Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
12. Leases:
Operating lease costs of $10,828, $10,318 and $9,825 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, respectively. Finance lease costs of $77, $36 and $37 are included in cost of goods sold and in selling, general, and administrative expenses on the consolidated statement of income for the years ended December 31, 2023 2022 and 2021, respectively. Lease income is not material to the results of operations for the years ended December 31, 2023, 2022 and 2021, respectively.
The table below presents the operating and finance leases right-of-use assets and liabilities recognized on the consolidated balance sheet as of December 31, 2023 and 2022:
Classification December 31,
2023		 December 31,
2022
Assets
Operating lease Right-of-use lease assets $ 24,281  $ 28,265 
Finance lease Property, plant and equipment, net 1,269  1,422 
Total leased assets $ 25,550  $ 29,687 
Liabilities
Current:
Operating lease Operating lease liabilities—current $ 8,193  $ 8,155 
Finance lease Accrued liabilities 70  86 
Noncurrent:
Operating lease Operating lease liabilities—noncurrent 16,030  20,021 
Finance lease Other long-term liabilities 28  101 
Total leased liabilities $ 24,321  $ 28,363 
The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2023 and 2022 are as follows:
December 31,
2023		 December 31,
2022
Weighted average remaining lease term (in years):
Operating leases 3.96 4.45
Finance leases 1.33 2.29
Weighted average discount rate:
Operating leases 5.95  % 5.24  %
Finance leases 3.91  % 3.10  %
Maturities of lease liabilities as of December 31, 2023 are as follows:
Year Operating
Leases		 Finance
Leases
2024 $ 9,539  $ 78 
2025 6,916  23 
2026 5,068  — 
2027 3,672  — 
2028 1,154  — 
Thereafter 1,014  — 
Total lease payments 27,363  101 
Less: Interest (3,140) (3)
Total lease liabilities (1)
$ 24,223  $ 98 
(1)     Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the classification of lease liabilities in the Company’s consolidated balance sheet as of December 31, 2023.
The following table presents other information related to the Company’s operating and finance leases and the impact on the Company’s consolidated statement of cash flows:
Years ended
December 31,
2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows $ 10,813  $ 10,327 
Interest payments under finance leases included in operating cash flows 5  3 
Principal payments under finance leases included in financing cash flows 72  33 
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases 8,105  7,462 
Leases
12. Leases:
Operating lease costs of $10,828, $10,318 and $9,825 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, respectively. Finance lease costs of $77, $36 and $37 are included in cost of goods sold and in selling, general, and administrative expenses on the consolidated statement of income for the years ended December 31, 2023 2022 and 2021, respectively. Lease income is not material to the results of operations for the years ended December 31, 2023, 2022 and 2021, respectively.
The table below presents the operating and finance leases right-of-use assets and liabilities recognized on the consolidated balance sheet as of December 31, 2023 and 2022:
Classification December 31,
2023		 December 31,
2022
Assets
Operating lease Right-of-use lease assets $ 24,281  $ 28,265 
Finance lease Property, plant and equipment, net 1,269  1,422 
Total leased assets $ 25,550  $ 29,687 
Liabilities
Current:
Operating lease Operating lease liabilities—current $ 8,193  $ 8,155 
Finance lease Accrued liabilities 70  86 
Noncurrent:
Operating lease Operating lease liabilities—noncurrent 16,030  20,021 
Finance lease Other long-term liabilities 28  101 
Total leased liabilities $ 24,321  $ 28,363 
The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2023 and 2022 are as follows:
December 31,
2023		 December 31,
2022
Weighted average remaining lease term (in years):
Operating leases 3.96 4.45
Finance leases 1.33 2.29
Weighted average discount rate:
Operating leases 5.95  % 5.24  %
Finance leases 3.91  % 3.10  %
Maturities of lease liabilities as of December 31, 2023 are as follows:
Year Operating
Leases		 Finance
Leases
2024 $ 9,539  $ 78 
2025 6,916  23 
2026 5,068  — 
2027 3,672  — 
2028 1,154  — 
Thereafter 1,014  — 
Total lease payments 27,363  101 
Less: Interest (3,140) (3)
Total lease liabilities (1)
$ 24,223  $ 98 
(1)     Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the classification of lease liabilities in the Company’s consolidated balance sheet as of December 31, 2023.
The following table presents other information related to the Company’s operating and finance leases and the impact on the Company’s consolidated statement of cash flows:
Years ended
December 31,
2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows $ 10,813  $ 10,327 
Interest payments under finance leases included in operating cash flows 5  3 
Principal payments under finance leases included in financing cash flows 72  33 
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases 8,105  7,462