Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

NOTE 11 – Leases

The Company leases certain assets used in its business, including land, buildings, and equipment. These leased assets are used for operational and administrative purposes.

The components of lease expense are set forth in the table below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease expense	$	3,630	$	3,331	$	7,163	$	6,604
Finance lease expense:
Amortization of assets		7		8		15		15
Interest on lease liabilities		1		1		2		2
Short-term lease expense		570		527		1,121		705
Variable lease expense		1,057		1,050		2,302		2,080
Total lease expense	$	5,265	$	4,917	$	10,603	$	9,406

The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion:

	June 30, 2024			December 31, 2023
Operating leases:
Operating lease ROU assets	$	47,754		$	50,833
Current operating lease liabilities		9,369			8,840
Noncurrent operating lease liabilities		23,896			27,289
Total operating lease liabilities	$	33,265		$	36,129
Finance leases:
Finance lease ROU assets	$	2,715		$	2,717
Accumulated amortization		(2,597	)		(2,573	)
Finance lease ROU assets, net	$	118		$	144
Current finance lease liabilities	$	49		$	52
Non-current finance lease liabilities		69			94
Total finance lease liabilities	$	118		$	146
Weighted average remaining lease term (in years):
Operating leases		7.4			7.8
Finance leases		3.3			3.6
Weighted average discount rate:
Operating leases		4.1	%		4.1	%
Finance leases		3.6	%		3.6	%

The table below sets forth supplemental cash flow and other information related to leases:

	Six Months Ended
	June 30, 2024		June 30, 2023
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	10,501	$	9,242
Operating cash outflows from finance leases		2		2
Financing cash outflow from finance leases		27		23
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		3,455		13,013

The table below sets forth information about lease liability maturities:

	June 30, 2024
	Operating Leases			Finance Leases
2024	$	5,545		$	27
2025		9,742			41
2026		6,690			21
2027		4,018			19
2028		1,954			17
2029		1,419			-
2030 and thereafter		9,799			-
Total lease payments		39,167			125
Less: imputed interest		(5,902	)		(7	)
Total lease obligations		33,265			118
Less: current obligations		(9,369	)		(49	)
Long-term lease obligations	$	23,896		$	69