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Leases (Tables)
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Components of lease expenses , lease assets and liabilities

The components of lease expense were as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets (included in depreciation expense)

$

24

 

 

$

24

 

 

$

72

 

 

$

420

 

Interest on lease liabilities

 

7

 

 

 

9

 

 

 

22

 

 

 

184

 

Operating lease cost

 

4,278

 

 

 

4,270

 

 

 

12,977

 

 

 

11,866

 

Short-term lease cost

 

64

 

 

 

90

 

 

 

208

 

 

 

281

 

Variable lease cost

 

466

 

 

 

410

 

 

 

1,408

 

 

 

1,324

 

Total lease cost

$

4,839

 

 

$

4,803

 

 

$

14,687

 

 

$

14,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

(in thousands)

 

September 30,
2022

 

 

September 30,
2021

 

Other information:

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows used for finance lease

 

$

22

 

 

$

203

 

Operating cash flows used for operating leases

 

$

13,462

 

 

$

12,870

 

Financing cash flows used for finance lease

 

$

123

 

 

$

833

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

11,525

 

 

$

32,398

 

The lease assets and liabilities as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Finance lease right-of-use assets (included in other assets)

 

$

688

 

 

$

760

 

Operating lease right-of-use assets

 

$

95,533

 

 

$

99,158

 

Finance lease liability, current (included in current installments of long-term debt)

 

$

171

 

 

$

165

 

Finance lease liability, noncurrent (included in long-term debt)

 

$

399

 

 

$

529

 

Operating lease liabilities, current (included in accrued liabilities)

 

$

12,097

 

 

$

13,465

 

Operating lease liabilities, noncurrent

 

$

87,983

 

 

$

90,878

 

Weighted average remaining lease term – finance leases

 

3.2 years

 

 

3.9 years

 

Weighted average remaining lease term – operating leases

 

9.9 years

 

 

10.0 years

 

Weighted average discount rate – finance leases

 

 

4.8

%

 

 

4.8

%

Weighted average discount rate – operating leases

 

 

4.1

%

 

 

4.1

%

Future annual minimum lease payments and finance lease commitments

Future annual minimum lease payments and finance lease commitments as of September 30, 2022 were as follows (in thousands):

 

Year ending December 31,

 

Operating
Leases

 

 

Finance
Leases

 

2022 (remaining three months)

 

 

3,550

 

 

 

48

 

2023

 

 

14,885

 

 

 

194

 

2024

 

 

13,417

 

 

 

194

 

2025

 

 

12,647

 

 

 

178

 

2026

 

 

11,269

 

 

 

—

 

2027 and thereafter

 

 

67,280

 

 

 

—

 

Total minimum lease payments

 

$

123,048

 

 

$

614

 

Less: imputed interest

 

 

(22,968

)

 

 

(44

)

Present value of lease liabilities

 

$

100,080

 

 

$

570