Leases

12 Months Ended

Dec. 31, 2023

Leases of Lessee Disclosure [Text Block]

LEASES

The Company’s operating leases primarily comprise real estate and vehicles. Real estate leases are largely related to sales and marketing, service, and administrative offices, while vehicle leases are primarily related to the Company’s field sales and service organization. The consolidated balance sheet included the following balances as of December 31:


	2023		2022		Balance Sheet Location
Right-of-use assets, net	$	114,392	$	114,321	Other non-current assets

Current lease liability	$	28,516	$	29,271	Accrued and other liabilities
Non-current lease liability	86,930		86,888		Other non-current liabilities
Total operating lease liability	$	115,446	$	116,159

As of December 31, 2023, the Company had not entered into any material real estate operating leases expected to commence in 2024.

For the years ended December 31, 2023, 2022 and 2021, the Company had the following recorded in selling, general, and administrative associated with leasing arrangements:


	2023		2022		2021
Operating lease expense	$	37,849	$	37,145	$	36,137
Variable lease expense	7,022		4,649		4,503
Short-term lease expense	1,004		958		1,018
Total lease expense	$	45,875	$	42,752	$	41,658

Weighted average remaining lease term	6.5 years		7.9 years		7.4 years
Weighted average discount rate	4.0%		2.9%		2.1		%

Accruals and other on the consolidated statement of cash flows includes the amortization of the lease right-of-use asset of $34.4 million, $34.6 million, and $33.7 million, offset by a change in the lease liability of $33.4 million, $34.6 million, and $33.7 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Lease payments within operating activities were $36.6 million, $35.2 million, and $35.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company also obtained non-cash lease right-of-use assets in exchange for lease liabilities of $34.5 million, $27.0 million, and $46.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The following is a maturity analysis of the annual undiscounted cash flows for the annual periods ended December 31:


2024	$	33,065
2025	24,444
2026	18,113
2027	11,835
2028	8,853
Thereafter	35,908
Total lease payments	132,218
Less imputed interest	(16,772)
Total operating lease liability	$	115,446