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Leases
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease Cost

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

4,612

 

 

$

4,448

 

 

$

13,573

 

 

$

13,255

 

Short-term lease cost

 

 

2,718

 

 

 

2,697

 

 

 

8,654

 

 

 

8,215

 

Variable lease cost

 

 

447

 

 

 

674

 

 

 

1,312

 

 

 

1,834

 

Total lease cost

 

$

7,777

 

 

$

7,819

 

 

$

23,539

 

 

$

23,304

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow from operating leases

 

$

4,624

 

 

$

4,447

 

 

$

13,589

 

 

$

13,276

 

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

 

 

2,353

 

 

 

916

 

 

 

3,901

 

 

 

8,336

 

 

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

 

(In thousands)

 

 

 

Undiscounted Cash Flows:

 

 

 

2024 (excluding the nine months ended September 30, 2024)

 

$

4,750

 

2025

 

 

15,434

 

2026

 

 

11,299

 

2027

 

 

8,152

 

2028

 

 

7,071

 

Subsequent to 2028

 

 

35,713

 

Total Undiscounted Cash Flows

 

$

82,419

 

Less: Imputed interest

 

 

(12,173

)

Present value

 

$

70,246

 

Current operating lease liabilities (1)

 

 

14,312

 

Non-current operating lease liabilities

 

 

55,934

 

Total lease liabilities

 

$

70,246

 
(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

 

8 Years

 

Weighted-average discount rate-operating leases

 

 

4.0

%

As of September 30, 2024, the Company had a railcar lease, valued at approximately $370,000, that had not commenced. The lease will commence during the fourth quarter of 2024 with a lease term of five years.