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Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
Note 7 – Leases

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses related to our leasing activity for the years ended December 31, 2023 and 2022 was as follows (in thousands):
Year Ended December 31,
Lease TypeClassification20232022
Operating Lease Expense (1)
Operating expenses$21,131 $15,151 
Financing Lease AmortizationOperating expenses546 466 
Financing Lease InterestInterest expense93 41 
Financing Lease Expense639 507 
Net Lease Cost$21,770 $15,658 
(1)    Includes short term lease expense, which is immaterial.

The value of net assets and liabilities related to our operating and finance leases as of December 31, 2023 and December 31, 2022 was as follows (in thousands):
December 31,
Lease Type20232022
Total ROU operating lease assets
$76,340 $46,755 
Total ROU financing lease assets
1,560 1,519 
Total lease assets$77,900 $48,274 
Total current operating lease obligation$13,010 $9,480 
Total current financing lease obligation539 484 
Total current lease obligations$13,549 $9,964 
Total long term operating lease obligation$66,234 $38,898 
Total long term financing lease obligation831 930 
Total long term lease obligation$67,065 $39,828 

The value of lease liabilities related to our operating and finance leases as of December 31, 2023 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotal
2024$18,555 $615 $19,170 
202518,299 435 18,734 
202614,488 344 14,832 
202712,371 117 12,488 
202810,440 10,444 
Thereafter29,841 29,842 
Total lease payments103,994 1,516 105,510 
Less: Interest(24,750)(146)(24,896)
Present value of lease liabilities$79,244 $1,370 $80,614 
The weighted average lease terms and interest rates of leases held as of December 31, 2023 and 2022 were as follows:
Year Ended December 31,
20232022
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.6 years2.8 years5.6 years3.1 years
Weighted average interest rate
7.8%7.1%7.1%6.6%

The cash outflows of leasing activity for the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
Cash Flow SourceClassification20232022
Operating cash flows from operating leasesOperating activities$(15,516)$(12,149)
Operating cash flows from financing leasesOperating activities$(242)$(184)
Financing cash flows from financing leasesFinancing activities$(515)$(429)

Refer to Note 4 – Revenue Recognition for a discussion on the Company's activities as lessor.
Leases
Note 7 – Leases

The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses related to our leasing activity for the years ended December 31, 2023 and 2022 was as follows (in thousands):
Year Ended December 31,
Lease TypeClassification20232022
Operating Lease Expense (1)
Operating expenses$21,131 $15,151 
Financing Lease AmortizationOperating expenses546 466 
Financing Lease InterestInterest expense93 41 
Financing Lease Expense639 507 
Net Lease Cost$21,770 $15,658 
(1)    Includes short term lease expense, which is immaterial.

The value of net assets and liabilities related to our operating and finance leases as of December 31, 2023 and December 31, 2022 was as follows (in thousands):
December 31,
Lease Type20232022
Total ROU operating lease assets
$76,340 $46,755 
Total ROU financing lease assets
1,560 1,519 
Total lease assets$77,900 $48,274 
Total current operating lease obligation$13,010 $9,480 
Total current financing lease obligation539 484 
Total current lease obligations$13,549 $9,964 
Total long term operating lease obligation$66,234 $38,898 
Total long term financing lease obligation831 930 
Total long term lease obligation$67,065 $39,828 

The value of lease liabilities related to our operating and finance leases as of December 31, 2023 was as follows (in thousands):
Maturity Date of Lease LiabilitiesOperating LeasesFinancing LeasesTotal
2024$18,555 $615 $19,170 
202518,299 435 18,734 
202614,488 344 14,832 
202712,371 117 12,488 
202810,440 10,444 
Thereafter29,841 29,842 
Total lease payments103,994 1,516 105,510 
Less: Interest(24,750)(146)(24,896)
Present value of lease liabilities$79,244 $1,370 $80,614 
The weighted average lease terms and interest rates of leases held as of December 31, 2023 and 2022 were as follows:
Year Ended December 31,
20232022
Operating Leases
Finance Leases
Operating Leases
Finance Leases
Weighted average remaining lease term
6.6 years2.8 years5.6 years3.1 years
Weighted average interest rate
7.8%7.1%7.1%6.6%

The cash outflows of leasing activity for the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
Cash Flow SourceClassification20232022
Operating cash flows from operating leasesOperating activities$(15,516)$(12,149)
Operating cash flows from financing leasesOperating activities$(242)$(184)
Financing cash flows from financing leasesFinancing activities$(515)$(429)

Refer to Note 4 – Revenue Recognition for a discussion on the Company's activities as lessor.