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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Summary of Lease Cost and Other Information

 

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

Amortization of right-of-use assets

 

$

8,276

 

 

$

11,170

 

Interest on lease liabilities

 

 

1,476

 

 

 

2,166

 

Operating lease cost (includes variable and sublease costs as they are immaterial)

 

 

30,919

 

 

 

28,859

 

Short-term lease cost

 

 

19,387

 

 

 

8,322

 

Total lease cost

 

$

60,058

 

 

$

50,517

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

39,122

 

 

 

18,148

 

Summary of Supplemental Cash Flow and Balance Sheet Information Related to Leases

The discount rate used in the Company's calculation of its right-of-use assets and corresponding lease liabilities was determined based on the stated rate within each contract when available, or its incremental borrowing rate, which approximates the rate at which the Company could borrow, on a collateralized basis, over the term of a lease. Supplemental cash flow and balance sheet information related to leases was as follows (in thousands, except where noted):

 

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

Operating cash outflows from finance leases

 

$

1,484

 

 

$

2,178

 

Operating cash outflows from operating leases

 

 

31,043

 

 

 

28,908

 

Financing cash outflows from finance leases

 

 

19,471

 

 

 

20,571

 

Weighted-average remaining lease term - finance leases (years)

 

 

1.8

 

 

 

2.5

 

Weighted-average remaining lease term - operating leases (years)

 

 

5.2

 

 

 

5.6

 

Weighted-average discount rate - finance leases

 

 

3.7

%

 

 

3.6

%

Weighted-average discount rate - operating leases

 

 

5.1

%

 

 

4.5

%

Summary of Maturity of Lease Liabilities

As of December 31, 2022, maturities of lease liabilities were as follows (in thousands):

 

 

 

Operating Leases

 

 

Finance Leases

 

Maturity of Lease Liabilities

 

 

 

2023

 

$

30,155

 

 

$

15,409

 

2024

 

 

29,714

 

 

 

10,606

 

2025

 

 

24,979

 

 

 

5,453

 

2026

 

 

18,321

 

 

 

995

 

2027

 

 

15,522

 

 

 

-

 

Thereafter

 

 

22,513

 

 

 

-

 

Total lease payments

 

 

141,204

 

 

 

32,463

 

Less: Interest

 

 

17,698

 

 

 

1,455

 

Present value of lease liabilities

 

$

123,506

 

 

$

31,008