Leases (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Leases |
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| 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:
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As of December 31, |
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2023 |
|
2022 |
Assets |
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Classification |
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Operating |
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Right of use assets |
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$ |
204,629 |
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|
$ |
205,892 |
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Finance |
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Property and equipment, net |
|
|
5,577 |
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|
|
6,647 |
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Total lease assets |
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$ |
210,206 |
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$ |
212,539 |
|
Liabilities |
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Current |
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Operating |
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Short-term operating lease liabilities |
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$ |
65,780 |
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$ |
60,880 |
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Finance |
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Short-term finance lease liabilities |
|
|
1,917 |
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|
2,207 |
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Non-Current |
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Operating |
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Long-term operating lease liabilities |
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146,213 |
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|
149,943 |
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Finance |
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Long-term finance lease liabilities |
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|
4,150 |
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|
6,673 |
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Total lease liabilities |
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$ |
218,060 |
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$ |
219,703 |
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As of December 31, |
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2023 |
|
2022 |
Weighted-average remaining lease term: |
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Operating leases |
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3.6 years |
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4.2 years |
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Finance leases |
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3.8 years |
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3.8 years |
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Weighted-average discount rate: |
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Operating leases |
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4.0 |
% |
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|
3.2 |
% |
Finance leases |
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|
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3.3 |
% |
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|
2.9 |
% |
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| 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:
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Year Ended December 31, |
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2023 |
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2022 |
|
2021 |
Operating lease cost (a) |
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$ |
88,292 |
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$ |
75,366 |
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|
55,824 |
Financing lease cost: |
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|
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Amortization of leased assets |
|
|
2,188 |
|
|
2,815 |
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|
673 |
Interest on finance lease obligations |
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|
210 |
|
|
268 |
|
|
24 |
Short-term lease cost |
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|
24,275 |
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|
18,315 |
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|
15,258 |
Sublease income |
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(1,022) |
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(780) |
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|
(882) |
Net lease cost |
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$ |
113,943 |
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$ |
95,984 |
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$ |
70,897 |
| (a) |
Includes variable cost components of $16,162, $14,451 and $8,711 in the years ended December 31, 2023, 2022, and 2021, respectively.
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| Schedule of future minimum lease payments |
Future minimum lease payments under non-cancellable operating and finance leases as of December 31, 2023, were as follows, in thousands:
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Payments due by Period |
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2024 |
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$ |
75,220 |
2025 |
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|
63,896 |
2026 |
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|
46,687 |
2027 |
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|
29,322 |
2028 |
|
|
15,223 |
2029 and Thereafter |
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|
5,663 |
Total future minimum lease payments |
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|
236,011 |
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Less: imputed interest |
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(17,951) |
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Lease liability at December 31, 2023 |
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$ |
218,060 |
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| 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:
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Year Ended December 31, |
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2023 |
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2022 |
|
2021 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from finance leases |
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$ |
(210) |
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$ |
(268) |
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$ |
(74) |
Operating cash flows from operating leases |
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|
(71,667) |
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(74,135) |
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|
(48,125) |
Financing cash flows from finance leases |
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(2,776) |
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(2,361) |
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(562) |
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