Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

11.    Leases

Operating Lease Obligations

The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2025, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term.

The following table provides a summary of leases included on the condensed consolidated balance sheets as of September 30, 2021 and 2020 and December 31, 2020, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows as of three and nine months ended September 30, 2021 and 2020:

	Condensed Consolidated Balance Sheets Line Item	September 30,				December 31,
(in thousands)		2021		2020		2020
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	41,513	$	41,453	$	45,792
Liabilities
Operating - current	Accrued expenses and other current liabilities	8,849		$	8,443	$	9,143
Operating - noncurrent	Operating lease liabilities	33,063		33,354		37,199
Total operating lease liabilities		$	41,912	$	41,797	$	46,342
Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,569	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,340)		(3,036)		(3,112)
Property and equipment, net	Property, plant and equipment, net	$	229	$	533	$	457
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	$	—	$	771	$	384
Total finance lease liabilities		$	—	$	771	$	384

The components of lease expense were as follows:

	Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2021		2020		2021		2020
Operating lease cost	General administrative expenses and      cost of sales	$	2,958	$	2,736	$	8,570	$	7,708
Finance lease cost:
Amortization of right-of-use         assets	General administrative expenses	$	2	$	218	$	215	$	654
Interest on lease liabilities	Interest expense, net	—		7		2		28
Total finance lease		$	2	$	225	$	217	$	682

Other Information

Supplemental cash flow information related to leases as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,919	$	2,611	$	8,417	$	7,395
Finance cash flows for finance leases	2		290		291		870
Operating right-of-use assets obtained in exchange for lease      obligations during the current period	926		7,155		5,624		14,312

The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2021:

(in thousands)	Operating Leases
Remaining three months of 2021	$	2,822
2022	10,058
2023	7,662
2024	5,872
2025	5,063
Thereafter	17,852
Total lease payments	49,329
Less: Present value discount	(7,417)
Total lease liabilities	$	41,912

The following table summarizes the Company's lease terms and discount rates as of September 30, 2021 and 2020:

Weighted-average remaining lease terms (in years):	2021		2020
Operating leases	6.77		7.03
Finance leases	0.0		0.71
Weighted-average discount rate:
Operating leases	5.26	%	5.3	%
Finance leases	—	%	3.27	%

Leases

Leases

Operating Lease Obligations

The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2025, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term.

The following table provides a summary of leases included on the condensed consolidated balance sheets as of September 30, 2021 and 2020 and December 31, 2020, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows as of three and nine months ended September 30, 2021 and 2020:

	Condensed Consolidated Balance Sheets Line Item	September 30,				December 31,
(in thousands)		2021		2020		2020
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	41,513	$	41,453	$	45,792
Liabilities
Operating - current	Accrued expenses and other current liabilities	8,849		$	8,443	$	9,143
Operating - noncurrent	Operating lease liabilities	33,063		33,354		37,199
Total operating lease liabilities		$	41,912	$	41,797	$	46,342
Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,569	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,340)		(3,036)		(3,112)
Property and equipment, net	Property, plant and equipment, net	$	229	$	533	$	457
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	$	—	$	771	$	384
Total finance lease liabilities		$	—	$	771	$	384

The components of lease expense were as follows:

	Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2021		2020		2021		2020
Operating lease cost	General administrative expenses and      cost of sales	$	2,958	$	2,736	$	8,570	$	7,708
Finance lease cost:
Amortization of right-of-use         assets	General administrative expenses	$	2	$	218	$	215	$	654
Interest on lease liabilities	Interest expense, net	—		7		2		28
Total finance lease		$	2	$	225	$	217	$	682

Other Information

Supplemental cash flow information related to leases as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,919	$	2,611	$	8,417	$	7,395
Finance cash flows for finance leases	2		290		291		870
Operating right-of-use assets obtained in exchange for lease      obligations during the current period	926		7,155		5,624		14,312

The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2021:

(in thousands)	Operating Leases
Remaining three months of 2021	$	2,822
2022	10,058
2023	7,662
2024	5,872
2025	5,063
Thereafter	17,852
Total lease payments	49,329
Less: Present value discount	(7,417)
Total lease liabilities	$	41,912

The following table summarizes the Company's lease terms and discount rates as of September 30, 2021 and 2020:

Weighted-average remaining lease terms (in years):	2021		2020
Operating leases	6.77		7.03
Finance leases	0.0		0.71
Weighted-average discount rate:
Operating leases	5.26	%	5.3	%
Finance leases	—	%	3.27	%