Leases

6 Months Ended

Jun. 30, 2022

NOTE 5 – LEASES

The Company has operating leases for facilities and equipment which have remaining terms ranging from 1 to 17 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in rent expense resulting from changes in these indices are included within variable rent.

The Company’s lease cost is recognized on a straight-line basis over the lease term. Lease cost consists of the following:

	Three Months Ended					Six Months Ended
	June 30, 2022			June 30, 2021		June 30, 2022			June 30, 2021
Operating lease cost	$	9,436		$	8,654	$	18,938		$	17,447
Short-term lease cost		144			105		277			236
Variable lease cost		27			9		47			19
Sublease income		(28	)		—		(38	)		—
Total lease cost	$	9,579		$	8,768	$	19,224		$	17,702

Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows:

June 30, 2023	$	28,496
June 30, 2024		22,070
June 30, 2025		22,521
June 30, 2026		21,639
June 30, 2027		18,864
Thereafter		148,714
Total future minimum lease payments		262,304
Less: Interest		(50,067	)
Total lease liabilities	$	212,237

Operating lease liabilities - current	$	26,267
Operating lease liabilities - non-current		185,970
Total lease liabilities	$	212,237

Other information related to operating leases is as follows:

	June 30, 2022			June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	19,983		$	9,102
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,885		$	772
Weighted-average remaining lease term
Operating leases		11.7			5.8
Weighted-average discount rate
Operating leases		3.2	%		3.3	%