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v3.22.2.2

Leases | 9 Months Ended
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Sep. 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 nine months ended September 30, 2022 and 2021 were as follows (in thousands):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Type |  | Classification |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating Lease Expense (1) |  | Operating expenses |  | $ | 4,519 |  |  | $ | 1,504 |  |  | $ | 10,581 |  |  | $ | 4,391 |
Financing Lease Amortization |  | Operating expenses |  | 207 |  |  | 77 |  |  | 471 |  |  | 220 |
Financing Lease Interest |  | Interest expense |  | 37 |  |  | 15 |  |  | 68 |  |  | 44 |
Financing Lease Expense |  |  |  | 244 |  |  | 92 |  |  | 539 |  |  | 264 |
Net Lease Cost |  |  |  | $ | 4,763 |  |  | $ | 1,596 |  |  | $ | 11,120 |  |  | $ | 4,655 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities generated by leasing activity of September 30, 2022 and December 31, 2021 were as follows (in thousands):
Lease Type |  | September 30, 2022 |  | December 31, 2021
Total ROU operating lease assets (1) |  | $ | 44,682 |  |  | $ | 19,662 |
Total ROU financing lease assets (2) |  | 2,523 |  |  | — |
Total lease assets |  | $ | 47,205 |  |  | $ | 19,662 |
Total current operating lease obligation |  | $ | 9,212 |  |  | $ | 4,641 |
Total current financing lease obligation |  | 782 |  |  | — |
Total current lease obligations |  | $ | 9,994 |  |  | $ | 4,641 |
Total long term operating lease obligation |  | $ | 36,771 |  |  | $ | 16,132 |
Total long term financing lease obligation |  | 1,398 |  |  | — |
Total long term lease obligation |  | $ | 38,169 |  |  | $ | 16,132 |
(1)Operating lease assets are recorded net of accumulated amortization of $11.8 million as of September 30, 2022 and $2.8 million as of December 31, 2021 (2)Financing lease assets are recorded net of accumulated amortization as a component of Other assets in the Unaudited Condensed Consolidated Balance Sheet of $1.0 million as of September 30, 2022 and $0.0 million as of December 31, 2021 The value of lease liabilities generated by leasing activities as of September 30, 2022 were as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
Year one |  | $ | 6,657 |  |  | $ | 332 |  |  | $ | 6,989 |
Year two |  | 11,485 |  |  | 828 |  |  | 12,313 |
Year three |  | 9,336 |  |  | 544 |  |  | 9,880 |
Year four |  | 7,241 |  |  | 333 |  |  | 7,574 |
Year five |  | 6,130 |  |  | 268 |  |  | 6,398 |
Subsequent years |  | 15,504 |  |  | 117 |  |  | 15,621 |
Total lease payments |  | 56,353 |  |  | 2,422 |  |  | 58,775 |
Less: Interest |  | (10,369) |  |  | (243) |  |  | (10,612) |
Present value of lease liabilities |  | $ | 45,984 |  |  | $ | 2,179 |  |  | $ | 48,163 |
The weighted average lease terms and interest rates of leases held as of September 30, 2022 were as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 5.8 |  | 6.8%
Financing Leases |  | 3.3 |  | 6.3%
The cash outflows of leasing activity for the nine months ended September 30, 2022 were as follows (in thousands):
Cash Flow Source |  | Classification |  | Amount
Operating cash flows from operating leases |  | Operating activities |  | $ | (3,330) |
Operating cash flows from financing leases |  | Operating activities |  | 37 |
Financing cash flows from financing leases |  | Financing activities |  | (457) |
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 nine months ended September 30, 2022 and 2021 were as follows (in thousands):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Type |  | Classification |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating Lease Expense (1) |  | Operating expenses |  | $ | 4,519 |  |  | $ | 1,504 |  |  | $ | 10,581 |  |  | $ | 4,391 |
Financing Lease Amortization |  | Operating expenses |  | 207 |  |  | 77 |  |  | 471 |  |  | 220 |
Financing Lease Interest |  | Interest expense |  | 37 |  |  | 15 |  |  | 68 |  |  | 44 |
Financing Lease Expense |  |  |  | 244 |  |  | 92 |  |  | 539 |  |  | 264 |
Net Lease Cost |  |  |  | $ | 4,763 |  |  | $ | 1,596 |  |  | $ | 11,120 |  |  | $ | 4,655 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities generated by leasing activity of September 30, 2022 and December 31, 2021 were as follows (in thousands):
Lease Type |  | September 30, 2022 |  | December 31, 2021
Total ROU operating lease assets (1) |  | $ | 44,682 |  |  | $ | 19,662 |
Total ROU financing lease assets (2) |  | 2,523 |  |  | — |
Total lease assets |  | $ | 47,205 |  |  | $ | 19,662 |
Total current operating lease obligation |  | $ | 9,212 |  |  | $ | 4,641 |
Total current financing lease obligation |  | 782 |  |  | — |
Total current lease obligations |  | $ | 9,994 |  |  | $ | 4,641 |
Total long term operating lease obligation |  | $ | 36,771 |  |  | $ | 16,132 |
Total long term financing lease obligation |  | 1,398 |  |  | — |
Total long term lease obligation |  | $ | 38,169 |  |  | $ | 16,132 |
(1)Operating lease assets are recorded net of accumulated amortization of $11.8 million as of September 30, 2022 and $2.8 million as of December 31, 2021 (2)Financing lease assets are recorded net of accumulated amortization as a component of Other assets in the Unaudited Condensed Consolidated Balance Sheet of $1.0 million as of September 30, 2022 and $0.0 million as of December 31, 2021 The value of lease liabilities generated by leasing activities as of September 30, 2022 were as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
Year one |  | $ | 6,657 |  |  | $ | 332 |  |  | $ | 6,989 |
Year two |  | 11,485 |  |  | 828 |  |  | 12,313 |
Year three |  | 9,336 |  |  | 544 |  |  | 9,880 |
Year four |  | 7,241 |  |  | 333 |  |  | 7,574 |
Year five |  | 6,130 |  |  | 268 |  |  | 6,398 |
Subsequent years |  | 15,504 |  |  | 117 |  |  | 15,621 |
Total lease payments |  | 56,353 |  |  | 2,422 |  |  | 58,775 |
Less: Interest |  | (10,369) |  |  | (243) |  |  | (10,612) |
Present value of lease liabilities |  | $ | 45,984 |  |  | $ | 2,179 |  |  | $ | 48,163 |
The weighted average lease terms and interest rates of leases held as of September 30, 2022 were as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 5.8 |  | 6.8%
Financing Leases |  | 3.3 |  | 6.3%
The cash outflows of leasing activity for the nine months ended September 30, 2022 were as follows (in thousands):
Cash Flow Source |  | Classification |  | Amount
Operating cash flows from operating leases |  | Operating activities |  | $ | (3,330) |
Operating cash flows from financing leases |  | Operating activities |  | 37 |
Financing cash flows from financing leases |  | Financing activities |  | (457) |
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 nine months ended September 30, 2022 and 2021 were as follows (in thousands):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Type |  | Classification |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating Lease Expense (1) |  | Operating expenses |  | $ | 4,519 |  |  | $ | 1,504 |  |  | $ | 10,581 |  |  | $ | 4,391 |
Financing Lease Amortization |  | Operating expenses |  | 207 |  |  | 77 |  |  | 471 |  |  | 220 |
Financing Lease Interest |  | Interest expense |  | 37 |  |  | 15 |  |  | 68 |  |  | 44 |
Financing Lease Expense |  |  |  | 244 |  |  | 92 |  |  | 539 |  |  | 264 |
Net Lease Cost |  |  |  | $ | 4,763 |  |  | $ | 1,596 |  |  | $ | 11,120 |  |  | $ | 4,655 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities generated by leasing activity of September 30, 2022 and December 31, 2021 were as follows (in thousands):
Lease Type |  | September 30, 2022 |  | December 31, 2021
Total ROU operating lease assets (1) |  | $ | 44,682 |  |  | $ | 19,662 |
Total ROU financing lease assets (2) |  | 2,523 |  |  | — |
Total lease assets |  | $ | 47,205 |  |  | $ | 19,662 |
Total current operating lease obligation |  | $ | 9,212 |  |  | $ | 4,641 |
Total current financing lease obligation |  | 782 |  |  | — |
Total current lease obligations |  | $ | 9,994 |  |  | $ | 4,641 |
Total long term operating lease obligation |  | $ | 36,771 |  |  | $ | 16,132 |
Total long term financing lease obligation |  | 1,398 |  |  | — |
Total long term lease obligation |  | $ | 38,169 |  |  | $ | 16,132 |
(1)Operating lease assets are recorded net of accumulated amortization of $11.8 million as of September 30, 2022 and $2.8 million as of December 31, 2021 (2)Financing lease assets are recorded net of accumulated amortization as a component of Other assets in the Unaudited Condensed Consolidated Balance Sheet of $1.0 million as of September 30, 2022 and $0.0 million as of December 31, 2021 The value of lease liabilities generated by leasing activities as of September 30, 2022 were as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
Year one |  | $ | 6,657 |  |  | $ | 332 |  |  | $ | 6,989 |
Year two |  | 11,485 |  |  | 828 |  |  | 12,313 |
Year three |  | 9,336 |  |  | 544 |  |  | 9,880 |
Year four |  | 7,241 |  |  | 333 |  |  | 7,574 |
Year five |  | 6,130 |  |  | 268 |  |  | 6,398 |
Subsequent years |  | 15,504 |  |  | 117 |  |  | 15,621 |
Total lease payments |  | 56,353 |  |  | 2,422 |  |  | 58,775 |
Less: Interest |  | (10,369) |  |  | (243) |  |  | (10,612) |
Present value of lease liabilities |  | $ | 45,984 |  |  | $ | 2,179 |  |  | $ | 48,163 |
The weighted average lease terms and interest rates of leases held as of September 30, 2022 were as follows:
Lease Type |  | Weighted Average Term in Years |  | Weighted Average Interest Rate
Operating Leases |  | 5.8 |  | 6.8%
Financing Leases |  | 3.3 |  | 6.3%
The cash outflows of leasing activity for the nine months ended September 30, 2022 were as follows (in thousands):
Cash Flow Source |  | Classification |  | Amount
Operating cash flows from operating leases |  | Operating activities |  | $ | (3,330) |
Operating cash flows from financing leases |  | Operating activities |  | 37 |
Financing cash flows from financing leases |  | Financing activities |  | (457) |
Refer to Note 4 - Revenue Recognition for a discussion on the Company's 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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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