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LEASES

9 Months Ended

Sep. 30, 2024

NOTE 13. LEASES

Components of total operating lease cost were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	5,859	$	5,629	$	17,575	$	16,965
Short-term and variable lease cost		897		1,100		2,474		3,170
Total operating lease cost	$	6,756	$	6,729	$	20,049	$	20,135

Estimated future payments on our operating lease liabilities are as follows:


Year Ending December 31,
2024 (remaining)	$	6,127
2025		22,557
2026		17,077
2027		13,616
2028		13,171
Thereafter		50,930
Total lease payments		123,478
Less: Interest		(24,854)
Present value of lease liabilities	$	98,624

In addition to the above, we have lease agreements with total payments of $32.8 million that commence on various dates in 2024 and 2025 and extend through 2040.

In connection with the closure of our Zhongshan, China facility under the 2024 Plan (see Note 11. Restructuring, Asset Impairments, and Other Charges), we expect to terminate the facility’s lease agreement before its expiration. During the third quarter of 2024, we reduced both the operating lease right-of-use asset and operating lease liability by $20.7 million.

The following tables present additional information about our lease agreements:


	September 30,			December 31,
	2024			2023
Weighted average remaining lease term (in years)		7.8			8.3
Weighted average discount rate		5.5	%		5.0	%


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for operating leases	$	5,823	$	5,683	$	17,476	$	17,290
Right-of-use assets obtained in exchange for operating lease liabilities	$	7,367	$	9,271	$	25,784	$	11,900