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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases Supplemental balance sheet information related to leases was as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Operating lease assets | $ | 2,993 |  |  | $ | 4,628 |
Current operating lease liabilities | $ | 1,287 |  |  | $ | 1,585 |
Long-term operating lease liabilities | 1,633 |  |  | 3,008 |
Total operating lease liabilities | $ | 2,920 |  |  | $ | 4,593 |
Finance lease assets | $ | 692 |  |  | $ | 960 |
Current finance lease liabilities | $ | 309 |  |  | $ | 296 |
Long-term finance lease liabilities | 287 |  |  | 595 |
Total finance lease liabilities | $ | 596 |  |  | $ | 891 |
Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows:
| Twelve Months Ended December 31,
(in thousands) | 2024 |  | 2023
Operating lease cost | $ | 1,762 |  |  | $ | 1,965 |
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 329 |  |  | $ | 732 |
Interest on lease obligations | 33 |  |  | 1,055 |
Variable lease cost | $ | 382 |  |  | $ | 371 |
Total lease cost | $ | 2,506 |  |  | $ | 4,123 |
Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows:
(in thousands) | Operating Leases |  | Finance Leases
Year Ending December 31, |  |  |
2025 | $ | 1,363 |  |  | $ | 329 |
2026 | 790 |  |  | 292 |
2027 | 422 |  |  | - |
2028 | 373 |  |  | - |
2029 | 104 |  |  | - |
After 2029 | 2 |  |  | - |
Total future minimum lease payments | 3,054 |  |  | 621 |
Less interest | (134) |  |  | (25) |
Present value of lease liabilities | $ | 2,920 |  |  | $ | 596 |
As of December 31, 2024, we have no operating or finance leases that have not yet commenced. Weighted average remaining lease term and discount rate was as follows:
| December 31,
| 2024 |  | 2023
Weighted Average Remaining Lease Term - operating leases (years) | 3.0 |  | 3.6
Weighted Average Remaining Lease Term - finance leases (years) | 1.6 |  | 2.6
Weighted Average Discount Rate - operating leases | 2.6% |  | 2.5%
Weighted Average Discount Rate - finance leases | 4.4% |  | 4.4%
Supplemental cash flow information related to leases was as follows:
| Twelve Months Ended December 31,
(in thousands) | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 2,093 |  |  | $ | 2,288 |
Operating cash flows from finance leases | $ | 33 |  |  | $ | 1,055 |
Financing cash flows from finance leases | $ | 296 |  |  | $ | 306 |
Lease assets obtained in exchange for new operating lease liabilities | $ | — |  |  | $ | 2,324 |
Lease assets obtained in exchange for new financing lease liabilities | $ | — |  |  | $ | 240 |
Leases | Leases Supplemental balance sheet information related to leases was as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Operating lease assets | $ | 2,993 |  |  | $ | 4,628 |
Current operating lease liabilities | $ | 1,287 |  |  | $ | 1,585 |
Long-term operating lease liabilities | 1,633 |  |  | 3,008 |
Total operating lease liabilities | $ | 2,920 |  |  | $ | 4,593 |
Finance lease assets | $ | 692 |  |  | $ | 960 |
Current finance lease liabilities | $ | 309 |  |  | $ | 296 |
Long-term finance lease liabilities | 287 |  |  | 595 |
Total finance lease liabilities | $ | 596 |  |  | $ | 891 |
Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows:
| Twelve Months Ended December 31,
(in thousands) | 2024 |  | 2023
Operating lease cost | $ | 1,762 |  |  | $ | 1,965 |
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 329 |  |  | $ | 732 |
Interest on lease obligations | 33 |  |  | 1,055 |
Variable lease cost | $ | 382 |  |  | $ | 371 |
Total lease cost | $ | 2,506 |  |  | $ | 4,123 |
Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows:
(in thousands) | Operating Leases |  | Finance Leases
Year Ending December 31, |  |  |
2025 | $ | 1,363 |  |  | $ | 329 |
2026 | 790 |  |  | 292 |
2027 | 422 |  |  | - |
2028 | 373 |  |  | - |
2029 | 104 |  |  | - |
After 2029 | 2 |  |  | - |
Total future minimum lease payments | 3,054 |  |  | 621 |
Less interest | (134) |  |  | (25) |
Present value of lease liabilities | $ | 2,920 |  |  | $ | 596 |
As of December 31, 2024, we have no operating or finance leases that have not yet commenced. Weighted average remaining lease term and discount rate was as follows:
| December 31,
| 2024 |  | 2023
Weighted Average Remaining Lease Term - operating leases (years) | 3.0 |  | 3.6
Weighted Average Remaining Lease Term - finance leases (years) | 1.6 |  | 2.6
Weighted Average Discount Rate - operating leases | 2.6% |  | 2.5%
Weighted Average Discount Rate - finance leases | 4.4% |  | 4.4%
Supplemental cash flow information related to leases was as follows:
| Twelve Months Ended December 31,
(in thousands) | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 2,093 |  |  | $ | 2,288 |
Operating cash flows from finance leases | $ | 33 |  |  | $ | 1,055 |
Financing cash flows from finance leases | $ | 296 |  |  | $ | 306 |
Lease assets obtained in exchange for new operating lease liabilities | $ | — |  |  | $ | 2,324 |
Lease assets obtained in exchange for new financing lease liabilities | $ | — |  |  | $ | 240 |

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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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