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Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Leases The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one to ten years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases have terms between one and five years. Our financing leases relate to research equipment, machinery, and other equipment. The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of September 30, 2023 and December 31, 2022:
| September 30, |  | December 31,
(In thousands) | 2023 |  | 2022
Weighted average discount rate - operating leases | 4.3 | % |  | 4.2 | %
Weighted average discount rate - finance leases | 8.3 | % |  | 6.1 | %
Weighted average remaining lease term in years - operating leases | 6.5 |  | 7.2
Weighted average remaining lease term in years - finance leases | 4.3 |  | 2.0
The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease costs | $ | 883 |  |  | $ | 909 |  |  | $ | 2,679 |  |  | $ | 2,745 |
Short-term lease costs | 560 |  |  | 534 |  |  | 1,410 |  |  | 1,627 |
Total operating lease costs | 1,443 |  |  | 1,443 |  |  | 4,089 |  |  | 4,372 |
Variable lease costs | 299 |  |  | 250 |  |  | 903 |  |  | 809 |
Total lease costs | $ | 1,742 |  |  | $ | 1,693 |  |  | $ | 4,992 |  |  | $ | 5,181 |
Maturities of our lease liabilities as of September 30, 2023 are as follows:
(In thousands) | Operating Leases |  | Financing Leases
2023 (3 months remaining) | $ | 909 |  |  | $ | 134 |
2024 | 3,383 |  |  | 487 |
2025 | 2,942 |  |  | 424 |
2026 | 2,532 |  |  | 389 |
2027 | 2,280 |  |  | 387 |
Thereafter | 6,938 |  |  | 134 |
Total lease payments | 18,984 |  |  | 1,955 |
Less: interest | (2,401) |  |  | (307) |
Total present value of lease liabilities | $ | 16,583 |  |  | $ | 1,648 |
Leases | Leases The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one to ten years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases have terms between one and five years. Our financing leases relate to research equipment, machinery, and other equipment. The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of September 30, 2023 and December 31, 2022:
| September 30, |  | December 31,
(In thousands) | 2023 |  | 2022
Weighted average discount rate - operating leases | 4.3 | % |  | 4.2 | %
Weighted average discount rate - finance leases | 8.3 | % |  | 6.1 | %
Weighted average remaining lease term in years - operating leases | 6.5 |  | 7.2
Weighted average remaining lease term in years - finance leases | 4.3 |  | 2.0
The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease costs | $ | 883 |  |  | $ | 909 |  |  | $ | 2,679 |  |  | $ | 2,745 |
Short-term lease costs | 560 |  |  | 534 |  |  | 1,410 |  |  | 1,627 |
Total operating lease costs | 1,443 |  |  | 1,443 |  |  | 4,089 |  |  | 4,372 |
Variable lease costs | 299 |  |  | 250 |  |  | 903 |  |  | 809 |
Total lease costs | $ | 1,742 |  |  | $ | 1,693 |  |  | $ | 4,992 |  |  | $ | 5,181 |
Maturities of our lease liabilities as of September 30, 2023 are as follows:
(In thousands) | Operating Leases |  | Financing Leases
2023 (3 months remaining) | $ | 909 |  |  | $ | 134 |
2024 | 3,383 |  |  | 487 |
2025 | 2,942 |  |  | 424 |
2026 | 2,532 |  |  | 389 |
2027 | 2,280 |  |  | 387 |
Thereafter | 6,938 |  |  | 134 |
Total lease payments | 18,984 |  |  | 1,955 |
Less: interest | (2,401) |  |  | (307) |
Total present value of lease liabilities | $ | 16,583 |  |  | $ | 1,648 |

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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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