Leases

3 Months Ended

Mar. 31, 2023

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:

	March 31, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	7.0 years		7.2 years
Financing leases	4.1 years		4.3 years
Weighted average discount rate:
Operating leases	3.6	%	3.6	%
Financing leases	5.2	%	5.2	%

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

	First Quarter
(in thousands)	2023		2022
Operating lease costs	$	8,273	$	7,303
Short-term and variable leases	3,765		3,580
Depreciation expense from financing leases	411		1,080
Interest expense on financing lease obligations	121		470
Total lease cost	$	12,570	$	12,433

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 March 31, 2023:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	23,953	$	2,071
2024	27,930		2,808
2025	21,844		2,869
2026	19,054		1,233
2027	17,227		338
Thereafter	51,372		965
Total minimum lease payments including interest	$	161,380	$	10,284
Less:  Amounts representing interest	21,019		1,020
Present value of minimum lease principal payments	140,361		9,264
Less:  Current portion of lease liabilities	27,321		2,347
Noncurrent portion of lease liabilities	$	113,040	$	6,917

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	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

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

	First Quarter
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	8,028	$	7,006
Interest payments on financing lease obligations	121		470
Total cash flows from operating activities impact	$	8,149	$	7,476
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	558	$	1,375
Total cash flows from financing activities impact	$	558	$	1,375

Leases

Leases

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

	March 31, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	7.0 years		7.2 years
Financing leases	4.1 years		4.3 years
Weighted average discount rate:
Operating leases	3.6	%	3.6	%
Financing leases	5.2	%	5.2	%

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

	First Quarter
(in thousands)	2023		2022
Operating lease costs	$	8,273	$	7,303
Short-term and variable leases	3,765		3,580
Depreciation expense from financing leases	411		1,080
Interest expense on financing lease obligations	121		470
Total lease cost	$	12,570	$	12,433

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 March 31, 2023:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	23,953	$	2,071
2024	27,930		2,808
2025	21,844		2,869
2026	19,054		1,233
2027	17,227		338
Thereafter	51,372		965
Total minimum lease payments including interest	$	161,380	$	10,284
Less:  Amounts representing interest	21,019		1,020
Present value of minimum lease principal payments	140,361		9,264
Less:  Current portion of lease liabilities	27,321		2,347
Noncurrent portion of lease liabilities	$	113,040	$	6,917

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	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

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

	First Quarter
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	8,028	$	7,006
Interest payments on financing lease obligations	121		470
Total cash flows from operating activities impact	$	8,149	$	7,476
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	558	$	1,375
Total cash flows from financing activities impact	$	558	$	1,375