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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES 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 for the years ended December 31, 2024 and 2023. Our leases relating to office and warehouse space have lease terms of 65 months to 102 months. Our leases relating to equipment have lease terms of 36 months, with certain of them having clauses relating to automatic renewal clauses. 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 $4.9 million, $5.1 million and $6.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurements of lease liabilities |  |  |  |  |
Operating cash flow used in operating leases | $ | 6,312 |  | $ | 6,333 |  | $ | 7,199
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating leases | $ | — |  | $ | 1,785 |  | $ | 101
As of December 31, 2024, the weighted average remaining lease term was 3 years, 1 month and the weighted average discount rate was 2.2%. The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2024 (in thousands):
2025 | 6,462
2026 | 4,783
2027 | 2,553
2028 | 2,618
2029 | 240
Thereafter | —
Total lease payments | $ | 16,656
Less: imputed interest | (531)
Total | $ | 16,125

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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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