XML 27 R17.htm IDEA: XBRL DOCUMENT v3.24.3
Leases
 9 Months Ended
Sep. 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 September 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 nine months ended September 30, 2024 and 2023:

Condensed Consolidated Balance Sheets Line ItemSeptember 30,December 31,
(in thousands)202420232023
Operating leases
Assets
Operating leasesOperating lease right-of-use assets$87,097 $66,144 $68,792 
Liabilities
Operating - currentAccrued expenses and other current liabilities$18,094 $13,617 $14,954 
Operating - noncurrent Operating lease liabilities70,496 53,808 55,324 
Total operating lease liabilities$88,590 $67,425 $70,278 

The components of lease expense were as follows:
Condensed Consolidated Statements of Earnings and Comprehensive Income Line ItemThree Months Ended September 30,
(in thousands)20242023
Operating lease costGeneral administrative expenses and
     cost of sales		$5,599 $4,434 
Other Information

Supplemental cash flow information related to leases is as follows:
Three Months Ended September 30,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities:
   Operating cash flows for operating leases$5,559 $4,166 
Operating right-of-use assets obtained in exchange for new lease
     liabilities		5,862 6,437 

The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2024:
(in thousands)Operating Leases
Remaining three months of 2024$5,741 
202522,015 
202618,613 
202714,388 
202812,501 
202910,164 
Thereafter21,061 
Total lease payments104,483 
Less: Present value discount(15,893)
     Total lease liabilities$88,590 

The following table summarizes the Company's operating lease terms and discount rates as of September 30, 2024 and 2023:

20242023
Weighted-average remaining lease terms (in years)
6.55.9
Weighted-average discount rate
5.1 %4.8 %
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 September 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 nine months ended September 30, 2024 and 2023:

Condensed Consolidated Balance Sheets Line ItemSeptember 30,December 31,
(in thousands)202420232023
Operating leases
Assets
Operating leasesOperating lease right-of-use assets$87,097 $66,144 $68,792 
Liabilities
Operating - currentAccrued expenses and other current liabilities$18,094 $13,617 $14,954 
Operating - noncurrent Operating lease liabilities70,496 53,808 55,324 
Total operating lease liabilities$88,590 $67,425 $70,278 

The components of lease expense were as follows:
Condensed Consolidated Statements of Earnings and Comprehensive Income Line ItemThree Months Ended September 30,
(in thousands)20242023
Operating lease costGeneral administrative expenses and
     cost of sales		$5,599 $4,434 
Other Information

Supplemental cash flow information related to leases is as follows:
Three Months Ended September 30,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities:
   Operating cash flows for operating leases$5,559 $4,166 
Operating right-of-use assets obtained in exchange for new lease
     liabilities		5,862 6,437 

The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2024:
(in thousands)Operating Leases
Remaining three months of 2024$5,741 
202522,015 
202618,613 
202714,388 
202812,501 
202910,164 
Thereafter21,061 
Total lease payments104,483 
Less: Present value discount(15,893)
     Total lease liabilities$88,590 

The following table summarizes the Company's operating lease terms and discount rates as of September 30, 2024 and 2023:

20242023
Weighted-average remaining lease terms (in years)
6.55.9
Weighted-average discount rate
5.1 %4.8 %