Leases (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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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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March 31, 2023 |
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December 31, 2022 |
| Assets |
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Right-of-use assets, operating leases |
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$ |
28,871 |
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$ |
29,224 |
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| Assets |
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Property, plant and equipment |
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1,617 |
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1,494 |
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| Current liabilities |
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Current portion of lease liabilities, operating leases |
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1,077 |
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1,056 |
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| Current liabilities |
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Current portion of lease liabilities, finance leases |
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273 |
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280 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, operating leases |
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30,628 |
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30,911 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, finance leases |
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1,378 |
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1,242 |
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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 March 31, |
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| (in thousands) |
2023 |
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2022 |
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Operating lease cost1
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$ |
1,000 |
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$ |
1,048 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
78 |
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67 |
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| Interest on finance lease liabilities |
13 |
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9 |
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| Sublease income |
(91) |
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(33) |
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| Total lease cost |
$ |
1,000 |
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$ |
1,091 |
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1Includes short term leases, which are immaterial
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| Weighted-average remaining lease term |
March 31, 2023 |
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December 31, 2022 |
| Operating leases |
13.37 years |
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13.61 years |
| Finance leases |
5.75 years |
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6.06 years |
| Weighted-average discount rate |
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| Operating leases |
8.32 |
% |
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8.31 |
% |
| Finance leases |
5.85 |
% |
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2.32 |
% |
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| Schedule of Maturities For Sub Leases |
Future expected cash receipts from the sublease as of March 31, 2023 are as follows:
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| (in thousands) |
Sublease Receipts |
| Remainder of 2023 |
$ |
272 |
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| 2024 |
370 |
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| 2025 |
377 |
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| 2026 |
385 |
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| 2027 |
392 |
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| Thereafter |
3,786 |
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| Total sublease receipts |
$ |
5,582 |
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| Schedule of Maturities For Operating Leases |
The amounts of undiscounted future minimum lease payments under leases as of March 31, 2023 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2023 |
$ |
2,736 |
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$ |
300 |
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| 2024 |
3,667 |
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333 |
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| 2025 |
3,687 |
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326 |
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| 2026 |
3,703 |
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326 |
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| 2027 |
3,765 |
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326 |
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| Thereafter |
36,152 |
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354 |
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| Total undiscounted minimum future lease payments |
53,710 |
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1,965 |
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| Imputed interest |
(22,005) |
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(314) |
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| Present value of lease liabilities |
$ |
31,705 |
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$ |
1,651 |
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| Schedule of Maturities For Finance Leases |
The amounts of undiscounted future minimum lease payments under leases as of March 31, 2023 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2023 |
$ |
2,736 |
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$ |
300 |
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| 2024 |
3,667 |
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333 |
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| 2025 |
3,687 |
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326 |
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| 2026 |
3,703 |
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326 |
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| 2027 |
3,765 |
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326 |
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| Thereafter |
36,152 |
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354 |
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| Total undiscounted minimum future lease payments |
53,710 |
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1,965 |
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| Imputed interest |
(22,005) |
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(314) |
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| Present value of lease liabilities |
$ |
31,705 |
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$ |
1,651 |
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