Leases

12 Months Ended

Dec. 31, 2024

Leases of Lessee Disclosure [Text Block]

LEASES

The Company’s operating leases primarily comprise real estate and vehicles. Real estate leases are largely related to sales and marketing, service, and administrative offices, while vehicle leases are primarily related to the Company’s field sales and service organization. The consolidated balance sheet included the following balances as of December 31:


	2024		2023		Balance Sheet Location
Right-of-use assets, net	$	112,735	$	114,392	Other non-current assets

Current lease liability	$	29,815	$	28,516	Accrued and other liabilities
Non-current lease liability	87,370		86,930		Other non-current liabilities
Total operating lease liability	$	117,185	$	115,446

As of December 31, 2024, the Company had not entered into any material real estate operating leases expected to commence in 2025.

For the years ended December 31, 2024, 2023 and 2022, the Company had the following recorded in selling, general, and administrative associated with leasing arrangements:


	2024		2023		2022
Operating lease expense	$	39,424	$	37,849	$	37,145
Variable lease expense	9,841		7,022		4,649
Short-term lease expense	1,228		1,004		958
Total lease expense	$	50,493	$	45,875	$	42,752

Weighted average remaining lease term	5.9 years		6.5 years		7.9 years
Weighted average discount rate	4.4%		4.0%		2.9		%

Accruals and other on the consolidated statement of cash flows includes the amortization of the lease right-of-use asset of $33.8 million, $34.4 million, and $34.6 million, offset by a change in the lease liability of $33.7 million, $33.4 million, and $34.6 million, for the years ended December 31, 2024, 2023, and 2022, respectively. Lease payments within operating activities were $36.6 million, $36.6 million, and $35.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. The Company also obtained non-cash lease right-of-use assets in exchange for lease liabilities of $23.5 million, $34.5 million, and $27.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The following is a maturity analysis of the annual undiscounted cash flows for the annual periods ended December 31:


2025	$	34,356
2026	27,642
2027	19,210
2028	13,043
2029	8,940
Thereafter	30,520
Total lease payments	133,711
Less imputed interest	(16,526)
Total operating lease liability	$	117,185