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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Summary of Lease Cost

The Company’s lease cost is recognized on a straight-line basis over the lease term and is primarily included within indirect and selling expenses on the consolidated statements of comprehensive income. Lease cost consisted of the following:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Operating lease cost

 

$

25,037

 

 

$

37,889

 

 

$

35,469

 

Finance lease cost - amortization of right-of-use assets

 

 

2,040

 

 

 

598

 

 

 

 

Finance lease cost - interest

 

 

602

 

 

 

179

 

 

 

 

Short-term lease cost

 

 

669

 

 

 

509

 

 

 

453

 

Variable lease cost

 

 

222

 

 

 

146

 

 

 

43

 

Sublease income

 

 

(28

)

 

 

(92

)

 

 

 

 Total lease cost

 

$

28,542

 

 

$

39,229

 

 

$

35,965

 

Summary of Future Minimum Lease Payments Under Non-Cancellable Operating and Finance Leases

Future minimum lease payments under non-cancellable operating and finance leases as of December 31, 2023 were as follows:

 

 

Operating

 

 

Finance

 

December 31, 2024

 

$

25,419

 

 

$

3,041

 

December 31, 2025

 

 

26,621

 

 

 

3,041

 

December 31, 2026

 

 

22,899

 

 

 

3,041

 

December 31, 2027

 

 

18,578

 

 

 

3,041

 

December 31, 2028

 

 

15,926

 

 

 

2,985

 

Thereafter

 

 

131,690

 

 

 

2,966

 

Total future minimum lease payments

 

 

241,133

 

 

 

18,115

 

Less: Interest

 

 

(45,264

)

 

 

(1,719

)

Total

 

$

195,869

 

 

$

16,396

 

 

 

 

 

 

 

 

 

Summary of Other Information Related to Operating and Finance Leases

Other information related to operating and finance leases is as follows:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

20,368

 

 

$

40,123

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

18,590

 

 

$

13,906

 

Property and equipment obtained in exchange for finance lease liabilities

 

$

338

 

 

 

18,319

 

Weighted-average remaining lease term - operating leases

 

 

 

 

 

 

Operating leases

 

 

11.6

 

 

 

11.7

 

Finance leases

 

 

6.0

 

 

 

7.0

 

Weighted-average discount rate - operating leases

 

 

 

 

 

 

Operating leases

 

 

3.6

%

 

 

3.3

%

Finance leases

 

 

3.4

%

 

 

3.4

%