Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Components of Lease Expenses , and Lease Assets and Liabilities

The components of lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Finance lease cost:
Amortization of right-of-use assets (included in depreciation expense)	$	—	$	24	$	48	$	72
Interest on lease liabilities		5		7		16		22
Operating lease cost		4,891		4,278		13,797		12,977
Short-term lease cost		183		64		473		208
Variable lease cost		442		466		1,334		1,408
Total lease cost	$	5,521	$	4,839	$	15,668	$	14,687

Lease assets and liabilities as of September 30, 2023 and December 31, 2022 were as follows:

	September 30,			December 31,
(dollars in thousands)	2023			2022
Finance lease right-of-use assets (included in other assets, net)	$	—		$	664
Operating lease right-of-use assets	$	122,104		$	93,081
Finance lease liabilities, current (included in current installments of long-term debt)	$	179		$	173
Finance lease liabilities, noncurrent (included in long-term debt)	$	221		$	355
Operating lease liabilities, current (included in accrued liabilities)	$	14,281		$	12,020
Operating lease liabilities, noncurrent	$	114,279		$	86,687
Weighted average remaining lease term – finance leases	2.2 years			2.9 years
Weighted average remaining lease term – operating leases	9.7 years			9.8 years
Weighted average discount rate – finance leases		4.8	%		4.8	%
Weighted average discount rate – operating leases		4.4	%		4.1	%

Summary of Operating Lease Supplemental Cash Flow Information

	Nine Months Ended September 30,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	13,196	$	13,462
Operating cash flows used for finance lease	$	16	$	22
Financing cash flows used for finance lease	$	129	$	123
Right-of-use assets obtained in exchange for new operating lease liabilities	$	39,849	$	11,525

Future Annual Minimum Operating Lease Payments and Finance Lease Commitments

Future annual minimum operating lease payments and finance lease commitments as of September 30, 2023 were as follows (in thousands):

Year ending December 31,	Operating Leases			Finance Leases
2023 (remaining three months)	$	4,318		$	48
2024		19,547			194
2025		18,876			177
2026		15,480			—
2027		14,357			—
2028 and thereafter		87,187			—
Total minimum lease payments		159,765			419
Less: imputed interest		(31,205	)		(19	)
Total present value of lease liabilities	$	128,560		$	400