Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
12. Leases:
Operating lease costs of $10,997, $10,828 and $10,318 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statements of income for the years ended December 31, 2024, 2023 and 2022, respectively. Finance lease costs of $74, $77 and $36 are included in cost of goods sold and in selling, general, and administrative expenses on the consolidated statement of income for the years ended December 31, 2024, 2023 and 2022, respectively. Lease income is not material to the results of operations for the years ended December 31, 2024, 2023 and 2022, respectively.
The table below presents the operating and finance leases right-of-use assets and liabilities recognized on the consolidated balance sheet as of December 31, 2024 and 2023:
December 31,
Balance Sheet location 2024 2023
Assets
Operating lease Right-of-use lease assets $ 33,558  $ 24,281 
Finance lease Property, plant and equipment, net 1,116  1,269 
Total leased assets $ 34,674  $ 25,550 
Liabilities
Current:
Operating lease Operating lease liabilities—current $ 9,267  $ 8,193 
Finance lease Accrued liabilities 23  70 
Noncurrent:
Operating lease Operating lease liabilities—noncurrent 24,189  16,030 
Finance lease Other long-term liabilities —  28 
Total leased liabilities $ 33,479  $ 24,321 
The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2024 and 2023 are as follows:
December 31,
2024 2023
Weighted average remaining lease term (in years):
Operating leases 4.73 3.96
Finance leases 0.44 1.33
Weighted average discount rate:
Operating leases 6.22  % 5.95  %
Finance leases 4.09  % 3.91  %
Maturities of lease liabilities as of December 31, 2024 are as follows:
Year Operating
Leases		 Finance
Leases
2025 $ 10,979  $ 23 
2026 8,813  — 
2027 6,928  — 
2028 4,423  — 
2029 3,020  — 
Thereafter 4,595  — 
Total lease payments 38,758  23 
Less: Interest (5,302) — 
Total lease liabilities (1)
$ 33,456  $ 23 
(1)     Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the classification of lease liabilities in the Company’s consolidated balance sheet as of December 31, 2024.
The following table presents other information related to the Company’s operating and finance leases and the impact on the Company’s consolidated statement of cash flows:
Years ended December 31,
2024 2023
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows $ 10,996  $ 10,813 
Interest payments under finance leases included in operating cash flows 2  5 
Principal payments under finance leases included in financing cash flows 76  72 
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases 18,612  8,105 
Leases
12. Leases:
Operating lease costs of $10,997, $10,828 and $10,318 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statements of income for the years ended December 31, 2024, 2023 and 2022, respectively. Finance lease costs of $74, $77 and $36 are included in cost of goods sold and in selling, general, and administrative expenses on the consolidated statement of income for the years ended December 31, 2024, 2023 and 2022, respectively. Lease income is not material to the results of operations for the years ended December 31, 2024, 2023 and 2022, respectively.
The table below presents the operating and finance leases right-of-use assets and liabilities recognized on the consolidated balance sheet as of December 31, 2024 and 2023:
December 31,
Balance Sheet location 2024 2023
Assets
Operating lease Right-of-use lease assets $ 33,558  $ 24,281 
Finance lease Property, plant and equipment, net 1,116  1,269 
Total leased assets $ 34,674  $ 25,550 
Liabilities
Current:
Operating lease Operating lease liabilities—current $ 9,267  $ 8,193 
Finance lease Accrued liabilities 23  70 
Noncurrent:
Operating lease Operating lease liabilities—noncurrent 24,189  16,030 
Finance lease Other long-term liabilities —  28 
Total leased liabilities $ 33,479  $ 24,321 
The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2024 and 2023 are as follows:
December 31,
2024 2023
Weighted average remaining lease term (in years):
Operating leases 4.73 3.96
Finance leases 0.44 1.33
Weighted average discount rate:
Operating leases 6.22  % 5.95  %
Finance leases 4.09  % 3.91  %
Maturities of lease liabilities as of December 31, 2024 are as follows:
Year Operating
Leases		 Finance
Leases
2025 $ 10,979  $ 23 
2026 8,813  — 
2027 6,928  — 
2028 4,423  — 
2029 3,020  — 
Thereafter 4,595  — 
Total lease payments 38,758  23 
Less: Interest (5,302) — 
Total lease liabilities (1)
$ 33,456  $ 23 
(1)     Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the classification of lease liabilities in the Company’s consolidated balance sheet as of December 31, 2024.
The following table presents other information related to the Company’s operating and finance leases and the impact on the Company’s consolidated statement of cash flows:
Years ended December 31,
2024 2023
Cash paid for amounts included in the measurement of lease liabilities:
Payments on operating leases included in operating cash flows $ 10,996  $ 10,813 
Interest payments under finance leases included in operating cash flows 2  5 
Principal payments under finance leases included in financing cash flows 76  72 
Right-of-use assets obtained in exchange for new lease liabilities (non-cash):
Operating leases 18,612  8,105