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Leases | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Leases | (5) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one to sixteen years. We determine if an arrangement contains a lease at inception. Some leases include the options to purchase, terminate or extend for one or more years; these options are included in the right-of-use (“ROU”) asset and liability lease term when it is reasonably certain an option will be exercised. Our leases do not contain any material residual value guarantees or material restrictive covenants. Most of our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments. Certain of our leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, incremental lease payments that are indexed to a change in rate or index are considered variable costs. Because the ROU asset and lease liability recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated, result in variable expenses being incurred when actual payments differ from estimated payments. On February 25, 2021, the Company entered into an agreement to amend its lease for its corporate office and extended the term. As part of this agreement, the Company sold land owned adjacent to our corporate office for $389 and entered into a lease with the buyer of the land for a new building, containing approximately 80,000 to 100,000 rentable square feet, to be constructed and funded by the lessor up to a certain amount. The lease terms, as amended, for both the existing building and the expansion site extend through August 2037. The lease for the new building will not commence until construction is substantially complete and the total estimated lease payments are $16,875 which are not included in the lease information below as the lease has not commenced. Additionally, we entered into a lease for a new building in Littleton, CO containing approximately 50,000 rentable square feet to be constructed and funded by the lessor up to a certain amount. The lease term is for ten years upon commencement which is when construction is substantially complete. The total estimated lease payments are $14,233 which are not included in the lease information below as the lease has not commenced. Components of lease cost (income) are as follows:
|  | Quarter Ended March 31, |  |
(in thousands) |  | 2022 |  | 2021 |  |  |  |
Operating lease cost |  | $ | 2,378 |  |  | $ | 2,695 |  |  |  |  |
Finance lease cost - amortization expense |  | 161 |  |  | 207 |  |  |  |
Finance lease cost - interest expense |  | 53 |  |  | 124 |  |  |  |
Short-term lease cost |  | 109 |  |  | 54 |  |  |  |
Variable lease cost |  | 1,174 |  |  | 280 |  |  |  |
Sublease income |  | (172) |  |  | (156) |  |  |  |  |
Total |  | $ | 3,703 |  |  | $ | 3,204 |  |  |  |  |
Balance sheet classifications at March 31, 2022 and December 31, 2021 are summarized below:
|  | March 31, 2022 |  | December 31, 2021
(in thousands) |  | Right of use assets |  | Current right of use liabilities |  | Long-term right of use liabilities |  | Right of use assets |  | Current right of use liabilities |  | Long-term right of use liabilities
Operating Leases |  | $ | 40,707 |  |  | $ | 7,651 |  |  | $ | 41,378 |  |  | $ | 42,502 |  |  | $ | 7,711 |  |  | $ | 43,359 |
Finance Leases |  | 3,733 |  |  | 648 |  |  | 3,905 |  |  | 3,854 |  |  | 633 |  |  | 4,061 |
Total |  | $ | 44,440 |  |  | $ | 8,299 |  |  | $ | 45,283 |  |  | $ | 46,356 |  |  | $ | 8,344 |  |  | $ | 47,420 |
Our future minimum lease payments as of March 31, 2022 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, are as follows:
|  | March 31, 2022
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2022 |  | $ | 7,695 |  |  | $ | 633 |
2023 |  | $ | 9,242 |  |  | $ | 818 |
2024 |  | $ | 7,604 |  |  | $ | 769 |
2025 |  | $ | 5,667 |  |  | $ | 721 |
2026 |  | $ | 5,028 |  |  | $ | 647 |
Thereafter |  | $ | 26,452 |  |  | $ | 1,731 |
Total lease payments |  | $ | 61,688 |  |  | $ | 5,319 |
Less: imputed interest |  | $ | (12,659) |  |  | $ | (766) |
Present value of lease liabilities |  | $ | 49,029 |  |  | $ | 4,553 |
Supplemental cash flow information related to our leases for the three months ending March 31, 2022 and March 31, 2021 were as follows:
(in thousands) |  | March 31, 2022 |  | March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflow from operating leases |  | $ | 2,634 |  |  | $ | 2,560 |
Operating cash outflow from finance leases |  | $ | 53 |  |  | $ | 97 |
Financing cash outflow from finance leases |  | $ | 166 |  |  | $ | 196 |
Weighted-average remaining lease terms and discount rate for our leases as of March 31, 2022, were as follows:
|  | March 31, 2022
|  | Operating |  | Financing
Weighted-average remaining lease term (in years) |  | 8.6 |  | 7.1
Weighted-average discount rate |  | 5.44% |  | 4.56%
Leases | (5) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one to sixteen years. We determine if an arrangement contains a lease at inception. Some leases include the options to purchase, terminate or extend for one or more years; these options are included in the right-of-use (“ROU”) asset and liability lease term when it is reasonably certain an option will be exercised. Our leases do not contain any material residual value guarantees or material restrictive covenants. Most of our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments. Certain of our leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, incremental lease payments that are indexed to a change in rate or index are considered variable costs. Because the ROU asset and lease liability recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated, result in variable expenses being incurred when actual payments differ from estimated payments. On February 25, 2021, the Company entered into an agreement to amend its lease for its corporate office and extended the term. As part of this agreement, the Company sold land owned adjacent to our corporate office for $389 and entered into a lease with the buyer of the land for a new building, containing approximately 80,000 to 100,000 rentable square feet, to be constructed and funded by the lessor up to a certain amount. The lease terms, as amended, for both the existing building and the expansion site extend through August 2037. The lease for the new building will not commence until construction is substantially complete and the total estimated lease payments are $16,875 which are not included in the lease information below as the lease has not commenced. Additionally, we entered into a lease for a new building in Littleton, CO containing approximately 50,000 rentable square feet to be constructed and funded by the lessor up to a certain amount. The lease term is for ten years upon commencement which is when construction is substantially complete. The total estimated lease payments are $14,233 which are not included in the lease information below as the lease has not commenced. Components of lease cost (income) are as follows:
|  | Quarter Ended March 31, |  |
(in thousands) |  | 2022 |  | 2021 |  |  |  |
Operating lease cost |  | $ | 2,378 |  |  | $ | 2,695 |  |  |  |  |
Finance lease cost - amortization expense |  | 161 |  |  | 207 |  |  |  |
Finance lease cost - interest expense |  | 53 |  |  | 124 |  |  |  |
Short-term lease cost |  | 109 |  |  | 54 |  |  |  |
Variable lease cost |  | 1,174 |  |  | 280 |  |  |  |
Sublease income |  | (172) |  |  | (156) |  |  |  |  |
Total |  | $ | 3,703 |  |  | $ | 3,204 |  |  |  |  |
Balance sheet classifications at March 31, 2022 and December 31, 2021 are summarized below:
|  | March 31, 2022 |  | December 31, 2021
(in thousands) |  | Right of use assets |  | Current right of use liabilities |  | Long-term right of use liabilities |  | Right of use assets |  | Current right of use liabilities |  | Long-term right of use liabilities
Operating Leases |  | $ | 40,707 |  |  | $ | 7,651 |  |  | $ | 41,378 |  |  | $ | 42,502 |  |  | $ | 7,711 |  |  | $ | 43,359 |
Finance Leases |  | 3,733 |  |  | 648 |  |  | 3,905 |  |  | 3,854 |  |  | 633 |  |  | 4,061 |
Total |  | $ | 44,440 |  |  | $ | 8,299 |  |  | $ | 45,283 |  |  | $ | 46,356 |  |  | $ | 8,344 |  |  | $ | 47,420 |
Our future minimum lease payments as of March 31, 2022 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, are as follows:
|  | March 31, 2022
(in thousands) |  | Operating Leases |  | Finance Leases
Remainder of 2022 |  | $ | 7,695 |  |  | $ | 633 |
2023 |  | $ | 9,242 |  |  | $ | 818 |
2024 |  | $ | 7,604 |  |  | $ | 769 |
2025 |  | $ | 5,667 |  |  | $ | 721 |
2026 |  | $ | 5,028 |  |  | $ | 647 |
Thereafter |  | $ | 26,452 |  |  | $ | 1,731 |
Total lease payments |  | $ | 61,688 |  |  | $ | 5,319 |
Less: imputed interest |  | $ | (12,659) |  |  | $ | (766) |
Present value of lease liabilities |  | $ | 49,029 |  |  | $ | 4,553 |
Supplemental cash flow information related to our leases for the three months ending March 31, 2022 and March 31, 2021 were as follows:
(in thousands) |  | March 31, 2022 |  | March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflow from operating leases |  | $ | 2,634 |  |  | $ | 2,560 |
Operating cash outflow from finance leases |  | $ | 53 |  |  | $ | 97 |
Financing cash outflow from finance leases |  | $ | 166 |  |  | $ | 196 |
Weighted-average remaining lease terms and discount rate for our leases as of March 31, 2022, were as follows:
|  | March 31, 2022
|  | Operating |  | Financing
Weighted-average remaining lease term (in years) |  | 8.6 |  | 7.1
Weighted-average discount rate |  | 5.44% |  | 4.56%

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