Company: DXPE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001020710-25-000036
Chunk: 17

Company: DXP ENTERPRISES INC
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7A
Chunk 17
---
 assets and liabilities related to operating and finance leases (in thousands):December 31,Balance Sheet Location20242023OperatingOperating lease right of use assets, net$46,569 $48,729 FinanceProperty and equipment, net15,829 11,720 Total lease assets$62,398 $60,449 Current operatingShort-term operating lease liabilities14,921 15,438 Non-current operatingLong-term operating lease liabilities33,159 34,336 Current financeOther current liabilities5,321 3,329 Non-current financeOther long-term liabilities11,055 8,575 Total lease liabilities$64,456 $61,678 As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.As of December 31, 2024 maturities of lease liabilities are as follows (in thousands):FinanceOperating2025$6,451 $18,126 20265,891 14,362 20274,246 10,268 20281,847 6,662 2029188 2,741 Thereafter— 4,068 Total future lease payments18,623 56,227 Less: imputed interest2,247 8,147 Total lease liability balance$16,376 $48,080 The following table presents cash paid for leases, assets exchanged for operating and finance leases, and weighted average remaining lease terms, and discount rates:December 31,20242023Cash paid for operating leases$20,886 $21,823 Cash paid for finance leases$4,216 $2,347 Assets obtained in exchange for operating lease obligations, initial recognition$4,551 $5,556 Assets obtained in exchange for finance lease obligations$8,441 $15,171 Weighted-average remaining lease term - operating leases3.9 years4.1 yearsWeighted-average remaining lease term - finance leases3.2 years3.5 yearsWeighted average discount rate - operating leases8.1%6.8%Weighted-average discount rate - finance leases8.5%7.5%The Company incurred approximately $1.9 million, $1.8 million, and $1.9 million in lease expenses to entities controlled by the Company's Chief Executive Officer and family for the years ended December 31,