Leases

12 Months Ended

Dec. 31, 2022

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)	2022		2021
Finance lease cost:
Amortization of right-of-use assets (included in depreciation expense)	$	96	$	444
Interest on lease liabilities		29		192
Operating lease cost		17,485		16,155
Short-term lease cost		307		339
Variable lease cost		1,892		1,737
Total lease cost	$	19,809	$	18,867


Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for finance lease	$	29	$	212
Operating cash flows used for operating leases	$	17,277	$	16,721
Financing cash flows used for finance lease	$	165	$	873
Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,694	$	32,811

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


	December 31,
	2022			2021
Finance lease right-of-use assets (included in other assets)	$	664		$	760
Operating lease right-of-use assets	$	93,081		$	99,158
Finance lease liability, current (included in current installments of long-term debt)	$	173		$	165
Finance lease liability, noncurrent (included in long-term debt)	$	355		$	529
Operating lease liabilities, current (included in accrued liabilities)	$	12,020		$	13,465
Operating lease liabilities, noncurrent	$	86,687		$	90,878
Weighted average remaining lease term – finance leases	2.9 years			3.9 years
Weighted average remaining lease term – operating leases	9.8 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 as of December 31, 2021 were as follows (in thousands):


Year ending December 31,	Operating Leases			Finance Leases
2023		14,949			194
2024		13,654			194
2025		12,869			178
2026		11,473			—
2027		10,369			—
2028 and thereafter		57,531			—
Total minimum lease payments	$	120,845		$	566
Less: imputed interest		(22,138	)		(38	)
Present value of lease liabilities	$	98,707		$	528

As of December 31, 2022, the Company’s future operating leases that have not yet commenced include a new facility lease in an existing location in the Americas which expires 2032 and contains renewal options. The aggregate amount of the initial annual minimum lease payments of this lease is approximately $2.4 million.