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Leases

12 Months Ended

Dec. 31, 2021

LeasesThe Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2026, some of which include options to extend the leases for up to five 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 consolidated balance sheets as of December 31, 2021 and 2020, and consolidated statements of earnings and comprehensive income, and consolidated statements of cash flows for the year ended December 31, 2021 and 2020:


	Consolidated Balance Sheets Line Item	At December 31,
		2021		2020
(in thousands)
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	45,438	$	45,792
Liabilities
Operating-current	Accrued expenses and other current liabilities	$	8,769	$	9,143
Operating-noncurrent	Operating lease liabilities	37,091		37,199
Total operating lease liabilities		$	45,860	$	46,342
Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,416)		(3,112)
Property and equipment, net	Property, plant and equipment, net	$	153	$	457
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	0		$	384

Total finance lease liabilities		$	0	$	384

The components of lease expense were as follows:


	Consolidated Statements of Operations Line Item	Years Ended December 31,
(in thousands)		2021		2020
Operating lease cost	General administrative expenses and cost of sales	$	11,704	$	9,804
Finance lease cost:
Amortization of right-of-use assets	General administrative expenses	$	324	$	864
Interest on lease liabilities	Interest expense, net	2		30
Total finance lease cost		$	326	$	894

Other information

Supplemental cash flow information related to leases is as follows:


	Years Ended December 31,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	11,443	$	9,306
Finance cash flows for finance leases	$	437	$	1,160
Operating right-of-use assets obtained in exchange for new lease liabilities

Operating leases	$	11,530	$	20,308

The following is a schedule, by years, of maturities for lease liabilities as of December 31, 2021:


(in thousands)	Operating Leases
2022	$	10,887
2023	8,579
2024	6,821
2025	5,861
2026	4,994
Thereafter	16,279
Total lease payments	53,421
Less: Present value discount	(7,561)
Total lease liabilities	$	45,860

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2021:


	Years Ended December 31,
	2021		2020
Weighted-average remaining lease terms (in years):
Operating leases	6.88		7.27
Finance leases	0.00		0.42
Weighted-average discount rate:
Operating leases	5.22	%	5.29	%
Finance leases	—	%	3.3	%

Leases


	Consolidated Balance Sheets Line Item	At December 31,
		2021		2020
(in thousands)
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	45,438	$	45,792
Liabilities
Operating-current	Accrued expenses and other current liabilities	$	8,769	$	9,143
Operating-noncurrent	Operating lease liabilities	37,091		37,199
Total operating lease liabilities		$	45,860	$	46,342
Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,416)		(3,112)
Property and equipment, net	Property, plant and equipment, net	$	153	$	457
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	0		$	384

Total finance lease liabilities		$	0	$	384

The components of lease expense were as follows:


	Consolidated Statements of Operations Line Item	Years Ended December 31,
(in thousands)		2021		2020
Operating lease cost	General administrative expenses and cost of sales	$	11,704	$	9,804
Finance lease cost:
Amortization of right-of-use assets	General administrative expenses	$	324	$	864
Interest on lease liabilities	Interest expense, net	2		30
Total finance lease cost		$	326	$	894

Other information

Supplemental cash flow information related to leases is as follows:


	Years Ended December 31,
(in thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	11,443	$	9,306
Finance cash flows for finance leases	$	437	$	1,160
Operating right-of-use assets obtained in exchange for new lease liabilities

Operating leases	$	11,530	$	20,308

The following is a schedule, by years, of maturities for lease liabilities as of December 31, 2021:


(in thousands)	Operating Leases
2022	$	10,887
2023	8,579
2024	6,821
2025	5,861
2026	4,994
Thereafter	16,279
Total lease payments	53,421
Less: Present value discount	(7,561)
Total lease liabilities	$	45,860

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2021:


	Years Ended December 31,
	2021		2020
Weighted-average remaining lease terms (in years):
Operating leases	6.88		7.27
Finance leases	0.00		0.42
Weighted-average discount rate:
Operating leases	5.22	%	5.29	%
Finance leases	—	%	3.3	%