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v3.22.2.2

Leases | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Leases | Note 8 – Leases Finance Leases The Company entered into finance leases primarily related to purchases of equipment used for manufacturing, computer-related equipment or furniture and fixtures. These finance leases are two to five years in length and have fixed payment amounts for the term of the contract and have options to purchase the assets at the end of the lease term. Supplemental balance sheet information related to finance leases consisted of the following (dollars in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Machinery and equipment |  | $ | 28 |  |  | $ | 35 |
Computer equipment and software |  |  | 16 |  |  |  | 506 |
Furniture and fixtures |  |  | 475 |  |  |  | 475 |
Finance lease right-of-use assets, gross |  |  | 519 |  |  |  | 1,016 |
Less accumulated depreciation |  |  | (139 | ) |  |  | (510 | )
Finance lease right-of-use assets, net |  | $ | 380 |  |  | $ | 506 |
Current finance lease obligations |  | $ | 167 |  |  | $ | 127 |
Long-term finance lease obligations |  |  | 252 |  |  |  | 382 |
Total finance lease liability |  | $ | 419 |  |  | $ | 509 |
Weighted-average remaining lease term (in years) |  |  | 2.5 |  |  |  | 3.2 |
Weighted-average discount rate |  |  | 4.11 | % |  |  | 4.02 | %
Note 8 – Leases (Continued) Finance Leases (Continued) Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2022 |  |  | October 1, 2021 |  |  | September 30, 2022 |  |  | October 1, 2021 |
Amortization of finance lease right-of-use asset |  | $ | 39 |  |  | $ | 15 |  |  | $ | 121 |  |  | $ | 71 |
Interest on finance lease liabilities |  |  | 5 |  |  |  | 1 |  |  |  | 13 |  |  |  | 6 |
Cash paid for amounts included in the measurement of finance lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  |  | 5 |  |  |  | 1 |  |  |  | 13 |  |  |  | 6 |
Financing cash flows |  |  | 40 |  |  |  | 36 |  |  |  | 85 |  |  |  | 314 |
Operating Leases The Company entered into operating leases primarily related to real property (office, manufacturing and warehouse facilities), automobiles and copiers. These operating leases are two to ten years in length with options to extend. The Company does not include any lease extensions in the initial valuation unless the Company was reasonably certain to extend the lease. Depending on the lease, there are those with fixed payment amounts for the entire length of the contract or payments which increase periodically as noted in the contract or increased at an inflation rate indicator. For operating leases that increase using an inflation rate indicator, the Company used the inflation rate at the time the lease was entered into for the length of the lease term. Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Machinery and equipment |  | $ | 762 |  |  | $ | 760 |
Computer equipment and software |  |  | 446 |  |  |  | 472 |
Real property |  |  | 33,751 |  |  |  | 34,426 |
Operating lease right-of-use assets, gross |  |  | 34,959 |  |  |  | 35,658 |
Less accumulated depreciation |  |  | (5,456 | ) |  |  | (4,348 | )
Operating lease right-of-use assets, net |  | $ | 29,503 |  |  | $ | 31,310 |
Current operating lease obligations |  | $ | 3,474 |  |  | $ | 3,283 |
Long-term operating lease obligations |  |  | 26,032 |  |  |  | 28,269 |
Total operating lease liability |  | $ | 29,506 |  |  | $ | 31,552 |
Weighted-average remaining lease term (in years) |  |  | 7.6 |  |  |  | 7.8 |
Weighted-average discount rate |  |  | 4.04 | % |  |  | 3.56 | %
Supplemental cash flow information related to operating leases was as follows (dollars in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2022 |  |  | October 1, 2021 |  |  | September 30, 2022 |  |  | October 1, 2021 |
Operating lease cost |  | $ | 1,167 |  |  | $ | 931 |  |  | $ | 3,471 |  |  | $ | 2,571 |
Cash paid for amounts included in the measurement of operating lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  |  | 1,103 |  |  |  | 846 |  |  |  | 3,069 |  |  |  | 2,432 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 126 |  |  |  | 15,212 |  |  |  | 1,166 |  |  |  | 19,219 |
Note 8 – Leases (Continued) Maturities of Lease Liabilities Maturities of lease liabilities under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of September 30, 2022 is as follows (in thousands): .
As of September 30, 2022 12 Months Ended |  | Operating Leases |  |  | Finance Leases |
September 2023 |  | $ | 5,179 |  |  | $ | 181 |
September 2024 |  |  | 5,152 |  |  |  | 176 |
September 2025 |  |  | 4,224 |  |  |  | 85 |
September 2026 |  |  | 3,659 |  |  |  | — |
September 2027 |  |  | 3,671 |  |  |  | — |
Thereafter |  |  | 13,099 |  |  |  | — |
Total future minimum lease payments |  | $ | 34,984 |  |  | $ | 442 |
Less amounts representing interest |  |  | (5,478 | ) |  |  | (23 | )
Present value of future minimum lease payments |  | $ | 29,506 |  |  | $ | 419 |

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