Leases

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	7.2 years		8.3 years
Financing leases	4.3 years		12.5 years
Weighted average discount rate:
Operating leases	3.6	%	3.6	%
Financing leases	5.2	%	3.1	%

On March 17, 2022, the Company terminated its financing lease for the Snyder Production Center, which was scheduled to expire on December 31, 2035. See Note 2 for additional information on the lease termination.

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

	Fiscal Year
(in thousands)	2022		2021		2020
Operating lease costs	$	30,484	$	26,385	$	24,823
Short-term and variable leases	15,065		17,245		15,305
Depreciation expense from financing leases	2,315		5,656		4,678
Interest expense on financing lease obligations	884		2,301		1,728
Total lease cost	$	48,748	$	51,587	$	46,534

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, 2022:

(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less:  Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less:  Current portion of lease liabilities - operating and financing leases	27,635		2,303
Noncurrent portion of lease liabilities - operating and financing leases	$	118,763	$	7,519

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 the Company’s leases within the consolidated statements of cash flows:

	Fiscal Year
(in thousands)	2022		2021		2020
Cash flows from operating activities impact:
Operating leases	$	28,891	$	27,642	$	24,718
Interest payments on financing lease obligations	884		2,301		1,728
Total cash flows from operating activities impact	$	29,775	$	29,943	$	26,446
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	2,988	$	4,778	$	5,861
Total cash flows from financing activities impact	$	2,988	$	4,778	$	5,861

The Company did not enter into any material operating lease commitments subsequent to year-end.

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, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	7.2 years		8.3 years
Financing leases	4.3 years		12.5 years
Weighted average discount rate:
Operating leases	3.6	%	3.6	%
Financing leases	5.2	%	3.1	%

On March 17, 2022, the Company terminated its financing lease for the Snyder Production Center, which was scheduled to expire on December 31, 2035. See Note 2 for additional information on the lease termination.

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

	Fiscal Year
(in thousands)	2022		2021		2020
Operating lease costs	$	30,484	$	26,385	$	24,823
Short-term and variable leases	15,065		17,245		15,305
Depreciation expense from financing leases	2,315		5,656		4,678
Interest expense on financing lease obligations	884		2,301		1,728
Total lease cost	$	48,748	$	51,587	$	46,534

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, 2022:

(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less:  Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less:  Current portion of lease liabilities - operating and financing leases	27,635		2,303
Noncurrent portion of lease liabilities - operating and financing leases	$	118,763	$	7,519

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 the Company’s leases within the consolidated statements of cash flows:

	Fiscal Year
(in thousands)	2022		2021		2020
Cash flows from operating activities impact:
Operating leases	$	28,891	$	27,642	$	24,718
Interest payments on financing lease obligations	884		2,301		1,728
Total cash flows from operating activities impact	$	29,775	$	29,943	$	26,446
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	2,988	$	4,778	$	5,861
Total cash flows from financing activities impact	$	2,988	$	4,778	$	5,861

The Company did not enter into any material operating lease commitments subsequent to year-end.