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LEASES

6 Months Ended

Jun. 30, 2024

LEASES

LEASES

NOTE 9 — LEASES

The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets:

​

​	​	​	​	​	​	​	​	​
Operating Leases		Balance Sheet Classification		June 30, 2024			December 31, 2023
Right-of-use assets		Other assets	​	$	54,329	​	$	53,284
​	​	​	​	​	​	​	​	​
Current liabilities		Other current liabilities	​	$	13,188	​	$	13,104
Noncurrent liabilities		Other liabilities	​		42,505	​		41,576
Total lease liabilities			​	$	55,693	​	$	54,680

​

Total lease expense, which is included in Cost of goods sold and Selling, general & administrative expenses in the Company’s Consolidated Statements of Income, was $6,572 and $12,733 in the three and six months ended June 30, 2024 and $5,322 and $11,173 in the three and six months ended June 30, 2023, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2024, respectively, were $4,098 and $8,147 and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2023, respectively, were $3,077 and $6,222 and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities were $7,071 and $10,617 during the three and six months ended June 30, 2024 and $1,438 and $5,334 during the three and six months ended June 30, 2023, respectively.

The total future minimum lease payments for noncancelable operating leases were as follows:

​

​	​	​	​
​		June 30, 2024
2024	​	$	9,518
2025	​		14,273
2026	​		11,522
2027	​		8,923
2028	​		6,923
After 2028	​		13,196
Total lease payments	​	$	64,355
Less: Imputed interest	​		8,662
Operating lease liabilities	​	$	55,693

​

As of June 30, 2024 the weighted average remaining lease term is 6.6 years and the weighted average discount rate used to determine the operating lease liability is 3.7%.

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating 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

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