v3.24.3
LEASES
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASES LEASES
Right-of-Use Assets and Operating Lease Liabilities

Amounts reported in the condensed consolidated balance sheets were:
September 30, 2024December 31, 2023
(in thousands)
Assets:
Right-of-use assets$303,758 $287,440 
Liabilities:
Current operating lease liabilities$66,900 $62,267 
Long-term operating lease liabilities285,155 269,769 
Total operating lease liabilities$352,055 $332,036 

Lease Costs and Other Information

Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Operating lease cost $21,555 $20,288 $62,209 $56,880 
Short-term lease cost4,907 3,102 14,920 10,336 
Variable lease cost15,450 15,130 38,757 35,248 
Total lease costs$41,912 $38,520 $115,886 $102,464 

The weighted average remaining lease term and discount rate related to our lease liabilities as of September 30, 2024 were 6.4 years and 6.4%, respectively. As of September 30, 2023, the weighted average remaining lease term and discount rate related to our lease liabilities were 7.2 years and 5.5%, respectively.

During the nine months ended September 30, 2024, we impaired our right-of-use assets for our former HEYDUDE Brand warehouses in Las Vegas, Nevada and our former Crocs Brand warehouse in Oudenbosch, the Netherlands, as described in Note 5 — Fair Value Measurements.
Maturities

The maturities of our operating lease liabilities were:
As of
September 30, 2024
(in thousands)
2024 (remainder of year)$15,619 
202582,838 
202670,331 
202761,132 
202851,768 
Thereafter150,563 
Total future minimum lease payments432,251 
Less: imputed interest(80,196)
Total operating lease liabilities$352,055