Leases

12 Months Ended

Dec. 31, 2021

Note 6 – Leases

The Company determines if a contract is or contains a lease at inception. The Company has entered into leases for certain facilities, vehicles and other equipment. The Company’s leases consist mainly of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2021		2020
Finance lease cost:
Amortization of right-of-use assets (included in depreciation expense)	$	444	$	727
Interest on lease liabilities		192		428
Operating lease cost		16,155		15,930
Short-term lease cost		339		573
Variable lease cost		1,737		1,748
Total lease cost	$	18,867	$	19,406


Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for finance lease	$	212	$	462
Operating cash flows used for operating leases	$	16,721	$	15,627
Financing cash flows used for finance lease	$	873	$	1,351
Right-of-use assets obtained in exchange for new operating lease liabilities	$	32,811	$	17,607

The lease assets and liabilities as of December 31, 2021 were as follows (in thousands):


	December 31,
	2021			2020
Finance lease right-of-use assets (included in other assets)	$	760		$	2,448
Operating lease right-of-use assets	$	99,158		$	79,966
Finance lease liability, current (included in current installments of long-term debt)	$	165		$	1,661
Finance lease liability, noncurrent (included in long-term debt)	$	529		$	2,832
Operating lease liabilities, current (included in accrued liabilities)	$	13,465		$	11,516
Operating lease liabilities, noncurrent	$	90,878		$	72,120
Weighted average remaining lease term – finance leases	3.9 years			3.0 years
Weighted average remaining lease term – operating leases	10.0 years			10.0 years
Weighted average discount rate – finance leases		4.8	%		9.0	%
Weighted average discount rate – operating leases		4.1	%		4.4	%

Future annual minimum lease payments and finance lease commitments as of December 31, 2021 were as follows (in thousands):


Year ending December 31,	Operating Leases			Finance Leases
2022		16,516			194
2023		15,030			194
2024		13,554			194
2025		12,573			178
2026		10,324			—
2027 and thereafter		60,339			—
Total minimum lease payments	$	128,336		$	760
Less: imputed interest		(23,993	)		(66	)
Present value of lease liabilities	$	104,343		$	694

As of December 31, 2021, the Company’s future operating leases that have not yet commenced are immaterial.