XML 39 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Leases | Our operating lease cost included the following components for the year ended December 31, (in thousands):
|  | 2022 |  | 2021 |  | 2020
Operating lease cost |  | $ | 6,804 |  |  | $ | 5,868 |  |  | $ | 5,032 |
Short-term lease cost |  | 204 |  |  | 202 |  |  | 622 |
Less: sublease income |  | (294) |  |  | (152) |  |  | (666) |
Total lease cost, net |  | $ | 6,714 |  |  | $ | 5,918 |  |  | $ | 4,988 |
Our lease arrangements do not contain any material residual guarantees, variable payment provisions, or restrictive covenants. In 2020, we closed on a sale-leaseback agreement involving land and an office building utilized by our Aviation segment to conduct operations in Miami, Florida. Under the agreement, the land and building, with a net book value of $1.3 million was sold for a sale price of $2.6 million and leased back under a 6-year term operating lease commencing upon the closing of the transaction. The lease provides us with an option to extend the lease upon the expiration of its term in April 2026 for two additional five-year periods. In connection with the sale and leaseback transaction, we recognized a gain of $1.1 million, net of selling expenses. The table below summarizes future minimum lease payments under operating leases, recorded on the balance sheet, as of December 31, 2022 (in thousands):
Year ending December 31, |  |
2023 |  | $ | 9,217 |
2024 |  | 9,424 |
2025 |  | 9,192 |
2026 |  | 7,785 |
2027 |  | 3,666 |
Thereafter |  | 6,843 |
Minimum lease payments |  | 46,127 |
Less: imputed interest |  | (6,533) |
Present value of minimum lease payments |  | 39,594 |
Less: current portion of lease liabilities(1) |  | (7,254) |
Long-term lease liabilities |  | $ | 32,340 |
(1) Current portion of lease liabilities are presented within Accrued expenses and other current liabilities on our consolidated balance sheets. Refer to Note (9) "Accrued Expenses and Other Current Liabilities."
Other supplemental operating lease information for the year ended December 31, was as follows (in thousands):
|  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 7,372 |  |  | $ | 6,309 |  |  | $ | 3,681 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 12,295 |  |  | $ | 11,175 |  |  | $ | 4,728 |
The weighted-average remaining lease term and the weighted-average discount rate was 5.1 years and 5.5% as of December 31, 2022, respectively, and 5.1 years and 4.8% as of December 31, 2021, respectively.

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 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 https://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