LEASES

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

LEASESThe Company has entered into various non-cancellable operating and finance lease agreements for certain of the Company’s offices, manufacturing and warehouse facilities, retail and service locations, equipment and vehicles, worldwide.

The balances for the operating and finance leases where the Company is the lessee are presented as follows within the Company’s condensed consolidated balance sheets (in thousands):

	June 30, 2022		December 31, 2021
Operating leases:
Operating lease right-of-use assets	$	198,207	$	161,974
Other current liabilities	$	11,721	$	11,056
Other long-term liabilities	222,457		185,323
Total operating lease liabilities	$	234,178	$	196,379
Finance leases:
Property, plant and equipment, net	$	10,368	$	10,567
Total finance lease assets	$	10,368	$	10,567
Finance lease liabilities, current portion	$	4,657	$	4,183
Finance lease liabilities, net of current portion	5,377		6,083
Total finance lease liabilities	$	10,034	$	10,266

The components of lease expense are as follows within the Company’s condensed consolidated statement of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease expense:
Operating lease expense (1)	$	10,749	$	7,219	$	20,327	$	13,522
Variable lease expense	897		579		1,675		1,159
Finance lease expense:
Amortization of leased assets	$	1,133	$	637	$	2,229	$	1,232
Interest on lease liabilities	144		104		289		213
Total finance lease expense	$	1,277	$	741	$	2,518	$	1,445
Total lease expense	$	12,923	$	8,539	$	24,520	$	16,126

(1) Includes short-term leases, which are immaterial.

Other information related to leases where the Company is the lessee was as follows:

	June 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases	8.0		7.8
Finance leases	2.5		2.5
Weighted-average discount rate:
Operating leases	10.46	%	10.98	%
Finance leases	5.74	%	5.58	%

As of June 30, 2022, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands):

	Operating Leases		Finance Leases
2022 (remainder of the year)	$	12,763	$	2,544
2023	46,606		4,782
2024	47,121		2,185
2025	46,401		674
2026	42,846		457
Thereafter	165,176		115
Total minimum lease payments	360,913		10,757
Less: Interest	(126,735)		(723)
Present value of lease obligations	234,178		10,034
Less: Current portion	(11,721)		(4,657)
Long-term portion of lease obligations	$	222,457	$	5,377

LEASES

LEASESThe Company has entered into various non-cancellable operating and finance lease agreements for certain of the Company’s offices, manufacturing and warehouse facilities, retail and service locations, equipment and vehicles, worldwide.

The balances for the operating and finance leases where the Company is the lessee are presented as follows within the Company’s condensed consolidated balance sheets (in thousands):

	June 30, 2022		December 31, 2021
Operating leases:
Operating lease right-of-use assets	$	198,207	$	161,974
Other current liabilities	$	11,721	$	11,056
Other long-term liabilities	222,457		185,323
Total operating lease liabilities	$	234,178	$	196,379
Finance leases:
Property, plant and equipment, net	$	10,368	$	10,567
Total finance lease assets	$	10,368	$	10,567
Finance lease liabilities, current portion	$	4,657	$	4,183
Finance lease liabilities, net of current portion	5,377		6,083
Total finance lease liabilities	$	10,034	$	10,266

The components of lease expense are as follows within the Company’s condensed consolidated statement of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease expense:
Operating lease expense (1)	$	10,749	$	7,219	$	20,327	$	13,522
Variable lease expense	897		579		1,675		1,159
Finance lease expense:
Amortization of leased assets	$	1,133	$	637	$	2,229	$	1,232
Interest on lease liabilities	144		104		289		213
Total finance lease expense	$	1,277	$	741	$	2,518	$	1,445
Total lease expense	$	12,923	$	8,539	$	24,520	$	16,126

(1) Includes short-term leases, which are immaterial.

Other information related to leases where the Company is the lessee was as follows:

	June 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases	8.0		7.8
Finance leases	2.5		2.5
Weighted-average discount rate:
Operating leases	10.46	%	10.98	%
Finance leases	5.74	%	5.58	%

As of June 30, 2022, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands):

	Operating Leases		Finance Leases
2022 (remainder of the year)	$	12,763	$	2,544
2023	46,606		4,782
2024	47,121		2,185
2025	46,401		674
2026	42,846		457
Thereafter	165,176		115
Total minimum lease payments	360,913		10,757
Less: Interest	(126,735)		(723)
Present value of lease obligations	234,178		10,034
Less: Current portion	(11,721)		(4,657)
Long-term portion of lease obligations	$	222,457	$	5,377