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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Leases

Amounts included in the Consolidated Statements of Financial Position related to leases were:

 

 

 

 

December 31,

 

 

December 31,

 

 

Classification

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

27,989

 

 

$

28,908

 

Finance lease assets

Property, plant and equipment, net

 

 

8,668

 

 

 

9,075

 

Total lease assets

 

 

$

36,657

 

 

$

37,983

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

5,943

 

 

$

6,177

 

Long-term

Operating lease liability - long-term

 

 

22,352

 

 

 

22,786

 

Total operating lease liabilities

 

 

 

28,295

 

 

 

28,963

 

Current

Finance lease liability - short-term

 

 

593

 

 

 

518

 

Long-term

Finance lease liability - long-term

 

 

8,615

 

 

 

8,919

 

Total finance lease liabilities

 

 

 

9,208

 

 

 

9,437

 

Total lease liabilities

 

 

$

37,503

 

 

$

38,400

 

Schedule of Lease Expense

The components of lease expense include:

 

 

 

 

 

For the Year Ended December 31,

 

Lease Cost

 

Classification

 

2023

 

 

2022

 

 

2021

 

Operating lease cost (1)

 

Cost of sales

 

$

6,193

 

 

$

5,673

 

 

$

5,095

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

3,354

 

 

 

2,884

 

 

 

2,328

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

720

 

 

 

689

 

 

 

574

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

337

 

 

 

340

 

 

 

298

 

Total lease cost

 

 

 

$

10,604

 

 

$

9,586

 

 

$

8,295

 

(1) Includes short-term leases and variable lease costs, which are immaterial

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Year Ended December 31,

 

Supplemental Cash Flow Information

 

2023

 

 

2022

 

 

2021

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

7,580

 

 

$

6,941

 

 

$

5,952

 

Operating cash flows from finance leases

 

$

337

 

 

$

340

 

 

$

298

 

Financing cash flows from finance leases

 

$

542

 

 

$

500

 

 

$

402

 

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

 

 

 

 

 

 

 

 

 

Operating leases

 

$

6,143

 

 

$

4,371

 

 

$

7,438

 

Finance leases

 

$

313

 

 

$

 

 

$

10,339

 

 

Lease Term and Discount Rate

 

December 31, 2023

 

 

December 31, 2022

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

5.67

 

 

 

6.44

 

Finance leases

 

 

11.99

 

 

 

13.17

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

4.7

%

 

 

3.6

%

Finance leases

 

 

3.7

%

 

 

3.5

%

 

Maturity of Operating and Finance Lease Liabilities

Maturity of Lease Liabilities - As of December 31, 2023

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2024

 

$

7,117

 

 

$

920

 

 

$

8,037

 

2025

 

 

6,163

 

 

 

924

 

 

 

7,087

 

2026

 

 

5,221

 

 

 

924

 

 

 

6,145

 

2027

 

 

4,388

 

 

 

945

 

 

 

5,333

 

2028

 

 

3,398

 

 

 

950

 

 

 

4,348

 

After 2028

 

 

5,749

 

 

 

6,708

 

 

 

12,457

 

Total lease payments

 

 

32,036

 

 

 

11,371

 

 

 

43,407

 

Less: interest

 

 

(3,741

)

 

 

(2,163

)

 

 

(5,904

)

Present value of lease liabilities

 

$

28,295

 

 

$

9,208

 

 

$

37,503