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LEASES | 9 Months Ended
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Sep. 30, 2023
LEASES |
LEASES |
4. | LEASES
The Company leases identified assets consisting primarily of office and warehouse space, warehouse equipment and vehicles. Leases are classified as either finance leases or operating leases based on criteria in ASC 842, “Leases”. The Company’s leases have remaining lease terms of less than one year to 11 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. The components of lease cost were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-Months Ended September 30, | ​ | Nine-Months Ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost | ​ | $ | 2,968 | ​ | $ | 2,306 | ​ | $ | 8,051 | ​ | $ | 6,238
Short-term lease cost | ​ |  | 2,209 | ​ |  | 1,001 | ​ |  | 4,258 | ​ |  | 2,870
Variable lease cost | ​ |  | 295 | ​ |  | 189 | ​ |  | 736 | ​ |  | 567
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ |  | 383 | ​ |  | 140 | ​ |  | 708 | ​ |  | 415
Interest on lease liabilities | ​ |  | 88 | ​ |  | 8 | ​ |  | 146 | ​ |  | 18
Finance lease cost | ​ |  | 471 | ​ |  | 148 | ​ |  | 854 | ​ |  | 433
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total lease cost | ​ | $ | 5,943 | ​ | $ | 3,644 | ​ | $ | 13,899 | ​ | $ | 10,108
​ Supplemental cash flow information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine-Months Ended September 30,
​ |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash outflows from operating leases | ​ | $ | 7,600 | ​ | $ | 5,859
Operating cash outflows from finance leases | ​ | ​ | 146 | ​ | ​ | 18
Financing cash outflows from finance leases | ​ | ​ | 3,660 | ​ | ​ | 1,678
​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease obligations: | ​ | ​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | 10,120 | ​ | ​ | 1,654
Operating leases | ​ | ​ | 15,944 | ​ | ​ | 20,093
​ Supplemental balance sheet information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | September 30, |  | December 31,
​ | ​ | Balance Sheet Location | ​ | 2023 | ​ | 2022
Operating leases: |  |  |  | ​ |  |  | ​ |
Right-of-use assets |  | Other assets | ​ | $ | 47,160 | ​ | $ | 38,012
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current lease liabilities |  | Accrued liabilities | ​ | $ | 9,119 | ​ | $ | 7,747
Noncurrent lease liabilities |  | Other liabilities | ​ |  | 38,111 | ​ |  | 29,586
Total operating lease liabilities |  |  | ​ | $ | 47,230 | ​ | $ | 37,333
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases: |  |  | ​ |  |  | ​ |  |
Right-of-use assets |  | Property and equipment, net | ​ | $ | 9,824 | ​ | $ | 1,598
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current lease liabilities |  | Accrued liabilities | ​ | $ | 7,232 | ​ | $ | 757
Noncurrent lease liabilities |  | Other liabilities | ​ |  | 24 | ​ |  | 41
Total finance lease liabilities |  |  | ​ | $ | 7,256 | ​ | $ | 798
​ Weighted-average remaining lease term and weighted-average discount rate for the Company’s leases were as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023 |  | December 31, 2022 | ​
Weighted-average remaining lease term in years: | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 6.5 |  | 6.7 | ​
Finance leases | ​ | 0.8 | ​ | 0.8 | ​
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate: | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 4.0 | % | 3.4 | %
Finance leases | ​ | 6.2 | % | 3.6 | %
​ The following table outlines maturities of the Company’s lease liabilities as of September 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating Leases |  | Finance Leases
2023 (from October 1, 2023 to December 31, 2023) | ​ | $ | 2,512 | ​ | $ | 2,619
2024 | ​ |  | 10,271 | ​ |  | 4,814
2025 | ​ |  | 8,183 | ​ |  | 17
2026 | ​ |  | 6,978 | ​ |  | 2
2027 | ​ | ​ | 6,754 | ​ | ​ | —
2028 and thereafter | ​ |  | 19,254 | ​ |  | —
Total lease payments | ​ |  | 53,952 | ​ |  | 7,452
Less imputed interest | ​ |  | (6,722) | ​ |  | (196)
Total | ​ | $ | 47,230 | ​ | $ | 7,256
​ As of September 30, 2023, the Company did not have any significant additional leases that had not yet commenced.

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