| Leases |
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 | % | | |
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| Leases |
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 | % | | |
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