Quarterly report pursuant to Section 13 or 15(d)

Right-of-Use Assets and Lease Liabilities (Tables)

v3.22.1
Right-of-Use Assets and Lease Liabilities (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Assets And Liabilities, Lessee
The Company’s operating leases were as follows:
March 31, 2022
(in thousands)
Right-of-use assets, net $ 9,759 
Current operating lease liabilities (1)
$ 4,936 
Operating lease liabilities, long-term 13,633 
Total operating lease liabilities $ 18,569 
(1) Current lease liabilities are recorded in other current liabilities on the Company’s condensed consolidated balance sheets.
Lease, Cost
The components of lease cost are recorded in selling, general, and administrative expenses for the three months ended March 31, 2022 and were as follows:
Three Months Ended March 31, 2022
(in thousands)
Operating lease cost $ 899 
Short-term lease cost 168 
Variable lease cost 12 
Total lease cost $ 1,079 
Supplemental cash flow information related to leases was as follows:
Three Months Ended March 31, 2022
(in thousands)
Cash paid for amounts included in measurement of operating lease liabilities $ 1,301 
ROU assets obtained in exchange for operating lease liabilities $ 10,445 
The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases were as follows:
March 31, 2022
Weighted-average remaining lease term 4.6 years
Weighted-average discount rate 4.6  %
Lessee, Operating Lease, Liability, Maturity Maturities of the Company’s operating lease liabilities were as follows:
March 31, 2022
(in thousands)
2022 (excluding the three months ended March 31, 2022) $ 4,226 
2023 5,719 
2024 3,618 
2025 2,360 
2026 1,413 
Thereafter 3,392 
Total lease payments 20,728 
     Less amount representing interest (2,159)
          Total present value of lease liabilities $ 18,569 
Schedule of Future Minimum Rental Payments for Operating Leases
Future minimum lease payments for operating leases under ASC 840, the predecessor to Topic 842, were as follows:
December 31, 2021
(in thousands)
2022 $ 6,757 
2023 6,782 
2024 4,030 
2025 2,934 
2026 2,190 
Thereafter 4,117 
Total $ 26,810 
Cease-use Liability The following table summarizes the activity for the liability for cease-use costs recognized for the periods presented:
Cease-use Liability
(in thousands)
Balance at December 31, 2021
$ 11,588 
Cease-use costs 160 
Reclassified as a reduction to the beginning ROU asset value (9,001)
Accretion of liability (52)
Payments (368)
Foreign currency translation (57)
Balance at March 31, 2022
$ 2,270