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Lease Commitments | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lessee, Finance Leases | As of December 31, 2023, the Company was obligated under operating and finance lease agreements for certain office space and manufacturing facilities, manufacturing equipment, vehicles, information technology equipment and warehouse space. Our leases have remaining lease terms of 1 year to 30 years, some of which may include options to extend the lease for up to 10 years, and some of which may include options to terminate the leases within 1 year. As of December 31, 2023 and 2022, the Company’s operating and financing lease components with initial or remaining terms in excess of one year were classified on the consolidated balance sheets as follows, together with certain supplemental balance sheet information:
(In thousands) | Classification | 2023 |  | 2022 |
Assets |  |  |  |  |
Right-of-use assets: |  |  |  |  |
Operating lease | Right-of-use assets | 57,990 |  |  | 79,228 |  |
Finance lease | Right-of-use assets | 22,409 |  |  | 15,712 |  |
Total right-of-use assets |  | $ | 80,399 |  |  | $ | 94,940 |  |
Liabilities |  |  |  |  |
Short-term lease liability: |  |  |  |  |
Operating lease | Other accrued liabilities | 14,475 |  |  | 18,013 |  |
Finance lease | Other accrued liabilities | 1,880 |  |  | 1,012 |  |
Total short-term lease liability |  | $ | 16,355 |  |  | $ | 19,025 |  |
Long-term lease liability: |  |  |  |  |
Operating leases | Long-term lease liability | 49,719 |  |  | 68,091 |  |
Finance leases | Long-term lease liability | 19,267 |  |  | 12,625 |  |
Total long-term lease liability |  | $ | 68,986 |  |  | $ | 80,716 |  |
Total lease liabilities |  | $ | 85,341 |  |  | $ | 99,741 |  |
Lease Term and Discount Rate |  |  |  |  |
Weighted average remaining lease term (years) - Operating leases | 6.9 |  | 7.2 |
Weighted average remaining lease term (years) - Finance leases | 14.7 |  | 11.3 |
Weighted average discount rate - Operating leases | 4.2 | % |  | 4.1 | % |
Weighted average discount rate - Finance leases | 5.0 | % |  | 4.4 | % |
Expense for leases less than 12 months for the year ended December 31, 2023, 2022 and 2021 were not material. The components of lease expense for the year ended December 31, 2023, 2022 and 2021 are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 18,107 |  |  | $ | 17,997 |  |  | $ | 13,127 |
Finance lease cost : |  |  |  |  |
Amortization of ROU assets | 1,841 |  |  | 1,213 |  |  | 408 |
Interest on lease liabilities | 821 |  |  | 401 |  |  | 155 |
The Company combines the amortization of the right-of-use assets and the change in the operating lease liability in the same line item in the Statement of Cash Flows. Other information related to the Company’s operating leases for the year ended December 31, 2023, 2022 and 2021 are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Cash flows - Operating leases | $ | 18,528 |  |  | $ | 14,916 |  |  | $ | 11,009 |
Cash flows - Finance leases | 2,164 |  |  | 1,300 |  |  | 502 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 6,155 |  |  | $ | 16,241 |  |  | $ | 31,492 |
Finance leases | 8,806 |  |  | 7,357 |  |  | — |
Future minimum lease payments for noncancellable leases as of December 31, 2023, were as follows:
(In thousands) | Operating leases |  | Finance leases
One Year | $ | 17,624 |  |  | $ | 2,719 |
Two Years | 13,507 |  |  | 2,325 |
Three Years | 9,662 |  |  | 2,214 |
Four Years | 7,753 |  |  | 2,209 |
Five Years | 5,907 |  |  | 2,244 |
Beyond Five Years | 20,406 |  |  | 19,271 |
Total minimum lease payments | $ | 74,859 |  |  | $ | 30,982 |
Less: Interest | 10,665 |  |  | 9,835 |
Present value of lease liabilities | $ | 64,194 |  |  | $ | 21,147 |

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- References No definition available. + Details
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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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