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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lease Cost, Weighted Average Lease Terms and Interest Rates and Cash Outflows | The expenses related to our leasing activity for the years ended December 31, 2023 and 2022 was as follows (in thousands):
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2023 |  | 2022
Operating Lease Expense (1) |  | Operating expenses |  | $ | 21,131 |  |  | $ | 15,151 |
Financing Lease Amortization |  | Operating expenses |  | 546 |  |  | 466 |
Financing Lease Interest |  | Interest expense |  | 93 |  |  | 41 |
Financing Lease Expense |  |  |  | 639 |  |  | 507 |
Net Lease Cost |  |  |  | $ | 21,770 |  |  | $ | 15,658 |
(1) Includes short term lease expense, which is immaterial. The weighted average lease terms and interest rates of leases held as of December 31, 2023 and 2022 were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.6 years |  | 2.8 years |  | 5.6 years |  | 3.1 years
Weighted average interest rate |  | 7.8% |  | 7.1% |  | 7.1% |  | 6.6%
The cash outflows of leasing activity for the years ended December 31, 2023 and 2022 were as follows (in thousands):
|  |  |  | Year Ended December 31,
Cash Flow Source |  | Classification |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (15,516) |  |  | $ | (12,149) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (242) |  |  | $ | (184) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (515) |  |  | $ | (429) |
Lease Assets and Liabilities | The value of net assets and liabilities related to our operating and finance leases as of December 31, 2023 and December 31, 2022 was as follows (in thousands):
|  | December 31,
Lease Type |  | 2023 |  | 2022
Total ROU operating lease assets |  | $ | 76,340 |  |  | $ | 46,755 |
Total ROU financing lease assets |  | 1,560 |  |  | 1,519 |
Total lease assets |  | $ | 77,900 |  |  | $ | 48,274 |
Total current operating lease obligation |  | $ | 13,010 |  |  | $ | 9,480 |
Total current financing lease obligation |  | 539 |  |  | 484 |
Total current lease obligations |  | $ | 13,549 |  |  | $ | 9,964 |
Total long term operating lease obligation |  | $ | 66,234 |  |  | $ | 38,898 |
Total long term financing lease obligation |  | 831 |  |  | 930 |
Total long term lease obligation |  | $ | 67,065 |  |  | $ | 39,828 |
Maturity of Operating Lease Liabilities | The value of lease liabilities related to our operating and finance leases as of December 31, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
2024 |  | $ | 18,555 |  |  | $ | 615 |  |  | $ | 19,170 |
2025 |  | 18,299 |  |  | 435 |  |  | 18,734 |
2026 |  | 14,488 |  |  | 344 |  |  | 14,832 |
2027 |  | 12,371 |  |  | 117 |  |  | 12,488 |
2028 |  | 10,440 |  |  | 4 |  |  | 10,444 |
Thereafter |  | 29,841 |  |  | 1 |  |  | 29,842 |
Total lease payments |  | 103,994 |  |  | 1,516 |  |  | 105,510 |
Less: Interest |  | (24,750) |  |  | (146) |  |  | (24,896) |
Present value of lease liabilities |  | $ | 79,244 |  |  | $ | 1,370 |  |  | $ | 80,614 |
Maturity of Finance Lease Liabilities | The value of lease liabilities related to our operating and finance leases as of December 31, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
2024 |  | $ | 18,555 |  |  | $ | 615 |  |  | $ | 19,170 |
2025 |  | 18,299 |  |  | 435 |  |  | 18,734 |
2026 |  | 14,488 |  |  | 344 |  |  | 14,832 |
2027 |  | 12,371 |  |  | 117 |  |  | 12,488 |
2028 |  | 10,440 |  |  | 4 |  |  | 10,444 |
Thereafter |  | 29,841 |  |  | 1 |  |  | 29,842 |
Total lease payments |  | 103,994 |  |  | 1,516 |  |  | 105,510 |
Less: Interest |  | (24,750) |  |  | (146) |  |  | (24,896) |
Present value of lease liabilities |  | $ | 79,244 |  |  | $ | 1,370 |  |  | $ | 80,614 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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