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LEASES

12 Months Ended

Dec. 31, 2024

LEASES

LEASES

NOTE 17 – LEASES

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

​

​	​	​	​	​	​	​	​	​
Operating Leases		Balance Sheet Classification		December 31, 2024			December 31, 2023
Right-of-use assets		Other assets	​	$	54,276	​	$	53,284
​	​	​	​	​	​	​	​	​
Current liabilities		Other current liabilities	​	$	13,110	​	$	13,104
Noncurrent liabilities		Other liabilities	​		42,124	​		41,576
Total lease liabilities			​	$	55,234	​	$	54,680

​

Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $24,778, $24,408 and $20,548 in the years ended December 31, 2024, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 was $15,874 and $13,450, respectively, 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 during the years ended December 31, 2024 and 2023 were $17,591 and $9,249, respectively.

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

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​	​	​	​
​		December 31, 2024
2025	​	$	14,896
2026	​		12,336
2027	​		9,814
2028	​		8,069
2029	​		5,385
After 2029	​		11,442
Total lease payments	​	$	61,942
Less: Imputed interest	​		6,708
Operating lease liabilities	​	$	55,234

​

As of December 31, 2024 and 2023, the weighted average remaining lease term was 6.4 years and 7.0 years, respectively. As of December 31, 2024 and 2023, the weighted average discount rate used to determine the operating lease liability was 3.70% and 3.50%, respectively.

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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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