XML 37 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases (Notes)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Operating Leases Leases
The majority of the Company's lease obligations are non-cancelable operating leases for certain equipment and facilities. The Company's finance leases are for certain equipment as part of the Company's acquisition of Aarts. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term.
Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):
Balance Sheet LocationDecember 31, 2024December 31, 2023
Assets
Operating leasesOperating lease right-of-use assets$40,480 $43,220 
Finance leases
Property and equipment, net (a)
2,110 2,470 
Total lease assets$42,590 $45,690 
Liabilities
Current:
Operating leasesLease liabilities, current portion$7,580 $7,410 
Finance leasesLease liabilities, current portion460 490 
Long-term:
Operating leasesLease liabilities35,520 37,980 
Finance leasesLease liabilities1,160 1,710 
Total lease liabilities$44,720 $47,590 
__________________________
(a)     Finance leases were recorded net of accumulated depreciation of $0.4 million and $0.2 million as of December 31, 2024 and 2023, respectively.
The components of lease expense are as follows (dollars in thousands):
Year ended December 31,
Statement of Income Location202420232022
Operating lease costCost of sales and Selling, general and administrative expenses$9,560 $11,180 $10,560 
Finance lease cost:
  Depreciation of lease assetsCost of sales220 220 — 
  Interest on lease liabilitiesInterest expense50 60 — 
Short-term, variable and other lease costsCost of sales and Selling, general and administrative expenses4,090 3,430 3,350 
Total lease cost$13,920 $14,890 $13,910 
Maturities of lease liabilities are as follows (dollars in thousands):
Year ended December 31,
Operating Leases(a)
Finance Leases(a)
2025$9,070 $520 
20269,310 590 
20278,020 690 
20286,300 — 
20294,910 — 
Thereafter11,880 — 
Total lease payments49,490 1,800 
Less: Imputed interest(6,390)(180)
Present value of lease liabilities$43,100 $1,620 
__________________________
(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.
Other information related to the Company's leases are as follows (dollars in thousands):
Year ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,310 $10,250 $9,900 
Operating cash flows from finance leases50 60 — 
Financing cash flows from finance leases480 450 — 
Lease assets obtained in exchange for new lease liabilities:
Operating leases5,980 8,340 5,790 
Finance leases— 2,620 — 
The weighted-average remaining term of the Company's operating leases and finance leases as of December 31, 2024, is 6.1 and 2.6 years, respectively. The weighted-average discount rate for operating and finance leases as of December 31, 2024, is 4.2% and 2.6%, respectively.