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Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
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 ten 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 include all operating leases acquired from the date of acquisition (in thousands, except where otherwise indicated):
Balance Sheet InformationSeptember 30,
2024		December 31,
2023
Assets
Operating lease right-of-use assets$96,039 $100,065 
Liabilities
Sundry payables and accrued expenses$16,848 $17,139 
Noncurrent operating lease liabilities 86,259 88,974 
Total operating lease liabilities
$103,107 $106,113 
Weighted Average Remaining Lease Term7.9 Years8.3 Years
Weighted Average Discount Rate4.9 %4.8 %
Three Months Ended
September 30,		Nine Months Ended
September 30,
Lease Expense2024202320242023
Lease expense$4,548 $4,762 $14,220 $11,647 
Variable and other lease expense (a)1,545 1,354 2,953 2,637 
Total lease costs$6,093 $6,116 $17,173 $14,284 
(a)Variable and other lease expense relate 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 are not material.
Nine Months Ended
September 30,
20242023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities$13,253 $8,212 
Right-of-use assets obtained in exchange for new lease obligations (a) $6,902 $61,929 
(a)Includes $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland during the nine months ended September 30, 2024 and $27.8 million of right-of-use assets related to the lease modification and extension for our distribution center and office in Lewisville, Texas; $26.1 million of right-of-use assets related to the new distribution center in Shawnee, Kansas; and $4.4 million of right-of-use assets obtained in Gwo Yng step-acquisition during the nine months ended September 30, 2023.
Minimum Lease Payments
At September 30, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:
2024$4,711 
202517,058 
202615,711 
202714,417 
202812,647 
Thereafter62,118 
Total lease payments$126,662 
Less: Interest(23,555)
Present value of lease liabilities$103,107 
Leases Leases
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 ten 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 include all operating leases acquired from the date of acquisition (in thousands, except where otherwise indicated):
Balance Sheet InformationSeptember 30,
2024		December 31,
2023
Assets
Operating lease right-of-use assets$96,039 $100,065 
Liabilities
Sundry payables and accrued expenses$16,848 $17,139 
Noncurrent operating lease liabilities 86,259 88,974 
Total operating lease liabilities
$103,107 $106,113 
Weighted Average Remaining Lease Term7.9 Years8.3 Years
Weighted Average Discount Rate4.9 %4.8 %
Three Months Ended
September 30,		Nine Months Ended
September 30,
Lease Expense2024202320242023
Lease expense$4,548 $4,762 $14,220 $11,647 
Variable and other lease expense (a)1,545 1,354 2,953 2,637 
Total lease costs$6,093 $6,116 $17,173 $14,284 
(a)Variable and other lease expense relate 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 are not material.
Nine Months Ended
September 30,
20242023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities$13,253 $8,212 
Right-of-use assets obtained in exchange for new lease obligations (a) $6,902 $61,929 
(a)Includes $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland during the nine months ended September 30, 2024 and $27.8 million of right-of-use assets related to the lease modification and extension for our distribution center and office in Lewisville, Texas; $26.1 million of right-of-use assets related to the new distribution center in Shawnee, Kansas; and $4.4 million of right-of-use assets obtained in Gwo Yng step-acquisition during the nine months ended September 30, 2023.
Minimum Lease Payments
At September 30, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:
2024$4,711 
202517,058 
202615,711 
202714,417 
202812,647 
Thereafter62,118 
Total lease payments$126,662 
Less: Interest(23,555)
Present value of lease liabilities$103,107