XML 32 R16.htm IDEA: XBRL DOCUMENT v3.24.0.1
LEASE COMMITMENTS
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASE COMMITMENTS LEASE COMMITMENTS
We lease certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and finance leases expiring at various dates through the year 2037. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term.
Amortization expense related to finance leases is included in depreciation expense while rent expense related to operating leases is included within cost of sales and selling research & development and administrative expenses (“SG&A”).
The components of lease expense for the years ended December 31, 2023 and 2022 were as follows:
Year Ended December 31,20232022
Operating lease cost$20,780 $21,105 
Finance lease cost:
Amortization of right-of-use assets$4,662 $4,249 
Interest on lease liabilities1,220 1,249 
Total finance lease cost$5,882 $5,498 
Short-term lease and variable lease costs$20,509 $15,454 
Supplemental cash flow information related to leases was as follows:
Year Ended December 31,20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$21,512 $20,488 
Operating cash flows from finance leases1,371 1,264 
Financing cash flows from finance leases3,682 3,662 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$14,514 $16,754 
Finance leases2,746 1,011 
Supplemental balance sheet information related to leases was as follows:
December 31,
2023		December 31,
2022
Operating Leases
Operating lease right-of-use assets$59,074 $58,675 
Accounts payable, accrued and other liabilities$14,056 $16,985 
Operating lease liabilities45,267 42,948 
Total operating lease liabilities$59,323 $59,933 
Finance Leases
Property, plant and equipment, gross$49,776 $50,173 
Accumulated depreciation(13,299)(12,781)
Property, plant and equipment, net$36,477 $37,392 
Current maturities of long-term obligations, net of unamortized debt issuance cost$3,591 $3,234 
Long-term obligations, net of unamortized debt issuance cost22,887 23,700 
Total finance lease liabilities$26,478 $26,934 
Weighted Average Remaining Lease Term (in years)
Operating leases3.54.6
Finance leases5.36.6
Weighted Average Discount Rate
Operating leases5.52 %4.01 %
Finance leases5.05 %4.76 %
Maturities of lease liabilities as of December 31, 2023, were as follows:
Operating
Leases		Finance
Leases
Year 1$17,844 $4,571 
Year 214,539 4,437 
Year 311,939 3,223 
Year 49,224 6,359 
Year 54,652 1,716 
Thereafter8,510 10,765 
Total lease payments66,708 31,071 
Less imputed interest(7,385)(4,593)
Total$59,323 $26,478 
As of December 31, 2023, we have additional operating leases that have not yet commenced of $0.5 million and no finance leases that have not yet commenced. These operating leases will commence in 2024 with lease terms of 3 to 5 years.
LEASE COMMITMENTS LEASE COMMITMENTS
We lease certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and finance leases expiring at various dates through the year 2037. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term.
Amortization expense related to finance leases is included in depreciation expense while rent expense related to operating leases is included within cost of sales and selling research & development and administrative expenses (“SG&A”).
The components of lease expense for the years ended December 31, 2023 and 2022 were as follows:
Year Ended December 31,20232022
Operating lease cost$20,780 $21,105 
Finance lease cost:
Amortization of right-of-use assets$4,662 $4,249 
Interest on lease liabilities1,220 1,249 
Total finance lease cost$5,882 $5,498 
Short-term lease and variable lease costs$20,509 $15,454 
Supplemental cash flow information related to leases was as follows:
Year Ended December 31,20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$21,512 $20,488 
Operating cash flows from finance leases1,371 1,264 
Financing cash flows from finance leases3,682 3,662 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$14,514 $16,754 
Finance leases2,746 1,011 
Supplemental balance sheet information related to leases was as follows:
December 31,
2023		December 31,
2022
Operating Leases
Operating lease right-of-use assets$59,074 $58,675 
Accounts payable, accrued and other liabilities$14,056 $16,985 
Operating lease liabilities45,267 42,948 
Total operating lease liabilities$59,323 $59,933 
Finance Leases
Property, plant and equipment, gross$49,776 $50,173 
Accumulated depreciation(13,299)(12,781)
Property, plant and equipment, net$36,477 $37,392 
Current maturities of long-term obligations, net of unamortized debt issuance cost$3,591 $3,234 
Long-term obligations, net of unamortized debt issuance cost22,887 23,700 
Total finance lease liabilities$26,478 $26,934 
Weighted Average Remaining Lease Term (in years)
Operating leases3.54.6
Finance leases5.36.6
Weighted Average Discount Rate
Operating leases5.52 %4.01 %
Finance leases5.05 %4.76 %
Maturities of lease liabilities as of December 31, 2023, were as follows:
Operating
Leases		Finance
Leases
Year 1$17,844 $4,571 
Year 214,539 4,437 
Year 311,939 3,223 
Year 49,224 6,359 
Year 54,652 1,716 
Thereafter8,510 10,765 
Total lease payments66,708 31,071 
Less imputed interest(7,385)(4,593)
Total$59,323 $26,478 
As of December 31, 2023, we have additional operating leases that have not yet commenced of $0.5 million and no finance leases that have not yet commenced. These operating leases will commence in 2024 with lease terms of 3 to 5 years.