Leases

3 Months Ended

Mar. 31, 2023

NOTE 4 – LEASES

The Company has operating and finance leases for facilities and equipment which have remaining terms ranging from 1 to 16 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in lease cost resulting from changes in these indices is included within variable lease cost.

The Company’s lease cost is recognized on a straight-line basis over the lease term. Lease cost consists of the following:


	Three Months Ended
	March 31, 2023			March 31, 2022
Operating lease cost	$	6,489		$	9,502
Finance lease cost - amortization of right-of-use assets		494			—
Finance lease cost - interest		152			—
Short-term lease cost		149			133
Variable lease cost		55			20
Sublease income		(28	)		(10	)
Total lease cost	$	7,311		$	9,645

Future minimum lease payments under non-cancellable operating and finance leases as of March 31, 2023 were as follows:


	Operating			Finance
March 31, 2024	$	18,582		$	2,967
March 31, 2025		28,674			2,967
March 31, 2026		26,939			2,967
March 31, 2027		23,322			2,967
March 31, 2028		17,024			2,967
Thereafter		139,443			5,192
Total future minimum lease payments		253,984			20,027
Less: Interest		(48,529	)		(2,119	)
Total lease liabilities	$	205,455		$	17,908

Other information related to operating and finance leases is as follows:


	March 31, 2023			March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	4,982		$	10,110
Operating cash outflows for finance leases		152			—
Financing cash outflows for finance leases		590			—
Right-of-use assets obtained in exchange for operating lease liabilities	$	8,900		$	2,952
Weighted-average remaining lease term
Operating leases		11.6			11.5
Finance leases		6.8			—
Weighted-average discount rate
Operating leases		3.5	%		3.2	%
Finance leases		3.4	%		—