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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | We have entered into operating leases for the majority of our facilities with remaining terms of up to 11 years as of December 31, 2023. We utilize leases for these facilities to limit our exposure to risks related to ownership, such as fluctuations in real estate prices, and to maintain flexibility in our real estate utilization. We have also entered into operating leases for certain equipment, primarily production printers and data center equipment. Certain of our leases include options to extend the lease term. The impact of renewal periods was not material to the amounts recorded for operating lease assets and liabilities. We have also entered into a finance lease for our corporate headquarters and, as of December 31, 2022, we had finance leases for certain information technology hardware. Leases were reflected on the consolidated balance sheets as follows at December 31:
(in thousands) |  | 2023 |  | 2022
Operating leases: |  |  |  |
Operating lease assets |  | $ | 58,961 |  |  | $ | 47,132 |
Accrued liabilities |  | $ | 13,562 |  |  | $ | 12,780 |
Operating lease liabilities |  | 58,840 |  |  | 48,925 |
Total operating lease liabilities |  | $ | 72,402 |  |  | $ | 61,705 |
Weighted-average remaining lease term |  | 6 years |  | 5 years
Weighted-average discount rate |  | 7.8 | % |  | 5.2 | %
Finance leases: |  |  |  |
Property, plant and equipment, gross |  | $ | 26,941 |  |  | $ | 33,060 |
Accumulated depreciation |  | (4,188) |  |  | (8,630) |
Property, plant and equipment, net |  | $ | 22,753 |  |  | $ | 24,430 |
Accrued liabilities |  | $ | 1,146 |  |  | $ | 1,050 |
Other non-current liabilities |  | 26,134 |  |  | 27,287 |
Total finance lease liabilities |  | $ | 27,280 |  |  | $ | 28,337 |
Weighted-average remaining lease term |  | 14 years |  | 15 years
Weighted-average discount rate |  | 6.0 | % |  | 6.0 | %
The components of lease expense for the years ended December 31 were as follows:
(in thousands) |  | 2023 |  | 2022 |  | 2021
Operating lease expense |  | $ | 18,811 |  |  | $ | 20,480 |  |  | $ | 17,485 |
Finance lease expense: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 2,067 |  |  | $ | 1,853 |  |  | $ | 1,283 |
Interest on lease liabilities |  | 1,659 |  |  | 1,697 |  |  | 829 |
Total finance lease expense |  | $ | 3,726 |  |  | $ | 3,550 |  |  | $ | 2,112 |
Supplemental cash flow information related to leases for the years ended December 31 was as follows:
(in thousands) |  | 2023 |  | 2022 |  | 2021
Lease assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases(1) |  | $ | 26,167 |  |  | $ | 6,294 |  |  | $ | 38,630 |
Finance leases(2) |  | — |  |  | — |  |  | 26,941 |
Cash paid for amounts included in lease obligations: |  |  |  |  |  |
Operating cash flows from operating leases(3) |  | $ | 19,922 |  |  | $ | 19,015 |  |  | $ | 8,444 |
Operating cash flows from finance leases |  | 1,659 |  |  | 1,697 |  |  | 8 |
Financing cash flows from finance leases |  | 2,715 |  |  | 1,290 |  |  | 421 |
(1) Operating lease assets obtained during 2021 included $24,396 acquired in conjunction with the acquisition of First American in June 2021 (Note 6). (2) Finance lease assets obtained during 2021 consisted of a lease on our corporate headquarters located in Minnesota that commenced in July 2021. (3) Cash paid for operating leases for 2021 was reduced by lease incentives received of $9,410. Maturities of lease liabilities were as follows at December 31, 2023:
(in thousands) |  | Operating lease obligations |  | Finance lease obligations
2024 |  | $ | 17,829 |  |  | $ | 2,743 |
2025 |  | 17,746 |  |  | 2,777 |
2026 |  | 16,210 |  |  | 2,812 |
2027 |  | 12,168 |  |  | 2,847 |
2028 |  | 8,882 |  |  | 2,881 |
Thereafter |  | 19,294 |  |  | 26,151 |
Total lease payments |  | 92,129 |  |  | 40,211 |
Less imputed interest |  | (19,727) |  |  | (12,931) |
Present value of lease payments |  | $ | 72,402 |  |  | $ | 27,280 |

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- Definition The entire disclosure for lessee entity's leasing arrangements. + References No definition available. + Details
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- References No definition available. + Details
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