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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases The following table presents components of lease expense:
|  |  |  | Years Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  | $ | 1,318 |  |  | $ | 1,451 |  |  | $ | 1,272 |
Interest expense |  |  |  | 351 |  |  | 213 |  |  | 192 |
Operating lease cost |  |  |  | 8,285 |  |  | 8,015 |  |  | 8,397 |
Short-term lease cost (1) |  |  |  | 438 |  |  | 655 |  |  | 591 |
Sublease income |  |  |  | (195) |  |  | — |  |  | — |
Total lease cost |  |  |  | $ | 10,197 |  |  | $ | 10,334 |  |  | $ | 10,452 |
_______________________________ (1) Excludes expenses related to leases with a lease term of one month or less. The following table presents lease-related assets and liabilities recorded on the balance sheet.
|  |  |  | As of December 31,
|  | Financial Statement Line Item |  | 2022 |  | 2021
Assets: |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 46,713 |  |  | $ | 46,443 |
Finance lease assets |  | Property, plant and equipment, net |  | 12,989 |  |  | 13,641 |
Total lease assets |  |  |  | $ | 59,702 |  |  | $ | 60,084 |
Liabilities: |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Current portion of operating lease liabilities |  | $ | 5,294 |  |  | $ | 5,704 |
Finance lease liabilities |  | Other current liabilities |  | 2,610 |  |  | 3,111 |
Non-current liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities, net of current portion |  | 51,411 |  |  | 51,295 |
Finance lease liabilities |  | Other non-current liabilities |  | 3,828 |  |  | 5,446 |
Total lease liabilities |  |  |  | $ | 63,143 |  |  | $ | 65,556 |
The following table contains supplemental cash flow information related to leases.
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows used in finance leases |  | $ | 351 |  |  | $ | 213 |  |  | $ | 192 |
Operating cash flows used in operating leases |  | 14,214 |  |  | 13,434 |  |  | 13,498 |
Financing cash flows used in finance leases |  | 3,003 |  |  | 4,836 |  |  | 2,018 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 1,263 |  |  | $ | 2,814 |  |  | $ | 728 |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) |  | 5,181 |  |  | — |  |  | 8,682 |
_______________________________ (1) Includes new leases, renewals, and modifications. The weighted average remaining lease term and weighted-average discount rate for finance and operating leases were as follows:
| As of December 31, |  |
| 2022 |  | 2021 |  |
Weighted-average remaining lease term - finance leases | 3.1 years |  | 3.3 years |  |
Weighted-average remaining lease term - operating leases | 10.1 years |  | 11.1 years |  |
Weighted-average discount rate - finance leases | 5.3 | % |  | 3.0 | % |  |
Weighted-average discount rate - operating leases | 7.5 | % |  | 7.0 | % |  |
The maturities of lease liabilities as of December 31, 2022, is as follows:
|  | Operating Leases |  | Finance Leases
2023 |  | $ | 9,250 |  |  | $ | 2,913 |
2024 |  | 8,419 |  |  | 1,819 |
2025 |  | 8,352 |  |  | 1,017 |
2026 |  | 8,193 |  |  | 950 |
2027 |  | 7,983 |  |  | 509 |
Thereafter |  | 37,655 |  |  | — |
Total future minimum lease payments |  | 79,852 |  |  | 7,208 |
Less: imputed interest |  | 23,147 |  |  | 770 |
Total lease liabilities |  | $ | 56,705 |  |  | $ | 6,438 |
In August 2022, we began subleasing a portion of our leased corporate headquarters office space. Since the Company retains the obligation to the lessor, the underlying lease continues to be accounted for as operating leases. Sublease income is recognized on a straight-line basis over the lease terms. In March 2020, we amended the lease of our corporate headquarters building to exit over half of the previously leased space and reduce annual base rent payments. The amendment was accounted for as a lease modification, and the remeasurement of the lease resulted in an $8.1 million decrease in the operating lease ROU asset, a $10.5 million decrease in the noncurrent portion of the operating lease liability, and a $0.6 million decrease in the current portion of the operating lease liability. The $3.0 million difference between the change in the operating lease ROU asset and the operating lease liabilities was recognized in “Other operating expense (income), net,” on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2020. In connection with the discontinued use of the previously leased space, we also recognized a $4.4 million termination charge and a $2.9 million impairment charge on the associated leasehold improvements, all of which were also recognized in “Other operating expense (income), net” for the year ended December 31, 2020. During the second quarter of 2020 and as part of our overall plan to improve liquidity during the COVID-19 pandemic, we negotiated with certain lessors to defer rent payments on leased buildings. In total, $0.5 million of operating lease payments were deferred over a period ranging from April 2020 to December 2020 and were repaid from June 2020 through December 2022. The deferral of rent payments did not result in a substantial change in total lease payments over the individual lease terms. We elected to apply lease accounting relief announced by the FASB in April 2020 and treated these lease concessions as if they existed in the original contracts rather than applying lease modification accounting. The net impact on cash flows from operating activities on the Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021, and 2020, was $(0.3) million, $(0.2) million, and $0.7 million, respectively.
Leases | Leases The following table presents components of lease expense:
|  |  |  | Years Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  | $ | 1,318 |  |  | $ | 1,451 |  |  | $ | 1,272 |
Interest expense |  |  |  | 351 |  |  | 213 |  |  | 192 |
Operating lease cost |  |  |  | 8,285 |  |  | 8,015 |  |  | 8,397 |
Short-term lease cost (1) |  |  |  | 438 |  |  | 655 |  |  | 591 |
Sublease income |  |  |  | (195) |  |  | — |  |  | — |
Total lease cost |  |  |  | $ | 10,197 |  |  | $ | 10,334 |  |  | $ | 10,452 |
_______________________________ (1) Excludes expenses related to leases with a lease term of one month or less. The following table presents lease-related assets and liabilities recorded on the balance sheet.
|  |  |  | As of December 31,
|  | Financial Statement Line Item |  | 2022 |  | 2021
Assets: |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 46,713 |  |  | $ | 46,443 |
Finance lease assets |  | Property, plant and equipment, net |  | 12,989 |  |  | 13,641 |
Total lease assets |  |  |  | $ | 59,702 |  |  | $ | 60,084 |
Liabilities: |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Current portion of operating lease liabilities |  | $ | 5,294 |  |  | $ | 5,704 |
Finance lease liabilities |  | Other current liabilities |  | 2,610 |  |  | 3,111 |
Non-current liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities, net of current portion |  | 51,411 |  |  | 51,295 |
Finance lease liabilities |  | Other non-current liabilities |  | 3,828 |  |  | 5,446 |
Total lease liabilities |  |  |  | $ | 63,143 |  |  | $ | 65,556 |
The following table contains supplemental cash flow information related to leases.
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows used in finance leases |  | $ | 351 |  |  | $ | 213 |  |  | $ | 192 |
Operating cash flows used in operating leases |  | 14,214 |  |  | 13,434 |  |  | 13,498 |
Financing cash flows used in finance leases |  | 3,003 |  |  | 4,836 |  |  | 2,018 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 1,263 |  |  | $ | 2,814 |  |  | $ | 728 |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) |  | 5,181 |  |  | — |  |  | 8,682 |
_______________________________ (1) Includes new leases, renewals, and modifications. The weighted average remaining lease term and weighted-average discount rate for finance and operating leases were as follows:
| As of December 31, |  |
| 2022 |  | 2021 |  |
Weighted-average remaining lease term - finance leases | 3.1 years |  | 3.3 years |  |
Weighted-average remaining lease term - operating leases | 10.1 years |  | 11.1 years |  |
Weighted-average discount rate - finance leases | 5.3 | % |  | 3.0 | % |  |
Weighted-average discount rate - operating leases | 7.5 | % |  | 7.0 | % |  |
The maturities of lease liabilities as of December 31, 2022, is as follows:
|  | Operating Leases |  | Finance Leases
2023 |  | $ | 9,250 |  |  | $ | 2,913 |
2024 |  | 8,419 |  |  | 1,819 |
2025 |  | 8,352 |  |  | 1,017 |
2026 |  | 8,193 |  |  | 950 |
2027 |  | 7,983 |  |  | 509 |
Thereafter |  | 37,655 |  |  | — |
Total future minimum lease payments |  | 79,852 |  |  | 7,208 |
Less: imputed interest |  | 23,147 |  |  | 770 |
Total lease liabilities |  | $ | 56,705 |  |  | $ | 6,438 |
In August 2022, we began subleasing a portion of our leased corporate headquarters office space. Since the Company retains the obligation to the lessor, the underlying lease continues to be accounted for as operating leases. Sublease income is recognized on a straight-line basis over the lease terms. In March 2020, we amended the lease of our corporate headquarters building to exit over half of the previously leased space and reduce annual base rent payments. The amendment was accounted for as a lease modification, and the remeasurement of the lease resulted in an $8.1 million decrease in the operating lease ROU asset, a $10.5 million decrease in the noncurrent portion of the operating lease liability, and a $0.6 million decrease in the current portion of the operating lease liability. The $3.0 million difference between the change in the operating lease ROU asset and the operating lease liabilities was recognized in “Other operating expense (income), net,” on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2020. In connection with the discontinued use of the previously leased space, we also recognized a $4.4 million termination charge and a $2.9 million impairment charge on the associated leasehold improvements, all of which were also recognized in “Other operating expense (income), net” for the year ended December 31, 2020. During the second quarter of 2020 and as part of our overall plan to improve liquidity during the COVID-19 pandemic, we negotiated with certain lessors to defer rent payments on leased buildings. In total, $0.5 million of operating lease payments were deferred over a period ranging from April 2020 to December 2020 and were repaid from June 2020 through December 2022. The deferral of rent payments did not result in a substantial change in total lease payments over the individual lease terms. We elected to apply lease accounting relief announced by the FASB in April 2020 and treated these lease concessions as if they existed in the original contracts rather than applying lease modification accounting. The net impact on cash flows from operating activities on the Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021, and 2020, was $(0.3) million, $(0.2) million, and $0.7 million, respectively.

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