Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases  
Schedule of lease-related assets and liabilities

The following table presents lease-related assets and liabilities and their classification on our Consolidated Balance Sheets, in thousands:

    

As of December 31, 

2023

2022

Assets

Classification

Operating

Right of use assets

$

204,629

$

205,892

Finance

Property and equipment, net

5,577

6,647

Total lease assets

$

210,206

$

212,539

Liabilities

Current

Operating

Short-term operating lease liabilities

$

65,780

$

60,880

Finance

Short-term finance lease liabilities

1,917

2,207

Non-Current

Operating

Long-term operating lease liabilities

146,213

149,943

Finance

Long-term finance lease liabilities

4,150

6,673

Total lease liabilities

$

218,060

$

219,703

As of December 31, 

2023

2022

Weighted-average remaining lease term:

Operating leases

3.6 years

4.2 years

Finance leases

3.8 years

3.8 years

Weighted-average discount rate:

Operating leases

4.0

%

3.2

%

Finance leases

3.3

%

2.9

%

Schedule of components of lease expense

The components of lease expense were as follows and are primarily included in cost of sales and in selling, general and administrative expenses on the accompanying Consolidated Statement of Operations for finance leases and operating leases, in thousands:

Year Ended December 31, 

2023

2022

2021

Operating lease cost (a)

$

88,292

$

75,366

55,824

Financing lease cost:

Amortization of leased assets

2,188

2,815

673

Interest on finance lease obligations

210

268

24

Short-term lease cost

24,275

18,315

15,258

Sublease income

(1,022)

(780)

(882)

Net lease cost

$

113,943

$

95,984

$

70,897

(a) Includes variable cost components of $16,162, $14,451 and $8,711 in the years ended December 31, 2023, 2022, and 2021, respectively.

Schedule of future minimum lease payments

Future minimum lease payments under non-cancellable operating and finance leases as of December 31, 2023, were as follows, in thousands:

Payments due by Period

    

2024

$

75,220

2025

63,896

2026

46,687

2027

29,322

2028

15,223

2029 and Thereafter

5,663

Total future minimum lease payments

236,011

Less: imputed interest

(17,951)

Lease liability at December 31, 2023

$

218,060

Schedule of cash flow information related to leases

The amounts below are included in the cash flows provided by operating activities section on the accompanying Consolidated Statement of Cash Flows, in thousands:

    

Year Ended December 31, 

2023

2022

2021

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

Operating cash flows from finance leases

$

(210)

$

(268)

$

(74)

Operating cash flows from operating leases

(71,667)

(74,135)

(48,125)

Financing cash flows from finance leases

(2,776)

(2,361)

(562)