XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.23.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases [Abstract] |
Leases | Note 8. Leases Quantitative Lease Disclosures We have operating and finance leases for our manufacturing facilities, warehouses, office space, automobiles, and certain equipment. Our leases have remaining lease terms of up to eleven years, some of which may include one or more five-year renewal options. We have not included any of the renewal options in our operating lease payments as we concluded that it is not reasonably certain that we will exercise any of these renewal options. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Finance leases are not material. The following tables provide quantitative disclosures related to our operating leases and includes all operating leases acquired from the date of acquisition (in thousands):
Balance Sheet Information | March 31, 2023 |  | December 31, 2022 |
Assets |  |  |  |
Operating lease right-of-use assets |  | $ | 74,291 |  |  | $ | 49,838 |
Liabilities |  |  |  |  |  |  |  |
Sundry payables and accrued expenses |  | $ | 10,806 |  |  | $ | 10,763 |
Noncurrent operating lease liabilities |  |  | 65,319 |  |  |  | 40,709 |
Total operating lease liabilities |  | $ | 76,125 |  |  | $ | 51,472 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases | 8.5 Years |  | 7 Years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 4.3 | % |  |  | 3.7 | %
| Three Months Ended |
Expense and Cash Flow Information | March 31, |
Lease Expense |  |  | 2023 |  |  |  | 2022 |
Operating lease expense (a) |  | $ | 3,109 |  |  | $ | 2,830 |
Supplemental Cash Flow Information |  |  |  |  |  |  |  |
Cash paid for the amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,834 |  |  | $ | 2,760 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Operating leases (b) |  | $ | 29,092 |  |  | $ | 3,866 |
(a) | Excludes expenses of approximately $0.7 million and $0.4 million for the three months ended March 31, 2023 and 2022, respectively, related to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less, which is not material.
(b) | Includes $27.8 million of right-of-use assets related to the lease modification and extension for our distribution center and office in Lewisville, Texas during the three months ended March 31, 2023.
Minimum Lease Payments At March 31, 2023, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows (in thousands):
2023 |  | $ | 8,158 |
2024 |  |  | 12,383 |
2025 |  |  | 10,627 |
2026 |  |  | 9,517 |
2027 |  |  | 8,740 |
Thereafter |  |  | 44,780 |
Total lease payments |  | $ | 94,205 |
Less: Interest |  |  | (18,080 | )
Present value of lease liabilities |  | $ | 76,125 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration