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Leases
12 Months Ended
Dec. 31, 2023
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 ten years. The exercise of lease renewal options is at the Company's sole discretion. As of December 31, 2023 and 2022, 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.
The components of lease costs for the years ended December 31 were as follows (in thousands):
202320222021
Operating lease cost$12,940 $11,191 $10,977 
Short-term lease cost4,645 5,694 7,153 
Total lease cost$17,585 $16,885 $18,130 
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):
202320222021
Cash paid for amounts included in the measurement of operating liabilities$10,628 $8,835 $9,431 
Right-of-use assets obtained in exchange for new lease liabilities$27,468 $17,008 $1,084 
Information related to the Company's lease terms and discount rates as of December 31 were as follows:
20232022
Weighted-average remaining lease term - operating leases6.6years5.3years
Weighted-average discount rate - operating leases5.0%5.0%
The future maturity of the Company's lease liabilities as of December 31, 2023 were as follows (in thousands):
2024$12,329 
20259,748 
20266,304 
20274,775 
20284,391 
After 202817,191 
Total lease payments54,738 
Less: present value discount(8,471)
Present value of lease liabilities$46,267 
The Company uses 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.