XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.23.3

LEASES | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
LEASES | 9. LEASES: The Company has entered into operating leases to facilitate the expansion of its manufacturing, research and development, and selling, general and administrative activities. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when those events are reasonably certain to occur. The interest rate implicit in lease contracts is typically not readily determinable and as such the Company uses the appropriate incremental borrowing rate based on information available at the lease commencement date in determining the present value of the lease payments. Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of September 30, 2023, the Company did not have any finance leases and had one additional operating lease that has not yet commenced. The following table presents the Company’s operating lease cost and supplemental cash flow information related to the Company’s operating leases (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 1,094 |  |  | $ | 1,067 |  |  | $ | 3,538 |  |  | $ | 3,238 |
Non-cash activity: |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  | $ | — |  |  | $ | 867 |  |  | $ | — |  |  | $ | 867 |
The following table presents the Company’s operating right-of-use assets and liabilities (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
Right-of-use assets |  | $ | 25,321 |  |  | $ | 31,486 |
Short-term lease liabilities |  |  | 3,376 |  |  |  | 3,737 |
Long-term lease liabilities |  |  | 23,380 |  |  |  | 29,039 |
The decrease in right-of-use assets and long-term lease liabilities during the nine months ended September 30, 2023 was primarily due to the purchases of two facilities, which were previously accounted for as operating lease obligations. The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:
|  | September 30, 2023 |
Weighted average remaining lease term (in years) |  |  | 7.1 |
Weighted average discount rate |  |  | 3.7 | %
As of September 30, 2023, current operating leases had remaining terms between two months and eight years with options to extend the lease terms. Undiscounted future minimum lease payments as of September 30, 2023, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands):
|  | Maturities of Operating Lease Liabilities |
2023 (1) |  | $ | 1,040 |
2024 |  |  | 4,119 |
2025 |  |  | 4,155 |
2026 |  |  | 4,235 |
2027 |  |  | 4,317 |
Thereafter |  |  | 12,077 |
Total lease payments |  |  | 29,943 |
Less: Imputed interest |  |  | (3,187 | )
Present value of lease payments |  | $ | 26,756 |
(1) Scheduled maturities of lease liabilities represent the period from October 1, 2023 to December 31, 2023.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration