Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases Within Condensed Consolidated Statement of Operations

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

	September 30, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	7.5 years		8.3 years
Financing leases	4.6 years		12.5 years
Weighted average discount rate:
Operating leases	3.6	%	3.6	%
Financing leases	5.2	%	3.1	%

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

	Third Quarter				First Nine Months
(in thousands)	2022		2021		2022		2021
Operating lease costs	$	7,750	$	6,828	$	22,389	$	19,647
Short-term and variable leases	3,731		4,561		11,006		12,932
Depreciation expense from financing leases	411		1,414		1,903		4,242
Interest expense on financing lease obligations	139		575		753		1,738
Total lease cost	$	12,031	$	13,378	$	36,051	$	38,559

Summary of Future Minimum Lease Payments for Noncancelable Operating Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 30, 2022:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2022	$	7,160	$	678
2023	30,211		2,750
2024	25,409		2,808
2025	19,582		2,869
2026	18,332		1,233
Thereafter	68,457		1,304
Total minimum lease payments including interest	$	169,151	$	11,642
Less:  Amounts representing interest	23,069		1,273
Present value of minimum lease principal payments	146,082		10,369
Less:  Current portion of lease liabilities	26,465		2,259
Noncurrent portion of lease liabilities	$	119,617	$	8,110

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	22,048		6,060
Noncurrent portion of lease liabilities	$	122,046	$	65,006

Summary of Future Minimum Lease Payments for Noncancelable Finance Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 30, 2022:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2022	$	7,160	$	678
2023	30,211		2,750
2024	25,409		2,808
2025	19,582		2,869
2026	18,332		1,233
Thereafter	68,457		1,304
Total minimum lease payments including interest	$	169,151	$	11,642
Less:  Amounts representing interest	23,069		1,273
Present value of minimum lease principal payments	146,082		10,369
Less:  Current portion of lease liabilities	26,465		2,259
Noncurrent portion of lease liabilities	$	119,617	$	8,110

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	22,048		6,060
Noncurrent portion of lease liabilities	$	122,046	$	65,006

Summary of Leases Within Condensed Consolidated Statement of Cash Flow

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

	First Nine Months
(in thousands)	2022		2021
Cash flows from operating activities impact:
Operating leases	$	21,502	$	21,112
Interest payments on financing lease obligations	753		1,738
Total cash flows from operating activities impact	$	22,255	$	22,850
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	2,441	$	3,567
Total cash flows from financing activities impact	$	2,441	$	3,567