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LEASES | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for corporate offices, distribution facilities, a manufacturing plant, and certain vehicles. The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
| Three Months Ended March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |
Operating lease expenses(1): |  |  |  |  |  |  |  |  |
Fixed lease expense | $ | 4,258 |  |  | $ | 4,263 |  |  |  |  |  |  |
Variable lease expense | 1,753 |  |  | 1,368 |  |  |  |  |  |  |
Total | $ | 6,011 |  |  | $ | 5,631 |  |  |  |  |  |  |
(1) Expenses are recorded within distribution expenses and selling, general and administrative expenses on the unaudited condensed consolidated statement of operations. Supplemental cash flow information for lease related liabilities and assets for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
| Three Months Ended March 31,
| 2025 |  |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases | $ | 4,814 |  |  |  | $ | 4,718 |
| Three Months Ended March 31,
| 2025 |  |  | 2024
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases | $ | — |  |  |  | $ | — |
The aggregate future lease payments for operating leases as of March 31, 2025 were as follows (in thousands):
| Operating
2025 (excluding the three months ended March 31, 2025) | $ | 14,458 |
2026 | 18,916 |
2027 | 14,678 |
2028 | 12,888 |
2029 | 6,735 |
2030 | 4,914 |
Thereafter | 8,953 |
Total lease payments | 81,542 |
Less: Interest | (12,834) |
Present value of lease payments | $ | 68,708 |
Average lease terms and discount rates were as follows:
| March 31, 2025
Operating leases: |
Weighted-average remaining lease term (years) | 5.1
Weighted-average discount rate | 6.6 | %
On January 23, 2025, the Company entered into a lease agreement for a new distribution center in Hagerstown, Maryland (“Hagerstown Facility”). The term of the lease is 180 months following the rent commencement date, which will occur in the first quarter of 2026. Base rent for the first year of the lease is $7.3 million, escalating by 3% annually. A portion of the base rent will be abated for the first 36 months at the annual prevailing rate for a total rent abatement of $7.2 million. The lease agreement also includes a total tenant improvement allowance of $5.1 million.

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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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