XML 34 R17.htm IDEA: XBRL DOCUMENT v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
We lease certain office space, manufacturing facilities, warehouses, land, and equipment. Our leases have remaining terms ranging from 1 to 10 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
Leases consisted of the following at December 31:
(In thousands)Balance Sheet Classification20212020
Assets:
OperatingOperating lease assets$27,569 $30,969 
FinanceProperty, plant and equipment, net1,709 942 
Total lease assets$29,278 $31,911 
Liabilities:
Current:
OperatingAccrued liabilities$6,494 $6,888 
FinanceCurrent debt682 353 
Noncurrent:
OperatingNoncurrent operating lease liabilities$22,352 $25,068 
FinanceLong-term debt, less current portion1,041 590 
Total lease liabilities$30,569 $32,899 
Total operating lease expenses were $24.4 million for 2021, of which $14.2 million related to short-term leases and $10.2 million related to leases recognized in the balance sheet. Total operating lease expenses were $25.8 million and $30.1 million for 2020 and 2019, respectively. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net.
The maturity of lease liabilities as of December 31, 2021 is as follows:
(In thousands)Operating LeasesFinance LeasesTotal
2022$7,678 $722 $8,400 
20235,066 587 5,653 
20243,629 325 3,954 
20252,999 156 3,155 
20262,951 2 2,953 
Thereafter11,763 — 11,763 
Total lease payments34,086 1,792 35,878 
Less: Interest5,240 69 5,309 
Present value of lease liabilities$28,846 $1,723 $30,569 

During 2021, we entered into $6.5 million and $1.2 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets.
Lease Term and Discount RateDecember 31, 2021
Weighted-average remaining lease term (years)
Operating leases7.1
Finance leases2.8
Weighted-average discount rate
Operating leases4.8 %
Finance leases4.1 %
Leases Leases
We lease certain office space, manufacturing facilities, warehouses, land, and equipment. Our leases have remaining terms ranging from 1 to 10 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
Leases consisted of the following at December 31:
(In thousands)Balance Sheet Classification20212020
Assets:
OperatingOperating lease assets$27,569 $30,969 
FinanceProperty, plant and equipment, net1,709 942 
Total lease assets$29,278 $31,911 
Liabilities:
Current:
OperatingAccrued liabilities$6,494 $6,888 
FinanceCurrent debt682 353 
Noncurrent:
OperatingNoncurrent operating lease liabilities$22,352 $25,068 
FinanceLong-term debt, less current portion1,041 590 
Total lease liabilities$30,569 $32,899 
Total operating lease expenses were $24.4 million for 2021, of which $14.2 million related to short-term leases and $10.2 million related to leases recognized in the balance sheet. Total operating lease expenses were $25.8 million and $30.1 million for 2020 and 2019, respectively. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net.
The maturity of lease liabilities as of December 31, 2021 is as follows:
(In thousands)Operating LeasesFinance LeasesTotal
2022$7,678 $722 $8,400 
20235,066 587 5,653 
20243,629 325 3,954 
20252,999 156 3,155 
20262,951 2 2,953 
Thereafter11,763 — 11,763 
Total lease payments34,086 1,792 35,878 
Less: Interest5,240 69 5,309 
Present value of lease liabilities$28,846 $1,723 $30,569 

During 2021, we entered into $6.5 million and $1.2 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets.
Lease Term and Discount RateDecember 31, 2021
Weighted-average remaining lease term (years)
Operating leases7.1
Finance leases2.8
Weighted-average discount rate
Operating leases4.8 %
Finance leases4.1 %