Leases (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Leases [Abstract] |
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| Schedule of Operating and Finance Leases Recorded in Consolidated Balance Sheet |
Operating and finance lease amounts included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
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| Classification |
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Financial Statement Line Item |
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September 30, 2022 |
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December 31, 2021 |
| Assets |
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Right-of-use assets, operating leases |
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$ |
29,575 |
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$ |
30,811 |
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| Assets |
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Property, plant and equipment |
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1,572 |
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1,640 |
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| Current liabilities |
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Current portion of lease liabilities, operating leases |
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1,041 |
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1,104 |
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| Current liabilities |
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Current portion of lease liabilities, finance leases |
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290 |
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233 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, operating leases |
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31,190 |
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32,059 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, finance leases |
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1,302 |
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1,414 |
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| Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Lease Terms |
Individual components of the total lease cost incurred by the Company are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| (in thousands) |
2022 |
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2021 |
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2022 |
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2021 |
Operating lease cost1
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$ |
1,045 |
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$ |
1,026 |
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$ |
3,137 |
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$ |
3,072 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
71 |
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13 |
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204 |
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33 |
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| Interest on finance lease liabilities |
9 |
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1 |
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27 |
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2 |
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| Sublease income |
(32) |
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— |
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(96) |
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— |
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| Total lease cost |
$ |
1,093 |
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$ |
1,040 |
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$ |
3,272 |
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$ |
3,107 |
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1Includes short term leases, which are immaterial
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| Weighted-average remaining lease term |
September 30, 2022 |
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December 31, 2021 |
| Operating leases |
13.84 years |
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14.43 years |
| Finance leases |
6.25 years |
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7.07 years |
| Weighted-average discount rate |
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| Operating leases |
8.31 |
% |
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8.30 |
% |
| Finance leases |
2.34 |
% |
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2.27 |
% |
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| Schedule of Maturities For Sub Leases |
Future expected cash receipts from the sublease as of September 30, 2022 are as follows:
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| (in thousands) |
Sublease Receipts |
| Remainder of 2022 |
$ |
32 |
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| 2023 |
129 |
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| 2024 |
132 |
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| 2025 |
134 |
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| 2026 |
137 |
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| Thereafter |
1,490 |
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| Total sublease receipts |
$ |
2,054 |
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| Schedule of Maturities For Operating Leases |
The amounts of undiscounted future minimum lease payments under leases as of September 30, 2022 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2022 |
$ |
927 |
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$ |
83 |
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| 2023 |
3,645 |
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311 |
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| 2024 |
3,667 |
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257 |
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| 2025 |
3,687 |
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244 |
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| 2026 |
3,703 |
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244 |
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| Thereafter |
39,917 |
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570 |
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| Total undiscounted minimum future lease payments |
55,546 |
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1,709 |
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| Imputed interest |
(23,315) |
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(116) |
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| Present value of lease liabilities |
$ |
32,231 |
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$ |
1,593 |
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| Schedule of Maturities For Finance Leases |
The amounts of undiscounted future minimum lease payments under leases as of September 30, 2022 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2022 |
$ |
927 |
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$ |
83 |
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| 2023 |
3,645 |
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311 |
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| 2024 |
3,667 |
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257 |
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| 2025 |
3,687 |
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244 |
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| 2026 |
3,703 |
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244 |
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| Thereafter |
39,917 |
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570 |
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| Total undiscounted minimum future lease payments |
55,546 |
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1,709 |
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| Imputed interest |
(23,315) |
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(116) |
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| Present value of lease liabilities |
$ |
32,231 |
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$ |
1,593 |
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