Leases (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Leases |
|
| Schedule of lease-related assets and liabilities |
The following table presents lease-related assets and liabilities on the consolidated amounts recognized in our consolidated balance sheet, in thousands:
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Year Ended December 31, |
|
|
|
|
2021 |
|
2020 |
Assets |
|
Classification |
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|
|
|
|
|
|
|
Operating |
|
Right of use assets |
|
$ |
177,177 |
|
|
$ |
83,490 |
|
Finance |
|
Property and equipment, net |
|
|
9,743 |
|
|
|
— |
|
Total lease assets |
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|
|
$ |
186,920 |
|
|
$ |
83,490 |
|
Liabilities |
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|
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Current |
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|
|
|
|
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|
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Operating |
|
Short-term operating lease liabilities |
|
$ |
54,591 |
|
|
$ |
33,492 |
|
Finance |
|
Short-term finance lease liabilities |
|
|
2,387 |
|
|
|
— |
|
Non-Current |
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|
|
|
|
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|
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Operating |
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Long-term operating lease liabilities |
|
|
125,339 |
|
|
|
53,749 |
|
Finance |
|
Long-term finance lease liabilities |
|
|
7,770 |
|
|
|
— |
|
Total lease liabilities |
|
|
|
$ |
190,087 |
|
|
$ |
87,241 |
|
Weighted-average remaining lease term: |
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Operating leases |
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|
|
|
4.1 years |
|
|
|
3.4 years |
|
Finance leases |
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|
|
|
4.4 years |
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|
|
— |
|
Weighted-average discount rate: |
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|
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|
|
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Operating leases |
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|
|
|
3.1 |
% |
|
|
3.8 |
% |
Finance leases |
|
|
|
|
2.9 |
% |
|
|
— |
|
|
| Schedule of components of lease expense |
The components of lease expense were as follows and are primarily included in cost of sales on the accompanying consolidated statement of operations for operating leases and in selling, general and administrative expenses on the accompanying consolidated statement of operations for finance leases and operating leases on support centers, in thousands:
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Year Ended December 31, |
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|
2021 |
|
2020 |
|
2019 |
Operating lease cost (a) |
|
$ |
55,824 |
|
$ |
47,731 |
|
$ |
52,194 |
Financing lease cost: |
|
|
|
|
|
|
|
|
|
Amortization of leased assets |
|
|
673 |
|
|
— |
|
|
— |
Interest on finance lease obligations |
|
|
24 |
|
|
— |
|
|
— |
Short-term lease cost |
|
|
15,258 |
|
|
12,397 |
|
|
12,552 |
Sublease income |
|
|
(882) |
|
|
(727) |
|
|
(574) |
Net lease cost |
|
$ |
70,897 |
|
$ |
59,401 |
|
$ |
64,172 |
| (a) |
Includes variable cost components of $8,711, $6,177 and $6,985 in the years ended December 31, 2021, 2020, and 2019, respectively.
|
|
| Schedule of future minimum lease payments |
Future minimum lease payments under non-cancellable operating leases as of December 31, 2021 were as follows, in thousands:
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|
|
|
Payments due by Period |
|
|
2022 |
|
$ |
62,055 |
2023 |
|
|
48,495 |
2024 |
|
|
37,051 |
2025 |
|
|
27,250 |
2026 |
|
|
16,239 |
2027 and Thereafter |
|
|
12,201 |
Total future minimum lease payments |
|
|
203,291 |
|
|
|
|
Less: imputed interest |
|
|
(13,204) |
|
|
|
|
Lease liability at December 31, 2021 |
|
$ |
190,087 |
|
| Schedule of cash flow information related to leases |
The amounts below are included in the cash flows provided by operating activities section on the accompanying consolidated statement of cash flows, in thousands:
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Year Ended December 31, |
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|
2021 |
|
2020 |
|
2019 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from finance leases |
|
$ |
(74) |
|
$ |
— |
|
$ |
— |
Operating cash flows from operating leases |
|
|
(48,125) |
|
|
(41,773) |
|
|
(44,801) |
Financing cash flows from finance leases |
|
|
(562) |
|
|
— |
|
|
— |
|