Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LEASES

The Company's leases are classified as operating leases and consist of manufacturing facilities, distribution centers, office space, vehicles and equipment.

Most of the Company's leases include one or more options to renew, with renewal terms that can extend the respective lease term from one month to fifteen years. The exercise of lease renewal options is at the Company's sole discretion. As of December 31, 2022 and 2021, the Company's renewal options are not part of the Company's operating lease assets and operating lease liabilities. Certain leases also include options to purchase at fair value the underlying leased asset at the Company's sole discretion.

Amounts recognized in the Company's consolidated balance sheet at December 31 were as follows (in thousands):

		2022		2021
Assets	Operating lease assets	$	26,502	$	18,120
Liabilities
Current	Accrued expenses	$	8,620	$	7,239
Non-current	Non-current operating lease liabilities	19,041		11,390
		$	27,661	$	18,629

The components of lease costs for the years ended December 31 were as follows (in thousands):

	2022		2021		2020
Operating lease cost	$	11,191	$	10,977	$	10,005
Short-term lease cost	5,694		7,153		996
Total lease cost	$	16,885	$	18,130	$	11,001

Information related to the Company's operating right-of-use assets and related operating lease liabilities for the years ended December 31 were as follows (in thousands):

	2022		2021		2020
Cash paid for amounts included in the measurement of operating liabilities	$	8,835	$	9,431	$	9,502
Right-of-use assets obtained in exchange for new lease liabilities	$	17,008	$	1,084	$	12,745

Information related to the Company's lease terms and discount rates as of December 31 were as follows:

	2022		2021
Weighted-average remaining lease term - operating leases	5.3	years	3.0	years
Weighted-average discount rate - operating leases	5.0	%	5.2	%

The future maturity of the Company's lease liabilities as of December 31, 2022 were as follows (in thousands):

2023	$	9,734
2024	6,884
2025	3,850
2026	2,444
2027	1,817
After 2027	7,011
Total lease payments	31,740
Less: present value discount	(4,079)
Present value of lease liabilities	$	27,661

The Company uses the its incremental borrowing rate based on information available at the commencement date of a lease in determining the present value of lease payments as the rates implicit in most of the Company's leases are not readily determinable.