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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Assets and Liabilities, Lessee

Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands):

 

 

 

Classification on the Balance Sheet

 

December 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating Lease Right-of-Use Assets, Net

 

$

90,950

 

 

$

112,187

 

Finance lease assets

 

Property and Equipment, Net

 

 

1,895

 

 

 

3,420

 

Total lease assets

 

 

 

$

92,845

 

 

$

115,607

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Operating lease liabilities, current portion

 

$

22,584

 

 

$

28,279

 

Finance [1]

 

Current portion of finance liabilities, long-term debt and non-recourse debt

 

 

697

 

 

 

1,866

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Operating Lease Liabilities

 

 

73,801

 

 

 

89,917

 

Finance [1]

 

Finance Lease Liabilities

 

 

1,280

 

 

 

1,977

 

Total lease liabilities

 

 

 

$

98,362

 

 

$

122,039

 

 

[1] Also refer to Note 12 - Debt.

Lease, Cost

Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands):

 

 

 

Year Ended
December 31, 2022

 

 

Year Ended
December 31, 2021

 

Operating lease cost

 

$

37,362

 

 

$

40,020

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

 

1,525

 

 

 

1,687

 

Interest on lease liabilities

 

 

119

 

 

 

287

 

Total finance lease cost

 

 

1,644

 

 

 

1,974

 

Short-term lease cost

 

 

4,869

 

 

 

350

 

Total lease cost

 

$

43,875

 

 

$

42,344

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

37,836

 

 

$

38,874

 

Operating cash flows for finance leases

 

$

1,262

 

 

$

1,255

 

Financing activities for finance leases

 

$

726

 

 

$

1,289

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

11,697

 

 

$

10,786

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

$

 

 

$

1,198

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases

 

6.3 years

 

 

6.2 years

 

Finance leases

 

2.8 years

 

 

3.8 years

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.90

%

 

 

4.56

%

Finance leases

 

 

4.00

%

 

 

5.26

%

Lessee, Operating Lease, Liability, Maturity

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2022 (in thousands).

 

 

 

Operating Leases

 

 

Finance Leases

 

2023

 

$

28,447

 

 

$

759

 

2024

 

 

23,527

 

 

 

759

 

2025

 

 

17,844

 

 

 

536

 

2026

 

 

11,593

 

 

 

29

 

2027

 

 

9,069

 

 

 

 

Thereafter

 

 

21,849

 

 

 

 

Total minimum lease payments

 

 

112,329

 

 

 

2,083

 

Less: amount of lease payment representing interest

 

 

(15,944

)

 

 

(106

)

Present value of future minimum lease payments

 

 

96,385

 

 

 

1,977

 

Less: current obligations under leases

 

 

(22,584

)

 

 

(697

)

Long-term lease obligations

 

$

73,801

 

 

$

1,280

 

Finance Lease, Liability, Maturity

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2022 (in thousands).

 

 

 

Operating Leases

 

 

Finance Leases

 

2023

 

$

28,447

 

 

$

759

 

2024

 

 

23,527

 

 

 

759

 

2025

 

 

17,844

 

 

 

536

 

2026

 

 

11,593

 

 

 

29

 

2027

 

 

9,069

 

 

 

 

Thereafter

 

 

21,849

 

 

 

 

Total minimum lease payments

 

 

112,329

 

 

 

2,083

 

Less: amount of lease payment representing interest

 

 

(15,944

)

 

 

(106

)

Present value of future minimum lease payments

 

 

96,385

 

 

 

1,977

 

Less: current obligations under leases

 

 

(22,584

)

 

 

(697

)

Long-term lease obligations

 

$

73,801

 

 

$

1,280