XML 26 R18.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

LEASES | 3 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024, the Company did not have any finance leases and no additional operating leases that have 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 March 31, |
|  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 1,103 |  |  | $ | 1,221 |
Non-cash activity: |  |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  | $ | — |  |  | $ | — |
The following table presents the Company’s operating lease right-of-use assets and liabilities (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Right-of-use assets |  | $ | 23,998 |  |  | $ | 24,910 |
Short-term lease liabilities |  |  | 3,582 |  |  |  | 3,533 |
Long-term lease liabilities |  |  | 21,945 |  |  |  | 22,855 |
The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:
|  | March 31, 2024 |
Weighted average remaining lease term (in years) |  |  | 6.5 |
Weighted average discount rate |  |  | 3.7 | %
As of March 31, 2024, current operating leases had remaining terms between three and eight years with options to extend the lease terms. Undiscounted future minimum lease payments as of March 31, 2024, 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 |
2024 (1) |  | $ | 3,210 |
2025 |  |  | 4,315 |
2026 |  |  | 4,395 |
2027 |  |  | 4,317 |
2028 |  |  | 4,026 |
Thereafter |  |  | 8,052 |
Total lease payments |  |  | 28,315 |
Less: Imputed interest |  |  | (2,788 | )
Present value of lease payments |  | $ | 25,527 |
(1) Scheduled maturities of lease liabilities represent the period from April 1, 2024 to December 31, 2024.

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