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Leases (Notes) | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | Leases We determine if an arrangement is a lease at inception. Our operating lease assets are separately stated in operating lease right-of-use ("ROU") assets and our financing lease assets are included in other assets on our condensed consolidated balance sheets. Our lease liabilities are included in accrued liabilities and other long-term liabilities on our condensed consolidated balance sheets. We have elected not to recognize an ROU asset and lease liability for leases with terms of twelve months or less. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Most of our leases do not provide an implicit rate, therefore we use our incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term based on the information available at commencement date. Our lease ROU assets exclude lease incentives and initial direct costs incurred. Our lease terms include options to extend when it is reasonably certain that we will exercise that option. All of our leases have stated lease payments, which may include fixed rental increases. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Our leases are for corporate, research and development and sales and support offices, manufacturing and distribution facilities, device service centers and certain equipment. Our leases have original lease terms of one year to fifteen years, some of which include options to extend the leases for up to an additional five years. For all of our leases, we do not include optional periods of extension in our current lease terms because we determine the exercise of options to extend is not reasonably certain. The following table presents the components of our lease cost (in thousands):
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Operating lease cost | $ | 5,814 |  |  | $ | 6,150 |  |  |  |  |
Finance lease cost — interest | 33 |  |  | 29 |  |  |  |  |
Finance lease cost — reduction of ROU asset | 255 |  |  | 225 |  |  |  |  |
Short-term lease cost | — |  |  | 13 |  |  |  |  |
Total lease cost | $ | 6,102 |  |  | $ | 6,417 |  |  |  |  |
Interest expense on our finance leases is included in interest expense, net in our condensed consolidated statements of operations. The reduction of the operating and finance ROU assets is included as noncash lease expense in costs of goods sold and selling, general and administrative expenses in our condensed consolidated statements of operations. The following table presents the supplemental cash flow information related to our leases (in thousands):
| Three months ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 5,884 |  |  | $ | 6,051 |
Operating cash flows from finance leases | $ | 33 |  |  | $ | 29 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 252 |  |  | $ | 8,979 |
Finance leases | $ | 156 |  |  | $ | 340 |
The following table presents the supplemental balance sheet information related to our operating leases (in thousands, except lease term and discount rate):
| As of
| March 31, 2024 |  | December 31, 2023
Operating leases |  |  |
Operating lease right-of-use assets | $ | 64,928 |  | $ | 69,909
Accrued liabilities | $ | 18,532 |  | $ | 20,161
Other long-term liabilities | 49,546 |  | 52,972
Total operating lease liabilities | $ | 68,078 |  | $ | 73,133
Weighted-Average Remaining Lease Term |  |  |
Operating leases | 5.5 years |  | 5.6 years
Weighted-Average Discount Rate |  |  |
Operating leases | 4.34 | % |  | 4.31 | %
The following table presents the supplemental balance sheet information related to our finance leases (in thousands, except lease term and discount rate):
| As of
| March 31, 2024 |  | December 31, 2023
Finance leases |  |  |
Finance lease right-of-use assets | $ | 2,576 |  | $ | 2,707
Accrued liabilities | $ | 819 |  | $ | 860
Other long-term liabilities | 1,861 |  | 1,954
Total finance lease liabilities | $ | 2,680 |  | $ | 2,814
Weighted-Average Remaining Lease Term |  |  |
Finance leases | 4.0 years |  | 4.1 years
Weighted-Average Discount Rate |  |  |
Finance leases | 5.02 | % |  | 4.93 | %
As of March 31, 2024, the maturities of our operating and finance lease liabilities for each of the next five years and thereafter are approximately (in thousands):
| Operating Leases |  | Finance Leases
Remainder of 2024 | $ | 18,840 |  |  | $ | 715 |
2025 | 16,283 |  |  | 796 |
2026 | 13,619 |  |  | 673 |
2027 | 9,828 |  |  | 327 |
2028 | 4,819 |  |  | 203 |
2029 | 4,731 |  |  | 189 |
Thereafter | 7,817 |  |  | 47 |
Total Lease Payments | 75,937 |  |  | 2,950 |
Less imputed interest | (7,859) |  |  | (270) |
Total | $ | 68,078 |  |  | $ | 2,680 |

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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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