XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.23.2

Leases | 6 Months Ended
--- | ---
Jun. 30, 2023
Leases [Abstract] |
Leases | Leases Leases The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring betwee n July 2023 and July 2034. The following table summarizes the lease expense by category in the Consolidated Statement of Operations:
(in thousands) |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of sales |  | $ | 2,069 |  |  | $ | 1,524 |  |  | $ | 3,971 |  |  | $ | 3,135 |
Research, development and engineering expenses |  | 63 |  |  | 65 |  |  | 126 |  |  | 141 |
Selling, general and administrative expenses |  | 18 |  |  | 18 |  |  | 37 |  |  | 37 |
Interest expense |  | 23 |  |  | 22 |  |  | 41 |  |  | 51 |
Total |  | $ | 2,173 |  |  | $ | 1,629 |  |  | $ | 4,175 |  |  | $ | 3,364 |
The following table summarizes the components of lease expense:
(in thousands) |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost |  | $ | 1,448 |  |  | $ | 1,160 |  |  | $ | 2,807 |  |  | $ | 2,339 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use (“ROU”) asset |  | 20 |  |  | 40 |  |  | 41 |  |  | 88 |
Interest expense |  | 4 |  |  | 5 |  |  | 8 |  |  | 12 |
Short-term lease cost |  | 258 |  |  | 29 |  |  | 401 |  |  | 65 |
Variable lease cost |  | 442 |  |  | 340 |  |  | 918 |  |  | 720 |
Sublease income |  | (264) |  |  | (271) |  |  | (530) |  |  | (536) |
Total lease cost |  | $ | 1,908 |  |  | $ | 1,303 |  |  | $ | 3,645 |  |  | $ | 2,688 |
The following table presents supplemental cash flow information related to leases:
(in thousands) |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows paid for operating leases |  | $ | 2,426 |  |  | $ | 2,424 |
Operating cash flows paid for interest portion of finance leases |  | 8 |  |  | 12 |
Financing cash flows paid for principal portion of finance leases |  | 44 |  |  | 93 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | 13,986 |  |  | — |
As of June 30, 2023 and December 31, 2022, the weighted-average remaining lease term was 6.6 years and 5.8 years for operating leases and 2.6 years and 3.0 years for finance leases, respectively. As of June 30, 2023 and December 31, 2022, the weighted-average discount rate was 7.5% and 7.1% for operating leases, and 6.5% and 6.6% for finance leases, respectively. The following table presents supplemental balance sheet information related to leases:
(in thousands) |  | June 30, 2023 |  | December 31, 2022
Operating lease ROU assets, net 1 |  | $ | 25,005 |  |  | $ | 13,282 |
Operating lease liabilities, current |  | 2,753 |  |  | 2,894 |
Operating lease liabilities, non-current |  | 23,316 |  |  | 10,971 |
Total operating lease liabilities |  | $ | 26,069 |  |  | $ | 13,865 |
Finance lease ROU assets, net 1 |  | $ | 184 |  |  | $ | 225 |
Finance lease liabilities, current |  | 85 |  |  | 90 |
Finance lease liabilities, non-current |  | 136 |  |  | 170 |
Total finance lease liabilities |  | $ | 221 |  |  | $ | 260 |
1.Included in Other noncurrent assets for operating leases and Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets. The following table presents maturity analysis of lease liabilities as of June 30, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases
Nine months ending December 31, 2023 |  | $ | 2,183 |  |  | $ | 57 |
Year ending December 31, 2024 |  | 5,214 |  |  | 84 |
Year ending December 31, 2025 |  | 5,376 |  |  | 81 |
Year ending December 31, 2026 |  | 5,126 |  |  | 17 |
Year ending December 31, 2027 |  | 5,209 |  |  | — |
Year ending December 31, 2028 |  | 4,205 |  |  | — |
Thereafter |  | 6,059 |  |  | — |
Total undiscounted lease payments |  | 33,372 |  |  | 239 |
Less: imputed interest |  | 7,303 |  |  | 18 |
Total lease liabilities |  | $ | 26,069 |  |  | $ | 221 |
Leases | Leases Leases The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring betwee n July 2023 and July 2034. The following table summarizes the lease expense by category in the Consolidated Statement of Operations:
(in thousands) |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of sales |  | $ | 2,069 |  |  | $ | 1,524 |  |  | $ | 3,971 |  |  | $ | 3,135 |
Research, development and engineering expenses |  | 63 |  |  | 65 |  |  | 126 |  |  | 141 |
Selling, general and administrative expenses |  | 18 |  |  | 18 |  |  | 37 |  |  | 37 |
Interest expense |  | 23 |  |  | 22 |  |  | 41 |  |  | 51 |
Total |  | $ | 2,173 |  |  | $ | 1,629 |  |  | $ | 4,175 |  |  | $ | 3,364 |
The following table summarizes the components of lease expense:
(in thousands) |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost |  | $ | 1,448 |  |  | $ | 1,160 |  |  | $ | 2,807 |  |  | $ | 2,339 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use (“ROU”) asset |  | 20 |  |  | 40 |  |  | 41 |  |  | 88 |
Interest expense |  | 4 |  |  | 5 |  |  | 8 |  |  | 12 |
Short-term lease cost |  | 258 |  |  | 29 |  |  | 401 |  |  | 65 |
Variable lease cost |  | 442 |  |  | 340 |  |  | 918 |  |  | 720 |
Sublease income |  | (264) |  |  | (271) |  |  | (530) |  |  | (536) |
Total lease cost |  | $ | 1,908 |  |  | $ | 1,303 |  |  | $ | 3,645 |  |  | $ | 2,688 |
The following table presents supplemental cash flow information related to leases:
(in thousands) |  | For the Six Months Ended June 30,
|  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows paid for operating leases |  | $ | 2,426 |  |  | $ | 2,424 |
Operating cash flows paid for interest portion of finance leases |  | 8 |  |  | 12 |
Financing cash flows paid for principal portion of finance leases |  | 44 |  |  | 93 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | 13,986 |  |  | — |
As of June 30, 2023 and December 31, 2022, the weighted-average remaining lease term was 6.6 years and 5.8 years for operating leases and 2.6 years and 3.0 years for finance leases, respectively. As of June 30, 2023 and December 31, 2022, the weighted-average discount rate was 7.5% and 7.1% for operating leases, and 6.5% and 6.6% for finance leases, respectively. The following table presents supplemental balance sheet information related to leases:
(in thousands) |  | June 30, 2023 |  | December 31, 2022
Operating lease ROU assets, net 1 |  | $ | 25,005 |  |  | $ | 13,282 |
Operating lease liabilities, current |  | 2,753 |  |  | 2,894 |
Operating lease liabilities, non-current |  | 23,316 |  |  | 10,971 |
Total operating lease liabilities |  | $ | 26,069 |  |  | $ | 13,865 |
Finance lease ROU assets, net 1 |  | $ | 184 |  |  | $ | 225 |
Finance lease liabilities, current |  | 85 |  |  | 90 |
Finance lease liabilities, non-current |  | 136 |  |  | 170 |
Total finance lease liabilities |  | $ | 221 |  |  | $ | 260 |
1.Included in Other noncurrent assets for operating leases and Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets. The following table presents maturity analysis of lease liabilities as of June 30, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases
Nine months ending December 31, 2023 |  | $ | 2,183 |  |  | $ | 57 |
Year ending December 31, 2024 |  | 5,214 |  |  | 84 |
Year ending December 31, 2025 |  | 5,376 |  |  | 81 |
Year ending December 31, 2026 |  | 5,126 |  |  | 17 |
Year ending December 31, 2027 |  | 5,209 |  |  | — |
Year ending December 31, 2028 |  | 4,205 |  |  | — |
Thereafter |  | 6,059 |  |  | — |
Total undiscounted lease payments |  | 33,372 |  |  | 239 |
Less: imputed interest |  | 7,303 |  |  | 18 |
Total lease liabilities |  | $ | 26,069 |  |  | $ | 221 |

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