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Note 11 - Leases
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Lessee, Operating and Finance Leases [Text Block]

NOTE 11 – LEASES

 

On June 1, 2023, the Company commenced a lease for a new manufacturing facility in Lenexa, Kansas with an initial lease term through August 31, 2043. The Company vacated its prior leased manufacturing facility in Lenexa during the quarter ended September 30, 2023, with no additional lease liability. The new lease is considered an operating lease and is subject to annual rent escalations based on the greater of a set minimum percentage or the Consumer Price Index. As a result of this lease, the Company recorded a right-of-use (ROU) asset which is included in Other Assets, and a long-term lease liability, which is included in Other Long-Term Liabilities, each of approximately $17.5 million as of September 30, 2023. The impact on the Consolidated Statements of Income for the three and nine month periods ended September 30, 2023 was not material.