Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

NOTE 11 – Leases

The Company leases certain assets used in its business, including land, buildings and equipment. These leased assets are used for operational and administrative purposes.

The components of lease expense are set forth in the table below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Operating lease expense	$	3,331	$	3,349	$	6,604	$	6,859
Finance lease expense:
Amortization of assets		8		3		15		5
Interest on lease liabilities		1		–		2		–
Short-term lease expense		527		256		705		526
Variable lease expense		1,050		862		2,080		1,837
Total lease expense	$	4,917	$	4,470	$	9,406	$	9,227

The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion:

	June 30, 2023			December 31, 2022
Operating leases:
Operating lease ROU assets	$	54,137		$	43,907
Current operating lease liabilities		8,726			7,390
Noncurrent operating lease liabilities		29,959			20,765
Total operating lease liabilities	$	38,685		$	28,155
Finance leases:
Finance lease ROU assets	$	2,627		$	2,618
Accumulated amortization		(2,552	)		(2,542	)
Finance lease ROU assets, net	$	75		$	76
Current finance lease liabilities	$	37		$	30
Non-current finance lease liabilities		40			46
Total finance lease liabilities	$	77		$	76
Weighted average remaining lease term (in years):
Operating leases		7.7			8.2
Finance leases		2.2			2.6
Weighted average discount rate:
Operating leases		4.1	%		4.2	%
Finance leases		3.6	%		3.6	%

The table below sets forth supplemental cash flow and other information related to leases:

	Six Months Ended
	June 30, 2023		June 30, 2022
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	9,242	$	9,494
Operating cash outflows from finance leases		2		–
Financing cash outflow from finance leases		23		12
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		13,013		2,186

The table below sets forth information about lease liability maturities:

	June 30, 2023
	Operating Leases			Finance Leases
2023	$	6,622		$	20
2024		9,018			37
2025		7,668			21
2026		5,918			2
2027		3,728			-
2028		1,676			-
2029 and thereafter		11,016			-
Total lease payments		45,646			80
Less: imputed interest		(6,961	)		(3	)
Total lease obligations		38,685			77
Less: current obligations		(8,726	)		(37	)
Long-term lease obligations	$	29,959		$	40