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Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Leases

Activities as Lessee

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses generated by leasing activity for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands):

												Three Months Ended June 30,												Six Months Ended June 30,
Lease Type						Classification						2022						2021						2022						2021
Operating Lease Expense (1)						Operating expenses						$	3,896					$	1,475					$	5,524					$	2,868
Financing Lease Amortization						Operating expenses						163						56						232						103
Financing Lease Interest						Interest expense						23						13						34						26
Financing Lease Expense												186						69						266						129
Net Lease Cost												$	4,082					$	1,544					$	5,790					$	2,997

(1)     Includes short term lease expense, which is immaterial

The value of net assets and liabilities generated by leasing activity of June 30, 2022 and December 31, 2021 were as follows (in thousands):

Lease Type						June 30, 2022						December 31, 2021
Total ROU operating lease assets (1)						$	45,667					$	19,662
Total ROU financing lease assets (2)						1,388						—
Total lease assets						$	47,055					$	19,662
Total current operating lease obligation						$	10,030					$	4,641
Total current financing lease obligation						457						—
Total current lease obligations						$	10,487					$	4,641
Total long term operating lease obligation						$	37,886					$	16,132
Total long term financing lease obligation						766						—
Total long term lease obligation						$	38,652					$	16,132

(1)Operating lease assets are recorded net of accumulated amortization of $6.4 million as of June 30, 2022 and $2.8 million as of December 31, 2021

(2)Financing lease assets are recorded net of accumulated amortization of $0.1 million as of June 30, 2022 and $0.0 million as of December 31, 2021

The value of lease liabilities generated by leasing activities as of June 30, 2022 were as follows (in thousands):

Maturity Date of Lease Liabilities						Operating Leases						Financing Leases						Total
Year one						$	8,743					$	527					$	9,270
Year two						10,646						811						11,457
Year three						8,603						488						9,091
Year four						6,088						312						6,400
Year five						5,071						240						5,311
Subsequent years						14,602						102						14,704
Total lease payments						53,753						2,480						56,233
Less: Interest						(6,485)						(609)						(7,094)
Present value of lease liabilities						$	47,268					$	1,871					$	49,139

The weighted average lease terms and interest rates of leases held as of June 30, 2022 were as follows:

Lease Type						Weighted Average Term in Years						Weighted Average Interest Rate
Operating Leases						6.2						7.0%
Financing Leases						3.9						6.4%

The cash outflows of leasing activity for the six months ended June 30, 2022 were as follows (in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

$

5,182

Operating cash flows from financing leases

Operating activities

3

Financing cash flows from financing leases

Financing activities

39

Refer to Note 4 - Revenue Recognition for a discussion on the Company's activities as lessor.

Leases

Leases

Activities as Lessee

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses generated by leasing activity for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands):

												Three Months Ended June 30,												Six Months Ended June 30,
Lease Type						Classification						2022						2021						2022						2021
Operating Lease Expense (1)						Operating expenses						$	3,896					$	1,475					$	5,524					$	2,868
Financing Lease Amortization						Operating expenses						163						56						232						103
Financing Lease Interest						Interest expense						23						13						34						26
Financing Lease Expense												186						69						266						129
Net Lease Cost												$	4,082					$	1,544					$	5,790					$	2,997

(1)     Includes short term lease expense, which is immaterial

The value of net assets and liabilities generated by leasing activity of June 30, 2022 and December 31, 2021 were as follows (in thousands):

Lease Type						June 30, 2022						December 31, 2021
Total ROU operating lease assets (1)						$	45,667					$	19,662
Total ROU financing lease assets (2)						1,388						—
Total lease assets						$	47,055					$	19,662
Total current operating lease obligation						$	10,030					$	4,641
Total current financing lease obligation						457						—
Total current lease obligations						$	10,487					$	4,641
Total long term operating lease obligation						$	37,886					$	16,132
Total long term financing lease obligation						766						—
Total long term lease obligation						$	38,652					$	16,132

(1)Operating lease assets are recorded net of accumulated amortization of $6.4 million as of June 30, 2022 and $2.8 million as of December 31, 2021

(2)Financing lease assets are recorded net of accumulated amortization of $0.1 million as of June 30, 2022 and $0.0 million as of December 31, 2021

The value of lease liabilities generated by leasing activities as of June 30, 2022 were as follows (in thousands):

Maturity Date of Lease Liabilities						Operating Leases						Financing Leases						Total
Year one						$	8,743					$	527					$	9,270
Year two						10,646						811						11,457
Year three						8,603						488						9,091
Year four						6,088						312						6,400
Year five						5,071						240						5,311
Subsequent years						14,602						102						14,704
Total lease payments						53,753						2,480						56,233
Less: Interest						(6,485)						(609)						(7,094)
Present value of lease liabilities						$	47,268					$	1,871					$	49,139

The weighted average lease terms and interest rates of leases held as of June 30, 2022 were as follows:

Lease Type						Weighted Average Term in Years						Weighted Average Interest Rate
Operating Leases						6.2						7.0%
Financing Leases						3.9						6.4%

The cash outflows of leasing activity for the six months ended June 30, 2022 were as follows (in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

$

5,182

Operating cash flows from financing leases

Operating activities

3

Financing cash flows from financing leases

Financing activities

39

Refer to Note 4 - Revenue Recognition for a discussion on the Company's activities as lessor.

Leases

Leases

Activities as Lessee

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses generated by leasing activity for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands):

												Three Months Ended June 30,												Six Months Ended June 30,
Lease Type						Classification						2022						2021						2022						2021
Operating Lease Expense (1)						Operating expenses						$	3,896					$	1,475					$	5,524					$	2,868
Financing Lease Amortization						Operating expenses						163						56						232						103
Financing Lease Interest						Interest expense						23						13						34						26
Financing Lease Expense												186						69						266						129
Net Lease Cost												$	4,082					$	1,544					$	5,790					$	2,997

(1)     Includes short term lease expense, which is immaterial

The value of net assets and liabilities generated by leasing activity of June 30, 2022 and December 31, 2021 were as follows (in thousands):

Lease Type						June 30, 2022						December 31, 2021
Total ROU operating lease assets (1)						$	45,667					$	19,662
Total ROU financing lease assets (2)						1,388						—
Total lease assets						$	47,055					$	19,662
Total current operating lease obligation						$	10,030					$	4,641
Total current financing lease obligation						457						—
Total current lease obligations						$	10,487					$	4,641
Total long term operating lease obligation						$	37,886					$	16,132
Total long term financing lease obligation						766						—
Total long term lease obligation						$	38,652					$	16,132

(1)Operating lease assets are recorded net of accumulated amortization of $6.4 million as of June 30, 2022 and $2.8 million as of December 31, 2021

(2)Financing lease assets are recorded net of accumulated amortization of $0.1 million as of June 30, 2022 and $0.0 million as of December 31, 2021

The value of lease liabilities generated by leasing activities as of June 30, 2022 were as follows (in thousands):

Maturity Date of Lease Liabilities						Operating Leases						Financing Leases						Total
Year one						$	8,743					$	527					$	9,270
Year two						10,646						811						11,457
Year three						8,603						488						9,091
Year four						6,088						312						6,400
Year five						5,071						240						5,311
Subsequent years						14,602						102						14,704
Total lease payments						53,753						2,480						56,233
Less: Interest						(6,485)						(609)						(7,094)
Present value of lease liabilities						$	47,268					$	1,871					$	49,139

The weighted average lease terms and interest rates of leases held as of June 30, 2022 were as follows:

Lease Type						Weighted Average Term in Years						Weighted Average Interest Rate
Operating Leases						6.2						7.0%
Financing Leases						3.9						6.4%

The cash outflows of leasing activity for the six months ended June 30, 2022 were as follows (in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

$

5,182

Operating cash flows from financing leases

Operating activities

3

Financing cash flows from financing leases

Financing activities

39

Refer to Note 4 - Revenue Recognition for a discussion on the Company's activities as lessor.

X

- References

No definition available.

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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

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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

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- Definition

The entire disclosure for lessor's operating leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=77888252

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