Leases

12 Months Ended

Dec. 31, 2023

The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2036, some of which include options to extend the leases for up to five years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term.

The following table provides a summary of leases included on the consolidated balance sheets as of December 31, 2023, and 2022, and consolidated statements of operations, and consolidated statements of cash flows for the years ended December 31, 2023 and 2022:


	Consolidated Balance Sheets Line Item	As of December 31,
		2023		2022
(in thousands)
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	68,792	$	57,652
Liabilities
Operating-current	Accrued expenses and other current liabilities	$	14,954	$	11,544
Operating-noncurrent	Operating lease liabilities	55,324		46,882
Total operating lease liabilities		$	70,278	$	58,426

The components of lease expense were as follows:


	Consolidated Statements of Operations Line Item	Years Ended December 31,
(in thousands)		2023		2022
Operating lease cost	General administrative expenses and cost of sales	$	16,936	$	13,794

Other information

Supplemental cash flow information related to leases is as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15,859	$	13,355
Operating right-of-use assets obtained in exchange for new lease liabilities

Operating leases	$	23,074	$	19,587

The following is a schedule, by years, of maturities for lease liabilities as of December 31, 2023:


(in thousands)	Operating Leases
2024	$	17,676
2025	16,167
2026	13,174
2027	10,059
2028	9,443
Thereafter	14,032
Total lease payments	80,552
Less: Present value discount	(10,274)
Total lease liabilities	$	70,278

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2023:


	Years Ended December 31,
	2023		2022
Weighted-average remaining lease terms (in years):
Operating leases	5.49		6.10

Weighted-average discount rate:
Operating leases	4.9	%	4.7	%

Leases


	Consolidated Balance Sheets Line Item	As of December 31,
		2023		2022
(in thousands)
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	68,792	$	57,652
Liabilities
Operating-current	Accrued expenses and other current liabilities	$	14,954	$	11,544
Operating-noncurrent	Operating lease liabilities	55,324		46,882
Total operating lease liabilities		$	70,278	$	58,426

The components of lease expense were as follows:


	Consolidated Statements of Operations Line Item	Years Ended December 31,
(in thousands)		2023		2022
Operating lease cost	General administrative expenses and cost of sales	$	16,936	$	13,794

Other information

Supplemental cash flow information related to leases is as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15,859	$	13,355
Operating right-of-use assets obtained in exchange for new lease liabilities

Operating leases	$	23,074	$	19,587

The following is a schedule, by years, of maturities for lease liabilities as of December 31, 2023:


(in thousands)	Operating Leases
2024	$	17,676
2025	16,167
2026	13,174
2027	10,059
2028	9,443
Thereafter	14,032
Total lease payments	80,552
Less: Present value discount	(10,274)
Total lease liabilities	$	70,278

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2023:


	Years Ended December 31,
	2023		2022
Weighted-average remaining lease terms (in years):
Operating leases	5.49		6.10

Weighted-average discount rate:
Operating leases	4.9	%	4.7	%