Leases

12 Months Ended

Dec. 31, 2023

Note 6 – Leases

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

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Finance lease costs:
Amortization of right-of-use assets (included in depreciation expense)	$	48	$	96	$	444
Interest on lease liabilities		21		29		192
Operating lease costs		19,280		17,485		16,155
Short-term lease costs		618		307		339
Variable lease costs		1,770		1,892		1,737
Total lease costs	$	21,737	$	19,809	$	18,867

A summary of cash flow information related to leases follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	17,702	$	17,277	$	16,721
Operating cash flows used for finance leases		21		29		212
Financing cash flows used for finance leases		173		165		873
Right-of-use assets obtained in exchange for new operating lease liabilities		56,834		11,694		32,811

A summary of other information about our leases follows:


	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	$	130,830		$	93,081
Finance lease liabilities, current (included in current installments of long-term debt)	$	181		$	173
Finance lease liabilities, noncurrent (included in long-term debt)	$	174		$	355
Operating lease liabilities, current (included in accrued liabilities)	$	15,486		$	12,020
Operating lease liabilities, noncurrent	$	123,385		$	86,687
Weighted average remaining lease term – finance leases	1.9 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		4.5	%		4.1	%

A summary of the Company's future annual minimum lease payments as of December 31, 2023 follows (in thousands):


Year ending December 31,	Operating Leases			Finance Leases
2024	$	20,741		$	194
2025		20,025			178
2026		16,613			—
2027		15,467			—
2028		14,719			—
2029 and thereafter		85,385			—
Total minimum lease payments		172,950			372
Less: imputed interest		(34,079	)		(17	)
Total present value of lease liabilities	$	138,871		$	355

As of December 31, 2023, the Company had no significant lease commitments that had not yet commenced.