XML 42 R17.htm IDEA: XBRL DOCUMENT v3.24.1

Lease Arrangements

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Arrangements

Lease Arrangements

We lease property in multiple facilities across the U.S. and Italy, including facilities located in El Segundo, CA and the Dunkirk Facility in upstate New York. Substantially all of our operating lease right-of-use assets and operating lease liabilities relate to facilities leases. All of our finance leases are related to equipment rentals at the Dunkirk Facility. See Note 11, Related-Party Agreements, for more information about our related-party leases.

Our leases generally have initial terms ranging from two to ten years and often include one or more options to renew. These renewal terms can extend the lease term from one to ten years, and are included in the lease term when it is reasonably certain that we will exercise the option.

Supplemental balance sheet information related to our leases is as follows (in thousands):

									As of December 31,
			Classification						2023						2022
Assets
Operating lease assets			Operating lease right-of-use assets						$	36,543					$	45,788
Finance lease assets			Other assets						58						135
Total lease assets									$	36,601					$	45,923
Liabilities
Current:
Operating lease liabilities			Operating lease liabilities						$	5,244					$	2,650
Finance lease liabilities			Accrued expenses and other liabilities						64						77
Non-current:
Operating lease liabilities			Operating lease liabilities, less current portion						39,942						47,951
Finance lease liabilities			Other liabilities						—						64
Total lease liabilities									$	45,250					$	50,742

Information regarding our lease terms is as follows:

			Year Ended December 31,
			2023									2022
Weighted-average remaining lease term:
Operating leases			6.2 years									6.6 years
Finance leases			0.8 years									1.8 years
Weighted-average discount rate:
Operating leases			10.9					%				10.5					%
Finance leases			11.7					%				11.7					%

The components of lease expense consist of the following (in thousands):

			Year Ended December 31,
			2023						2022						2021
Operating lease costs			$	11,123					$	11,093					$	7,977
Short-term lease costs			4,088						3,060						—
Finance lease costs (including right-of-use asset    amortization and interest expense)			88						80						—
Variable lease costs			3,521						3,880						2,862
Total lease expense			$	18,820					$	18,113					$	10,839

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):

			Year Ended December 31,
			2023						2022						2021
Cash paid for operating leases (excluding variable lease costs)			$	9,538					$	10,241					$	9,034
Financing cash flow from finance leases			77						58						—
Operating cash flow from finance leases			11						15						—

Future minimum lease payments as of December 31, 2023, including $11.5 million related to options to extend lease terms that are reasonably certain of being exercised, are presented in the following table (in thousands). Common area maintenance costs and taxes are not included in these payments.

Years ending December 31:						Operating Leases						Finance Leases						Total
2024						$	10,354					$	66					$	10,420
2025						10,864						—						10,864
2026						8,983						—						8,983
2027						8,220						—						8,220
2028						8,465						—						8,465
Thereafter						16,056						—						16,056
Total future minimum lease payments						62,942						66						63,008
Less: Interest						17,086						2						17,088
Less: Tenant improvement allowance receivable						670						—						670
Present value of operating lease liabilities						$	45,186					$	64					$	45,250

During the year ended December 31, 2023, we extended some existing related-party leases and terminated an existing related-party lease. See Note 11, Related-Party Agreements, for more information regarding our related-party leases.

Lease Arrangements

Lease Arrangements

We lease property in multiple facilities across the U.S. and Italy, including facilities located in El Segundo, CA and the Dunkirk Facility in upstate New York. Substantially all of our operating lease right-of-use assets and operating lease liabilities relate to facilities leases. All of our finance leases are related to equipment rentals at the Dunkirk Facility. See Note 11, Related-Party Agreements, for more information about our related-party leases.

Our leases generally have initial terms ranging from two to ten years and often include one or more options to renew. These renewal terms can extend the lease term from one to ten years, and are included in the lease term when it is reasonably certain that we will exercise the option.

Supplemental balance sheet information related to our leases is as follows (in thousands):

									As of December 31,
			Classification						2023						2022
Assets
Operating lease assets			Operating lease right-of-use assets						$	36,543					$	45,788
Finance lease assets			Other assets						58						135
Total lease assets									$	36,601					$	45,923
Liabilities
Current:
Operating lease liabilities			Operating lease liabilities						$	5,244					$	2,650
Finance lease liabilities			Accrued expenses and other liabilities						64						77
Non-current:
Operating lease liabilities			Operating lease liabilities, less current portion						39,942						47,951
Finance lease liabilities			Other liabilities						—						64
Total lease liabilities									$	45,250					$	50,742

Information regarding our lease terms is as follows:

			Year Ended December 31,
			2023									2022
Weighted-average remaining lease term:
Operating leases			6.2 years									6.6 years
Finance leases			0.8 years									1.8 years
Weighted-average discount rate:
Operating leases			10.9					%				10.5					%
Finance leases			11.7					%				11.7					%

The components of lease expense consist of the following (in thousands):

			Year Ended December 31,
			2023						2022						2021
Operating lease costs			$	11,123					$	11,093					$	7,977
Short-term lease costs			4,088						3,060						—
Finance lease costs (including right-of-use asset    amortization and interest expense)			88						80						—
Variable lease costs			3,521						3,880						2,862
Total lease expense			$	18,820					$	18,113					$	10,839

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):

			Year Ended December 31,
			2023						2022						2021
Cash paid for operating leases (excluding variable lease costs)			$	9,538					$	10,241					$	9,034
Financing cash flow from finance leases			77						58						—
Operating cash flow from finance leases			11						15						—

Future minimum lease payments as of December 31, 2023, including $11.5 million related to options to extend lease terms that are reasonably certain of being exercised, are presented in the following table (in thousands). Common area maintenance costs and taxes are not included in these payments.

Years ending December 31:						Operating Leases						Finance Leases						Total
2024						$	10,354					$	66					$	10,420
2025						10,864						—						10,864
2026						8,983						—						8,983
2027						8,220						—						8,220
2028						8,465						—						8,465
Thereafter						16,056						—						16,056
Total future minimum lease payments						62,942						66						63,008
Less: Interest						17,086						2						17,088
Less: Tenant improvement allowance receivable						670						—						670
Present value of operating lease liabilities						$	45,186					$	64					$	45,250

During the year ended December 31, 2023, we extended some existing related-party leases and terminated an existing related-party lease. See Note 11, Related-Party Agreements, for more information regarding our related-party leases.

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 finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
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