Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
As discussed in Note 2, Summary of Significant Accounting Policies, the majority of our leases are operating leases for our Company-operated Outposts. We also lease distribution and warehouse facilities. We do not enter into material lease transactions with related parties. We categorize leases as either operating or finance leases at the commencement date of the lease. Operating lease agreements may contain tenant improvement allowances, rent holidays, rent escalation clauses and/or contingent rent provisions. We have lease agreements with lease and non-lease components, which are accounted for together as a single lease component for underlying classes of assets.
The table below presents the components of lease costs for the years ended December 31, 2023 and 2022:
Year Ended December 31,
2023 2022
Operating leases costs $ 3,906  $ 1,579 
Short-term lease costs 335  201 
Total lease costs $ 4,241  $ 1,780 
The following table includes supplemental information:
December 31,
2023 2022
Weighted-average remaining operating lease term (in years) 9.5 9
Weighted-average operating lease discount rate 4.48% 4.56%
Cash paid related to operating lease liabilities was $3,142 for the year ended December 31, 2023.
The total operating lease liability arising from ROU assets was $38,178 for the year ended December 31, 2023.
Finance lease assets are recorded in property, plant, and equipment, net with the corresponding finance lease liabilities on the consolidated balance sheet.
Minimum future maturities of operating lease liabilities as of December 31, 2023 were as follows:
2024 $ 3,829 
2025 3,908 
2026 3,904 
2027 3,920 
2028 4,068 
Thereafter 31,282 
Total lease payments 50,911 
Less imputed interest (12,733)
Total $ 38,178 
As of December 31, 2023, we have entered into three operating leases that have not yet commenced of $8,068, primarily related to real estate leases. These leases will commence between fiscal year 2024 and fiscal year 2025 with lease terms of 15 years.
Leases Leases
As discussed in Note 2, Summary of Significant Accounting Policies, the majority of our leases are operating leases for our Company-operated Outposts. We also lease distribution and warehouse facilities. We do not enter into material lease transactions with related parties. We categorize leases as either operating or finance leases at the commencement date of the lease. Operating lease agreements may contain tenant improvement allowances, rent holidays, rent escalation clauses and/or contingent rent provisions. We have lease agreements with lease and non-lease components, which are accounted for together as a single lease component for underlying classes of assets.
The table below presents the components of lease costs for the years ended December 31, 2023 and 2022:
Year Ended December 31,
2023 2022
Operating leases costs $ 3,906  $ 1,579 
Short-term lease costs 335  201 
Total lease costs $ 4,241  $ 1,780 
The following table includes supplemental information:
December 31,
2023 2022
Weighted-average remaining operating lease term (in years) 9.5 9
Weighted-average operating lease discount rate 4.48% 4.56%
Cash paid related to operating lease liabilities was $3,142 for the year ended December 31, 2023.
The total operating lease liability arising from ROU assets was $38,178 for the year ended December 31, 2023.
Finance lease assets are recorded in property, plant, and equipment, net with the corresponding finance lease liabilities on the consolidated balance sheet.
Minimum future maturities of operating lease liabilities as of December 31, 2023 were as follows:
2024 $ 3,829 
2025 3,908 
2026 3,904 
2027 3,920 
2028 4,068 
Thereafter 31,282 
Total lease payments 50,911 
Less imputed interest (12,733)
Total $ 38,178 
As of December 31, 2023, we have entered into three operating leases that have not yet commenced of $8,068, primarily related to real estate leases. These leases will commence between fiscal year 2024 and fiscal year 2025 with lease terms of 15 years.