XML 34 R22.htm IDEA: XBRL DOCUMENT v3.22.1
Lease Obligations (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
March 31,
2022
December 31,
2021
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$32,438 $20,971 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation4,829 — 
Total right-of-use lease assets$37,267 $20,971 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$9,270 $7,765 
Finance lease obligationsCurrent portion of finance lease obligations1,374 — 
Total current obligations10,644 7,765 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities23,180 13,230 
Finance lease obligationsFinance lease obligations, net of current maturities3,001 — 
Total non-current obligations26,181 13,230 
Total lease obligations$36,825 $20,995 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
March 31,
2022
December 31,
2021
Weighted-average remaining lease term - finance leases2.4 years0.0 years
Weighted-average remaining lease term - operating leases3.9 years2.9 years
Weighted-average discount rate - finance leases2.6 %— %
Weighted-average discount rate - operating leases3.9 %3.9 %
Schedule of lease costs
The following is a summary of certain information related to the lease costs for finance and operating leases:
(in thousands)Three months ended
March 31,
20222021
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$609 $189 
Interest on lease liabilities28 
Operating lease cost3,122 2,486 
Variable lease costs91 76 
Total lease cost$3,850 $2,754 
Summary of supplemental cash flow information
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Three months ended March 31,
(in thousands)20222021
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$3,179 $2,540 
Right-of-use asset obtained in exchange for new operating lease obligations$4,392 $1,502 
Schedule of future minimum operating lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of March 31, 2022 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2022
$1,158 $9,132 $10,290 
20231,157 10,174 11,331 
20242,056 7,178 9,234 
2025186 5,080 5,266 
2026— 3,963 3,963 
2027— 770 770 
Thereafter— 1,398 1,398 
Total minimum lease payments4,557 37,695 42,252 
Financing component(182)(5,245)(5,427)
Net present value of minimum lease payments4,375 32,450 36,825 
Less: current portion of finance and operating lease obligations(1,374)(9,270)(10,644)
Long-term finance and operating lease obligations$3,001 $23,180 $26,181