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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 7 – Leases The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses related to our leasing activity for the years ended December 31, 2023 and 2022 was as follows (in thousands):
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2023 |  | 2022
Operating Lease Expense (1) |  | Operating expenses |  | $ | 21,131 |  |  | $ | 15,151 |
Financing Lease Amortization |  | Operating expenses |  | 546 |  |  | 466 |
Financing Lease Interest |  | Interest expense |  | 93 |  |  | 41 |
Financing Lease Expense |  |  |  | 639 |  |  | 507 |
Net Lease Cost |  |  |  | $ | 21,770 |  |  | $ | 15,658 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities related to our operating and finance leases as of December 31, 2023 and December 31, 2022 was as follows (in thousands):
|  | December 31,
Lease Type |  | 2023 |  | 2022
Total ROU operating lease assets |  | $ | 76,340 |  |  | $ | 46,755 |
Total ROU financing lease assets |  | 1,560 |  |  | 1,519 |
Total lease assets |  | $ | 77,900 |  |  | $ | 48,274 |
Total current operating lease obligation |  | $ | 13,010 |  |  | $ | 9,480 |
Total current financing lease obligation |  | 539 |  |  | 484 |
Total current lease obligations |  | $ | 13,549 |  |  | $ | 9,964 |
Total long term operating lease obligation |  | $ | 66,234 |  |  | $ | 38,898 |
Total long term financing lease obligation |  | 831 |  |  | 930 |
Total long term lease obligation |  | $ | 67,065 |  |  | $ | 39,828 |
The value of lease liabilities related to our operating and finance leases as of December 31, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
2024 |  | $ | 18,555 |  |  | $ | 615 |  |  | $ | 19,170 |
2025 |  | 18,299 |  |  | 435 |  |  | 18,734 |
2026 |  | 14,488 |  |  | 344 |  |  | 14,832 |
2027 |  | 12,371 |  |  | 117 |  |  | 12,488 |
2028 |  | 10,440 |  |  | 4 |  |  | 10,444 |
Thereafter |  | 29,841 |  |  | 1 |  |  | 29,842 |
Total lease payments |  | 103,994 |  |  | 1,516 |  |  | 105,510 |
Less: Interest |  | (24,750) |  |  | (146) |  |  | (24,896) |
Present value of lease liabilities |  | $ | 79,244 |  |  | $ | 1,370 |  |  | $ | 80,614 |
The weighted average lease terms and interest rates of leases held as of December 31, 2023 and 2022 were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.6 years |  | 2.8 years |  | 5.6 years |  | 3.1 years
Weighted average interest rate |  | 7.8% |  | 7.1% |  | 7.1% |  | 6.6%
The cash outflows of leasing activity for the years ended December 31, 2023 and 2022 were as follows (in thousands):
|  |  |  | Year Ended December 31,
Cash Flow Source |  | Classification |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (15,516) |  |  | $ | (12,149) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (242) |  |  | $ | (184) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (515) |  |  | $ | (429) |
Refer to Note 4 – Revenue Recognition for a discussion on the Company's activities as lessor.
Leases | Note 7 – Leases The Company leases property used for warehousing, distribution centers, office space, branch locations, equipment and vehicles. The expenses related to our leasing activity for the years ended December 31, 2023 and 2022 was as follows (in thousands):
|  |  |  | Year Ended December 31,
Lease Type |  | Classification |  | 2023 |  | 2022
Operating Lease Expense (1) |  | Operating expenses |  | $ | 21,131 |  |  | $ | 15,151 |
Financing Lease Amortization |  | Operating expenses |  | 546 |  |  | 466 |
Financing Lease Interest |  | Interest expense |  | 93 |  |  | 41 |
Financing Lease Expense |  |  |  | 639 |  |  | 507 |
Net Lease Cost |  |  |  | $ | 21,770 |  |  | $ | 15,658 |
(1) Includes short term lease expense, which is immaterial. The value of net assets and liabilities related to our operating and finance leases as of December 31, 2023 and December 31, 2022 was as follows (in thousands):
|  | December 31,
Lease Type |  | 2023 |  | 2022
Total ROU operating lease assets |  | $ | 76,340 |  |  | $ | 46,755 |
Total ROU financing lease assets |  | 1,560 |  |  | 1,519 |
Total lease assets |  | $ | 77,900 |  |  | $ | 48,274 |
Total current operating lease obligation |  | $ | 13,010 |  |  | $ | 9,480 |
Total current financing lease obligation |  | 539 |  |  | 484 |
Total current lease obligations |  | $ | 13,549 |  |  | $ | 9,964 |
Total long term operating lease obligation |  | $ | 66,234 |  |  | $ | 38,898 |
Total long term financing lease obligation |  | 831 |  |  | 930 |
Total long term lease obligation |  | $ | 67,065 |  |  | $ | 39,828 |
The value of lease liabilities related to our operating and finance leases as of December 31, 2023 was as follows (in thousands):
Maturity Date of Lease Liabilities |  | Operating Leases |  | Financing Leases |  | Total
2024 |  | $ | 18,555 |  |  | $ | 615 |  |  | $ | 19,170 |
2025 |  | 18,299 |  |  | 435 |  |  | 18,734 |
2026 |  | 14,488 |  |  | 344 |  |  | 14,832 |
2027 |  | 12,371 |  |  | 117 |  |  | 12,488 |
2028 |  | 10,440 |  |  | 4 |  |  | 10,444 |
Thereafter |  | 29,841 |  |  | 1 |  |  | 29,842 |
Total lease payments |  | 103,994 |  |  | 1,516 |  |  | 105,510 |
Less: Interest |  | (24,750) |  |  | (146) |  |  | (24,896) |
Present value of lease liabilities |  | $ | 79,244 |  |  | $ | 1,370 |  |  | $ | 80,614 |
The weighted average lease terms and interest rates of leases held as of December 31, 2023 and 2022 were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.6 years |  | 2.8 years |  | 5.6 years |  | 3.1 years
Weighted average interest rate |  | 7.8% |  | 7.1% |  | 7.1% |  | 6.6%
The cash outflows of leasing activity for the years ended December 31, 2023 and 2022 were as follows (in thousands):
|  |  |  | Year Ended December 31,
Cash Flow Source |  | Classification |  | 2023 |  | 2022
Operating cash flows from operating leases |  | Operating activities |  | $ | (15,516) |  |  | $ | (12,149) |
Operating cash flows from financing leases |  | Operating activities |  | $ | (242) |  |  | $ | (184) |
Financing cash flows from financing leases |  | Financing activities |  | $ | (515) |  |  | $ | (429) |
Refer to Note 4 – Revenue Recognition for a discussion on the Company's activities as lessor.

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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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