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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Leases The Company leases property used for distribution centers, office space, and Bolt branch locations throughout the U.S. and Canada, along with various equipment located in distribution centers and corporate headquarters. The expenses generated by the leasing activity of Lawson as lessee for the years ended December 31, 2021 and December 31, 2020 were as follows:
|  |  |  | (Dollars in Thousands)
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2021 |  | 2020
Consolidated Operating Lease Expense (1) |  | Operating expenses |  | $ | 5,881 |  |  | $ | 4,999 |
Consolidated Financing Lease Amortization |  | Operating expenses |  | 192 |  |  | 226 |
Consolidated Financing Lease Interest |  | Interest expense |  | 15 |  |  | 28 |
Consolidated Financing Lease Expense |  |  |  | 207 |  |  | 254 |
Net Lease Cost |  |  |  | $ | 6,088 |  |  | $ | 5,253 |
(1) Includes short term lease expense, which is immaterial The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of December 31, 2021 and December 31, 2020 were as follows:
|  | (Dollars in Thousands)
|  | Year Ended December 31,
Lease Type |  | 2021 |  | 2020
Total ROU operating lease assets (1) |  | $ | 13,662 |  |  | $ | 8,246 |
Total ROU financing lease assets (2) |  | 383 |  |  | 518 |
Total lease assets |  | $ | 14,045 |  |  | $ | 8,764 |
Total current operating lease obligation |  | $ | 4,313 |  |  | $ | 4,360 |
Total current financing lease obligation |  | 154 |  |  | 208 |
Total current lease obligations |  | $ | 4,467 |  |  | $ | 4,568 |
Total long term operating lease obligation |  | $ | 10,713 |  |  | $ | 5,498 |
Total long term financing lease obligation |  | 128 |  |  | 240 |
Total long term lease obligation |  | $ | 10,841 |  |  | $ | 5,738 |
(1) Operating lease assets are recorded net of accumulated amortization of $8.0 million and $5.9 million as of December 31, 2021 and December 31, 2020, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.4 million as of December 31, 2021 and December 31, 2020, respectively The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of December 31, 2021 were as follows (Dollars in thousands):
Year Ended December 31, |  | Operating Leases |  | Financing Leases |  | Total
2022 |  | $ | 4,725 |  |  | $ | 165 |  |  | $ | 4,890 |
2023 |  | 3,944 |  |  | 100 |  |  | 4,044 |
2024 |  | 3,015 |  |  | 30 |  |  | 3,045 |
2025 |  | 1,739 |  |  | — |  |  | 1,739 |
2026 |  | 724 |  |  | — |  |  | 724 |
Thereafter |  | 1,983 |  |  | — |  |  | 1,983 |
Total lease payments |  | 16,130 |  |  | 295 |  |  | 16,425 |
Less: Interest |  | 1,104 |  |  | 13 |  |  | 1,117 |
Present value of lease liabilities |  | $ | 15,026 |  |  | $ | 282 |  |  | $ | 15,308 |
(1) Of the $16.1 million future minimum operating lease commitments outstanding at December 31, 2021, $1.3 million relates to a lease for the Company's headquarters which expires in March 2023 (2) The Company has an operating lease for the McCook Facility which expires in June 2025 and includes future minimum lease payments of $6.5 million The weighted average lease terms and interest rates of the leases held by Lawson as of December 31, 2021 are as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 4.5 |  | 4.1%
Financing Leases |  | 2.1 |  | 4.8%
The cash outflows of the leasing activity of Lawson as lessee for the year ending December 31, 2021 are as follows (Dollars in thousands):
Cash Flow Source |  | Classification |  | Amount
Operating cash flows from operating leases |  | Operating activities |  | $ | 4,846 |
Operating cash flows from financing leases |  | Operating activities |  | 15 |
Financing cash flows from financing leases |  | Financing activities |  | 222 |
In March 2021 the Company signed a three year extension for their lease at the McCook distribution center ("McCook"). The lease extension created a right of use asset of $5.3 million and a lease liability of $5.3 million. Refer to Note 4 - Revenue Recognition for a discussion on Lawson activities as lessor.
Leases | Leases The Company leases property used for distribution centers, office space, and Bolt branch locations throughout the U.S. and Canada, along with various equipment located in distribution centers and corporate headquarters. The expenses generated by the leasing activity of Lawson as lessee for the years ended December 31, 2021 and December 31, 2020 were as follows:
|  |  |  | (Dollars in Thousands)
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2021 |  | 2020
Consolidated Operating Lease Expense (1) |  | Operating expenses |  | $ | 5,881 |  |  | $ | 4,999 |
Consolidated Financing Lease Amortization |  | Operating expenses |  | 192 |  |  | 226 |
Consolidated Financing Lease Interest |  | Interest expense |  | 15 |  |  | 28 |
Consolidated Financing Lease Expense |  |  |  | 207 |  |  | 254 |
Net Lease Cost |  |  |  | $ | 6,088 |  |  | $ | 5,253 |
(1) Includes short term lease expense, which is immaterial The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of December 31, 2021 and December 31, 2020 were as follows:
|  | (Dollars in Thousands)
|  | Year Ended December 31,
Lease Type |  | 2021 |  | 2020
Total ROU operating lease assets (1) |  | $ | 13,662 |  |  | $ | 8,246 |
Total ROU financing lease assets (2) |  | 383 |  |  | 518 |
Total lease assets |  | $ | 14,045 |  |  | $ | 8,764 |
Total current operating lease obligation |  | $ | 4,313 |  |  | $ | 4,360 |
Total current financing lease obligation |  | 154 |  |  | 208 |
Total current lease obligations |  | $ | 4,467 |  |  | $ | 4,568 |
Total long term operating lease obligation |  | $ | 10,713 |  |  | $ | 5,498 |
Total long term financing lease obligation |  | 128 |  |  | 240 |
Total long term lease obligation |  | $ | 10,841 |  |  | $ | 5,738 |
(1) Operating lease assets are recorded net of accumulated amortization of $8.0 million and $5.9 million as of December 31, 2021 and December 31, 2020, respectively (2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.4 million as of December 31, 2021 and December 31, 2020, respectively The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of December 31, 2021 were as follows (Dollars in thousands):
Year Ended December 31, |  | Operating Leases |  | Financing Leases |  | Total
2022 |  | $ | 4,725 |  |  | $ | 165 |  |  | $ | 4,890 |
2023 |  | 3,944 |  |  | 100 |  |  | 4,044 |
2024 |  | 3,015 |  |  | 30 |  |  | 3,045 |
2025 |  | 1,739 |  |  | — |  |  | 1,739 |
2026 |  | 724 |  |  | — |  |  | 724 |
Thereafter |  | 1,983 |  |  | — |  |  | 1,983 |
Total lease payments |  | 16,130 |  |  | 295 |  |  | 16,425 |
Less: Interest |  | 1,104 |  |  | 13 |  |  | 1,117 |
Present value of lease liabilities |  | $ | 15,026 |  |  | $ | 282 |  |  | $ | 15,308 |
(1) Of the $16.1 million future minimum operating lease commitments outstanding at December 31, 2021, $1.3 million relates to a lease for the Company's headquarters which expires in March 2023 (2) The Company has an operating lease for the McCook Facility which expires in June 2025 and includes future minimum lease payments of $6.5 million The weighted average lease terms and interest rates of the leases held by Lawson as of December 31, 2021 are as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 4.5 |  | 4.1%
Financing Leases |  | 2.1 |  | 4.8%
The cash outflows of the leasing activity of Lawson as lessee for the year ending December 31, 2021 are as follows (Dollars in thousands):
Cash Flow Source |  | Classification |  | Amount
Operating cash flows from operating leases |  | Operating activities |  | $ | 4,846 |
Operating cash flows from financing leases |  | Operating activities |  | 15 |
Financing cash flows from financing leases |  | Financing activities |  | 222 |
In March 2021 the Company signed a three year extension for their lease at the McCook distribution center ("McCook"). The lease extension created a right of use asset of $5.3 million and a lease liability of $5.3 million. Refer to Note 4 - Revenue Recognition for a discussion on Lawson activities as lessor.

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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 http://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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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