Leases

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating lease expense	$	3,615	$	3,184	$	10,778	$	9,788
Finance lease expense:
Amortization of assets		7		9		22		24
Interest on lease liabilities		1		1		3		2
Short-term lease expense		564		583		1,685		1,288
Variable lease expense		1,374		1,134		3,676		3,215
Total lease expense	$	5,561	$	4,911	$	16,164	$	14,317

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:

	September 30, 2024			December 31, 2023
Operating leases:
Operating lease ROU assets	$	45,670		$	50,833
Current operating lease liabilities		9,249			8,840
Noncurrent operating lease liabilities		22,456			27,289
Total operating lease liabilities	$	31,705		$	36,129
Finance leases:
Finance lease ROU assets	$	2,727		$	2,717
Accumulated amortization		(2,616	)		(2,573	)
Finance lease ROU assets, net	$	111		$	144
Current finance lease liabilities	$	49		$	52
Non-current finance lease liabilities		63			94
Total finance lease liabilities	$	112		$	146
Weighted average remaining lease term (in years):
Operating leases		7.5			7.8
Finance leases		3.2			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:

	Nine Months Ended
	September 30, 2024		September 30, 2023
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	15,469	$	14,295
Operating cash outflows from finance leases		3		2
Financing cash outflow from finance leases		36		34
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		3,630		13,360

The table below sets forth information about lease liability maturities:

	September 30, 2024
	Operating Leases			Finance Leases
2024	$	2,768		$	14
2025		9,951			43
2026		6,852			22
2027		4,117			20
2028		2,048			19
2029		1,492			-
2030 and thereafter		10,224			-
Total lease payments		37,452			118
Less: imputed interest		(5,747	)		(6	)
Total lease obligations		31,705			112
Less: current obligations		(9,249	)		(49	)
Long-term lease obligations	$	22,456		$	63