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LEASES
12 Months Ended
Dec. 31, 2022
LEASES  
LEASES

8. LEASES

We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2023 and 2029.  Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement.  Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of our operating lease costs were as follows:

    

Twelve Months Ended December 31, 

    

2022

2021

(Dollars in thousands)

Operating lease costs

 

$

5,233

$

5,045

Variable lease costs (1)

1

82

Total lease costs

 

$

5,234

$

5,127

(1)Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.

Short-term lease costs, which were excluded from the above table, are not material to our financial statements.

The following is a schedule of maturities of operating lease liabilities as of December 31, 2022:

    

Operating Leases

(Dollars in thousands)

2023

 

$

4,320

2024

 

 

3,544

2025

 

 

2,760

2026

 

 

2,352

2027

1,272

Thereafter

 

 

1,020

Total lease payments

 

 

15,268

Less imputed interest

 

 

(581)

Present value of lease liabilities

 

$

14,687

The operating lease liabilities were classified in the Consolidated Balance Sheets as follows:

    

December 31, 

December 31, 

2022

    

2021

(Dollars in thousands)

Operating lease liabilities - current

$

4,026

$

3,593

Operating lease liabilities - non-current

10,661

7,520

Total

 

$

14,687

$

11,113

We determined the present value of our lease liabilities using a weighted-average discount rate of 4.25%.  As of December 31, 2022, our leases had a weighted-average remaining lease term of 4.3 years.

Supplemental cash flow information related to our operating leases is as follows:

    

Twelve Months Ended December 31, 

    

2022

    

2021

(Dollars in thousands)

Cash paid for amounts included in the measurement of lease liabilities

 

$

4,732

$

4,888

Right-of-use assets obtained in exchange for new lease liabilities (noncash)

$

7,941

$

5,334