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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has lease arrangements for certain administrative, manufacturing and warehousing facilities and equipment. Lease expiration dates, including expected renewal options, range from April 2025 to November 2033, with the weighted average remaining term being 6.4 years. The discount rates used to calculate the present value of lease payment range from 1.3% to 6.6% as of March 31, 2025. All leases are classified as operating leases.
|  | Balance Sheet Classification |  | March 31, 2025 |  | December 31, 2024
|  |  |  | (in thousands)
Right of use assets |  | Right of use assets |  | $ | 14,751 |  |  | $ | 15,436 |
Current lease liability |  | Accrued liabilities |  | 2,442 |  |  | 2,481 |
Noncurrent lease liability |  | Other long-term liabilities |  | 12,971 |  |  | 13,592 |
Since 2018, the Company has leased the manufacturing, engineering and office space used by our operations in Parkville, Missouri. The lease term is through December 2032. In November 2022, the Company entered into a lease arrangement for additional storage facilities in Tulsa, Oklahoma to support our operations. The lease added an additional 198,000 square feet to our operations. In January 2024, we amended the lease for an additional 157,550 square feet for operations and parts distribution. The amended lease term will expire January 2039. In July 2023, the Company entered into a lease agreement with a start date of September 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term will expire November 2033 with additional renewal options. In April 2025, we amended the lease for an additional 28,000 square feet. We also lease six properties near our Redmond location. In the aggregate, these leases contain approximately 61,000 square feet of additional warehouse space, office space, as well as outside storage. These leases have expiring terms from April 2025 to May 2028. Total future lease payments as of March 31, 2025, are as follows:
| (in thousands)
2025 | $ | 2,474 |
2026 | 3,295 |
2027 | 3,259 |
2028 | 3,130 |
2029 | 1,486 |
Thereafter | 4,917 |
Total minimum lease obligations | $ | 18,561 |
Less: present value of minimum lease payments | 3,148 |
Less: current portion | 2,442 |
Lease obligations, long-term | $ | 12,971 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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