Lease Commitments

12 Months Ended

Dec. 31, 2022

LEASES

As of December 31, 2022, the Company was obligated under operating lease agreements for certain office space and manufacturing facilities, manufacturing equipment, vehicles, information technology equipment and warehouse space. Our leases have remaining lease terms of 1 year to 19 years, some of which may include options to extend the lease for up to 10 years, and some of which may include options to terminate the leases within 1 year.

As of December 31, 2022 and 2021, the Company’s operating lease components with initial or remaining terms in excess of one year were classified on the consolidated balance sheets as follows, together with certain supplemental balance sheet

information:


(In thousands)	Classification	2022			2021
Assets
Right-of-use assets	Right-of-use assets	$	94,940		$	66,563
Liabilities
Short-term lease liability	Other accrued liabilities	19,025			10,638
Long-term lease liability	Long-term lease liability	80,716			60,101
Total lease liabilities		$	99,741		$	70,739
Lease Term and Discount Rate
Weighted average remaining lease term (years)		7.8			9.2
Weighted average discount rate		4.1		%	4.2		%

Expense for leases less than 12 months for the year ended December 31, 2022, 2021 and 2020 were not material. The components of lease expense for the year ended December 31, 2022, 2021 and 2020 are as follows:


(In thousands)	2022		2021		2020
Operating lease cost	$	17,997	$	13,127	$	13,576

The Company combines the amortization of the right-of-use assets and the change in the operating lease liability in the same line item in the Statement of Cash Flows. Other information related to the Company’s operating leases for the year ended December 31, 2022, 2021 and 2020 are as follows:


(In thousands)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	14,916	$	11,009	$	10,806
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	23,598	$	31,492	$	5,133

Future minimum lease payments for noncancellable operating leases as of December 31, 2022, were as follows:


(In thousands)	2022
One Year	$	22,817
Two Years	18,252
Three Years	13,990
Four Years	11,919
Five Years	10,455
Beyond Five Years	39,863
Total	$	117,296
Less: Interest	17,555
Present value of lease liabilities	$	99,741