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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 7. Leases The Company’s operating leases are primarily comprised of real estate, railcar, storage tank, warehouse, auto, trailer and manufacturing/office equipment leases. Real estate and railcars comprise approximately 52 percent and 33 percent, respectively, of the Company’s consolidated right of use (ROU) asset balance. Except for real estate, typical lease terms range from one to ten years. Real estate lease terms typically range from one to fifty years. The Company’s four principal real estate leases consist of the office lease for the corporate headquarters in Northbrook, Illinois and land leases in the Philippines, Singapore and Lake Providence, Louisiana. As of December 31, 2023, the Company had railcars leases valued at approximately $292,000, that had not commenced. These leases will commence during the first quarter of 2024 with lease term of seven years. As most of the Company’s leases do not provide an implicit borrowing rate, the Company uses its incremental borrowing rate (IBR) based on the information available at the commencement date in determining the present value of lease payments. IBRs were specifically determined for the United States, Philippines, Singapore, Brazil and China, typically for five-year increments. The U.S. IBR was used for all other countries as the leases in these countries are not material. The total value of leases that reside in the five countries identified above represents approximately 98 percent of the Company’s consolidated ROU asset balance. Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Consolidated Statements of Income.
(In thousands) |  | Year ended December 31, 2023 |  |  | Year ended December 31, 2022 |
Lease Cost |  |  |  |  |  |
Operating lease cost |  | $ | 17,820 |  |  | $ | 16,042 |
Short-term lease cost |  |  | 10,786 |  |  |  | 7,029 |
Variable lease cost |  |  | 2,354 |  |  |  | 1,206 |
Total lease cost |  | $ | 30,960 |  |  | $ | 24,277 |
Other Information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flow from operating leases |  | $ | 17,838 |  |  | $ | 15,963 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 12,134 |  |  |  | 7,588 |
The following table outlines maturities of lease liabilities as of December 31, 2023:
(In thousands) |  |  |
Undiscounted Cash Flows: |  |  |
2024 |  | $ | 16,105 |
2025 |  |  | 11,988 |
2026 |  |  | 9,201 |
2027 |  |  | 7,002 |
2028 |  |  | 6,063 |
Subsequent to 2028 |  |  | 34,555 |
Total Undiscounted Cash Flows |  | $ | 84,914 |
Less: Imputed interest |  |  | (13,155 | )
Present value |  | $ | 71,759 |
Current operating lease liabilities (1) |  |  | 13,733 |
Non-current operating lease liabilities |  |  | 58,026 |
Total lease liabilities |  | $ | 71,759 |
(1) This item is included in Accrued liabilities line on the Company’s Consolidated Balance Sheet.
Weighted-average remaining lease term-operating leases |  | 9 Years
Weighted-average discount rate-operating leases |  | 3.8%

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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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