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v3.23.1

Lease Obligations (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 |  | December 31, 2022
(in thousands) |  | Classification on the Consolidated Balance Sheet |  |
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 29,437 |  |  | $ | 30,544 |
Finance lease right-of-use assets |  | Property and equipment, net of accumulated depreciation |  | 2,919 |  |  | 3,238 |
Total right-of-use lease assets |  |  |  | $ | 32,356 |  |  | $ | 33,782 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease obligations |  | Current portion of operating lease obligations |  | $ | 10,010 |  |  | $ | 9,711 |
Finance lease obligations |  | Current portion of finance lease obligations |  | 1,105 |  |  | 1,127 |
Total current obligations |  |  |  | 11,115 |  |  | 10,838 |
Non-current |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations, net of current maturities |  | 19,435 |  |  | 20,845 |
Finance lease obligations |  | Finance lease obligations, net of current maturities |  | 2,039 |  |  | 2,313 |
Total non-current obligations |  |  |  | 21,474 |  |  | 23,158 |
Total lease obligations |  |  |  | $ | 32,589 |  |  | $ | 33,996 |
Summary of the lease terms and discount rates | The following is a summary of the lease terms and discount rates:
| March 31, 2023 |  | December 31, 2022
Weighted-average remaining lease term - finance leases | 1.7 years |  | 1.9 years
Weighted-average remaining lease term - operating leases | 3.5 years |  | 3.6 years
Weighted-average discount rate - finance leases | 3.0 | % |  | 3.0 | %
Weighted-average discount rate - operating leases | 3.8 | % |  | 3.8 | %
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, |  |
|  | 2023 |  | 2022 |  |  |  |
Lease cost: |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,206 |  |  | $ | 609 |  |  |  |  |
Interest on lease liabilities |  | 24 |  |  | 28 |  |  |  |  |
Operating lease cost |  | 3,590 |  |  | 3,122 |  |  |  |  |
Variable lease costs |  | 89 |  |  | 91 |  |  |  |  |
Total lease cost |  | $ | 4,909 |  |  | $ | 3,850 |  |  |  |  |
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) |  | 2023 |  | 2022
Other information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 3,616 |  |  | $ | 3,179 |
Right-of-use asset obtained in exchange for new operating lease obligations |  | $ | 1,616 |  |  | $ | 4,392 |
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, 2023 were as follows:
(in thousands) |  | Finance Lease Obligations |  | Operating Lease Obligations |  | Total Lease Obligations
Remainder of 2023 |  | $ | 889 |  |  | $ | 9,997 |  |  | $ | 10,886 |
2024 |  | 2,044 |  |  | 9,663 |  |  | 11,707 |
2025 |  | 316 |  |  | 7,019 |  |  | 7,335 |
2026 |  | — |  |  | 5,359 |  |  | 5,359 |
2027 |  | — |  |  | 1,626 |  |  | 1,626 |
2028 |  | — |  |  | 1,127 |  |  | 1,127 |
Thereafter |  | — |  |  | 1,787 |  |  | 1,787 |
Total minimum lease payments |  | 3,249 |  |  | 36,578 |  |  | 39,827 |
Financing component |  | (105) |  |  | (7,133) |  |  | (7,238) |
Net present value of minimum lease payments |  | 3,144 |  |  | 29,445 |  |  | 32,589 |
Less: current portion of finance and operating lease obligations |  | (1,105) |  |  | (10,010) |  |  | (11,115) |
Long-term finance and operating lease obligations |  | $ | 2,039 |  |  | $ | 19,435 |  |  | $ | 21,474 |
Schedule of future minimum finance 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, 2023 were as follows:
(in thousands) |  | Finance Lease Obligations |  | Operating Lease Obligations |  | Total Lease Obligations
Remainder of 2023 |  | $ | 889 |  |  | $ | 9,997 |  |  | $ | 10,886 |
2024 |  | 2,044 |  |  | 9,663 |  |  | 11,707 |
2025 |  | 316 |  |  | 7,019 |  |  | 7,335 |
2026 |  | — |  |  | 5,359 |  |  | 5,359 |
2027 |  | — |  |  | 1,626 |  |  | 1,626 |
2028 |  | — |  |  | 1,127 |  |  | 1,127 |
Thereafter |  | — |  |  | 1,787 |  |  | 1,787 |
Total minimum lease payments |  | 3,249 |  |  | 36,578 |  |  | 39,827 |
Financing component |  | (105) |  |  | (7,133) |  |  | (7,238) |
Net present value of minimum lease payments |  | 3,144 |  |  | 29,445 |  |  | 32,589 |
Less: current portion of finance and operating lease obligations |  | (1,105) |  |  | (10,010) |  |  | (11,115) |
Long-term finance and operating lease obligations |  | $ | 2,039 |  |  | $ | 19,435 |  |  | $ | 21,474 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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