Commitments and Contingencies (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
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Schedule of Lease Expense and Other Information Related to Leases |
The components of lease expense were as follows (in thousands):
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For the Year Ended December 31, |
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2022 |
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2021 |
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2020 |
Finance lease cost: |
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Amortization of right-of-use assets |
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$ |
15,873 |
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$ |
13,358 |
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$ |
10,151 |
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Interest on lease liabilities |
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1,127 |
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958 |
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|
890 |
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Operating lease cost |
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31,966 |
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26,906 |
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15,592 |
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Short-term lease cost |
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2,602 |
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4,819 |
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|
689 |
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Variable lease cost |
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9,246 |
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7,261 |
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4,135 |
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Sublease income |
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(3,780) |
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(1,095) |
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(782) |
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Total lease cost |
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$ |
57,034 |
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$ |
52,207 |
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$ |
30,675 |
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Other information related to leases was as follows (in thousands):
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For the Year Ended December 31, |
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2022 |
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2021 |
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2020 |
Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
34,233 |
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$ |
28,230 |
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$ |
15,756 |
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Operating cash flows from finance leases |
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896 |
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952 |
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854 |
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Financing cash flows from finance leases |
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14,146 |
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12,352 |
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10,578 |
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Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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38,543 |
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41,068 |
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2,071 |
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Finance leases |
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21,030 |
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11,055 |
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4,265 |
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Weighted average remaining lease term (years): |
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Operating leases |
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5.26 |
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6.15 |
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7.24 |
Finance leases |
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2.86 |
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2.47 |
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2.59 |
Weighted average discount rate: |
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Operating leases |
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3.8 |
% |
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3.8 |
% |
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4.2 |
% |
Finance leases |
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3.7 |
% |
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3.1 |
% |
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4.3 |
% |
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Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases |
Future minimum lease commitments under non-cancellable leases as of December 31, 2022 were as follows (in thousands):
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Operating Leases |
Sublease Income |
Net Operating Leases |
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Finance leases |
2023 |
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$ |
35,769 |
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$ |
4,338 |
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$ |
31,431 |
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$ |
12,229 |
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2024 |
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29,269 |
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2,774 |
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26,495 |
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8,897 |
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2025 |
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25,158 |
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1,459 |
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23,699 |
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6,554 |
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2026 |
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21,815 |
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975 |
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20,840 |
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2,461 |
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2027 |
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12,699 |
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838 |
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11,861 |
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89 |
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Thereafter |
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21,060 |
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— |
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21,060 |
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2 |
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Total future lease payments |
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145,770 |
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10,384 |
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135,386 |
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30,232 |
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Less: Amount representing interest |
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(13,695) |
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— |
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(13,695) |
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(1,486) |
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Present value of future payments |
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132,075 |
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10,384 |
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121,691 |
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28,746 |
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Less: Amount for tenant incentives |
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— |
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— |
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— |
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— |
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Revised Present value of future payments |
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132,075 |
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10,384 |
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121,691 |
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28,746 |
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Less: Current portion |
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(31,307) |
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(4,338) |
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(26,969) |
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(11,444) |
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Long term portion |
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$ |
100,768 |
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$ |
6,046 |
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$ |
94,722 |
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$ |
17,302 |
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Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases |
Future minimum lease commitments under non-cancellable leases as of December 31, 2022 were as follows (in thousands):
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Operating Leases |
Sublease Income |
Net Operating Leases |
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Finance leases |
2023 |
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$ |
35,769 |
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$ |
4,338 |
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$ |
31,431 |
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$ |
12,229 |
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2024 |
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29,269 |
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2,774 |
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26,495 |
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8,897 |
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2025 |
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25,158 |
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1,459 |
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23,699 |
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6,554 |
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2026 |
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21,815 |
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975 |
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20,840 |
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2,461 |
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2027 |
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12,699 |
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838 |
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11,861 |
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|
89 |
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Thereafter |
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21,060 |
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— |
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21,060 |
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2 |
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Total future lease payments |
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145,770 |
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10,384 |
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135,386 |
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30,232 |
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Less: Amount representing interest |
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(13,695) |
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— |
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(13,695) |
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(1,486) |
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Present value of future payments |
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132,075 |
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10,384 |
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121,691 |
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28,746 |
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Less: Amount for tenant incentives |
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— |
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— |
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— |
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— |
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Revised Present value of future payments |
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132,075 |
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10,384 |
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121,691 |
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28,746 |
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Less: Current portion |
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(31,307) |
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(4,338) |
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(26,969) |
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(11,444) |
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Long term portion |
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$ |
100,768 |
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$ |
6,046 |
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$ |
94,722 |
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$ |
17,302 |
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