Leases (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Lease Cost, Weighted Average Remaining Term and Discount Rate and Supplemental Cash Flow Information Related to Leases

The following table summarizes the amounts recognized in the Company's Consolidated Balance Sheets related to leases:


		December 31,
(in thousands)	Consolidated Balance Sheet Classification	2021		2020
Assets
Operating lease assets	Right of use assets, net	$	52,146	$	33,387
Finance lease assets	Property, plant and equipment, net	23,895		25,921
Total leased assets		76,041		59,308

Liabilities
Current operating leases	Accrued expenses and other current liabilities	19,580		12,588
Non-current operating leases	Long-term lease liabilities	31,322		19,835
Total operating lease liabilities		50,902		32,423

Current finance leases	Current maturities of long-term debt	2,118		2,564
Non-current finance leases	Long-term debt	10,762		22,522
Total finance lease liabilities		12,880		25,086
Total lease liabilities		$	63,782	$	57,509

The components of lease cost recognized within the Company's Consolidated Statement of Operations were as follows:


		Year Ended December 31,
(in thousands)	Consolidated Statement of Operations Classification	2021		2020		2019
Lease cost:
Operating lease cost	Cost of sales and merchandising revenues	$	13,016	$	10,968	$	9,469
Operating lease cost	Operating, administrative and general expenses	10,324		10,678		13,517
Finance lease cost
Amortization of right-of-use assets	Cost of sales and merchandising revenues	978		932		111
Amortization of right-of-use assets	Operating, administrative and general expenses	1,008		1,008		1,008
Interest expense on lease liabilities	Interest expense, net	679		859		637
Short-term lease cost	Cost of sales and merchandising revenues	1,349		66		—
Variable lease cost	Cost of sales and merchandising revenues	458		80		—
Variable lease cost	Operating, administrative and general expenses	231		260		197
Total lease cost		$	28,043	$	24,851	$	24,939

The Company often has the option to renew lease terms for buildings and other assets. The exercise of a lease renewal option is generally at the sole discretion of the Company. In addition, certain lease agreements may be terminated prior to their original expiration date at the discretion of the Company. Each renewal and termination option is evaluated at the lease commencement date to determine if the Company is reasonably certain to exercise the option on the basis of economic factors. The following table summarizes the weighted-average remaining lease terms:


	As of December 31,
Weighted-Average Remaining Lease Term	2021	2020
Operating leases	3.9 years	4.4 years
Finance leases	7.2 years	8.5 years

The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral. The following table summarizes the weighted-average discount rate used to measure the Company's lease liabilities:


	As of December 31,
Weighted-Average Discount Rate	2021		2020
Operating leases	2.63	%	3.67	%
Finance leases	3.30	%	3.84	%

Supplemental Cash Flow Information Related to Leases


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,304	$	28,444	$	25,304
Operating cash flows from finance leases	—		1,289		1,023
Financing cash flows from finance leases	12,538		4,115		1,973
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	35,024		15,160		29,427
Finance leases	364		4,972		16,998

Schedule of Maturity Analysis of Operating Lease Liabilities

Maturity Analysis of Leases Liabilities


	December 31, 2021
(in thousands)	Operating Leases		Finance Leases		Total
2022	$	20,639	$	2,521	$	23,160
2023	13,797		2,305		16,102
2024	8,121		2,175		10,296
2025	4,974		1,406		6,380
2026	2,434		1,384		3,818
Thereafter	3,881		4,773		8,654
Total lease payments	53,846		14,564		68,410
Less: interest	2,944		1,684		4,628
Total	$	50,902	$	12,880	$	63,782


	December 31, 2020
(in thousands)	Operating Leases		Finance Leases		Total
2021	$	13,428	$	3,274	$	16,702
2022	9,435		3,281		12,716
2023	5,222		3,282		8,504
2024	3,082		3,154		6,236
2025	563		2,210		2,773
Thereafter	2,404		14,008		16,412
Total lease payments	34,134		29,209		63,343
Less: interest	1,711		4,123		5,834
Total	$	32,423	$	25,086	$	57,509

Schedule of Maturity Analysis of Finance Lease Liabilities

Maturity Analysis of Leases Liabilities


	December 31, 2021
(in thousands)	Operating Leases		Finance Leases		Total
2022	$	20,639	$	2,521	$	23,160
2023	13,797		2,305		16,102
2024	8,121		2,175		10,296
2025	4,974		1,406		6,380
2026	2,434		1,384		3,818
Thereafter	3,881		4,773		8,654
Total lease payments	53,846		14,564		68,410
Less: interest	2,944		1,684		4,628
Total	$	50,902	$	12,880	$	63,782


	December 31, 2020
(in thousands)	Operating Leases		Finance Leases		Total
2021	$	13,428	$	3,274	$	16,702
2022	9,435		3,281		12,716
2023	5,222		3,282		8,504
2024	3,082		3,154		6,236
2025	563		2,210		2,773
Thereafter	2,404		14,008		16,412
Total lease payments	34,134		29,209		63,343
Less: interest	1,711		4,123		5,834
Total	$	32,423	$	25,086	$	57,509