Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	December 31, 2021		December 31, 2020
Weighted average remaining lease term:
Operating leases	8.3 years		9.4 years
Financing leases	12.5 years		13.4 years
Weighted average discount rate:
Operating leases	3.6	%	4.0	%
Financing leases	3.1	%	3.2	%

Following is a summary of the Company’s leases within the consolidated statements of operations:

	Fiscal Year
(in thousands)	2021		2020		2019
Operating lease costs	$	26,385	$	24,823	$	18,820
Short-term and variable leases	17,245		15,305		13,605
Depreciation expense from financing leases	5,656		4,678		5,967
Interest expense on financing lease obligations	2,301		1,728		2,714
Total lease cost	$	51,587	$	46,534	$	41,106

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:

(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less:  Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less:  Current portion of lease liabilities - operating and financing leases	22,048		6,060
Noncurrent portion of lease liabilities - operating and financing leases	$	122,046	$	65,006

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less:  Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less:  Current portion of lease liabilities - operating and financing leases	19,766		5,860
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984

Following is a summary of the Company’s leases within the consolidated statements of cash flows:

	Fiscal Year
(in thousands)	2021		2020		2019
Cash flows from operating activities impact:
Operating leases	$	27,642	$	24,718	$	18,138
Interest payments on financing lease obligations	2,301		1,728		2,714
Total cash flows from operating activities impact	$	29,943	$	26,446	$	20,852
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,778	$	5,861	$	8,656
Total cash flows from financing activities impact	$	4,778	$	5,861	$	8,656

As of December 31, 2021, the Company had four operating lease commitments that had not yet commenced. These lease commitments have a lease term of approximately three to five years and are expected to commence during the first quarter of 2022. The additional lease liability associated with these lease commitments is expected to be $6.1 million.

Leases

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	December 31, 2021		December 31, 2020
Weighted average remaining lease term:
Operating leases	8.3 years		9.4 years
Financing leases	12.5 years		13.4 years
Weighted average discount rate:
Operating leases	3.6	%	4.0	%
Financing leases	3.1	%	3.2	%

Following is a summary of the Company’s leases within the consolidated statements of operations:

	Fiscal Year
(in thousands)	2021		2020		2019
Operating lease costs	$	26,385	$	24,823	$	18,820
Short-term and variable leases	17,245		15,305		13,605
Depreciation expense from financing leases	5,656		4,678		5,967
Interest expense on financing lease obligations	2,301		1,728		2,714
Total lease cost	$	51,587	$	46,534	$	41,106

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:

(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less:  Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less:  Current portion of lease liabilities - operating and financing leases	22,048		6,060
Noncurrent portion of lease liabilities - operating and financing leases	$	122,046	$	65,006

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less:  Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less:  Current portion of lease liabilities - operating and financing leases	19,766		5,860
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984

Following is a summary of the Company’s leases within the consolidated statements of cash flows:

	Fiscal Year
(in thousands)	2021		2020		2019
Cash flows from operating activities impact:
Operating leases	$	27,642	$	24,718	$	18,138
Interest payments on financing lease obligations	2,301		1,728		2,714
Total cash flows from operating activities impact	$	29,943	$	26,446	$	20,852
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,778	$	5,861	$	8,656
Total cash flows from financing activities impact	$	4,778	$	5,861	$	8,656

As of December 31, 2021, the Company had four operating lease commitments that had not yet commenced. These lease commitments have a lease term of approximately three to five years and are expected to commence during the first quarter of 2022. The additional lease liability associated with these lease commitments is expected to be $6.1 million.