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LEASES AND COMMITMENTS | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES AND COMMITMENTS | LEASES AND COMMITMENTS Operating Leases: The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of December 31, 2023 and 2022, respectively, or for the years then ended. Our leases relating to office and warehouse space have terms of 18 months to 126 months. Our leases relating to equipment have lease terms of 24 months to 203 months, with certain of them having clauses relating to automatic renewal. The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred. The operating lease expense was $5.1 million, $6.7 million and $5.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):
| 2023 |  | 2022
Cash paid for amounts included in the measurements of lease liabilities |  |  |
Operating cash flow used in operating leases | $ | 6,333 |  | $ | 7,199
Right-of-use assets obtained in exchange for lease obligations |  |  |
Operating leases | $ | 1,785 |  | $ | 101
As of December 31, 2023, the weighted average remaining lease term was 48 months and the weighted average discount rate was 2.3%. The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023 (in thousands):
2024 | $ | 6,312
2025 | 6,462
2026 | 4,783
2027 | 2,553
2028 | 2,618
Thereafter | 240
Total lease payments | $ | 22,968
Less: imputed interest | (956)
Total | $ | 22,012
Unconditional purchase obligations: At December 31, 2023, the Company had $72.2 million in unconditional purchase obligations with a remaining term in excess of one year primarily for inventories, outsourced information technology and Coach events.

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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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