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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Note K – Leases The Company has entered into and acquired long-term leasing arrangements for the right to use various classes of underlying assets, including facilities, vehicles and office equipment. Certain facility leases contain predetermined fixed escalation of minimum rents at stated rates ranging from 2.00% to 4.00% per annum and three leases with annual escalations based on certain price indices. In addition, certain facility leases include renewal options that could extend the lease term for up to an additional ten years. The office equipment lease contains a renewal option that could extend the lease to consecutive 60-day terms and a purchase option. Total Lease Costs The following table summarizes total lease costs for the period:
|  |  | Year Ended |  |  |
|  |  |  |  | December 31, 2023 |  | December 31, 2022 |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  |  |  |  | $ | 434 |  |  | $ | 54 |  |  |  |
Interest on lease liabilities |  |  |  |  | 98 |  |  | 6 |  |  |  |
Operating lease costs |  |  |  |  | 4,251 |  |  | 3,339 |  |  |  |
Variable lease costs |  |  |  |  | 29 |  |  | — |  |  |  |
Short-term lease costs |  |  |  |  | 230 |  |  | 251 |  |  |  |
Total lease costs |  |  |  |  | $ | 5,042 |  |  | $ | 3,650 |  |  |  |
Total lease costs are included in selling, general and administrative expenses and cost of sales on the consolidated statements of operations and comprehensive income (loss). There was no impairment recognized related to ROU assets during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recognized impairment expense of $96.6 million, of which $2.7 million related to certain ROU assets within the Mission Solutions reporting unit. Please refer to Note T – Impairment Expense for additional information related to this impairment. Supplemental Balance Sheet Information The following table presents supplemental balance sheet information related to the Company’s operating and finance leases:
| December 31, 2023 |  | December 31, 2022
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Right-of-use assets, net reflected in the following balance sheet line items: |  |  |  |  |  |  |
Property, plant and equipment, net | $ | — |  |  | $ | 1,551 |  |  | $ | — |  |  | $ | 899 |
Right-of-use assets | 13,181 |  |  | — |  |  | 13,103 |  |  | — |
Total right-of-use assets | $ | 13,181 |  |  | $ | 1,551 |  |  | $ | 13,103 |  |  | $ | 899 |
Current lease balance reflected in the following balance sheet line items: |  |  |  |  |  |  |
Short-term operating lease liabilities | $ | 3,737 |  |  | $ | — |  |  | $ | 3,214 |  |  | $ | — |
Short-term finance lease liabilities | — |  |  | 439 |  |  | — |  |  | 299 |
Non-current lease balance reflected in the following balance sheet line items: |  |  |  |  |  |  |
Long-term operating lease liabilities | 12,302 |  |  | — |  |  | 12,670 |  |  | — |
Long-term finance lease liabilities | — |  |  | 1,137 |  |  | — |  |  | 579 |
Total lease liabilities | $ | 16,039 |  |  | $ | 1,576 |  |  | $ | 15,884 |  |  | $ | 878 |
Other Supplemental Information The following table presents other supplemental information related to the Company’s leases:
|  |  | Year Ended
|  |  | December 31, 2023 |  | December 31, 2022
|  |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Cash paid for lease liabilities |  |  | $ | 4,273 |  |  | $ | 492 |  |  | $ | 3,076 |  |  | $ | 61 |
Right-of-use assets obtained in exchange for new lease liabilities |  |  | 3,418 |  |  | 1,167 |  |  | 8,615 |  |  | 944 |
Weighted average remaining lease term (in years) |  |  | 4.4 |  | 3.8 |  | 4.8 |  | 3.1
Weighted average discount rate |  |  | 6.3 | % |  | 8.4 | % |  | 5.6 | % |  | 9.3 | %
Future Lease Obligations As of December 31, 2023, the future annual minimum lease payments for lease liabilities are as follows:
Year |  | Operating Leases |  | Finance Leases
2024 |  | $ | 4,582 |  |  | $ | 564 |
2025 |  | 4,098 |  |  | 479 |
2026 |  | 3,509 |  |  | 363 |
2027 |  | 3,371 |  |  | 289 |
2028 |  | 1,852 |  |  | 136 |
Thereafter |  | 1,572 |  |  | — |
Total lease payments |  | 18,984 |  |  | 1,831 |
Less: imputed interest |  | 2,945 |  |  | 255 |
Present value of lease liabilities |  | $ | 16,039 |  |  | $ | 1,576 |
Leases | Note K – Leases The Company has entered into and acquired long-term leasing arrangements for the right to use various classes of underlying assets, including facilities, vehicles and office equipment. Certain facility leases contain predetermined fixed escalation of minimum rents at stated rates ranging from 2.00% to 4.00% per annum and three leases with annual escalations based on certain price indices. In addition, certain facility leases include renewal options that could extend the lease term for up to an additional ten years. The office equipment lease contains a renewal option that could extend the lease to consecutive 60-day terms and a purchase option. Total Lease Costs The following table summarizes total lease costs for the period:
|  |  | Year Ended |  |  |
|  |  |  |  | December 31, 2023 |  | December 31, 2022 |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  |  |  |  | $ | 434 |  |  | $ | 54 |  |  |  |
Interest on lease liabilities |  |  |  |  | 98 |  |  | 6 |  |  |  |
Operating lease costs |  |  |  |  | 4,251 |  |  | 3,339 |  |  |  |
Variable lease costs |  |  |  |  | 29 |  |  | — |  |  |  |
Short-term lease costs |  |  |  |  | 230 |  |  | 251 |  |  |  |
Total lease costs |  |  |  |  | $ | 5,042 |  |  | $ | 3,650 |  |  |  |
Total lease costs are included in selling, general and administrative expenses and cost of sales on the consolidated statements of operations and comprehensive income (loss). There was no impairment recognized related to ROU assets during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recognized impairment expense of $96.6 million, of which $2.7 million related to certain ROU assets within the Mission Solutions reporting unit. Please refer to Note T – Impairment Expense for additional information related to this impairment. Supplemental Balance Sheet Information The following table presents supplemental balance sheet information related to the Company’s operating and finance leases:
| December 31, 2023 |  | December 31, 2022
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Right-of-use assets, net reflected in the following balance sheet line items: |  |  |  |  |  |  |
Property, plant and equipment, net | $ | — |  |  | $ | 1,551 |  |  | $ | — |  |  | $ | 899 |
Right-of-use assets | 13,181 |  |  | — |  |  | 13,103 |  |  | — |
Total right-of-use assets | $ | 13,181 |  |  | $ | 1,551 |  |  | $ | 13,103 |  |  | $ | 899 |
Current lease balance reflected in the following balance sheet line items: |  |  |  |  |  |  |
Short-term operating lease liabilities | $ | 3,737 |  |  | $ | — |  |  | $ | 3,214 |  |  | $ | — |
Short-term finance lease liabilities | — |  |  | 439 |  |  | — |  |  | 299 |
Non-current lease balance reflected in the following balance sheet line items: |  |  |  |  |  |  |
Long-term operating lease liabilities | 12,302 |  |  | — |  |  | 12,670 |  |  | — |
Long-term finance lease liabilities | — |  |  | 1,137 |  |  | — |  |  | 579 |
Total lease liabilities | $ | 16,039 |  |  | $ | 1,576 |  |  | $ | 15,884 |  |  | $ | 878 |
Other Supplemental Information The following table presents other supplemental information related to the Company’s leases:
|  |  | Year Ended
|  |  | December 31, 2023 |  | December 31, 2022
|  |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Cash paid for lease liabilities |  |  | $ | 4,273 |  |  | $ | 492 |  |  | $ | 3,076 |  |  | $ | 61 |
Right-of-use assets obtained in exchange for new lease liabilities |  |  | 3,418 |  |  | 1,167 |  |  | 8,615 |  |  | 944 |
Weighted average remaining lease term (in years) |  |  | 4.4 |  | 3.8 |  | 4.8 |  | 3.1
Weighted average discount rate |  |  | 6.3 | % |  | 8.4 | % |  | 5.6 | % |  | 9.3 | %
Future Lease Obligations As of December 31, 2023, the future annual minimum lease payments for lease liabilities are as follows:
Year |  | Operating Leases |  | Finance Leases
2024 |  | $ | 4,582 |  |  | $ | 564 |
2025 |  | 4,098 |  |  | 479 |
2026 |  | 3,509 |  |  | 363 |
2027 |  | 3,371 |  |  | 289 |
2028 |  | 1,852 |  |  | 136 |
Thereafter |  | 1,572 |  |  | — |
Total lease payments |  | 18,984 |  |  | 1,831 |
Less: imputed interest |  | 2,945 |  |  | 255 |
Present value of lease liabilities |  | $ | 16,039 |  |  | $ | 1,576 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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