Note 17 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

17.         Leases

We are a lessee for numerous operating leases, primarily related to real estate, transportation and equipment. The terms and conditions for these leases vary by the type of underlying asset. The vast majority of our operating leases have terms ranging between one and fifteen years, some of which include options to extend the leases, and some of which include options to terminate the leases. We include the renewal or termination options in the lease terms, when it is reasonably certain that we will exercise that option. We also lease certain real estate and equipment under finance leases. Our lease contracts generally do not provide any guaranteed residual values.

The accounting for some of our leases may require significant judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options.

The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2022, 2021 and 2020, along with other supplemental information about our existing leases (in thousands, except years and percentages):

	Year Ended December 31,
	2022		2021		2020
Components of lease expenses:
Finance lease expense:
Amortization of right of use assets	$	1,352	$	967	$	1,649
Interest incurred on lease liabilities		2,006		2,246		2,386
Operating lease expense		26,231		21,479		19,870
Short term lease expense		84,045		54,756		56,156
Total lease expense	$	113,634	$	79,448	$	80,061

	December 31,
	2022			2021			2020
Other supplementary information (in thousands, except years and discount rates):
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	28,454		$	25,348		$	23,134
Right-of-use assets obtained in an exchange for lease obligations
Operating leases	$	15,051		$	8,529		$	8,917
Weighted average remaining lease term:
Operating leases		6.9			7.3			8.5
Finance leases		10.1			11.0			11.7
Weighted average discount rate for operating leases		8.9	%		8.8	%		10.0	%
Weighted average discount rate for finance leases		12.9	%		13.1	%		13.5	%

The operating cash flows for finance leases approximates the interest expense for the year.

As of December 31, 2022, maturity of our lease liabilities are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Years ending December 31,
2023	$	25,486		$	3,026
2024		19,398			2,759
2025		13,365			2,703
2026		9,331			2,703
2027		8,033			2,680
Due after 5 years		35,584			13,069
	$	111,197		$	26,940
Less: amounts representing interest		(31,293	)		(12,120	)
Total	$	79,904		$	14,820
Short-term portion	$	19,057		$	1,047
Long-term portion		60,847			13,773
Total	$	79,904		$	14,820