Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

We lease certain office and parking facilities, warehouse space, equipment, vehicles and information technology equipment under operating leases and finance leases. Lease expense for these leases is recognized within the Consolidated Statements of Operations on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.

The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases:

	Consolidated Balance Sheet Classification	December 31, 2023		December 31, 2022
Assets
Operating lease assets	Right-of-use assets - operating leases	$	110,248	$	104,612
Finance lease assets	Property and equipment, net	18,613		12,948
Total lease assets		$	128,861	$	117,560
Liabilities
Current operating lease liabilities	Current portion of operating lease liabilities	$	39,043	$	34,652
Non-current operating lease liabilities	Lease liabilities - operating leases	71,134		68,878
Total operating lease liabilities		110,177		103,530
Current portion of finance lease liabilities	Current portion of long-term debt, finance lease liabilities and short-term debt	4,794		3,046
Non-current finance lease liabilities	Lease liabilities - finance leases	13,544		9,481
Total finance lease liabilities		18,338		12,527
Total lease liabilities		$	128,515	$	116,057

The components of lease cost recognized within our Consolidated Statement of Operations were as follows:

		Year Ended
	Consolidated Statement of Operations Classification	December 31, 2023		December 31, 2022
Operating lease cost	Operating expense	$	31,945	$	26,243
Operating lease cost	Selling expense	12,942		11,433
Operating lease cost	General and administrative expense	1,159		1,186
Finance lease cost:
Amortization of right-of-use assets	Depreciation	4,113		3,052
Interest expense on lease liabilities	Interest expense	490		278
Other lease cost (1)	Operating expense	7,957		4,814
Other lease cost (1)	Selling expense	1,808		1,190
Other lease cost (1)	General and administrative expense	45		87
Total lease cost		$	60,459	$	48,283
(1) Other lease cost includes short-term lease costs and variable lease costs.

We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at our sole discretion. In addition, certain lease agreements may be terminated prior to their original expiration date at our discretion. We evaluate each renewal and termination option at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease terms as of December 31, 2023 was 3.4 years for operating leases and 4.4 years for finance leases.

The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral.The weighted average discount rates used to measure our lease liabilities as of December 31, 2023 were 4.25% for operating leases and 4.34% for finance leases.

Supplemental Cash Flow Information Related to Leases

	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(45,184)	$	(39,674)
Operating cash flows from finance leases	(485)		(278)
Financing cash flows from finance leases	(3,973)		(2,987)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	47,331		57,681
Finance leases	9,598		4,409

Maturity Analysis of Lease Liabilities

	As of December 31, 2023
	Operating Leases		Finance Leases
Year ending December 31, 2024	$	42,926	$	5,566
2025	33,876		4,942
2026	21,579		4,071
2027	12,050		2,449
2028	4,895		1,647
Thereafter	2,884		1,570
Total lease payments	118,210		20,245
Less interest	8,033		1,907
Total	$	110,177	$	18,338

Leases

Leases

We lease certain office and parking facilities, warehouse space, equipment, vehicles and information technology equipment under operating leases and finance leases. Lease expense for these leases is recognized within the Consolidated Statements of Operations on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.

The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases:

	Consolidated Balance Sheet Classification	December 31, 2023		December 31, 2022
Assets
Operating lease assets	Right-of-use assets - operating leases	$	110,248	$	104,612
Finance lease assets	Property and equipment, net	18,613		12,948
Total lease assets		$	128,861	$	117,560
Liabilities
Current operating lease liabilities	Current portion of operating lease liabilities	$	39,043	$	34,652
Non-current operating lease liabilities	Lease liabilities - operating leases	71,134		68,878
Total operating lease liabilities		110,177		103,530
Current portion of finance lease liabilities	Current portion of long-term debt, finance lease liabilities and short-term debt	4,794		3,046
Non-current finance lease liabilities	Lease liabilities - finance leases	13,544		9,481
Total finance lease liabilities		18,338		12,527
Total lease liabilities		$	128,515	$	116,057

The components of lease cost recognized within our Consolidated Statement of Operations were as follows:

		Year Ended
	Consolidated Statement of Operations Classification	December 31, 2023		December 31, 2022
Operating lease cost	Operating expense	$	31,945	$	26,243
Operating lease cost	Selling expense	12,942		11,433
Operating lease cost	General and administrative expense	1,159		1,186
Finance lease cost:
Amortization of right-of-use assets	Depreciation	4,113		3,052
Interest expense on lease liabilities	Interest expense	490		278
Other lease cost (1)	Operating expense	7,957		4,814
Other lease cost (1)	Selling expense	1,808		1,190
Other lease cost (1)	General and administrative expense	45		87
Total lease cost		$	60,459	$	48,283
(1) Other lease cost includes short-term lease costs and variable lease costs.

We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at our sole discretion. In addition, certain lease agreements may be terminated prior to their original expiration date at our discretion. We evaluate each renewal and termination option at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease terms as of December 31, 2023 was 3.4 years for operating leases and 4.4 years for finance leases.

The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral.The weighted average discount rates used to measure our lease liabilities as of December 31, 2023 were 4.25% for operating leases and 4.34% for finance leases.

Supplemental Cash Flow Information Related to Leases

	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(45,184)	$	(39,674)
Operating cash flows from finance leases	(485)		(278)
Financing cash flows from finance leases	(3,973)		(2,987)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	47,331		57,681
Finance leases	9,598		4,409

Maturity Analysis of Lease Liabilities

	As of December 31, 2023
	Operating Leases		Finance Leases
Year ending December 31, 2024	$	42,926	$	5,566
2025	33,876		4,942
2026	21,579		4,071
2027	12,050		2,449
2028	4,895		1,647
Thereafter	2,884		1,570
Total lease payments	118,210		20,245
Less interest	8,033		1,907
Total	$	110,177	$	18,338