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v3.22.4

Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | LeasesOur lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2022 and 2021 (in thousands):
|  | Classification |  | December 31, 2022 |  | December 31, 2021
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 57,270 |  |  | $ | 25,431 |
Finance lease assets |  | Property and equipment, net |  | 2,500 |  |  | 1,727 |
Total lease assets |  |  |  | $ | 59,770 |  |  | $ | 27,158 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued liabilities |  | $ | 8,776 |  |  | $ | 10,956 |
Finance |  | Current portion of long-term debt |  | 782 |  |  | 860 |
Noncurrent |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | 64,626 |  |  | 34,745 |
Finance |  | Long-term debt, net of current portion |  | 1,231 |  |  | 353 |
Total lease liabilities |  |  |  | $ | 75,415 |  |  | $ | 46,914 |
The following table summarizes the components of lease expenses (in thousands):
|  |  |  | Year ended December 31,
Lease Cost |  | Classification |  | 2022 |  | 2021
Operating lease cost |  | Cost of sales and Selling, general and administrative expenses |  | $ | 11,591 |  |  | $ | 11,123 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | Selling, general and administrative expenses |  | 887 |  |  | 1,061 |
Interest on lease liabilities |  | Interest expense |  | 77 |  |  | 110 |
Sublease income |  | Cost of sales and Selling, general and administrative expenses |  | (2,437) |  |  | (2,184) |
Net lease cost |  |  |  | $ | 10,118 |  |  | $ | 10,110 |
The maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):
|  | Operating Leases |  | Finance Leases |  | Total
2023 |  | $ | 13,022 |  |  | $ | 882 |  |  | $ | 13,904 |
2024 |  | 11,596 |  |  | 635 |  |  | 12,231 |
2025 |  | 10,974 |  |  | 521 |  |  | 11,495 |
2026 |  | 10,193 |  |  | 148 |  |  | 10,341 |
2027 |  | 10,018 |  |  | 13 |  |  | 10,031 |
Thereafter |  | 41,820 |  |  | — |  |  | 41,820 |
Total lease payments |  | 97,623 |  |  | 2,199 |  |  | 99,822 |
Less: present value discount |  | (24,221) |  |  | (186) |  |  | (24,407) |
Present value of lease liabilities |  | $ | 73,402 |  |  | $ | 2,013 |  |  | $ | 75,415 |
The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2022 and 2021:
|  | December 31, 2022 |  | December 31, 2021
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 8.8 |  | 6.4
Financing leases |  | 2.8 |  | 1.5
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.58 | % |  | 6.58 | %
Financing leases |  | 6.43 | % |  | 6.58 | %
The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2022 and 2021 (in thousands):
|  | Year ended December 31,
|  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 11,518 |  |  | $ | 13,053 |
Operating cash flows from finance leases |  | 78 |  |  | 92 |
Financing cash flows from finance leases |  | 1,184 |  |  | 1,517 |
Sale-leaseback transactions During 2022, the Company sold and leased back land and buildings for net proceeds of $32.1 million. The initial annual rent for the assets is $2.7 million with initial term of 12 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease asset and liabilities of approximately $24.8 million were recorded in the consolidated balance sheets.
Leases | LeasesOur lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2022 and 2021 (in thousands):
|  | Classification |  | December 31, 2022 |  | December 31, 2021
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 57,270 |  |  | $ | 25,431 |
Finance lease assets |  | Property and equipment, net |  | 2,500 |  |  | 1,727 |
Total lease assets |  |  |  | $ | 59,770 |  |  | $ | 27,158 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued liabilities |  | $ | 8,776 |  |  | $ | 10,956 |
Finance |  | Current portion of long-term debt |  | 782 |  |  | 860 |
Noncurrent |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | 64,626 |  |  | 34,745 |
Finance |  | Long-term debt, net of current portion |  | 1,231 |  |  | 353 |
Total lease liabilities |  |  |  | $ | 75,415 |  |  | $ | 46,914 |
The following table summarizes the components of lease expenses (in thousands):
|  |  |  | Year ended December 31,
Lease Cost |  | Classification |  | 2022 |  | 2021
Operating lease cost |  | Cost of sales and Selling, general and administrative expenses |  | $ | 11,591 |  |  | $ | 11,123 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | Selling, general and administrative expenses |  | 887 |  |  | 1,061 |
Interest on lease liabilities |  | Interest expense |  | 77 |  |  | 110 |
Sublease income |  | Cost of sales and Selling, general and administrative expenses |  | (2,437) |  |  | (2,184) |
Net lease cost |  |  |  | $ | 10,118 |  |  | $ | 10,110 |
The maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):
|  | Operating Leases |  | Finance Leases |  | Total
2023 |  | $ | 13,022 |  |  | $ | 882 |  |  | $ | 13,904 |
2024 |  | 11,596 |  |  | 635 |  |  | 12,231 |
2025 |  | 10,974 |  |  | 521 |  |  | 11,495 |
2026 |  | 10,193 |  |  | 148 |  |  | 10,341 |
2027 |  | 10,018 |  |  | 13 |  |  | 10,031 |
Thereafter |  | 41,820 |  |  | — |  |  | 41,820 |
Total lease payments |  | 97,623 |  |  | 2,199 |  |  | 99,822 |
Less: present value discount |  | (24,221) |  |  | (186) |  |  | (24,407) |
Present value of lease liabilities |  | $ | 73,402 |  |  | $ | 2,013 |  |  | $ | 75,415 |
The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2022 and 2021:
|  | December 31, 2022 |  | December 31, 2021
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 8.8 |  | 6.4
Financing leases |  | 2.8 |  | 1.5
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.58 | % |  | 6.58 | %
Financing leases |  | 6.43 | % |  | 6.58 | %
The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2022 and 2021 (in thousands):
|  | Year ended December 31,
|  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 11,518 |  |  | $ | 13,053 |
Operating cash flows from finance leases |  | 78 |  |  | 92 |
Financing cash flows from finance leases |  | 1,184 |  |  | 1,517 |
Sale-leaseback transactions During 2022, the Company sold and leased back land and buildings for net proceeds of $32.1 million. The initial annual rent for the assets is $2.7 million with initial term of 12 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease asset and liabilities of approximately $24.8 million were recorded in the consolidated balance sheets.

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