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Note 17 - Leases

12 Months Ended

Dec. 31, 2021

17. Leases

We are a lessee for numerous operating leases, primarily related to real estate, transportation and equipment. The terms and conditions for these leases vary by the type of underlying asset. The vast majority of our operating leases have terms ranging between one and fifteen years, some of which include options to extend the leases, and some of which include options to terminate the leases. We include the renewal or termination options in the lease terms, when it is reasonably certain that we will exercise that option. We also lease certain real estate and equipment under finance leases. Our lease contracts generally do not provide any guaranteed residual values.

The accounting for some of our leases may require significant judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options.

The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2021, 2020 and 2019, along with other supplemental information about our existing leases (in thousands, except years and percentages):

	*Year Ended December 31,*
	*2021*		*2020*		*2019*
Components of lease expenses:
Finance lease expense:
Amortization of right of use assets	$	967	$	1,649	$	2,243
Interest incurred on lease liabilities		2,246		2,386		2,478
Operating lease expense		21,479		19,870		24,915
Short term lease expense		54,756		56,156		66,450
Total lease expense	$	79,448	$	80,061	$	96,086

	*December 31,*
	*2021*			*2020*			*2019*
Other supplementary information (in thousands, except years and discount rates):
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	25,348		$	23,134		$	24,095
Right-of-use assets obtained in an exchange for lease obligations
Operating leases	$	8,529		$	8,917		$	18,447
Weighted average remaining lease term:
Operating leases		7.3			8.5			8.7
Finance leases		11.0			11.7			11.9
Weighted average discount rate for operating leases		8.8	%		10.0	%		10.3	%
Weighted average discount rate for finance leases		13.1	%		13.5	%		13.5	%

The operating cash flows for finance leases approximates the interest expense for the year.

As of December 31, 2021, maturity of our lease liabilities are as follows (in thousands):

	*Operating*			*Finance*
	*Leases*			*Leases*
Years ending December 31,
2022	$	26,177		$	3,291
2023		21,895			3,024
2024		16,008			2,899
2025		12,742			2,841
2026		9,585			2,841
Due after 5 years		45,205			17,372
	$	131,612		$	32,268
Less: amounts representing interest		(38,229	)		(15,349	)
Total	$	93,383		$	16,919

Short-term portion	$	19,695		$	1,147
Long-term portion		73,688			15,772
Total	$	93,383		$	16,919