XML 26 R17.htm IDEA: XBRL DOCUMENT
v3.23.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases [Abstract] |
Leases | Leases Finance Leases Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month period ended March 31, 2023 and 2022. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month periods ended March 31, 2023 and 2022. Operating Leases We have operating leases primarily related to building space and vehicles. Renewal options are included in the lease term to the extent we are reasonably certain to exercise the option. The exercise of lease renewal options is at our sole discretion. We account for lease components separately from non-lease components. The incremental borrowing rate represents our ability to borrow on a collateralized basis over a similar lease term. Our expenses and payments for operating leases were as follows:
| Three Months Ended |  |
(Dollars in thousands) | March 31, 2023 |  | March 31, 2022 |  |  |  |
Operating leases expense | $ | 991 |  |  | $ | 692 |  |  |  |  |
Short-term leases expense | $ | 138 |  |  | $ | 122 |  |  |  |  |
Payments on operating lease obligations | $ | 807 |  |  | $ | 869 |  |  |  |  |
Lease Balances in Statements of Financial Position Our assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in thousands) | Location in Statements of Financial Position | March 31, 2023 |  | December 31, 2022
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1,752 |  |  | $ | 1,749 |
Operating lease right-of-use assets | Other long-term assets | $ | 13,219 |  |  | $ | 13,013 |
Finance lease obligations, current portion | Finance lease obligations, current portion | $ | 380 |  |  | $ | 498 |
Finance lease obligations, non-current portion | Finance lease obligations, non-current portion | $ | 1,323 |  |  | $ | 1,295 |
Total finance lease obligations |  | $ | 1,703 |  |  | $ | 1,793 |
Operating lease obligations, current portion | Other accrued liabilities | $ | 3,175 |  |  | $ | 2,842 |
Operating lease obligations, non-current portion | Other long-term liabilities | $ | 10,633 |  |  | $ | 10,689 |
Total operating lease obligations |  | $ | 13,808 |  |  | $ | 13,531 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2023:
| Finance |  | Operating
(Dollars in thousands) | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2023 | 353 |  |  | (7) |  |  | 346 |  |  | 2,953 |  |  | (87) |  |  | 2,866 |
2024 | 416 |  |  | (9) |  |  | 407 |  |  | 3,082 |  |  | (194) |  |  | 2,888 |
2025 | 416 |  |  | (10) |  |  | 406 |  |  | 2,651 |  |  | (178) |  |  | 2,473 |
2026 | 409 |  |  | (10) |  |  | 399 |  |  | 2,216 |  |  | (111) |  |  | 2,105 |
2027 | 199 |  |  | (10) |  |  | 189 |  |  | 1,371 |  |  | (6) |  |  | 1,365 |
Thereafter | 149 |  |  | (2) |  |  | 147 |  |  | 4,718 |  |  | — |  |  | 4,718 |
Total lease payments | 1,942 |  |  | (48) |  |  | 1,894 |  |  | 16,991 |  |  | (576) |  |  | 16,415 |
Less: Interest | (197) |  |  | 6 |  |  | (191) |  |  | (2,647) |  |  | 40 |  |  | (2,607) |
Present Value of Net Future Minimum Lease Payments | 1,745 |  |  | (42) |  |  | 1,703 |  |  | 14,344 |  |  | (536) |  |  | 13,808 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| Finance Leases |  | Operating Leases
Weighted Average Remaining Lease Term | 4.5 years |  | 6.3 years
Weighted Average Discount Rate | 5.55% |  | 4.97%
Leases | Leases Finance Leases Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month period ended March 31, 2023 and 2022. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month periods ended March 31, 2023 and 2022. Operating Leases We have operating leases primarily related to building space and vehicles. Renewal options are included in the lease term to the extent we are reasonably certain to exercise the option. The exercise of lease renewal options is at our sole discretion. We account for lease components separately from non-lease components. The incremental borrowing rate represents our ability to borrow on a collateralized basis over a similar lease term. Our expenses and payments for operating leases were as follows:
| Three Months Ended |  |
(Dollars in thousands) | March 31, 2023 |  | March 31, 2022 |  |  |  |
Operating leases expense | $ | 991 |  |  | $ | 692 |  |  |  |  |
Short-term leases expense | $ | 138 |  |  | $ | 122 |  |  |  |  |
Payments on operating lease obligations | $ | 807 |  |  | $ | 869 |  |  |  |  |
Lease Balances in Statements of Financial Position Our assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in thousands) | Location in Statements of Financial Position | March 31, 2023 |  | December 31, 2022
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1,752 |  |  | $ | 1,749 |
Operating lease right-of-use assets | Other long-term assets | $ | 13,219 |  |  | $ | 13,013 |
Finance lease obligations, current portion | Finance lease obligations, current portion | $ | 380 |  |  | $ | 498 |
Finance lease obligations, non-current portion | Finance lease obligations, non-current portion | $ | 1,323 |  |  | $ | 1,295 |
Total finance lease obligations |  | $ | 1,703 |  |  | $ | 1,793 |
Operating lease obligations, current portion | Other accrued liabilities | $ | 3,175 |  |  | $ | 2,842 |
Operating lease obligations, non-current portion | Other long-term liabilities | $ | 10,633 |  |  | $ | 10,689 |
Total operating lease obligations |  | $ | 13,808 |  |  | $ | 13,531 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2023:
| Finance |  | Operating
(Dollars in thousands) | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2023 | 353 |  |  | (7) |  |  | 346 |  |  | 2,953 |  |  | (87) |  |  | 2,866 |
2024 | 416 |  |  | (9) |  |  | 407 |  |  | 3,082 |  |  | (194) |  |  | 2,888 |
2025 | 416 |  |  | (10) |  |  | 406 |  |  | 2,651 |  |  | (178) |  |  | 2,473 |
2026 | 409 |  |  | (10) |  |  | 399 |  |  | 2,216 |  |  | (111) |  |  | 2,105 |
2027 | 199 |  |  | (10) |  |  | 189 |  |  | 1,371 |  |  | (6) |  |  | 1,365 |
Thereafter | 149 |  |  | (2) |  |  | 147 |  |  | 4,718 |  |  | — |  |  | 4,718 |
Total lease payments | 1,942 |  |  | (48) |  |  | 1,894 |  |  | 16,991 |  |  | (576) |  |  | 16,415 |
Less: Interest | (197) |  |  | 6 |  |  | (191) |  |  | (2,647) |  |  | 40 |  |  | (2,607) |
Present Value of Net Future Minimum Lease Payments | 1,745 |  |  | (42) |  |  | 1,703 |  |  | 14,344 |  |  | (536) |  |  | 13,808 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| Finance Leases |  | Operating Leases
Weighted Average Remaining Lease Term | 4.5 years |  | 6.3 years
Weighted Average Discount Rate | 5.55% |  | 4.97%

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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration