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Leases and Lease Commitments | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases and Lease Commitments | 12. Leases and Lease Commitments This footnote was corrected in this Amended Report to clarify the discount rate used for our leases. We lease facilities related to sales and service, manufacturing, reconditioning, certain office spaces, apartments and warehouse, all of which we classify as operating leases. In addition, we also lease certain office equipment and vehicles, which we classify as financing leases. Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheets; short-term lease expense for the twelve months ended December 31, 2023 and 2022 was approximately $1.7 million and $0.6 million, respectively. Most leases include one or more options to renew, with renewal terms that can extend the lease term on a monthly, annual or longer basis. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements is limited by the expected lease term unless there is a transfer of title or purchase option that is reasonably certain of being exercised. Certain lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
|  | December 31, 2023 |  |  | December 31, 2022 |
| Classification | (In thousands) |
Assets |  |  |  |  |  |
Operating | Operating lease right of use assets | $ | 16,343 |  |  | $ | 4,872 |
Finance | Other assets |  | 1,086 |  |  |  | 132 |
Total lease assets |  | $ | 17,429 |  |  | $ | 5,004 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating | Operating lease liabilities | $ | 2,118 |  |  | $ | 1,054 |
Finance | Other accrued liabilities |  | 188 |  |  |  | 43 |
Noncurrent |  |  |  |  |  |
Operating | Operating lease liabilities, long-term |  | 14,554 |  |  |  | 3,807 |
Finance | Other long-term liabilities |  | 915 |  |  |  | 98 |
Total lease liabilities |  | $ | 17,775 |  |  | $ | 5,002 |
The Company uses the rate implicit in the lease if it is readily determinable. In the case that the lease does not provide an implicit rate, we use our incremental borrowing rate. Our lease costs are as follows:
|  | Twelve Months Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2021 |
|  | (In thousands) |
| Classification |  |  |  |  |  |  |  |
Operating lease cost | Selling, general and administrative | $ | 2,701 |  |  | $ | 1,910 |  |  | $ | 1,602 |
Short-term lease costs | Selling, general and administrative |  | 1,654 |  |  |  | 621 |  |  |  | 1,296 |
Amortization of leased assets | Selling, general and administrative |  | 145 |  |  |  | 86 |  |  |  | 114 |
Interest on lease liabilities | Net interest expense |  | 41 |  |  |  | 11 |  |  |  | 59 |
Total lease cost |  | $ | 4,541 |  |  | $ | 2,628 |  |  | $ | 3,071 |
The Company leases certain offices, shop and warehouse facilities, automobiles and equipment. Total lease expense incurred was $4.4 million, $2.5 million, and $2.9 million in 2023, 2022 and 2021, respectively. The five year and beyond maturity of our lease obligations is presented below:
|  | Twelve months ended |
|  | December 31, 2023 |
|  | Operating |  |  | Finance |  |  |  |
|  | Leases |  |  | Leases |  |  | Total |
|  | (In thousands) |
2024 |  | $ | 2,993 |  |  | $ | 363 |  |  | $ | 3,356 |
2025 |  |  | 2,789 |  |  |  | 341 |  |  |  | 3,130 |
2026 |  |  | 2,547 |  |  |  | 345 |  |  |  | 2,892 |
2027 |  |  | 2,450 |  |  |  | 214 |  |  |  | 2,664 |
2028 |  |  | 2,119 |  |  |  | - |  |  |  | 2,119 |
After 2028 |  |  | 11,169 |  |  |  | - |  |  |  | 11,169 |
Total lease payments |  |  | 24,067 |  |  |  | 1,263 |  |  |  | 25,330 |
Less: interest |  |  | 7,395 |  |  |  | 160 |  |  |  | 7,555 |
Present value of lease liabilities |  | $ | 16,672 |  |  | $ | 1,103 |  |  | $ | 17,775 |
The lease term and discount rate for our operating and finance leases is as follows:
|  | December 31, 2023 |
Weighted average remaining lease term (years) |  |  |
Operating leases |  |  | 9.9 |
Finance leases |  |  | 3.6 |
Weighted average discount rate |  |  |
Operating leases |  |  | 8.1 | %
Finance leases |  |  | 8.9 | %
We had no material non-cash financing or operating leases entered into during the twelve months ended December 31, 2023. Other information pertaining to our lease obligations is as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2021 |
|  | (In thousands) |
Other Information |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,356 |  |  | $ | 1,949 |  |  | $ | 1,591 |
Operating cash flows from finance leases |  |  | 42 |  |  |  | 11 |  |  |  | 59 |
Financing cash flows from finance leases |  |  | 124 |  |  |  | 83 |  |  |  | 109 |

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