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v3.22.2.2

Leases | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Leases | LEASES The Company has operating and finance leases for office, manufacturing and warehouse facilities and equipment. The Company’s leases have remaining lease terms of less than one year to eight years. Options to renew or extend leases beyond their initial term have been excluded from measurement of the ROU assets and lease liabilities as exercise is not reasonably certain. The weighted average remaining lease term and the discount rate for the reporting periods are as follows:
| September 30, 2022 |  | December 31, 2021
Operating Leases |  |  |  |  |
Weighted average remaining lease term (years) | 4.6 |  |  | 3.6 |
Weighted average discount rate | 4.61 | % |  | 4.69 | %
Finance Leases |  |  |  |  |
Weighted average remaining lease term (years) | 7.9 |  |  | 8.6 |
Weighted average discount rate | 6.91 | % |  | 6.91 | %
A $1,250 letter of credit issued to the lessor of the Company's corporate headquarters building is renewed annually and remains outstanding as of September 30, 2022. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost | $ | 281 |  |  | $ | 234 |  |  | $ | 851 |  |  | $ | 715 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | 253 |  |  | 267 |  |  | 761 |  |  | 765 |
Interest on lease liabilities | 182 |  |  | 196 |  |  | 557 |  |  | 599 |
Total finance lease cost | $ | 435 |  |  | $ | 463 |  |  | $ | 1,318 |  |  | $ | 1,364 |
Short-term lease expense was not significant for the three and nine months ended September 30, 2022 and 2021. Supplemental cash flow information related to leases was as follows:
| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 610 |  |  | $ | 748 |
Operating cash flows for finance leases | 557 |  |  | 597 |
Financing cash flows for finance leases | 662 |  |  | 599 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | — |  |  | 1,221 |
Finance leases | 62 |  |  | — |
Supplemental balance sheet information related to leases was as follows:
| September 30, 2022 |  | December 31, 2021
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 3,969 |  |  | $ | 4,761 |
Current maturities of leases | 1,062 |  |  | 861 |
Operating lease liabilities | 3,314 |  |  | 4,068 |
Total operating lease liabilities | $ | 4,376 |  |  | $ | 4,929 |
Finance Leases |  |  |
Property and equipment, at cost | $ | 14,645 |  |  | $ | 14,607 |
Accumulated depreciation | (6,616) |  |  | (6,116) |
Property and equipment, net | $ | 8,029 |  |  | $ | 8,491 |
Current maturities of leases | $ | 969 |  |  | $ | 895 |
Finance lease liabilities | 9,407 |  |  | 10,082 |
Total finance lease liabilities | $ | 10,376 |  |  | $ | 10,977 |
Future maturities of lease liabilities as of September 30, 2022 were as follows:
| Operating Leases |  | Finance Leases
2022 (excluding the nine months ended September 30, 2022) | $ | 251 |  |  | $ | 417 |
2023 | 1,160 |  |  | 1,665 |
2024 | 1,164 |  |  | 1,689 |
2025 | 920 |  |  | 1,638 |
2026 | 592 |  |  | 1,671 |
2027 and thereafter | 868 |  |  | 6,527 |
Total payments | $ | 4,955 |  |  | $ | 13,607 |
Less imputed interest | (579) |  |  | (3,231) |
Total | $ | 4,376 |  |  | $ | 10,376 |
Leases | LEASES The Company has operating and finance leases for office, manufacturing and warehouse facilities and equipment. The Company’s leases have remaining lease terms of less than one year to eight years. Options to renew or extend leases beyond their initial term have been excluded from measurement of the ROU assets and lease liabilities as exercise is not reasonably certain. The weighted average remaining lease term and the discount rate for the reporting periods are as follows:
| September 30, 2022 |  | December 31, 2021
Operating Leases |  |  |  |  |
Weighted average remaining lease term (years) | 4.6 |  |  | 3.6 |
Weighted average discount rate | 4.61 | % |  | 4.69 | %
Finance Leases |  |  |  |  |
Weighted average remaining lease term (years) | 7.9 |  |  | 8.6 |
Weighted average discount rate | 6.91 | % |  | 6.91 | %
A $1,250 letter of credit issued to the lessor of the Company's corporate headquarters building is renewed annually and remains outstanding as of September 30, 2022. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost | $ | 281 |  |  | $ | 234 |  |  | $ | 851 |  |  | $ | 715 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | 253 |  |  | 267 |  |  | 761 |  |  | 765 |
Interest on lease liabilities | 182 |  |  | 196 |  |  | 557 |  |  | 599 |
Total finance lease cost | $ | 435 |  |  | $ | 463 |  |  | $ | 1,318 |  |  | $ | 1,364 |
Short-term lease expense was not significant for the three and nine months ended September 30, 2022 and 2021. Supplemental cash flow information related to leases was as follows:
| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 610 |  |  | $ | 748 |
Operating cash flows for finance leases | 557 |  |  | 597 |
Financing cash flows for finance leases | 662 |  |  | 599 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | — |  |  | 1,221 |
Finance leases | 62 |  |  | — |
Supplemental balance sheet information related to leases was as follows:
| September 30, 2022 |  | December 31, 2021
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 3,969 |  |  | $ | 4,761 |
Current maturities of leases | 1,062 |  |  | 861 |
Operating lease liabilities | 3,314 |  |  | 4,068 |
Total operating lease liabilities | $ | 4,376 |  |  | $ | 4,929 |
Finance Leases |  |  |
Property and equipment, at cost | $ | 14,645 |  |  | $ | 14,607 |
Accumulated depreciation | (6,616) |  |  | (6,116) |
Property and equipment, net | $ | 8,029 |  |  | $ | 8,491 |
Current maturities of leases | $ | 969 |  |  | $ | 895 |
Finance lease liabilities | 9,407 |  |  | 10,082 |
Total finance lease liabilities | $ | 10,376 |  |  | $ | 10,977 |
Future maturities of lease liabilities as of September 30, 2022 were as follows:
| Operating Leases |  | Finance Leases
2022 (excluding the nine months ended September 30, 2022) | $ | 251 |  |  | $ | 417 |
2023 | 1,160 |  |  | 1,665 |
2024 | 1,164 |  |  | 1,689 |
2025 | 920 |  |  | 1,638 |
2026 | 592 |  |  | 1,671 |
2027 and thereafter | 868 |  |  | 6,527 |
Total payments | $ | 4,955 |  |  | $ | 13,607 |
Less imputed interest | (579) |  |  | (3,231) |
Total | $ | 4,376 |  |  | $ | 10,376 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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