XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.24.0.1

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. If the lease arrangement also contains non-lease components, the Company elected the practical expedient not to separate any combine d lease and non-lease components for all lease contracts. For our real estate leases, the payments used in the calculation of a new lease liability include fixed payments and variable payments (if the variable payments are based on an index) over the remaining lease term. Variable lease payments based on indices have been included in the related right-of-use assets and lease liabilities on our Consolidated Balance Sheets, while variable lease payments based on usage of the underlying asset have been excluded and are expensed in the period they are incurred, as they do not represent present rights or obligations. Variable lease components for leases relate primarily to common area maintenance charges and other separately billed lessor services, sales and real estate taxes. Any new additional operating and financing lease liabilities and corresponding right-of-use (“ROU”) assets are based on the present value of the remaining minimum rental payments. The Company’s operating lease liability increased approximately $19.9 million as a result of acquiring ROU assets from new leases entered into during the year ended December 31, 2023. In determining the incremental borrowing rate, we have considered borrowing data for secured debt obtained from our lending institution. The following is a summary of the Company’s ROU assets and lease liabilities at December 31:
(In thousands) | 2023 | 2022 |  |
Operating Leases: |  |  |  |
Operating Right-of-Use Assets, Gross | $ | 43,528 |  | $ | 29,466 |  |  |
Less Accumulated Right-of-Use Asset Impairment | 53 |  | 1,710 |  |  |
Less Accumulated Amortization | 15,566 |  | 14,728 |  |  |
Operating Right-of-Use Assets, Net | $ | 27,909 |  | $ | 13,028 |  |  |
Short-term Operating Lease Liabilities | $ | 5,069 |  | $ | 4,441 |  |  |
Long-term Operating Lease Liabilities | 24,376 |  | 9,942 |  |  |
Operating Lease Liabilities | $ | 29,445 |  | $ | 14,383 |  |  |
Finance Leases: |  |  |  |
Finance Right-of-Use Assets, Gross | $ | 274 |  | $ | 231 |  |  |
Less Accumulated Amortization | 80 |  | 138 |  |  |
Finance Right-of-Use Assets, Net — Included in Other Assets | $ | 194 |  | $ | 93 |  |  |
Short-term Finance Lease Liabilities — Included in Other Accrued Expenses | $ | 97 |  | $ | 29 |  |  |
Long-term Finance Lease Liabilities — Included in Other Liabilities | 104 |  | 67 |  |  |
Finance Lease Liabilities | $ | 201 |  | $ | 96 |  |  |
The following is a summary of the Company’s total lease costs as of December 31:
(In thousands) |  | 2023 | 2022
Finance Lease Cost: |  |  |
Amortization of ROU Assets |  | $ | 54 |  | $ | 94 |
Interest on Lease Liabilities |  | 9 |  | 4 |
Total Finance Lease Cost |  | 63 |  | 98 |
Operating Lease Cost |  | 6,352 |  | 6,627 |
Impairment Charge of Operating Lease ROU Asset |  | 53 |  | — |
Variable Lease Cost |  | 2,240 |  | 1,757 |
Short-term Lease Cost (excluding month-to-month) |  | 251 |  | 602 |
Less Sublease and Rental Income |  | (548) |  | (1,329) |
Total Operating Lease Cost |  | 8,348 |  | 7,657 |
Total Net Lease Cost |  | $ | 8,411 |  | $ | 7,755 |
The following is a summary of cash paid for amounts included in the measurement of lease liabilities as of December 31:
(In thousands) |  | 2023 | 2022 |  |
Operating Cash Flow for Finance Leases |  | $ | 9 |  | $ | 4 |  |  |
Operating Cash Flow for Operating Leases |  | $ | 6,180 |  | $ | 7,873 |  |  |
Financing Cash Flow for Finance Leases |  | $ | 47 |  | $ | 93 |  |  |
As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Company’s calculation of its lease liability and ROU asset. The weighted-average remaining term for the Company’s operating and financing leases are approximately 8 years and 2 years, respectively. The weighted-average discount rates for the Company’s operating and financing leases are approximately 5.7% and 5.8%, respectively. The following is a summary of the Company’s maturity of lease liabilities:
(In thousands) |  | Operating Leases |  | Financing Leases
2024 |  | $ | 6,511 |  |  | $ | 122 |
2025 |  | 5,728 |  |  | 62 |
2026 |  | 4,303 |  |  | 20 |
2027 |  | 3,579 |  |  | 7 |
2028 |  | 3,404 |  |  | — |
Thereafter |  | 13,183 |  |  | — |
Total Lease Payments |  | 36,708 |  |  | 211 |
Less: Interest |  | 7,263 |  |  | 10 |
Total Lease Liability |  | $ | 29,445 |  |  | $ | 201 |
LEASES | LEASES The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. If the lease arrangement also contains non-lease components, the Company elected the practical expedient not to separate any combine d lease and non-lease components for all lease contracts. For our real estate leases, the payments used in the calculation of a new lease liability include fixed payments and variable payments (if the variable payments are based on an index) over the remaining lease term. Variable lease payments based on indices have been included in the related right-of-use assets and lease liabilities on our Consolidated Balance Sheets, while variable lease payments based on usage of the underlying asset have been excluded and are expensed in the period they are incurred, as they do not represent present rights or obligations. Variable lease components for leases relate primarily to common area maintenance charges and other separately billed lessor services, sales and real estate taxes. Any new additional operating and financing lease liabilities and corresponding right-of-use (“ROU”) assets are based on the present value of the remaining minimum rental payments. The Company’s operating lease liability increased approximately $19.9 million as a result of acquiring ROU assets from new leases entered into during the year ended December 31, 2023. In determining the incremental borrowing rate, we have considered borrowing data for secured debt obtained from our lending institution. The following is a summary of the Company’s ROU assets and lease liabilities at December 31:
(In thousands) | 2023 | 2022 |  |
Operating Leases: |  |  |  |
Operating Right-of-Use Assets, Gross | $ | 43,528 |  | $ | 29,466 |  |  |
Less Accumulated Right-of-Use Asset Impairment | 53 |  | 1,710 |  |  |
Less Accumulated Amortization | 15,566 |  | 14,728 |  |  |
Operating Right-of-Use Assets, Net | $ | 27,909 |  | $ | 13,028 |  |  |
Short-term Operating Lease Liabilities | $ | 5,069 |  | $ | 4,441 |  |  |
Long-term Operating Lease Liabilities | 24,376 |  | 9,942 |  |  |
Operating Lease Liabilities | $ | 29,445 |  | $ | 14,383 |  |  |
Finance Leases: |  |  |  |
Finance Right-of-Use Assets, Gross | $ | 274 |  | $ | 231 |  |  |
Less Accumulated Amortization | 80 |  | 138 |  |  |
Finance Right-of-Use Assets, Net — Included in Other Assets | $ | 194 |  | $ | 93 |  |  |
Short-term Finance Lease Liabilities — Included in Other Accrued Expenses | $ | 97 |  | $ | 29 |  |  |
Long-term Finance Lease Liabilities — Included in Other Liabilities | 104 |  | 67 |  |  |
Finance Lease Liabilities | $ | 201 |  | $ | 96 |  |  |
The following is a summary of the Company’s total lease costs as of December 31:
(In thousands) |  | 2023 | 2022
Finance Lease Cost: |  |  |
Amortization of ROU Assets |  | $ | 54 |  | $ | 94 |
Interest on Lease Liabilities |  | 9 |  | 4 |
Total Finance Lease Cost |  | 63 |  | 98 |
Operating Lease Cost |  | 6,352 |  | 6,627 |
Impairment Charge of Operating Lease ROU Asset |  | 53 |  | — |
Variable Lease Cost |  | 2,240 |  | 1,757 |
Short-term Lease Cost (excluding month-to-month) |  | 251 |  | 602 |
Less Sublease and Rental Income |  | (548) |  | (1,329) |
Total Operating Lease Cost |  | 8,348 |  | 7,657 |
Total Net Lease Cost |  | $ | 8,411 |  | $ | 7,755 |
The following is a summary of cash paid for amounts included in the measurement of lease liabilities as of December 31:
(In thousands) |  | 2023 | 2022 |  |
Operating Cash Flow for Finance Leases |  | $ | 9 |  | $ | 4 |  |  |
Operating Cash Flow for Operating Leases |  | $ | 6,180 |  | $ | 7,873 |  |  |
Financing Cash Flow for Finance Leases |  | $ | 47 |  | $ | 93 |  |  |
As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Company’s calculation of its lease liability and ROU asset. The weighted-average remaining term for the Company’s operating and financing leases are approximately 8 years and 2 years, respectively. The weighted-average discount rates for the Company’s operating and financing leases are approximately 5.7% and 5.8%, respectively. The following is a summary of the Company’s maturity of lease liabilities:
(In thousands) |  | Operating Leases |  | Financing Leases
2024 |  | $ | 6,511 |  |  | $ | 122 |
2025 |  | 5,728 |  |  | 62 |
2026 |  | 4,303 |  |  | 20 |
2027 |  | 3,579 |  |  | 7 |
2028 |  | 3,404 |  |  | — |
Thereafter |  | 13,183 |  |  | — |
Total Lease Payments |  | 36,708 |  |  | 211 |
Less: Interest |  | 7,263 |  |  | 10 |
Total Lease Liability |  | $ | 29,445 |  |  | $ | 201 |

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