XML 32 R20.htm IDEA: XBRL DOCUMENT v3.22.0.1
Leases and Commitments
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases and Contingencies LEASES AND COMMITMENTS
Operating Leases:
The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of December 31, 2021 and 2020, respectively, or for the years then ended.
Our leases relating to office and warehouse space have terms of 19 months to 126 months. Our leases relating to equipment have lease terms of 24 months to 203 months, with certain of them having clauses relating to automatic renewal.
The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred.
The operating lease expense was $5.6 million, $3.6 million and $3.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):
20212020
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flow used in operating leases$4,504 $3,775 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$18,872 $887 
As of December 31, 2021, the weighted average remaining lease term was 5.4 years and the weighted average discount rate was 2.1%.
The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2021 (in thousands):
2022$7,130 
20236,207 
20245,693 
20255,825 
20264,160 
Thereafter5,412 
Total lease payments$34,427 
Less: imputed interest(1,884)
Total $32,543 
Unconditional purchase obligations:
At December 31, 2021, the Company had $198.9 million in unconditional purchase obligations primarily for inventories, outsourced information technology and Coach events.