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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 11. Leases The lease accounting guidance under ASC 842 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company's leasing activity is primarily related to buildings used for manufacturing, warehousing, sales, and administrative activities. The Company determines if an arrangement is a lease at inception. Many of the Company's lease agreements contain renewal options; however, the Company does not recognize ROU assets or lease liabilities for renewal periods unless it is determined that lease renewal is reasonably certain at inception or when a triggering event occurs. Some of the Company's lease agreements contain rent escalation clauses, free-rent periods, or other lease concessions. The Company recognizes its minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. Variable lease costs represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. The Company's variable lease costs are not material. In determining its ROU assets and lease liabilities, the Company applies a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires the Company to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When the Company cannot readily determine the discount rate implicit in the lease agreement, it utilizes its fully collateralized incremental borrowing rate. To estimate its specific incremental borrowing rates the Company considers, among other factors, interest rates on its existing credit facilities, risk-free rates, the types of assets being leased, and the term of the leases. The components of lease expense were as follows:
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost (a) |  | $ | 4,643 |  |  | $ | 3,558 |  |  | $ | 3,232 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 232 |  |  |  | 309 |  |  |  | 308 |
Interest on lease liability |  |  | 289 |  |  |  | 289 |  |  |  | 315 |
Total finance lease cost |  |  | 521 |  |  |  | 598 |  |  |  | 623 |
Total lease cost |  | $ | 5,164 |  |  | $ | 4,156 |  |  | $ | 3,855 |
(a) includes variable lease costs which are immaterial |  |  |  |  |  |  |  |  |
Supplemental cash flow information related to leases was as follows:
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 4,567 |  |  | $ | 3,637 |  |  | $ | 3,171 |
Operating cash flows from finance leases |  | $ | 289 |  |  | $ | 289 |  |  | $ | 315 |
Financing cash flows from finance leases |  | $ | 907 |  |  | $ | 600 |  |  | $ | 603 |
Right of use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 7,697 |  |  | $ | 3,487 |  |  | $ | 2,206 |
Supplemental balance sheet information related to leases was as follows:
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |
Operating leases |  |  |  |  |  |
Right-of-use assets from operating leases |  | $ | 16,256 |  |  | $ | 11,373 |
Accrued expenses |  | $ | 4,278 |  |  | $ | 3,228 |
Operating lease liabilities |  |  | 11,417 |  |  |  | 8,453 |
Total operating lease liabilities |  | $ | 15,695 |  |  | $ | 11,681 |
Finance leases |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 2,097 |  |  | $ | 2,329 |
Accrued expenses |  | $ | 693 |  |  | $ | 645 |
Other liabilities |  |  | 4,844 |  |  |  | 5,537 |
Total finance lease liabilities |  | $ | 5,537 |  |  | $ | 6,182 |
Weighted-average remaining lease term were as follows:
|  | December 31,
|  | 2023 |  | 2022
Operating leases |  | 8 years |  | 10 years
Finance leases |  | 7 years |  | 8 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 5.8% |  | 4.7%
Finance leases |  | 4.6% |  | 4.6%
As of December 31, 2023, maturities of lease liabilities were as follows:
(table only in thousands) |  | Operating Leases |  |  | Finance Leases |
2024 |  | $ | 4,363 |  |  | $ | 925 |
2025 |  |  | 3,845 |  |  |  | 943 |
2026 |  |  | 2,527 |  |  |  | 962 |
2027 |  |  | 1,578 |  |  |  | 982 |
2028 |  |  | 1,145 |  |  |  | 1,001 |
Thereafter |  |  | 3,480 |  |  |  | 1,596 |
Total minimum lease payments |  | $ | 16,938 |  |  | $ | 6,409 |
Less imputed interest |  |  | (1,243 | ) |  |  | (872 | )
Lease liability |  | $ | 15,695 |  |  | $ | 5,537 |

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- References No definition available. + Details
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