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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases We lease office space, distribution centers, land, vehicles and equipment. Lease agreements with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides information about the financial statement classification of our lease balances reported within the consolidated balance sheets as of December 31, 2023 and December 31, 2022 (in thousands):
|  | December 31,
Leases | Classification | 2023 |  | 2022
Assets |  |  |  |
Operating lease assets | Other assets | $ | 84,956 |  |  | $ | 76,160 |
Finance lease assets | Property and equipment(a) | — |  |  | 59 |
Total lease assets |  | $ | 84,956 |  |  | $ | 76,219 |
Liabilities |  |  |  |
Current |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities | $ | 20,582 |  |  | $ | 19,213 |
Finance lease liabilities | Current portion of long-term debt | — |  |  | 28 |
Non-current |  |  |  |
Operating lease liabilities | Other liabilities | 71,033 |  |  | 63,324 |
Total lease liabilities |  | $ | 91,615 |  |  | $ | 82,565 |
(a) | Recorded net of accumulated amortization of $48,000 as of December 31, 2022.
The following table provides information about the financial statement classification of our lease expenses reported within the consolidated statement of operations for the years ended December 31, 2023 and 2022 (in thousands):
|  | December 31,
Lease cost | Classification | 2023 |  | 2022
Operating lease cost (a) | Selling and administrative expenses | $ | 24,054 |  |  | $ | 23,986 |
Finance lease cost |  |  |  |
Amortization of leased assets | Selling and administrative expenses | 16 |  |  | 29 |
Interest on lease liabilities | Interest expense, net | — |  |  | 2 |
Total lease cost |  | $ | 24,070 |  |  | $ | 24,017 |
(a) | Excludes short-term and variable lease costs, which are immaterial.
Future minimum lease payments under non-cancelable leases as of December 31, 2023 are as follows (in thousands):
| Operating leases |  |  |  |
2024 | $ | 23,811 |  |  |  |  |
2025 | 20,084 |  |  |  |  |
2026 | 17,113 |  |  |  |  |
2027 | 13,818 |  |  |  |  |
2028 | 10,161 |  |  |  |  |
After 2028 | 17,386 |  |  |  |  |
Total lease payments | 102,373 |  |  |  |  |
Less: Interest | (10,758) |  |  |  |  |
Present value of lease liabilities | $ | 91,615 |  |  |  |  |
The following table provides information about the remaining lease terms and discount rates applied as of December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 5.46 |  | 5.67
Finance leases | — |  |  | 0.75
Weighted average discount rate (%): |  |  |
Operating leases | 4.21 |  |  | 3.49 |
Finance leases | — |  |  | 1.49 |
The following table provides other information related to leases for the years ended December 31, 2023 and 2022 (in thousands):
| December 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 24,088 |  |  | $ | 23,674 |
Leased assets obtained in exchange for new operating lease liabilities(a) | 28,675 |  |  | 22,725 |
(a) Includes operating lease assets acquired as part of the Amdaris and SADA acquisitions of $2,881,000 and $2,032,000, respectively.
Leases | Leases We lease office space, distribution centers, land, vehicles and equipment. Lease agreements with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides information about the financial statement classification of our lease balances reported within the consolidated balance sheets as of December 31, 2023 and December 31, 2022 (in thousands):
|  | December 31,
Leases | Classification | 2023 |  | 2022
Assets |  |  |  |
Operating lease assets | Other assets | $ | 84,956 |  |  | $ | 76,160 |
Finance lease assets | Property and equipment(a) | — |  |  | 59 |
Total lease assets |  | $ | 84,956 |  |  | $ | 76,219 |
Liabilities |  |  |  |
Current |  |  |  |
Operating lease liabilities | Accrued expenses and other current liabilities | $ | 20,582 |  |  | $ | 19,213 |
Finance lease liabilities | Current portion of long-term debt | — |  |  | 28 |
Non-current |  |  |  |
Operating lease liabilities | Other liabilities | 71,033 |  |  | 63,324 |
Total lease liabilities |  | $ | 91,615 |  |  | $ | 82,565 |
(a) | Recorded net of accumulated amortization of $48,000 as of December 31, 2022.
The following table provides information about the financial statement classification of our lease expenses reported within the consolidated statement of operations for the years ended December 31, 2023 and 2022 (in thousands):
|  | December 31,
Lease cost | Classification | 2023 |  | 2022
Operating lease cost (a) | Selling and administrative expenses | $ | 24,054 |  |  | $ | 23,986 |
Finance lease cost |  |  |  |
Amortization of leased assets | Selling and administrative expenses | 16 |  |  | 29 |
Interest on lease liabilities | Interest expense, net | — |  |  | 2 |
Total lease cost |  | $ | 24,070 |  |  | $ | 24,017 |
(a) | Excludes short-term and variable lease costs, which are immaterial.
Future minimum lease payments under non-cancelable leases as of December 31, 2023 are as follows (in thousands):
| Operating leases |  |  |  |
2024 | $ | 23,811 |  |  |  |  |
2025 | 20,084 |  |  |  |  |
2026 | 17,113 |  |  |  |  |
2027 | 13,818 |  |  |  |  |
2028 | 10,161 |  |  |  |  |
After 2028 | 17,386 |  |  |  |  |
Total lease payments | 102,373 |  |  |  |  |
Less: Interest | (10,758) |  |  |  |  |
Present value of lease liabilities | $ | 91,615 |  |  |  |  |
The following table provides information about the remaining lease terms and discount rates applied as of December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 5.46 |  | 5.67
Finance leases | — |  |  | 0.75
Weighted average discount rate (%): |  |  |
Operating leases | 4.21 |  |  | 3.49 |
Finance leases | — |  |  | 1.49 |
The following table provides other information related to leases for the years ended December 31, 2023 and 2022 (in thousands):
| December 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 24,088 |  |  | $ | 23,674 |
Leased assets obtained in exchange for new operating lease liabilities(a) | 28,675 |  |  | 22,725 |
(a) Includes operating lease assets acquired as part of the Amdaris and SADA acquisitions of $2,881,000 and $2,032,000, respectively.

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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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