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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES We lease office space, warehouses, land, automobiles, office, and manufacturing equipment. Some of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Our lease agreements may include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. The following table presents components of lease cost (in thousands):
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease costs | $ | 21,575 |  |  | $ | 24,371 |  |  | $ | 23,921 |
Finance lease costs: |  |  |  |  |
Amortization of assets | 3,451 |  |  | — |  |  | — |
Interest on lease liabilities | 595 |  |  | — |  |  | — |
Total finance lease costs | 4,046 |  |  | $ | — |  |  | $ | — |
Total operating and finance lease costs | $ | 25,621 |  |  | $ | 24,371 |  |  | $ | 23,921 |
The following table presents supplemental cash flow information related to leases (in thousands):
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows - operating leases | $ | 21,823 |  |  | $ | 20,584 |  |  | $ | 20,142 |
Operating cash flows - finance leases | 595 |  |  | — |  |  | — |
Financing cash flows - finance leases | $ | 2,347 |  |  | $ | — |  |  | $ | — |
The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases (in thousands):
|  |  |  | December 31,
|  | Balance Sheet Location |  | 2023 |  | 2022
Operating |  | Operating lease right-of-use assets |  | $ | 48,729 |  |  | $ | 57,402 |
Finance |  | Property and equipment, net |  | 11,720 |  |  | — |
Total lease assets |  |  |  | $ | 60,449 |  |  | $ | 57,402 |
Current operating |  | Short-term operating lease liabilities |  | 15,438 |  |  | 18,083 |
Non-current operating |  | Long-term operating lease liabilities |  | 34,336 |  |  | 40,189 |
Current finance |  | Other current liabilities |  | 3,329 |  |  | — |
Non-current finance |  | Other long-term liabilities |  | 8,575 |  |  | — |
Total lease liabilities |  |  |  | $ | 61,678 |  |  | $ | 58,272 |
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. As of December 31, 2023 maturities of lease liabilities are as follows (in thousands):
| Finance |  | Operating
2024 | $ | 4,059 |  |  | $ | 18,177 |
2025 | 3,998 |  |  | 13,691 |
2026 | 3,437 |  |  | 10,218 |
2027 | 1,826 |  |  | 6,870 |
2028 | 108 |  |  | 3,690 |
Thereafter | — |  |  | 4,168 |
Total future lease payments | 13,428 |  |  | 56,814 |
Less: imputed interest | 1,524 |  |  | 7,040 |
Total lease liability balance | $ | 11,904 |  |  | $ | 49,774 |
The following table presents weighted average remaining lease terms and discount rates:
| December 31,
| 2023 |  | 2022
Weighted-average remaining lease term - operating leases | 4.1 years |  | 4.1 years
Weighted-average remaining lease term - finance leases | 3.5 years |  | —
Weighted average discount rate - operating leases | 6.8% |  | 6.5%
Weighted-average discount rate - finance leases | 7.5% |  | —%
For the twelve months ended December 31, 2023, the Company incurred approximately $1.8 million in lease expenses to entities controlled by the Company's Chief Executive Officer and family.
LEASES | LEASES We lease office space, warehouses, land, automobiles, office, and manufacturing equipment. Some of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Our lease agreements may include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. The following table presents components of lease cost (in thousands):
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease costs | $ | 21,575 |  |  | $ | 24,371 |  |  | $ | 23,921 |
Finance lease costs: |  |  |  |  |
Amortization of assets | 3,451 |  |  | — |  |  | — |
Interest on lease liabilities | 595 |  |  | — |  |  | — |
Total finance lease costs | 4,046 |  |  | $ | — |  |  | $ | — |
Total operating and finance lease costs | $ | 25,621 |  |  | $ | 24,371 |  |  | $ | 23,921 |
The following table presents supplemental cash flow information related to leases (in thousands):
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows - operating leases | $ | 21,823 |  |  | $ | 20,584 |  |  | $ | 20,142 |
Operating cash flows - finance leases | 595 |  |  | — |  |  | — |
Financing cash flows - finance leases | $ | 2,347 |  |  | $ | — |  |  | $ | — |
The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases (in thousands):
|  |  |  | December 31,
|  | Balance Sheet Location |  | 2023 |  | 2022
Operating |  | Operating lease right-of-use assets |  | $ | 48,729 |  |  | $ | 57,402 |
Finance |  | Property and equipment, net |  | 11,720 |  |  | — |
Total lease assets |  |  |  | $ | 60,449 |  |  | $ | 57,402 |
Current operating |  | Short-term operating lease liabilities |  | 15,438 |  |  | 18,083 |
Non-current operating |  | Long-term operating lease liabilities |  | 34,336 |  |  | 40,189 |
Current finance |  | Other current liabilities |  | 3,329 |  |  | — |
Non-current finance |  | Other long-term liabilities |  | 8,575 |  |  | — |
Total lease liabilities |  |  |  | $ | 61,678 |  |  | $ | 58,272 |
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. As of December 31, 2023 maturities of lease liabilities are as follows (in thousands):
| Finance |  | Operating
2024 | $ | 4,059 |  |  | $ | 18,177 |
2025 | 3,998 |  |  | 13,691 |
2026 | 3,437 |  |  | 10,218 |
2027 | 1,826 |  |  | 6,870 |
2028 | 108 |  |  | 3,690 |
Thereafter | — |  |  | 4,168 |
Total future lease payments | 13,428 |  |  | 56,814 |
Less: imputed interest | 1,524 |  |  | 7,040 |
Total lease liability balance | $ | 11,904 |  |  | $ | 49,774 |
The following table presents weighted average remaining lease terms and discount rates:
| December 31,
| 2023 |  | 2022
Weighted-average remaining lease term - operating leases | 4.1 years |  | 4.1 years
Weighted-average remaining lease term - finance leases | 3.5 years |  | —
Weighted average discount rate - operating leases | 6.8% |  | 6.5%
Weighted-average discount rate - finance leases | 7.5% |  | —%
For the twelve months ended December 31, 2023, the Company incurred approximately $1.8 million in lease expenses to entities controlled by the Company's Chief Executive Officer and family.

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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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