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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases
7.
LEASES

Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.

 

(In thousands)

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease Cost

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

4,468

 

 

$

4,458

 

 

$

8,961

 

 

$

8,807

 

Short-term lease cost

 

 

3,249

 

 

 

2,739

 

 

 

5,936

 

 

 

5,518

 

Variable lease cost

 

 

422

 

 

 

603

 

 

 

865

 

 

 

1,160

 

Total lease cost

 

$

8,139

 

 

$

7,800

 

 

$

15,762

 

 

$

15,485

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow from operating leases

 

$

4,477

 

 

$

4,497

 

 

$

8,965

 

 

$

8,829

 

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

 

 

559

 

 

 

875

 

 

 

1,548

 

 

 

7,420

 

 

The following table outlines the maturities of lease liabilities as of June 30, 2024.

 

(In thousands)

 

 

 

Undiscounted Cash Flows:

 

 

 

2024 (excluding the six months ended June 30, 2024)

 

$

8,693

 

2025

 

 

13,664

 

2026

 

 

10,406

 

2027

 

 

7,838

 

2028

 

 

6,796

 

Subsequent to 2028

 

 

35,254

 

Total Undiscounted Cash Flows

 

$

82,651

 

Less: Imputed interest

 

 

(12,406

)

Present value

 

$

70,245

 

Current operating lease liabilities (1)

 

 

13,580

 

Non-current operating lease liabilities

 

 

56,665

 

Total lease liabilities

 

$

70,245

 
(1)
This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.

 

Weighted-average remaining lease term-operating leases

 

9 Years

 

Weighted-average discount rate-operating leases

 

 

3.9

%

As of June 30, 2024, the Company had an office equipment lease, valued at approximately $888,000, that had not commenced. The lease will commence during the third quarter of 2024 with a lease term of five years.