Lease Commitments

12 Months Ended

Dec. 31, 2023

Lease Commitments

Lease Commitments

14. Lease Commitments

The company leases certain offices, distribution centers, and other property under non-cancellable operating leases expiring at various dates through 2032. Substantially all leases are classified as operating leases. The company recorded operating lease costs of $93.4 million, $92.0 million, and $97.4 million in 2023, 2022, and 2021, respectively.

During 2023, the company recorded net charges of $29.4 million related to early lease terminations in “Restructuring, integration, and other charges” on the company’s consolidated statements of operations.

The following amounts were recorded in the consolidated balance sheets at December 31:

(thousands)	2023		2022
Operating Leases
Right-of-use asset	$	269,524	$	277,554
Lease liability - current		74,232		69,469
Lease liability - non-current		210,110		227,044
Total operating lease liabilities	$	284,342	$	296,513

Maturities of operating lease liabilities at December 31 were as follows:

(thousands)	2023
2024	$	83,637
2025		64,042
2026		50,696
2027		41,223
2028		33,491
Thereafter		47,675
Total lease payments		320,764
Less: imputed interest		(36,422)
Total	$	284,342

Other information pertaining to leases consists of the following for the year ended December 31:

(thousands)	2023		2022
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities	$	91,797	$	88,235
Right-of-use assets obtained in exchange for operating lease obligations		74,356		104,210
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		5 years		6 years
Weighted-average discount rate		4.6%		4.3%