Leases (Notes)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

Leases

The majority of the Company's lease obligations are non-cancelable operating leases for certain equipment and facilities. The Company's finance leases are for certain equipment as part of the Company's acquisition of Aarts. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term.

Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):

	Balance Sheet Location	December 31, 2023		December 31, 2022
Assets
Operating leases	Operating lease right-of-use assets	$	43,220	$	47,280
Finance leases	Property and equipment, net (a)	2,470		—
Total lease assets		$	45,690	$	47,280
Liabilities
Current:
Operating leases	Lease liabilities, current portion	$	7,410	$	8,280
Finance leases	Lease liabilities, current portion	490		—
Long-term:
Operating leases	Lease liabilities	37,980		41,010
Finance leases	Lease liabilities	1,710		—
Total lease liabilities		$	47,590	$	49,290

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(a)     Finance leases were recorded net of accumulated depreciation of $0.2 million as of December 31, 2023.

The components of lease expense are as follows (dollars in thousands):

		Year ended December 31,
	Statement of Income Location	2023		2022		2021
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	11,180	$	10,560	$	8,510
Finance lease cost:
Depreciation of lease assets	Cost of sales	220		—		—
Interest on lease liabilities	Interest expense	60		—		—
Short-term, variable and other lease costs	Cost of sales and Selling, general and administrative expenses	3,430		3,350		2,460
Total lease cost		$	14,890	$	13,910	$	10,970

Maturities of lease liabilities are as follows (dollars in thousands):

Year ended December 31,	Operating Leases(a)		Finance Leases(a)
2024	$	9,560	$	540
2025	8,150		530
2026	8,620		600
2027	7,540		700
2028	5,600		—
Thereafter	12,950		—
Total lease payments	52,420		2,370
Less: Imputed interest	(7,030)		(170)
Present value of lease liabilities	$	45,390	$	2,200

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(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.

Other information related to the Company's leases are as follows (dollars in thousands):

	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,250	$	9,900	$	7,880
Operating cash flows from finance leases	60		—		—
Financing cash flows from finance leases	450		—		—
Lease assets obtained in exchange for new lease liabilities:
Operating leases	8,340		5,790		19,600
Finance leases	2,620		—		—

The weighted-average remaining term of the Company's operating leases and finance leases as of December 31, 2023, is 6.5 and 3.5 years, respectively. The weighted-average discount rate for operating and finance leases as of December 31, 2023, is 4.0% and 2.6%, respectively.