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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for railcars, computer equipment, office spaces, a bottling facility, a distribution facility, fulfillment center, retail location, and certain equipment. The Company has no finance leases. Leases with terms of twelve months or less are not recorded on the Company’s Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Lease components are accounted for separately from non-lease components, such as common-area maintenance, based on the relative, observable stand-alone prices of the components. The Company’s leases have remaining lease terms of less than one year to ten years, some of which may include options to extend the lease. Options to renew the Company’s leases were not considered when assessing the value of the right-of-use assets because the Company is not reasonably certain that it will assert the options to renew the leases. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The following table provides supplemental balance sheet classification information related to leases:
|  |  |  | December 31,
Leases |  | Balance Sheet Classification |  | 2023 |  | 2022
Assets |  |  |  |  |  |
Operating |  | Operating lease right-of-use-assets, net |  | $ | 13,975 |  |  | $ | 15,042 |
Total leased assets |  |  |  | $ | 13,975 |  |  | $ | 15,042 |
Liabilities |  |  |  |  |  |
Current Operating |  | Accrued expenses |  | $ | 3,318 |  |  | $ | 3,807 |
Noncurrent Operating |  | Long-term operating lease liabilities |  | 11,292 |  |  | 11,622 |
Total operating lease liability |  |  |  | $ | 14,610 |  |  | $ | 15,429 |
The following table presents the components of lease costs:
| Year Ended December 31,
2023 |  | 2022
Operating lease costs | $ | 4,364 |  |  | $ | 4,278 |
Short-term lease costs | 446 |  |  | 415 |
Net lease costs(a) | $ | 4,810 |  |  | $ | 4,693 |
(a) Recorded as a component of operating income on the Company’s Consolidated Statements of Income. The following table presents supplemental cash flow and non-cash activity related to lease information:
| Year Ended December 31,
2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 4,116 |  |  | $ | 4,082 |
Right-of-use assets obtained in exchange for lease obligations |  |  |
Operating leases | $ | 4,100 |  |  | $ | 3,417 |
The following table presents weighted average discount rate and remaining lease term:
| December 31,
| 2023 |  | 2022
Weighted average discount rate |  |  |
Operating leases | 2.95 | % |  | 2.03 | %
Weighted average remaining lease term |  |  |
Operating leases | 5.1 years |  | 4.6 years
As of December 31, 2023, the future payments under operating leases having initial terms of one year or more were as follows:
2024 |  | $ | 3,702 |
2025 |  | 3,638 |
2026 |  | 3,032 |
2027 |  | 2,094 |
2028 |  | 1,463 |
Thereafter |  | 2,163 |
Total lease payments |  | 16,092 |
Less interest |  | (1,482) |
Total operating lease liability |  | $ | 14,610 |

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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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