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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Schedule of Lease Cost, Weighted Average Remaining Term and Discount Rate and Supplemental Cash Flow Information Related to Leases | The following table summarizes the amounts recognized in the Company's Consolidated Balance Sheets related to leases:
|  |  |  | December 31,
(in thousands) |  | Consolidated Balance Sheet Classification |  | 2022 |  | 2021
Assets |  |  |  |  |  |
Operating lease assets |  | Right of use assets, net |  | $ | 61,890 |  |  | $ | 52,146 |
Finance lease assets |  | Property, plant and equipment, net |  | 21,359 |  |  | 23,895 |
Total leased assets |  |  |  | 83,249 |  |  | 76,041 |
Liabilities |  |  |  |  |  |
Current operating leases |  | Accrued expenses and other current liabilities |  | 25,364 |  |  | 19,580 |
Non-current operating leases |  | Long-term lease liabilities |  | 37,147 |  |  | 31,322 |
Total operating lease liabilities |  |  |  | 62,511 |  |  | 50,902 |
Current finance leases |  | Current maturities of long-term debt |  | 1,565 |  |  | 2,118 |
Non-current finance leases |  | Long-term debt, less current maturities |  | 8,400 |  |  | 10,762 |
Total finance lease liabilities |  |  |  | 9,965 |  |  | 12,880 |
Total lease liabilities |  |  |  | $ | 72,476 |  |  | $ | 63,782 |
The components of lease cost recognized within the Company's Consolidated Statement of Operations were as follows:
|  |  |  | Year Ended December 31,
(in thousands) |  | Consolidated Statement of Operations Classification |  | 2022 |  | 2021 |  | 2020
Lease cost: |  |  |  |  |  |  |  |
Operating lease cost |  | Cost of sales and merchandising revenues |  | $ | 19,891 |  |  | $ | 13,016 |  |  | $ | 10,968 |
Operating lease cost |  | Operating, administrative and general expenses |  | 10,132 |  |  | 10,324 |  |  | 10,678 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | Cost of sales and merchandising revenues |  | 614 |  |  | 978 |  |  | 932 |
Amortization of right-of-use assets |  | Operating, administrative and general expenses |  | 1,009 |  |  | 1,008 |  |  | 1,008 |
Interest expense on lease liabilities |  | Interest expense, net |  | 413 |  |  | 679 |  |  | 859 |
Short-term lease cost |  | Cost of sales and merchandising revenues |  | 2,465 |  |  | 1,349 |  |  | 66 |
Variable lease cost |  | Cost of sales and merchandising revenues |  | 338 |  |  | 458 |  |  | 80 |
Variable lease cost |  | Operating, administrative and general expenses |  | 394 |  |  | 231 |  |  | 260 |
Total lease cost |  |  |  | $ | 35,256 |  |  | $ | 28,043 |  |  | $ | 24,851 |
The Company often has the option to renew lease terms for buildings and other assets. The exercise of a lease renewal option is generally at the sole discretion of the Company. In addition, certain lease agreements may be terminated prior to their original expiration date at the discretion of the Company. Each renewal and termination option is evaluated at the lease commencement date to determine if the Company is reasonably certain to exercise the option on the basis of economic factors. The following table summarizes the weighted-average remaining lease terms:
| As of December 31,
Weighted-Average Remaining Lease Term | 2022 |  | 2021
Operating leases | 3.9 years |  | 3.9 years
Finance leases | 6.9 years |  | 7.2 years
The discount rate implicit within the Company's leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral. The following table summarizes the weighted-average discount rate used to measure the Company's lease liabilities:
| As of December 31,
Weighted-Average Discount Rate | 2022 |  | 2021
Operating leases | 3.44 | % |  | 2.63 | %
Finance leases | 3.35 | % |  | 3.30 | %
Supplemental Cash Flow Information Related to Leases
| Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 30,294 |  |  | $ | 29,304 |  |  | $ | 28,444 |
Operating cash flows from finance leases | — |  |  | — |  |  | 1,289 |
Financing cash flows from finance leases | 1,782 |  |  | 12,538 |  |  | 4,115 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | 36,056 |  |  | 35,024 |  |  | 15,160 |
Finance leases | — |  |  | 364 |  |  | 4,972 |
Schedule of Maturity Analysis of Operating Lease Liabilities | Maturity Analysis of Leases Liabilities
| December 31, 2022
(in thousands) | Operating Leases |  | Finance Leases |  | Total
2023 | $ | 28,108 |  |  | $ | 1,889 |  |  | $ | 29,997 |
2024 | 17,326 |  |  | 1,768 |  |  | 19,094 |
2025 | 9,801 |  |  | 1,406 |  |  | 11,207 |
2026 | 5,142 |  |  | 1,384 |  |  | 6,526 |
2027 | 1,629 |  |  | 1,391 |  |  | 3,020 |
Thereafter | 5,507 |  |  | 3,382 |  |  | 8,889 |
Total lease payments | 67,513 |  |  | 11,220 |  |  | 78,733 |
Less: interest | 5,002 |  |  | 1,255 |  |  | 6,257 |
Total | $ | 62,511 |  |  | $ | 9,965 |  |  | $ | 72,476 |
| December 31, 2021
(in thousands) | Operating Leases |  | Finance Leases |  | Total
2022 | $ | 20,639 |  |  | $ | 2,521 |  |  | $ | 23,160 |
2023 | 13,797 |  |  | 2,305 |  |  | 16,102 |
2024 | 8,121 |  |  | 2,175 |  |  | 10,296 |
2025 | 4,974 |  |  | 1,406 |  |  | 6,380 |
2026 | 2,434 |  |  | 1,384 |  |  | 3,818 |
Thereafter | 3,881 |  |  | 4,773 |  |  | 8,654 |
Total lease payments | 53,846 |  |  | 14,564 |  |  | 68,410 |
Less: interest | 2,944 |  |  | 1,684 |  |  | 4,628 |
Total | $ | 50,902 |  |  | $ | 12,880 |  |  | $ | 63,782 |
Schedule of Maturity Analysis of Finance Lease Liabilities | Maturity Analysis of Leases Liabilities
| December 31, 2022
(in thousands) | Operating Leases |  | Finance Leases |  | Total
2023 | $ | 28,108 |  |  | $ | 1,889 |  |  | $ | 29,997 |
2024 | 17,326 |  |  | 1,768 |  |  | 19,094 |
2025 | 9,801 |  |  | 1,406 |  |  | 11,207 |
2026 | 5,142 |  |  | 1,384 |  |  | 6,526 |
2027 | 1,629 |  |  | 1,391 |  |  | 3,020 |
Thereafter | 5,507 |  |  | 3,382 |  |  | 8,889 |
Total lease payments | 67,513 |  |  | 11,220 |  |  | 78,733 |
Less: interest | 5,002 |  |  | 1,255 |  |  | 6,257 |
Total | $ | 62,511 |  |  | $ | 9,965 |  |  | $ | 72,476 |
| December 31, 2021
(in thousands) | Operating Leases |  | Finance Leases |  | Total
2022 | $ | 20,639 |  |  | $ | 2,521 |  |  | $ | 23,160 |
2023 | 13,797 |  |  | 2,305 |  |  | 16,102 |
2024 | 8,121 |  |  | 2,175 |  |  | 10,296 |
2025 | 4,974 |  |  | 1,406 |  |  | 6,380 |
2026 | 2,434 |  |  | 1,384 |  |  | 3,818 |
Thereafter | 3,881 |  |  | 4,773 |  |  | 8,654 |
Total lease payments | 53,846 |  |  | 14,564 |  |  | 68,410 |
Less: interest | 2,944 |  |  | 1,684 |  |  | 4,628 |
Total | $ | 50,902 |  |  | $ | 12,880 |  |  | $ | 63,782 |

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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 http://asc.fasb.org/extlink&oid=123408670&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 http://asc.fasb.org/extlink&oid=123408670&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 http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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