other liabilities			41,105						38,085
Total operating lease liabilities			$	46,044					$	42,318
Finance leases:
Property and equipment, net			$	95,381					$	102,169
Finance lease obligations—current			$	6,079					$	4,731
Finance lease obligations—net of current portion			99,620						105,699
Total finance lease liabilities			$	105,699					$	110,430

The following table summarizes the weighted average remaining lease term and weighted average discount rate as of December 31, 2023 and 2022:

			As of December 31,
			2023						2022
Weighted average remaining lease term:
Operating leases			13.47 years						14.54 years
Finance leases			15.56 years						16.49 years
Weighted average discount rate:
Operating leases			4.40		%				4.54		%
Finance leases			4.73		%				4.73		%

Supplemental cash flow information related to leases was 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 used in operating leases			$	(6,482)					$	(7,871)					$	(6,442)
Operating cash flows used in finance leases			(5,174)						(5,387)						(3,025)
Finance cash flows used in finance leases			(6,278)						(6,307)						(8,864)

Future minimum lease payments under non-cancelable leases as of December 31, 2023 were as follows (in thousands):

			Operating Leases						Finance Leases
2024			$	6,549					$	10,115
2025			6,565						10,760
2026			1,855						100
2027			1,310						882
2028			4,300						10,593
Thereafter			42,717						124,404
Total future minimum lease payments (1)			63,296						156,854
Less:
Imputed interest			17,252						51,155
Total			$	46,044					$	105,699

(1)In the fourth quarter of 2021, the Company entered into a First Amendment to Lease (the “First Amendment”) related to the Company’s corporate headquarters in Brooklyn, New York, a portion of which is accounted for as a finance lease and a portion as an operating lease. The First Amendment extended the expiration of the term of the lease from July 31, 2026 to July 31, 2039. The First Amendment includes a tenant allowance, a portion of which became available beginning in April 2022, rent concessions that become available beginning in 2026, and escalating commitments each contract year between 2028 and 2038, which are reflected in the future minimum lease payments.

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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

+ 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

+ Details

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