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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | 10. LEASES The Company leases manufacturing and training facilities, storage warehouses, office space, and certain plant equipment under various operating leases. The Company’s operating leases have remaining lease terms of 1 year to 8 years. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For the six months ended June 30, 2024 and June 30, 2023, total operating lease expense was $4.5 million and $4.2 million, respectively. The weighted average remaining lease term at June 30, 2024 and December 31, 2023 was 4.6 years and 4.4 years, respectively. The weighted average discount rate at June 30, 2024 and December 31, 2023 was 3.85% and 2.32%, respectively. The following table includes supplemental cash flow information for the six months ended June 30, 2024 and June 30, 2023, and supplemental balance sheet information at June 30, 2024 and December 31, 2023 related to operating leases (in thousands):
|  | Six Months Ended June 30, |
Supplemental cash flow information |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 4,653 |  |  | $ | 4,302 |
Operating ROU assets obtained in exchange for lease liabilities |  | $ | 15,882 |  |  | $ | 1,882 |
Supplemental balance sheet information |  | June 30, 2024 |  |  | December 31, 2023 |
Operating lease ROU assets |  | $ | 38,006 |  |  | $ | 26,233 |
Operating lease liabilities: |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 9,847 |  |  | $ | 7,663 |
Operating lease liabilities |  |  | 28,322 |  |  |  | 18,840 |
Total operating lease liabilities |  | $ | 38,169 |  |  | $ | 26,503 |
The following table summarizes maturities of operating lease liabilities at June 30, 2024 (in thousands):
Maturities of operating lease liabilities |  |  |
2024 |  | $ | 5,272 |
2025 |  |  | 9,114 |
2026 |  |  | 8,472 |
2027 |  |  | 8,031 |
2028 |  |  | 7,155 |
Thereafter |  |  | 4,070 |
Total lease payments |  |  | 42,114 |
Less imputed interest |  |  | (3,945 | )
Total operating lease liabilities |  | $ | 38,169 |

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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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