Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Leases

We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from three years to five years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of March 31, 2023 and December 31, 2022, total operating and financed right-of-use assets were $220,740 and $138,108, and $310,162 and $168,750, respectively.

As of March 31, 2023 and 2022, we recorded $30,642 and $24,259, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for operating lease liabilities	$	85,650
Weighted-average remaining lease term	2.0 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2023
2023 (remainder of year)	207,955
2024	16,236
2025	5,251
2026	1,590
	231,032
Less imputed interest	(9,052)
Total lease liabilities	$	221,980

Information related to our financed lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for finance lease liabilities	$	37,073
Weighted-average remaining lease term	1.8 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2023
2023 (remainder of the year)	68,397
2024	56,180
2025	18,491
	143,068
Less imputed interest	(5,935)
Total lease liabilities	$	137,133

Leases

Leases

We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from three years to five years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of March 31, 2023 and December 31, 2022, total operating and financed right-of-use assets were $220,740 and $138,108, and $310,162 and $168,750, respectively.

As of March 31, 2023 and 2022, we recorded $30,642 and $24,259, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for operating lease liabilities	$	85,650
Weighted-average remaining lease term	2.0 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2023
2023 (remainder of year)	207,955
2024	16,236
2025	5,251
2026	1,590
	231,032
Less imputed interest	(9,052)
Total lease liabilities	$	221,980

Information related to our financed lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for finance lease liabilities	$	37,073
Weighted-average remaining lease term	1.8 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2023
2023 (remainder of the year)	68,397
2024	56,180
2025	18,491
	143,068
Less imputed interest	(5,935)
Total lease liabilities	$	137,133