Quarterly report pursuant to Section 13 or 15(d)

Operating and Finance Lease Right-of-Use Assets (Tables)

v3.23.2
Operating and Finance Lease Right-of-Use Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases
Balance Sheet
Supplemental balance sheet information related to leases is as follows:

 
 
  
June 30, 2023
 
 
  
(Dollars in thousands)
 
Operating Leases
  
Related Party
 
  
Other
 
  
Total
 
Operating leases ROU assets
  
$
8,846
 
  
$
35,701
 
  
$
44,547
 
Operating lease liabilities (current)
  
$
1,305
 
  
$
8,615
 
  
$
9,920
 
Operating lease liabilities
(non-current)
  
 
7,849
 
  
 
34,531
 
  
 
42,380
 
    
 
 
     
 
 
     
 
 
  
Total operating lease liabilities
  
$
9,154
 
  
$
43,146
 
  
$
52,300
 
    
 
 
     
 
 
     
 
 
  
 
Weighted Average Remaining Lease Term
  
 
 
 
Operating leases
  
 
7.2
years
 
Finance leases
  
 
2.4 
years
 
Weighted Average Discount Rate
  
 
 
 
Operating leases
  
 
8.52
% 
Finance leases
  
 
7.74
% 
Components of Lease Expense
Lease Expense
The components of lease expense were as follows:

 
  
Six Months Ended
 
 
  
June 30, 2023
 
 
  
(Dollars in thousands)
 
Amortization of finance lease ROU Assets
    $ 21  
Interest on finance lease liabilities
      3  
    
 
 
  
Finance lease expense
      24  
Operating lease expense
      6,745  
Variable lease expense
      788  
Short-term lease expense
      258  
    
 
 
  
Total lease expense
    $ 7,815  
    
 
 
  
Schedule of other information related to leases
Supplemental cash flow information related to leases was as follows:

 
  
Six Months Ended
June 30, 2023
 
 
  
(Dollars in thousands)
 
Cash paid for amounts included in the measurement of lease
liabilities:
         
Operating cash flows from operating leases
    $ 7,177  
Operating cash flows from finance leases
      2  
Financing cash flows from finance leases
      30  
Leased assets obtained in exchange for new operating lease liabilities
    $ 5,747  
Leased assets obtained in exchange for new finance lease liabilities
      39  
Schedule of Future Minimum Lease Payments
Future minimum lease payments under leases that had initial or remaining
non-cancelable
lease terms in excess of one year as of June 30, 2023, are as follows:

Future minimum lease
  
Operating Leases
 
 
 
 
 
 
 
  
Related Party
 
 
Other
 
 
Total
 
 
Finance Leases
 
 
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
(Dollars in thousands)
 
2024
(Jul-Dec)
   
$
1,698
 
 
$
10,324
 
 
$
12,022
 
 
$
53
 
 
$
12,075
 
2025
   
 
2,052
 
 
 
9,885
 
 
 
11,937
 
 
 
25
 
 
 
11,962
 
2026
   
 
2,069
 
 
 
9,185
 
 
 
11,254
 
 
 
16
 
 
 
11,270
 
2027
   
 
1,817
 
 
 
6,387
 
 
 
8,204
 
 
 
7
 
 
 
8,211
 
2028
   
 
1,366
 
 
 
4,251
 
 
 
5,617
 
 
 
1
 
 
 
5,618
 
Thereafter
   
 
3,725
 
 
 
20,223
 
 
 
23,948
 
 
 
—
 
 
 
23,948
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Undiscounted Cash Flows
   
$
12,727
 
 
$
60,255
 
 
$
72,982
 
 
$
102
 
 
$
73,084
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Less: imputed interest
   
 
(3,573
) 
 
 
(17,109
) 
 
 
(20,682
) 
 
 
(9
) 
 
 
(20,691
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
9,154
 
  
$
43,146
 
  
$
52,300
 
  
$
93
 
  
$
52,393
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reconciliation to lease liabilities:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease liabilities – current
  
$
1,305
 
 
$
8,615
 
 
$
9,920
 
 
$
50
 
 
$
9,970
 
Lease liabilities – long-term
  
 
7,849
 
 
 
34,531
 
 
 
42,380
 
 
 
43
 
 
 
42,423
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Lease Liabilities
  
$
9,154
 
 
$
43,146
 
 
$
52,300
 
 
$
93
 
 
$
52,393