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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases—We lease various office and retail spaces with lease terms ranging from 1 year to 12 years, certain of which contain renewal provisions. We recognize rent expense on a straight-line basis and have recorded the difference between the straight-line rent and the amount paid as deferred rent liability, which is reflected in the consolidated balance sheets as other long-term liabilities. Rent expense for the years ended December 31, 2021, 2020, and 2019, was approximately $12.3 million, $8.6 million, and $6.2 million, respectively. Our commitments for minimum lease payments under noncancelable operating leases are as follows:
(in thousands) | Operating Leases
Fiscal year ended December 31, |
2022 | $ | 13,551 |
2023 | 14,027 |
2024 | 13,681 |
2025 | 13,425 |
2026 and after | 51,713 |
| $ | 106,397 |
Purchase Commitments—On May 7, 2018, we entered into a supplier agreement with Braskem S.A. that requires us, through our manufacturers, to commit to purchase a minimum amount of material, agreed annually. For 2022, we agreed to purchase a minimum of 1,000 tons of material for approximately $4.4 million. The price per ton is determined monthly and the terms of the minimum commitment in the contract are negotiated each year. In 2021 and 2020, our manufacturers’ purchased approximately $3.4 million and $1.6 million of material from Braskem S.A., respectively. Legal Proceedings—We are subject to various claims and legal proceedings that arise in the ordinary course of our business activities. Although the outcome of any legal proceedings cannot be predicted with certainty, for the years ended December 31, 2021, 2020, and 2019, the ultimate liability of the Company, if any, is not expected to have a material effect on our financial position or operations.

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