XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Leases
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases LEASESWe lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
As of June 30,As of December 31,
(in thousands)Classification20222021
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$73,280 $69,871 
FinanceProperty and equipment, net6,633 5,266 
Total lease assets $79,913 $75,137 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$24,696 $23,224 
FinancingCurrent maturities of finance lease obligations2,049 1,747 
Non-Current 
OperatingOperating lease obligations48,298 46,075 
FinancingFinance lease obligations4,462 3,297 
Total lease liabilities$79,505 $74,343 
Weighted-average remaining lease term:
Operating leases 4.2 years4.3 years
Finance leases 3.7 years3.3 years
Weighted-average discount rate:
Operating leases 3.72 %3.38 %
Finance leases 4.89 %4.96 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases:
Three months ended June 30,Six months ended June 30,
(in thousands)Classification2022202120222021
Operating lease cost(1)
Administrative$8,180 $6,671 $15,939 $13,021 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales855 781 1,571 1,573 
Interest on finance lease obligationsInterest expense, net68 52 129 107 
Total lease costs$9,103 $7,504 $17,639 $14,701 
(1)Includes variable lease costs of $0.8 million for both the three months ended June 30, 2022 and 2021, respectively, and $1.7 million and $1.5 million for the six months ended June 30, 2022 and 2021, respectively, and short-term lease costs of $0.3 million for both the three months ended June 30, 2022 and 2021, respectively, and $0.6 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively.
(2)Includes variable lease costs of $0.2 million for each of the three months ended June 30, 2022 and 2021 and $0.4 million for each of the six months ended June 30, 2022 and 2021, respectively.
Other Information
The table below presents supplemental cash flow information related to leases (in thousands):
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$6,803 $5,618 $13,266 $10,942 
Operating cash flows for finance leases68 52 129 107 
Financing cash flows for finance leases564 512 1,085 1,041 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of June 30, 2022 (in thousands):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2022$1,218 $733 $13,174 $13,907 
20232,020 1,375 22,493 23,868 
20241,602 1,128 14,748 15,876 
20251,234 973 9,288 10,261 
2026902 — 7,038 7,038 
Thereafter164 — 8,354 8,354 
Total minimum lease payments7,140 $4,209 $75,095 79,304 
Less: Amounts representing executory costs(15)— 
Less: Amounts representing interest(614)(6,310)
Present value of future minimum lease payments6,511 72,994 
Less: Current obligation under leases(2,049)(24,696)
Long-term lease obligations$4,462 $48,298 
Leases LEASESWe lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets:
As of June 30,As of December 31,
(in thousands)Classification20222021
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$73,280 $69,871 
FinanceProperty and equipment, net6,633 5,266 
Total lease assets $79,913 $75,137 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$24,696 $23,224 
FinancingCurrent maturities of finance lease obligations2,049 1,747 
Non-Current 
OperatingOperating lease obligations48,298 46,075 
FinancingFinance lease obligations4,462 3,297 
Total lease liabilities$79,505 $74,343 
Weighted-average remaining lease term:
Operating leases 4.2 years4.3 years
Finance leases 3.7 years3.3 years
Weighted-average discount rate:
Operating leases 3.72 %3.38 %
Finance leases 4.89 %4.96 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases:
Three months ended June 30,Six months ended June 30,
(in thousands)Classification2022202120222021
Operating lease cost(1)
Administrative$8,180 $6,671 $15,939 $13,021 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales855 781 1,571 1,573 
Interest on finance lease obligationsInterest expense, net68 52 129 107 
Total lease costs$9,103 $7,504 $17,639 $14,701 
(1)Includes variable lease costs of $0.8 million for both the three months ended June 30, 2022 and 2021, respectively, and $1.7 million and $1.5 million for the six months ended June 30, 2022 and 2021, respectively, and short-term lease costs of $0.3 million for both the three months ended June 30, 2022 and 2021, respectively, and $0.6 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively.
(2)Includes variable lease costs of $0.2 million for each of the three months ended June 30, 2022 and 2021 and $0.4 million for each of the six months ended June 30, 2022 and 2021, respectively.
Other Information
The table below presents supplemental cash flow information related to leases (in thousands):
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$6,803 $5,618 $13,266 $10,942 
Operating cash flows for finance leases68 52 129 107 
Financing cash flows for finance leases564 512 1,085 1,041 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of June 30, 2022 (in thousands):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2022$1,218 $733 $13,174 $13,907 
20232,020 1,375 22,493 23,868 
20241,602 1,128 14,748 15,876 
20251,234 973 9,288 10,261 
2026902 — 7,038 7,038 
Thereafter164 — 8,354 8,354 
Total minimum lease payments7,140 $4,209 $75,095 79,304 
Less: Amounts representing executory costs(15)— 
Less: Amounts representing interest(614)(6,310)
Present value of future minimum lease payments6,511 72,994 
Less: Current obligation under leases(2,049)(24,696)
Long-term lease obligations$4,462 $48,298