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v3.23.3

Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Note 3 – Leases The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
Right of use assets |  |  |  |  |  |
Operating Leases |  |  |  |  |  |
Buildings and improvements |  | $ | 122,781 |  |  | $ | 126,933 |
Machinery and equipment |  |  | 5,211 |  |  |  | 4,260 |
Total |  | $ | 127,992 |  |  | $ | 131,193 |
Current lease liabilities |  |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |  |
Buildings and improvements |  | $ | 23,405 |  |  | $ | 22,926 |
Machinery and equipment |  |  | 2,692 |  |  |  | 2,393 |
Total |  | $ | 26,097 |  |  | $ | 25,319 |
Long-term lease liabilities |  |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |  |
Buildings and improvements |  | $ | 100,789 |  |  | $ | 106,693 |
Machinery and equipment |  |  | 2,434 |  |  |  | 1,800 |
Total |  | $ | 103,223 |  |  | $ | 108,493 |
Total lease liabilities |  | $ | 129,320 |  |  | $ | 133,812 |
Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:
|  | Fiscal quarters ended |  |  | Nine fiscal months ended |
|  | September 30, 2023 |  |  | October 1, 2022 |  |  | September 30, 2023 |  |  | October 1, 2022 |
Lease expense |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 7,035 |  |  | $ | 6,258 |  |  | $ | 20,803 |  |  | $ | 19,014 |
Short-term lease expense |  |  | 248 |  |  |  | 212 |  |  |  | 756 |  |  |  | 752 |
Variable lease expense |  |  | 101 |  |  |  | 119 |  |  |  | 412 |  |  |  | 219 |
Total lease expense |  | $ | 7,384 |  |  | $ | 6,589 |  |  | $ | 21,971 |  |  | $ | 19,985 |
The Company paid $20,912 and $18,062 for its operating leases in the nine fiscal months ended September 30, 2023 and October 1, 2022, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 9.4 years and the weighted-average discount rate is 6.2% as of September 30, 2023. The undiscounted future lease payments for the Company's operating lease liabilities are as follows:
|  | September 30, 2023 |
2023 (excluding the nine fiscal months ended September 30, 2023) |  | $ | 6,872 |
2024 |  |  | 26,705 |
2025 |  |  | 23,627 |
2026 |  |  | 19,195 |
2027 |  |  | 17,485 |
Thereafter |  |  | 79,852 |
The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.

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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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