XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.23.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Leases | LeasesThe Company leases retail, office, optical laboratory, and distribution center space under operating leases from third parties. As of September 30, 2023, the total lease terms of the various leases range from 1 to 11 years. The leases generally contain renewal options and rent escalation clauses, and from time to time include contingent rent provisions. Renewal options are exercisable at the Company’s sole discretion and are included in the lease term if they are reasonably certain to be exercised. In general it is not reasonably certain that lease renewals will be exercised at lease commencement and as such, lease renewals are not included in the lease term. The following table presents the assets and liabilities related to the Company’s leases:
| September 30, 2023 |  | December 31, 2022
Lease assets: |  |  |
Right-of-use assets | $ | 120,359 |  |  | $ | 127,014 |
Total lease assets | 120,359 |  |  | 127,014 |
Lease liabilities: |  |  |
Current lease liabilities | 23,086 |  |  | 22,546 |
Non-current lease liabilities | 147,096 |  |  | 150,832 |
Total lease liabilities | $ | 170,182 |  |  | $ | 173,378 |
The following table details the Company’s net lease expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease expense | $ | 7,853 |  |  | $ | 6,408 |  |  | $ | 22,784 |  |  | $ | 18,701 |
Variable lease expense(1) | 359 |  |  | 920 |  |  | 1,607 |  |  | 2,794 |
Net lease expense | $ | 8,212 |  |  | $ | 7,328 |  |  | $ | 24,391 |  |  | $ | 21,495 |
(1) Variable lease expense primarily consists of contingent rent. The following table presents the future maturity of lease liabilities:
| Operating Leases(1)
2023 | $ | 7,559 |
2024 | 33,661 |
2025 | 34,612 |
2026 | 33,782 |
2027 | 30,577 |
Thereafter | 58,749 |
Future minimum lease payments | 198,940 |
Impact of discounting | 28,758 |
Present value of lease payments | $ | 170,182 |
(1) The year 2023 and 2024 include $2.6 million and $7.8 million of expected cash inflows from TIAs. Operating lease payments exclude $9.3 million of legally binding minimum lease payments related to executed leases for which the Company has not yet taken possession of the leased premises. The following table presents other relevant lease information:
| September 30, 2023
Weighted average remaining lease term (years) | 5.7
Weighted average discount rate | 4.8 | %

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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration