Leases

12 Months Ended

Dec. 31, 2023

Leases

We lease certain factories, service and distribution locations, offices, and equipment under operating leases. Our operating leases have initial lease terms ranging from one to 12 years, some of which include options to extend or renew the leases for up to 10 years. Certain lease agreements contain provisions for future rent increases. Our leases do not contain material residual value guarantees, and finance leases are not material.

The components of operating lease expense are as follows:


In thousands	Year Ended December 31,
	2023		2022
Operating lease cost	$	18,798	$	19,092
Variable lease cost	3,804		4,107
Total operating lease cost	$	22,602	$	23,199

Supplemental cash flow information related to operating leases is as follows:


In thousands	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	19,517	$	19,214
Right-of-use assets obtained in exchange for operating lease liabilities	3,652		5,597

Supplemental balance sheet information related to operating leases is as follows:


In thousands	December 31, 2023			December 31, 2022
Operating lease right-of-use assets, net	$	41,186		$	52,826

Other current liabilities	14,981			15,967
Operating lease liabilities	32,656			44,370
Total operating lease liability	$	47,637		$	60,337
Weighted average remaining lease term - Operating leases	3.6 years			3.8 years
Weighted average discount rate - Operating leases	4.5		%	4.4		%

Amounts due under operating lease liabilities as of December 31, 2023 are as follows:


In thousands	December 31, 2023
2024	$	16,614
2025	14,712
2026	12,486
2027	4,154
2028	1,582
Thereafter	1,958
Total lease payments	51,506
Less: imputed interest	(3,869)
Total operating lease liability	$	47,637