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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | 7. LEASES Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.
(In thousands) |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 4,468 |  |  | $ | 4,458 |  |  | $ | 8,961 |  |  | $ | 8,807 |
Short-term lease cost |  |  | 3,249 |  |  |  | 2,739 |  |  |  | 5,936 |  |  |  | 5,518 |
Variable lease cost |  |  | 422 |  |  |  | 603 |  |  |  | 865 |  |  |  | 1,160 |
Total lease cost |  | $ | 8,139 |  |  | $ | 7,800 |  |  | $ | 15,762 |  |  | $ | 15,485 |
Other Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flow from operating leases |  | $ | 4,477 |  |  | $ | 4,497 |  |  | $ | 8,965 |  |  | $ | 8,829 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 559 |  |  |  | 875 |  |  |  | 1,548 |  |  |  | 7,420 |
The following table outlines the maturities of lease liabilities as of June 30, 2024.
(In thousands) |  |  |
Undiscounted Cash Flows: |  |  |
2024 (excluding the six months ended June 30, 2024) |  | $ | 8,693 |
2025 |  |  | 13,664 |
2026 |  |  | 10,406 |
2027 |  |  | 7,838 |
2028 |  |  | 6,796 |
Subsequent to 2028 |  |  | 35,254 |
Total Undiscounted Cash Flows |  | $ | 82,651 |
Less: Imputed interest |  |  | (12,406 | )
Present value |  | $ | 70,245 |
Current operating lease liabilities (1) |  |  | 13,580 |
Non-current operating lease liabilities |  |  | 56,665 |
Total lease liabilities |  | $ | 70,245 |
(1) This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.
Weighted-average remaining lease term-operating leases |  | 9 Years |
Weighted-average discount rate-operating leases |  |  | 3.9 | %
As of June 30, 2024, the Company had an office equipment lease, valued at approximately $888,000, that had not commenced. The lease will commence during the third quarter of 2024 with a lease term of five years.

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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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