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Leasing Arrangements | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leasing Arrangements | Leasing Arrangements The Company leases warehouse and manufacturing real estate, and manufacturing and computer equipment under operating leases with lease terms ranging up to 25 years. Several operating lease agreements contain options to extend the lease term and/or options for early termination. The lease term consists of the non-cancelable period of the lease, periods covered by options to extend the lease if the Company is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the option. As of December 31, 2022, we had no material leases that had yet to commence. The discount rate implicit within the leases is generally not determinable, and, therefore, the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for leases is determined based on the lease term over which lease payments are made, adjusted for the impact of collateral. The components of operating and finance lease cost for 2022 and 2021 were as follows:
(Thousands) |  | 2022 |  | 2021
Components of lease expense |  |  |  |
Operating lease cost |  | $ | 13,381 |  |  | $ | 11,825 |
Finance lease cost |  |  |  |
Amortization of right-of-use assets |  | 1,202 |  |  | 1,989 |
Interest on lease liabilities |  | 819 |  |  | 1,009 |
Total lease cost |  | $ | 15,402 |  |  | $ | 14,823 |
The Company straight-lines its expense of fixed payments for operating leases over the lease term and expenses the variable lease payments in the period incurred. These variable lease payments are not included in the calculation of right-of-use assets or lease liabilities. Supplemental balance sheet information related to the Company's operating and finance leases as of December 31, 2022 and 2021 is as follows:
(Thousands, except lease term and discount rate) |  | 2022 |  | 2021
Supplemental balance sheet information |  |  |  |
Operating Leases |  |  |  |
Operating lease right-of-use assets |  | $ | 64,249 |  |  | $ | 63,096 |
Other liabilities and accrued items |  | 8,401 |  |  | 7,906 |
Operating lease liabilities |  | 59,055 |  |  | 57,099 |
Finance Leases |  |  |  |
Property, plant, and equipment |  | $ | 31,662 |  |  | $ | 32,865 |
Allowances for depreciation, depletion, and amortization |  | (7,395) |  |  | (6,193) |
Finance lease assets, net |  | $ | 24,267 |  |  | $ | 26,672 |
Other liabilities and accrued items |  | $ | 1,485 |  |  | $ | 2,800 |
Finance lease liabilities |  | 13,876 |  |  | 16,327 |
Total principal payable on finance leases |  | $ | 15,361 |  |  | $ | 19,127 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 11.78 |  | 11.47
Finance leases |  | 17.98 |  | 16.96
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.08% |  | 6.19%
Finance leases |  | 5.11% |  | 4.99%
Future maturities of the Company's lease liabilities as of December 31, 2022 are as follows:
|  | Finance |  | Operating
(Thousands) |  | Leases |  | Leases
2023 |  | $ | 2,216 |  |  | $ | 12,338 |
2024 |  | 1,385 |  |  | 9,642 |
2025 |  | 1,230 |  |  | 8,743 |
2026 |  | 1,204 |  |  | 7,355 |
2027 |  | 1,204 |  |  | 5,913 |
2028 and thereafter |  | 16,579 |  |  | 51,574 |
Total lease payments |  | 23,818 |  |  | 95,565 |
Less amount of lease payment representing interest |  | 8,457 |  |  | 28,109 |
Total present value of lease payments |  | $ | 15,361 |  |  | $ | 67,456 |
Supplemental cash flow information related to leases was as follows:
(Thousands) |  | 2022 |  | 2021
Supplemental cash flow information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 19,653 |  |  | $ | 17,580 |
Operating cash flows from finance leases |  | 818 |  |  | 1,009 |
Financing cash flows from finance leases |  | 2,736 |  |  | 2,819 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | 9,967 |  |  | 9,191 |
Finance leases |  | — |  |  | — |
Leasing Arrangements | Leasing Arrangements The Company leases warehouse and manufacturing real estate, and manufacturing and computer equipment under operating leases with lease terms ranging up to 25 years. Several operating lease agreements contain options to extend the lease term and/or options for early termination. The lease term consists of the non-cancelable period of the lease, periods covered by options to extend the lease if the Company is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the option. As of December 31, 2022, we had no material leases that had yet to commence. The discount rate implicit within the leases is generally not determinable, and, therefore, the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for leases is determined based on the lease term over which lease payments are made, adjusted for the impact of collateral. The components of operating and finance lease cost for 2022 and 2021 were as follows:
(Thousands) |  | 2022 |  | 2021
Components of lease expense |  |  |  |
Operating lease cost |  | $ | 13,381 |  |  | $ | 11,825 |
Finance lease cost |  |  |  |
Amortization of right-of-use assets |  | 1,202 |  |  | 1,989 |
Interest on lease liabilities |  | 819 |  |  | 1,009 |
Total lease cost |  | $ | 15,402 |  |  | $ | 14,823 |
The Company straight-lines its expense of fixed payments for operating leases over the lease term and expenses the variable lease payments in the period incurred. These variable lease payments are not included in the calculation of right-of-use assets or lease liabilities. Supplemental balance sheet information related to the Company's operating and finance leases as of December 31, 2022 and 2021 is as follows:
(Thousands, except lease term and discount rate) |  | 2022 |  | 2021
Supplemental balance sheet information |  |  |  |
Operating Leases |  |  |  |
Operating lease right-of-use assets |  | $ | 64,249 |  |  | $ | 63,096 |
Other liabilities and accrued items |  | 8,401 |  |  | 7,906 |
Operating lease liabilities |  | 59,055 |  |  | 57,099 |
Finance Leases |  |  |  |
Property, plant, and equipment |  | $ | 31,662 |  |  | $ | 32,865 |
Allowances for depreciation, depletion, and amortization |  | (7,395) |  |  | (6,193) |
Finance lease assets, net |  | $ | 24,267 |  |  | $ | 26,672 |
Other liabilities and accrued items |  | $ | 1,485 |  |  | $ | 2,800 |
Finance lease liabilities |  | 13,876 |  |  | 16,327 |
Total principal payable on finance leases |  | $ | 15,361 |  |  | $ | 19,127 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 11.78 |  | 11.47
Finance leases |  | 17.98 |  | 16.96
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.08% |  | 6.19%
Finance leases |  | 5.11% |  | 4.99%
Future maturities of the Company's lease liabilities as of December 31, 2022 are as follows:
|  | Finance |  | Operating
(Thousands) |  | Leases |  | Leases
2023 |  | $ | 2,216 |  |  | $ | 12,338 |
2024 |  | 1,385 |  |  | 9,642 |
2025 |  | 1,230 |  |  | 8,743 |
2026 |  | 1,204 |  |  | 7,355 |
2027 |  | 1,204 |  |  | 5,913 |
2028 and thereafter |  | 16,579 |  |  | 51,574 |
Total lease payments |  | 23,818 |  |  | 95,565 |
Less amount of lease payment representing interest |  | 8,457 |  |  | 28,109 |
Total present value of lease payments |  | $ | 15,361 |  |  | $ | 67,456 |
Supplemental cash flow information related to leases was as follows:
(Thousands) |  | 2022 |  | 2021
Supplemental cash flow information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 19,653 |  |  | $ | 17,580 |
Operating cash flows from finance leases |  | 818 |  |  | 1,009 |
Financing cash flows from finance leases |  | 2,736 |  |  | 2,819 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | 9,967 |  |  | 9,191 |
Finance leases |  | — |  |  | — |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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
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- 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
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