Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases Within Condensed Consolidated Statement of Operations

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	June 30, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	6.9 years		7.2 years
Financing leases	3.9 years		4.3 years
Weighted average discount rate:
Operating leases	3.7	%	3.6	%
Financing leases	5.2	%	5.2	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

	Second Quarter				First Half
(in thousands)	2023		2022		2023		2022
Operating lease costs	$	8,305	$	7,336	$	16,578	$	14,639
Short-term and variable leases	4,026		3,695		7,791		7,275
Depreciation expense from financing leases	411		412		822		1,492
Interest expense on financing lease obligations	116		144		237		614
Total lease cost	$	12,858	$	11,587	$	25,428	$	24,020

Summary of Future Minimum Lease Payments for Noncancelable Operating Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of June 30, 2023:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	15,853	$	1,383
2024	28,215		2,808
2025	22,249		2,869
2026	19,377		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	154,922	$	9,596
Less:  Amounts representing interest	19,982		904
Present value of minimum lease principal payments	134,940		8,692
Less:  Current portion of lease liabilities	26,440		2,393
Noncurrent portion of lease liabilities	$	108,500	$	6,299

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:

(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less:  Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less:  Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

Summary of Future Minimum Lease Payments for Noncancelable Finance Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of June 30, 2023:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	15,853	$	1,383
2024	28,215		2,808
2025	22,249		2,869
2026	19,377		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	154,922	$	9,596
Less:  Amounts representing interest	19,982		904
Present value of minimum lease principal payments	134,940		8,692
Less:  Current portion of lease liabilities	26,440		2,393
Noncurrent portion of lease liabilities	$	108,500	$	6,299

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:

(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less:  Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less:  Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

Summary of Leases Within Condensed Consolidated Statement of Cash Flow

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

	First Half
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	16,209	$	14,056
Interest payments on financing lease obligations	237		614
Total cash flows from operating activities impact	$	16,446	$	14,670
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,130	$	1,904
Total cash flows from financing activities impact	$	1,130	$	1,904