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LEASES

9 Months Ended

Sep. 30, 2023

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.