LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Balance sheets information related to leases

Leases were reflected on the consolidated balance sheets as follows at December 31:


(in thousands)	2021			2020
Operating leases:
Operating lease assets	$	58,236		$	35,906

Accrued liabilities	$	14,852		$	11,589
Operating lease liabilities	56,444			28,344
Total operating lease liabilities	$	71,296		$	39,933
Weighted-average remaining lease term (in years)	5.6			4.7
Weighted-average discount rate	4.7		%	3.1		%

Finance leases:
Property, plant and equipment, gross	$	33,359		$	6,970
Accumulated depreciation	(7,076)			(6,324)
Property, plant and equipment, net	$	26,283		$	646

Accrued liabilities	$	531		$	459
Other non-current liabilities	27,406			140
Total finance lease liabilities	$	27,937		$	599
Weighted-average remaining lease term (in years)	15.6			1.5
Weighted-average discount rate	6.0		%	2.0		%

Components of lease expense

The components of lease expense for the years ended December 31 were as follows:


(in thousands)	2021		2020		2019
Operating lease expense	$	17,485	$	20,928	$	19,113

Finance lease expense:
Amortization of right-of-use assets	$	1,283	$	751	$	915
Interest on lease liabilities	829		20		37
Total finance lease expense	$	2,112	$	771	$	952

Statements of cash flows information related to leases

Supplemental cash flow information related to leases for the years ended December 31 was as follows:


(in thousands)	2021		2020		2019
Lease assets obtained in exchange for lease obligations:
Operating leases(1)	$	38,630	$	11,000	$	11,637
Finance leases(2)	26,941		—		350

Cash paid for amounts included in lease obligations:
Operating cash flows from operating leases(3)	$	8,444	$	19,026	$	17,737
Operating cash flows from finance leases	8		20		37
Financing cash flows from finance leases	421		735		883

(1) Operating lease assets obtained during 2021 included $24,396 acquired in conjunction with the acquisition of First American in June 2021 (Note 6).

(2) Finance lease assets obtained during 2021 consisted of a lease on our corporate headquarters located in Minnesota that commenced in July 2021.

(3) Cash paid for operating leases during 2021 was reduced by lease incentives received of $9,410.

Maturities of lease liabilities

Maturities of lease liabilities were as follows at December 31, 2021:


(in thousands)	Operating lease obligations		Finance lease obligations
2022	$	18,793	$	1,313
2023	14,628		2,709
2024	13,479		2,743
2025	11,326		2,777
2026	10,353		2,812
Thereafter	17,096		31,879
Total lease payments	85,675		44,233
Less lease incentive receivable	(2,458)		—
Less imputed interest	(11,921)		(16,296)
Present value of lease payments	$	71,296	$	27,937