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Note 5 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

5.	Leases

The Company has operating leases for corporate offices, copiers, and certain equipment. Its leases have remaining lease terms of 1 year to 15 years, some of which may include options to extend the leases for up to 15 years, and some of which may include options to terminate the leases within 1 year. The Company evaluates renewal terms on a lease by lease basis to determine if the renewal is reasonably certain. The amount of operating lease expense recorded in the statement of earnings for the twelve months ended December 31, 2023 was $53,906 (2022 - $49,544).

Other information related to leases was as follows (in thousands, except lease term and discount rate):

Supplemental Cash Flows Information, twelve months ended December 31		2023

Cash paid for amounts included in the measurement of operating lease liabilities		$	48,690
Right-of-use assets obtained in exchange for operating lease obligation		$	64,240

Weighted Average Remaining Operating Lease Term (years)		6
Weighted Average Discount Rate			5.4	%

Future minimum operating lease payments under non-cancellable leases as of December 31, 2023 were as follows:

2024		$	56,460
2025			55,997
2026			45,963
2027			32,554
2028			24,096
Thereafter			63,541
Total future minimum lease payments			278,611
Less imputed interest			(43,790	)
Total			234,821