XML 29 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
Note 4 – Leases

The net right of use assets and lease liabilities recognized on the consolidated balance sheets for the Company's operating leases as of December 31, 2024 and 2023 are presented below:

  
 
December 31,
2024
   
December 31,
2023
 
Right of use assets
           
Operating Leases
           
Buildings and improvements
 
$
112,528
   
$
121,578
 
Machinery and equipment
   
5,425
     
5,251
 
Total
 
$
117,953
   
$
126,829
 
Current lease liabilities
               
Operating Leases
               
Buildings and improvements
 
$
22,993
   
$
23,647
 
Machinery and equipment
   
2,908
     
2,838
 
Total
 
$
25,901
   
$
26,485
 
Long-term lease liabilities
               
Operating Leases
               
Buildings and improvements
 
$
91,772
   
$
100,489
 
Machinery and equipment
   
2,446
     
2,341
 
Total
 
$
94,218
   
$
102,830
 
Total lease liabilities
 
$
120,119
   
$
129,315
 

Lease expense is classified in the statements of operations based on asset use.  Total lease cost recognized on the consolidated statements of operations is as follows:

 
 
Years ended December 31,
 
 
 
2024
   
2023
   
2022
 
Lease expense
                 
Operating lease expense
 
$
29,787
   
$
27,909
   
$
25,606
 
Short-term lease expense
   
964
     
988
     
971
 
Variable lease expense
   
581
     
566
     
365
 
Total lease expense
 
$
31,332
   
$
29,463
   
$
26,942
 

The Company paid $29,744, $28,164, and $24,074 for its operating leases during the years ended December 31, 2024, 2023, and 2022, respectively, which are included in operating cash flows on the consolidated statements of cash flows.  The weighted-average remaining lease term for the Company's operating leases is 8.7 years and the weighted-average discount rate is 6.6% as of December 31, 2024.

The undiscounted future lease payments for the Company's operating lease liabilities are as follows:

2025
 
$
26,681
 
2026
   
22,803
 
2027
   
19,266
 
2028
   
15,724
 
2029
   
13,690
 
Thereafter
   
60,925
 

The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term.  The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.