Leases	3 Months Ended
Mar. 31, 2024
Leases
Leases	Note 11 — Leases The Company leases certain buildings, land and equipment that are classified as operating leases. These leases have remaining lease terms of up to approximately 17 years. Operating lease cost totaled $375 and $235 in the first quarter of 2024 and 2023. Cash paid for operating lease liabilities totaled $268 and $218 in the first quarter of 2024 and 2023. As of March 31, 2024 and 2023, operating lease right-of-use assets were $6,896 and $4,631, respectively, and operating lease liabilities were $7,163 and $4,688, respectively. The weighted-average remaining lease term related to these operating leases was 10.9 years and 15.8 years as of March 31, 2024 and 2023, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.7% and 3.4% as of March 31, 2024 and 2023, respectively. Maturities of the Company’s operating lease liabilities at March 31, 2024 are as follows: $912 in 2024 (rest of year), $1,054 in 2025, $791 in 2026, $709 in 2027, $316 in 2028 and $3,381 thereafter. The Company, as lessor, rents certain commercial real estate to third-party lessees. The March 31, 2024 and 2023 cost related to these leased properties was $51,370 and $51,370, respectively, and the accumulated depreciation related to these leased properties was $18,227 and $17,168, respectively. Terms of such leases, including renewal options, may be extended for up to fifty-six years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Lease income in first quarter 2024 and 2023 was $1,587 and $1,221, respectively, and is classified in cash flows from operating activities. A lease with the Company as lessor commenced in April 2024 when a new tenant took occupancy of an industrial building the Company owns in Canada. The lease has an initial term of 15 years and allows the tenant to extend for up to 10 years.

Leases

3 Months Ended

Mar. 31, 2024

Note 11 — Leases

The Company leases certain buildings, land and equipment that are classified as operating leases. These leases have remaining lease terms of up to approximately 17 years. Operating lease cost totaled $375 and $235 in the first quarter of 2024 and 2023. Cash paid for operating lease liabilities totaled $268 and $218 in the first quarter of 2024 and 2023. As of March 31, 2024 and 2023, operating lease right-of-use assets were $6,896 and $4,631, respectively, and operating lease liabilities were $7,163 and $4,688, respectively. The weighted-average remaining lease term related to these operating leases was 10.9 years and 15.8 years as of March 31, 2024 and 2023, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.7% and 3.4% as of March 31, 2024 and 2023, respectively. Maturities of the Company’s operating lease liabilities at March 31, 2024 are as follows: $912 in 2024 (rest of year), $1,054 in 2025, $791 in 2026, $709 in 2027, $316 in 2028 and $3,381 thereafter.

The Company, as lessor, rents certain commercial real estate to third-party lessees. The March 31, 2024 and 2023 cost related to these leased properties was $51,370 and $51,370, respectively, and the accumulated depreciation related to these leased properties was $18,227 and $17,168, respectively. Terms of such leases, including renewal options, may be extended for up to fifty-six years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Lease income in first quarter 2024 and 2023 was $1,587 and $1,221, respectively, and is classified in cash flows from operating activities.

A lease with the Company as lessor commenced in April 2024 when a new tenant took occupancy of an industrial building the Company owns in Canada. The lease has an initial term of 15 years and allows the tenant to extend for up to 10 years.