Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Summary of the lease-related assets and liabilities

The following is a summary of the lease-related assets and liabilities recorded:


		December 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	$	35,012	$	30,544
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	2,363		3,238
Total right-of-use lease assets		$	37,375	$	33,782
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,237	$	9,711
Finance lease obligations	Current portion of finance lease obligations	2,039		1,127
Total current obligations		11,276		10,838
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	25,775		20,845
Finance lease obligations	Finance lease obligations, net of current maturities	314		2,313
Total non-current obligations		26,089		23,158
Total lease obligations		$	37,365	$	33,996

Summary of the lease terms and discount rates

The following is a summary of the lease terms and discount rates:


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term – finance leases	0.9 years		1.9 years
Weighted-average remaining lease term – operating leases	4.0 years		3.6 years
Weighted-average discount rate – finance leases	3.1	%	3.0	%
Weighted-average discount rate – operating leases	4.0	%	3.8	%

Schedule of lease costs

The following is a summary of certain information related to the lease costs for finance and operating leases:


	Year ended December 31,
(in thousands)	2023		2022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	1,792	$	1,138
Interest on lease liabilities	83		128
Operating lease cost	14,302		13,428

Variable lease costs	353		415
Total lease cost	$	16,530	$	15,109

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:


	Year ended December 31,
(in thousands)	2023		2022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,519	$	13,287
Right-of-use asset obtained in exchange for new operating lease obligations	$	11,039	$	21,663
Right-of-use asset obtained in exchange for new finance lease obligations	$	—	$	517

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 current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2023 were as follows:


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2024	$	2,078	$	13,148	$	15,226
2025	320		11,188		11,508
2026	—		9,099		9,099
2027	—		4,568		4,568
2028	—		3,503		3,503
Thereafter	—		2,956		2,956
Total minimum lease payments	2,398		44,462		46,860
Financing component	(45)		(9,450)		(9,495)
Net present value of minimum lease payments	2,353		35,012		37,365
Less: current portion of operating lease obligations	(2,039)		(9,237)		(11,276)
Long-term operating lease obligations	$	314	$	25,775	$	26,089

Schedule of future minimum finance lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2024	$	2,078	$	13,148	$	15,226
2025	320		11,188		11,508
2026	—		9,099		9,099
2027	—		4,568		4,568
2028	—		3,503		3,503
Thereafter	—		2,956		2,956
Total minimum lease payments	2,398		44,462		46,860
Financing component	(45)		(9,450)		(9,495)
Net present value of minimum lease payments	2,353		35,012		37,365
Less: current portion of operating lease obligations	(2,039)		(9,237)		(11,276)
Long-term operating lease obligations	$	314	$	25,775	$	26,089