Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
3 Months Ended
Mar. 31, 2022
Leases  
Schedule of lease-related assets and liabilities

The following table presents lease-related assets and liabilities recognized in our condensed consolidated balance sheet, in thousands:

    

As of

March 31, 

December 31, 

2022

2021

Assets

Classification

Operating

Right of use assets

$

184,762

$

177,177

Finance

Property and equipment, net

9,158

9,743

Total lease assets

$

193,920

$

186,920

Liabilities

Current

Operating

Short-term operating lease liabilities

$

55,293

$

54,591

Finance

Short-term finance lease liabilities

2,610

2,387

Non-Current

Operating

Long-term operating lease liabilities

133,297

125,339

Finance

Long-term finance lease liabilities

7,631

7,770

Total lease liabilities

$

198,831

$

190,087

Weighted-average remaining lease term:

Operating leases

4.1 years

4.1 years

Finance leases

4.2 years

4.4 years

Weighted-average discount rate:

Operating leases

3.0

%

3.1

%

Finance leases

2.9

%

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 unaudited condensed consolidated statement of operations for operating leases and in selling, general and administrative expenses on the accompanying unaudited condensed consolidated statement of operations for finance leases and operating leases on support centers, in thousands:

    

Three Months Ended March 31, 

2022

2021

Operating lease cost (a)

$

20,512

$

11,810

Financing lease cost:

Amortization of leased assets

795

Interest on finance lease obligations

70

Short-term lease cost

4,340

3,354

Sublease income

(218)

(206)

Net lease cost

$

25,499

$

14,958

(a) Includes variable cost components of $3,680 and $1,697 in the three months ended March 31, 2022, and 2021, respectively.

Schedule of future minimum lease payments

Future minimum lease payments under non-cancellable operating leases as of March 31, 2022 were as follows, in thousands:

Payments due by Period

    

2023

$

49,287

2024

54,670

2025

42,795

2026

32,669

2027

20,914

2028 and Thereafter

14,647

Total future minimum lease payments

214,982

Less: imputed interest

(16,151)

Lease liability at March 31, 2022

$

198,831

Schedule of cash flow information related to leases

The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying unaudited condensed consolidated statements of cash flows, in thousands:

    

Three Months Ended March 31, 

2022

2021

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from finance leases

$

(70)

$

Operating cash flows from operating leases

(16,198)

(10,150)

Financing cash flows from finance leases

(557)