|12 Months Ended|
Dec. 31, 2022
We lease certain retail stores, warehouses, distribution centers, office spaces and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases beginning in 2019 and later, we account for lease components including rent, real estate taxes and insurance costs separately from non-lease components, like common-area maintenance fees. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term for or more years. The exercise of the lease option to renew is solely at our discretion.
Operating lease costs were approximately $5.3 million and $6.1 million for the years ended December 31, 2022 and 2021, respectively. Short-term lease costs were approximately $1.2 million and $0.5 million for the years ended December 31, 2022 and 2021, respectively. Operating lease costs were offset by sublease income of $0 and $34,000 for the years ended December 31, 2022 and 2021, respectively. Short-term lease costs represent our costs with respect to leases with a duration of 12 months or less and are not reflected on our Consolidated Balance Sheets.
Information related to the Company’s operating right-of-use assets and related operating lease liabilities were as follows (dollar amounts in thousands, except lease term and discount rate):
There were no material operating leases that we have entered into and that were yet to commence as of December 31, 2022.
The approximate aggregate commitments under non-cancelable operating leases in effect at December 31, 2022, were as follows (dollar amounts in thousands):
(1) Calculated using our corporate borrowing rate based on the term of each lease ranging from 3.00 percent to 4.29 percent.
No definition available.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef