Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

8.    Leases

We lease retail shoe stores, as well as several office and distribution facilities worldwide. These leases have original lease periods expiring between 2024 and 2029. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of our operating lease costs were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in thousands)
Operating lease costs	$	1,156	$	1,119	$	3,378	$	3,744
Variable lease costs (1)		—		40		—		91
Total lease costs	$	1,156	$	1,159	$	3,378	$	3,835

⁽¹⁾    Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.

Short-term lease costs, which were excluded from the above table, are not material to our financial statements.

The following is a schedule of maturities of operating lease liabilities as of September 30, 2024:

	Operating Leases
	(Dollars in thousands)
2024, excluding the nine months ended September 30, 2024	$	1,167
2025		4,482
2026		3,797
2027		2,078
2028		1,025
Thereafter		403
Total lease payments		12,952
Less: imputed interest		(656)
Present value of lease liabilities	$	12,296

The operating lease liabilities were classified in the consolidated condensed balance sheets (unaudited) as follows:

	September 30,		December 31,
		2024		2023
	(Dollars in thousands)
Operating lease liabilities - current	$	4,167	$	3,979
Operating lease liabilities - non-current		8,129		9,531
Total	$	12,296	$	13,510

We determined the present value of our lease liabilities using a weighted-average discount rate of 4.59%.  As of September 30, 2024, our leases had a weighted-average remaining lease term of 3.2 years.

Supplemental cash flow information related to our operating leases is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	1,223	$	1,204	$	3,545	$	3,728
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$	1,616	$	99	$	1,875	$	1,571