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Leases | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases | Leases The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2039, 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 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 Condensed Consolidated Balance Sheets as of June 30, 2024 and 2023 and December 31, 2023, Condensed Consolidated Statements of Earnings and Comprehensive Income, and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023:
| Condensed Consolidated Balance Sheets Line Item | June 30, | December 31,
(in thousands) |  | 2024 | 2023 | 2023
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 84,305 |  | $ | 63,358 |  | $ | 68,792 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | $ | 16,673 |  | $ | 12,809 |  | $ | 14,954 |
Operating - noncurrent | Operating lease liabilities | 69,223 |  | 51,560 |  | 55,324 |
Total operating lease liabilities |  | $ | 85,896 |  | $ | 64,369 |  | $ | 70,278 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item | Three Months Ended June 30, |
(in thousands) |  | 2024 |  | 2023 |  |  |
Operating lease cost | General administrative expenses and cost of sales | $ | 4,801 |  |  | $ | 4,192 |  |  |  |
Other Information Supplemental cash flow information related to leases is as follows:
| Three Months Ended June 30, |
(in thousands) | 2024 |  | 2023 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 4,708 |  |  | $ | 3,932 |  |  |
Operating right-of-use assets obtained in exchange for new lease liabilities | 23,240 |  |  | 8,423 |  |  |
The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2024:
(in thousands) |  |  | Operating Leases
Remaining six months of 2024 |  |  | $ | 10,332 |
2025 |  |  | 19,459 |
2026 |  |  | 16,257 |
2027 |  |  | 13,013 |
2028 |  |  | 11,760 |
2029 |  |  | 9,666 |
Thereafter |  |  | 20,951 |
Total lease payments |  |  | 101,438 |
Less: Present value discount |  |  | (15,542) |
Total lease liabilities |  |  | $ | 85,896 |
The following table summarizes the Company's lease terms and discount rates as of June 30, 2024 and 2023:
Weighted-average remaining lease terms (in years): | 2024 |  | 2023
Operating leases | 6.8 |  | 5.9
Weighted-average discount rate: |  |  |
Operating leases | 5.1 | % |  | 4.7 | %
Leases | Leases The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2039, 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 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 Condensed Consolidated Balance Sheets as of June 30, 2024 and 2023 and December 31, 2023, Condensed Consolidated Statements of Earnings and Comprehensive Income, and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023:
| Condensed Consolidated Balance Sheets Line Item | June 30, | December 31,
(in thousands) |  | 2024 | 2023 | 2023
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 84,305 |  | $ | 63,358 |  | $ | 68,792 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | $ | 16,673 |  | $ | 12,809 |  | $ | 14,954 |
Operating - noncurrent | Operating lease liabilities | 69,223 |  | 51,560 |  | 55,324 |
Total operating lease liabilities |  | $ | 85,896 |  | $ | 64,369 |  | $ | 70,278 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item | Three Months Ended June 30, |
(in thousands) |  | 2024 |  | 2023 |  |  |
Operating lease cost | General administrative expenses and cost of sales | $ | 4,801 |  |  | $ | 4,192 |  |  |  |
Other Information Supplemental cash flow information related to leases is as follows:
| Three Months Ended June 30, |
(in thousands) | 2024 |  | 2023 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 4,708 |  |  | $ | 3,932 |  |  |
Operating right-of-use assets obtained in exchange for new lease liabilities | 23,240 |  |  | 8,423 |  |  |
The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2024:
(in thousands) |  |  | Operating Leases
Remaining six months of 2024 |  |  | $ | 10,332 |
2025 |  |  | 19,459 |
2026 |  |  | 16,257 |
2027 |  |  | 13,013 |
2028 |  |  | 11,760 |
2029 |  |  | 9,666 |
Thereafter |  |  | 20,951 |
Total lease payments |  |  | 101,438 |
Less: Present value discount |  |  | (15,542) |
Total lease liabilities |  |  | $ | 85,896 |
The following table summarizes the Company's lease terms and discount rates as of June 30, 2024 and 2023:
Weighted-average remaining lease terms (in years): | 2024 |  | 2023
Operating leases | 6.8 |  | 5.9
Weighted-average discount rate: |  |  |
Operating leases | 5.1 | % |  | 4.7 | %

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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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- 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 + Details
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