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Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Finance Leases

14. Leases:

Operating lease costs of $9,825 and $8,183 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statement of income for the year ended December 31, 2021 and 2020, respectively. Finance lease and financing obligation costs of $1,656 and $203 are included in cost of goods sold and in selling, general, and administrative expenses on the consolidated statement of income for the years ended December 31, 2021 and 2020. Lease income is not material to the results of operations for the years ended December 31, 2021 and 2020.

The table below presents the operating and finance right-of-use lease assets and lease liabilities recognized on the consolidated balance sheet as of December 31, 2021 and 2020:

						Classification						December 31, 2021						December 31, 2020
Assets
Operating lease assets						Right-of-use lease assets						$	30,115					$	28,943
Finance lease and financing obligation assets						Property, plant and equipment, net						29,737						1,727
Total leased assets												$	59,852					$	30,670
Liabilities
Current:
Operating lease liabilities						Operating lease liabilities—current						$	8,306					$	6,715
Finance lease and financing obligation liabilities						Accrued liabilities						3,181						245
Noncurrent:
Operating lease liabilities						Operating lease liabilities—noncurrent						21,719						21,972
Finance lease and financing obligation liabilities						Other long-term liabilities						11,667						349
Total lease liabilities												$	44,873					$	29,281

The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2021 are as follows:

						December 31, 2021						December 31, 2020
Weighted average remaining lease term (in years):
Operating leases						4.79						5.51
Finance leases and financing obligations						4.69						2.46
Weighted average discount rate:
Operating leases						5.02		%				6.06		%
Finance leases and financing obligations						2.86		%				4.70		%

Maturities of lease liabilities as of December 31, 2021 are as follows:

Year						Operating Leases						Finance Leases and Financing Obligations
2021						$	9,459					$	3,478
2022						7,857						3,478
2023						6,123						3,478
2024						4,215						3,452
2025						2,662						1,974
Thereafter						3,664						—
Total lease payments						33,980						15,860
Less: Interest						(3,955)						(1,012)
Total lease liabilities						$	30,025					$	14,848

(1)     Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the presentation of the lease liabilities in the Company’s consolidated balance sheet at December 31, 2021.

The following table presents other information related to the Company’s operating and finance leases and financing obligations and the impact on the Company’s consolidated statement of cash flows:

						Years ended December 31,
						2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows						$	9,755					$	8,322
Interest payments under finance leases and financing obligations included in operating cash flows						189						20
Principal payments under finance leases and financing obligations included in financing cash flows						1,466						209
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases						9,526						10,633
Finance leases and financing obligations						—						353

Lessee, Operating Leases

14. Leases:

Operating lease costs of $9,825 and $8,183 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statement of income for the year ended December 31, 2021 and 2020, respectively. Finance lease and financing obligation costs of $1,656 and $203 are included in cost of goods sold and in selling, general, and administrative expenses on the consolidated statement of income for the years ended December 31, 2021 and 2020. Lease income is not material to the results of operations for the years ended December 31, 2021 and 2020.

The table below presents the operating and finance right-of-use lease assets and lease liabilities recognized on the consolidated balance sheet as of December 31, 2021 and 2020:

						Classification						December 31, 2021						December 31, 2020
Assets
Operating lease assets						Right-of-use lease assets						$	30,115					$	28,943
Finance lease and financing obligation assets						Property, plant and equipment, net						29,737						1,727
Total leased assets												$	59,852					$	30,670
Liabilities
Current:
Operating lease liabilities						Operating lease liabilities—current						$	8,306					$	6,715
Finance lease and financing obligation liabilities						Accrued liabilities						3,181						245
Noncurrent:
Operating lease liabilities						Operating lease liabilities—noncurrent						21,719						21,972
Finance lease and financing obligation liabilities						Other long-term liabilities						11,667						349
Total lease liabilities												$	44,873					$	29,281

The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2021 are as follows:

						December 31, 2021						December 31, 2020
Weighted average remaining lease term (in years):
Operating leases						4.79						5.51
Finance leases and financing obligations						4.69						2.46
Weighted average discount rate:
Operating leases						5.02		%				6.06		%
Finance leases and financing obligations						2.86		%				4.70		%

Maturities of lease liabilities as of December 31, 2021 are as follows:

Year						Operating Leases						Finance Leases and Financing Obligations
2021						$	9,459					$	3,478
2022						7,857						3,478
2023						6,123						3,478
2024						4,215						3,452
2025						2,662						1,974
Thereafter						3,664						—
Total lease payments						33,980						15,860
Less: Interest						(3,955)						(1,012)
Total lease liabilities						$	30,025					$	14,848

(1)     Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the presentation of the lease liabilities in the Company’s consolidated balance sheet at December 31, 2021.

The following table presents other information related to the Company’s operating and finance leases and financing obligations and the impact on the Company’s consolidated statement of cash flows:

						Years ended December 31,
						2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows						$	9,755					$	8,322
Interest payments under finance leases and financing obligations included in operating cash flows						189						20
Principal payments under finance leases and financing obligations included in financing cash flows						1,466						209
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases						9,526						10,633
Finance leases and financing obligations						—						353

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

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X

- 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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