Post-effective amendment to a registration statement that is not immediately effective upon filing

LEASES

v3.22.2
LEASES
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
LEASES    
Leases

10. LEASES

 

A reconciliation of lease obligations for the three months ended March 31, 2022, is as follows:

 

(in thousands)

 

 

 

Lease obligation

 

 

 

December 31, 2021

 

$ 36,496

 

Lease principal payments

 

 

(586 )

March 31, 2022

 

$ 35,910

 

 

Current and long-term portions of lease obligations are as follows:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Lease obligation, current portion

 

$ 2,503

 

 

$ 2,444

 

Lease obligation, long-term portion

 

 

33,407

 

 

 

34,052

 

Total

 

$ 35,910

 

 

$ 36,496

 

 

All extension options that are reasonably certain to be exercised have been included in the measurement of lease obligations. The Company reassesses the likelihood of extension option exercise if there is a significant event or change in circumstances within its control.

 

The components of lease expense for the three months ended March 31, 2022 and 2021 are as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Amortization of leased assets (1)

 

$ 817

 

 

$ 742

 

Interest on lease liabilities (2)

 

 

573

 

 

 

563

 

Total

 

$ 1,390

 

 

$ 1,305

 

____________

(1)

Included in cost of goods sold and general and administrative expenses in the consolidated statement of operations.

(2)

Included in interest expense in the consolidated statement of operations.

 

The key assumptions used in accounting for leases as of March 31, 2022 were a weighted average remaining lease term of 14.7 years and a weighted average discount rate of 6%. The key assumptions used in accounting for leases as of December 31, 2021 were a weighted average remaining lease term of 17.2 years and a weighted average discount rate of 6%.

 

The future lease payments with initial remaining terms in excess of one year as of March 31, 2022 were as follows:

 

 

 

March 31,

 

(in thousands)

 

2022

 

Balance of 2022

 

$ 3,948

 

2023

 

 

4,890

 

2024

 

 

4,280

 

2025

 

 

3,451

 

2026 and beyond

 

 

43,038

 

Total lease payments

 

 

59,607

 

Less imputed interest

 

 

(23,697 )

Total

 

$ 35,910

 

10. LEASES

 

A reconciliation of lease obligations for the years ended December 31, 2021 and 2020, is as follows:

 

(in thousands)

 

 

 

Lease obligation

 

 

 

December 31, 2019

 

$ 33,805

 

Additions

 

 

120

 

Lease reassessment

 

 

7,310

 

Lease principal payments

 

 

(2,401 )

December 31, 2020

 

$ 38,834

 

Lease principal payments

 

 

(2,338 )

December 31, 2021

 

$ 36,496

 

All extension options that are reasonably certain to be exercised have been included in the measurement of lease obligations. The Company reassesses the likelihood of extension option exercise if there is a significant event or change in circumstances within its control.

 

The components of lease expense for the years ended December 31, 2021, 2020 and 2019, are as follows:

 

 

 

Years Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

 

2019

 

Amortization of leased assets (1)

 

$ 3,238

 

 

$ 3,250

 

 

$ 3,025

 

Interest on lease liabilities (2)

 

 

2,406

 

 

 

1,866

 

 

 

1,778

 

Total

 

$ 5,644

 

 

$ 5,116

 

 

$ 4,803

 

____________

(1) Included in cost of goods sold, general and administrative expenses and other expenses in the consolidated statement of operations.

(2) Included in interest expense in the consolidated statement of operations.

 

The key assumptions used in accounting for leases as of December 31, 2021, were a weighted average remaining lease term of 17.2 years and a weighted average discount rate of 6%. The key assumptions used in accounting for leases as of December 31, 2020 were a weighted average remaining lease term of 18.1 years and a weighted average discount rate of 6%.

 

The future lease payments with initial remaining terms in excess of one year as of December 31, 2021 were as follows:

 

 

 

December 31,

 

(in thousands)

 

2021

 

2022 - 2023

 

$ 5,137

 

2024 - 2025

 

 

3,844

 

2026 and beyond

 

 

27,515

 

Total

 

$ 36,496