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LEASES

3 Months Ended

Mar. 31, 2024

LEASES

LEASES

3. 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 10 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 March 31,
​		2024			2023
Operating lease cost	​	$	3,802	​	$	2,467
Short-term lease cost	​		2,670	​		979
Variable lease cost	​		213	​		215
​	​	​	​	​	​	​
Finance leases:	​	​	​	​	​	​
Amortization of right-of-use assets	​		595	​		123
Interest on lease liabilities	​		91	​		14
Finance lease cost	​		686	​		137
​	​	​	​	​	​	​
Total lease cost	​	$	7,371	​	$	3,798

​

Supplemental cash flow information was as follows:

​

​	​	​	​	​	​	​
​	​	Three-Months Ended March 31,
​		2024			2023
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash outflows from operating leases	​	$	3,607	​	$	2,391
Operating cash outflows from finance leases	​	​	91	​	​	14
Financing cash outflows from finance leases	​	​	2,897	​	​	598
​	​	​	​	​	​	​
Right-of-use assets obtained in exchange for lease obligations:	​	​	​	​	​	​
Finance leases	​	​	747	​	​	2,227
Operating leases	​	​	1,091	​	​	313

​

Supplemental balance sheet information was as follows:

​

​	​	​	​	​	​	​	​	​
​		​		March 31,			December 31,
​	​	Balance Sheet Location	​	2024		​	2023
Operating leases:				​			​
Right-of-use assets		Other assets	​	$	56,421	​	$	58,845
​	​	​	​	​	​	​	​	​
Current lease liabilities		Accrued liabilities	​	$	11,122	​	$	11,088
Noncurrent lease liabilities		Other liabilities	​		46,474	​		48,459
Total operating lease liabilities			​	$	57,596	​	$	59,547
​	​	​	​	​	​	​	​	​
Finance leases:			​			​
Right-of-use assets		Property and equipment, net	​	$	10,091	​	$	11,147
​	​	​	​	​	​	​	​	​
Current lease liabilities		Accrued liabilities	​	$	4,297	​	$	6,449
Noncurrent lease liabilities		Other liabilities	​		14	​		19
Total finance lease liabilities			​	$	4,311	​	$	6,468

​

Weighted-average remaining lease term and weighted-average discount rate for the Company’s leases were as follows:

​

​	​	​	​	​	​
​		March 31, 2024		December 31, 2023	​
Weighted-average remaining lease term in years:	​	​	​	​	​
Operating leases	​	6.2		6.3	​
Finance leases	​	0.5	​	0.7	​
​	​	​	​	​	​
Weighted-average discount rate:	​	​	​	​	​
Operating leases	​	4.7	%	4.7	%
Finance leases	​	6.3	%	6.3	%

​

The following table outlines maturities of the Company’s lease liabilities as of March 31, 2024:

​

​	​	​	​	​	​	​
​		Undiscounted Future Lease Payments
​		Operating Leases			Finance Leases
2024 (from April 1, 2024 to December 31, 2024)	​	$	10,213	​	$	4,275
2025	​		11,942	​		118
2026	​		9,824	​		2
2027	​		9,242	​		—
2028	​	​	7,709	​	​	—
2029 and thereafter	​		17,820	​		—
Total lease payments	​		66,750	​		4,395
Less imputed interest	​		(9,154)	​		(84)
Total	​	$	57,596	​	$	4,311

​

As of March 31, 2024, the Company did not have any significant leases that had not yet commenced.

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