Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases

The components of lease expense were as follows:

(In thousands)	2022		2021		2020
Finance leases:
Amortization expense	$	3,938	$	2,510	$	1,523
Interest on lease liabilities	784		495		184
Operating leases	33,773		32,544		28,537
Variable and short-term leases	49,811		47,780		40,953
Sublease income	(6)		(53)		(202)
Total lease expense from continuing operations	$	88,300	$	83,276	$	70,995

Supplemental cash flow information related to leases was as follows:

(In thousands)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases (a)	$	34,420	$	33,645	$	28,057
Cash flows used by operating activities - Finance leases	798		517		184
Cash flows used by financing activities - Finance leases	3,975		2,330		1,183
ROU assets obtained in exchange for lease obligations:
Operating leases (b)	$	32,817	$	42,442	$	69,044
Finance leases	11,175		11,495		6,220

(a)     Cash flows include cash paid for operating leases of discontinued operations.

(b)     Cash flows include ROU assets of approximately $56 million that were recorded upon the acquisition of ESOL in 2020.

Supplemental balance sheet information related to leases was as follows: 

(In thousands)	2022		2021
Operating Leases (c):
Operating lease ROU assets	$	101,253	$	101,576
Current portion of operating lease liabilities	25,521		25,590
Operating lease liabilities	75,246		74,571
Finance Leases:
Property, plant and equipment, net	$	23,671	$	17,185
Current maturities of long-term debt	5,562		3,756
Long-term debt	18,832		13,736

(c) The 2021 operating lease ROU assets and operating lease liabilities include a $15 million adjustment to record certain leases for ESOL. These leases have been incorrectly treated as short term leases versus operating leases since ESOL's acquisition on April 6, 2020.

Supplemental additional information related to leases was as follows:

	2022		2021
Other information:
Weighted average remaining lease term - Operating leases (in years)	7.42		7.14
Weighted average remaining lease term - Finance leases (in years)	5.35		5.88
Weighted average discount rate - Operating leases	6.0	%	5.9	%
Weighted average discount rate - Finance leases	5.2	%	4.6	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2023	$	30,274	$	6,663
2024	24,099		6,284
2025	17,928		5,237
2026	13,416		3,923
2027	8,545		2,240
After 2027	34,233		3,868
Total lease payments	128,495		28,215
Less: Imputed interest	(27,728)		(3,821)
Total lease liabilities	$	100,767	$	24,394

The Company's leases, excluding short-term leases, have remaining terms of less than one year to 28 years, some of which include options to extend for up to 10 years, and some of which include options to terminate within one year. As of December 31, 2022, the Company has additional operating leases for property and equipment that have not yet commenced, with estimated ROU assets and lease liabilities of approximately $11 million to be recognized upon anticipated lease commencements in the first and second quarters of 2023. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.

Leases

Leases

The components of lease expense were as follows:

(In thousands)	2022		2021		2020
Finance leases:
Amortization expense	$	3,938	$	2,510	$	1,523
Interest on lease liabilities	784		495		184
Operating leases	33,773		32,544		28,537
Variable and short-term leases	49,811		47,780		40,953
Sublease income	(6)		(53)		(202)
Total lease expense from continuing operations	$	88,300	$	83,276	$	70,995

Supplemental cash flow information related to leases was as follows:

(In thousands)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases (a)	$	34,420	$	33,645	$	28,057
Cash flows used by operating activities - Finance leases	798		517		184
Cash flows used by financing activities - Finance leases	3,975		2,330		1,183
ROU assets obtained in exchange for lease obligations:
Operating leases (b)	$	32,817	$	42,442	$	69,044
Finance leases	11,175		11,495		6,220

(a)     Cash flows include cash paid for operating leases of discontinued operations.

(b)     Cash flows include ROU assets of approximately $56 million that were recorded upon the acquisition of ESOL in 2020.

Supplemental balance sheet information related to leases was as follows: 

(In thousands)	2022		2021
Operating Leases (c):
Operating lease ROU assets	$	101,253	$	101,576
Current portion of operating lease liabilities	25,521		25,590
Operating lease liabilities	75,246		74,571
Finance Leases:
Property, plant and equipment, net	$	23,671	$	17,185
Current maturities of long-term debt	5,562		3,756
Long-term debt	18,832		13,736

(c) The 2021 operating lease ROU assets and operating lease liabilities include a $15 million adjustment to record certain leases for ESOL. These leases have been incorrectly treated as short term leases versus operating leases since ESOL's acquisition on April 6, 2020.

Supplemental additional information related to leases was as follows:

	2022		2021
Other information:
Weighted average remaining lease term - Operating leases (in years)	7.42		7.14
Weighted average remaining lease term - Finance leases (in years)	5.35		5.88
Weighted average discount rate - Operating leases	6.0	%	5.9	%
Weighted average discount rate - Finance leases	5.2	%	4.6	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2023	$	30,274	$	6,663
2024	24,099		6,284
2025	17,928		5,237
2026	13,416		3,923
2027	8,545		2,240
After 2027	34,233		3,868
Total lease payments	128,495		28,215
Less: Imputed interest	(27,728)		(3,821)
Total lease liabilities	$	100,767	$	24,394

The Company's leases, excluding short-term leases, have remaining terms of less than one year to 28 years, some of which include options to extend for up to 10 years, and some of which include options to terminate within one year. As of December 31, 2022, the Company has additional operating leases for property and equipment that have not yet commenced, with estimated ROU assets and lease liabilities of approximately $11 million to be recognized upon anticipated lease commencements in the first and second quarters of 2023. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.

Leases

Leases

The components of lease expense were as follows:

(In thousands)	2022		2021		2020
Finance leases:
Amortization expense	$	3,938	$	2,510	$	1,523
Interest on lease liabilities	784		495		184
Operating leases	33,773		32,544		28,537
Variable and short-term leases	49,811		47,780		40,953
Sublease income	(6)		(53)		(202)
Total lease expense from continuing operations	$	88,300	$	83,276	$	70,995

Supplemental cash flow information related to leases was as follows:

(In thousands)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases (a)	$	34,420	$	33,645	$	28,057
Cash flows used by operating activities - Finance leases	798		517		184
Cash flows used by financing activities - Finance leases	3,975		2,330		1,183
ROU assets obtained in exchange for lease obligations:
Operating leases (b)	$	32,817	$	42,442	$	69,044
Finance leases	11,175		11,495		6,220

(a)     Cash flows include cash paid for operating leases of discontinued operations.

(b)     Cash flows include ROU assets of approximately $56 million that were recorded upon the acquisition of ESOL in 2020.

Supplemental balance sheet information related to leases was as follows: 

(In thousands)	2022		2021
Operating Leases (c):
Operating lease ROU assets	$	101,253	$	101,576
Current portion of operating lease liabilities	25,521		25,590
Operating lease liabilities	75,246		74,571
Finance Leases:
Property, plant and equipment, net	$	23,671	$	17,185
Current maturities of long-term debt	5,562		3,756
Long-term debt	18,832		13,736

(c) The 2021 operating lease ROU assets and operating lease liabilities include a $15 million adjustment to record certain leases for ESOL. These leases have been incorrectly treated as short term leases versus operating leases since ESOL's acquisition on April 6, 2020.

Supplemental additional information related to leases was as follows:

	2022		2021
Other information:
Weighted average remaining lease term - Operating leases (in years)	7.42		7.14
Weighted average remaining lease term - Finance leases (in years)	5.35		5.88
Weighted average discount rate - Operating leases	6.0	%	5.9	%
Weighted average discount rate - Finance leases	5.2	%	4.6	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2023	$	30,274	$	6,663
2024	24,099		6,284
2025	17,928		5,237
2026	13,416		3,923
2027	8,545		2,240
After 2027	34,233		3,868
Total lease payments	128,495		28,215
Less: Imputed interest	(27,728)		(3,821)
Total lease liabilities	$	100,767	$	24,394

The Company's leases, excluding short-term leases, have remaining terms of less than one year to 28 years, some of which include options to extend for up to 10 years, and some of which include options to terminate within one year. As of December 31, 2022, the Company has additional operating leases for property and equipment that have not yet commenced, with estimated ROU assets and lease liabilities of approximately $11 million to be recognized upon anticipated lease commencements in the first and second quarters of 2023. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.