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Leases | 9 Months Ended
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Sep. 30, 2024
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 had original lease terms of three to eleven years and have remaining lease terms of one to eight 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, with all other lease payments consisting of variable lease costs. 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 had original lease terms of four to five years and have remaining 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, 2024 and December 31, 2023:
| September 30, |  | December 31,
(In thousands) | 2024 |  | 2023
Weighted average discount rate - operating leases | 5.8 | % |  | 4.4 | %
Weighted average discount rate - finance leases | 8.4 | % |  | 8.3 | %
Weighted average remaining lease term in years - operating leases | 6.1 |  | 6.6
Weighted average remaining lease term in years - finance leases | 3.5 |  | 4.1
The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 1,018 |  |  | $ | 810 |  |  | $ | 2,639 |  |  | $ | 2,460 |
Financing lease costs | 57 |  |  | - |  |  | 173 |  |  | - |
Short-term lease costs | 452 |  |  | 510 |  |  | 1,263 |  |  | 1,266 |
Total operating lease costs | 1,527 |  |  | 1,320 |  |  | 4,075 |  |  | 3,726 |
Variable lease costs | 446 |  |  | 299 |  |  | 1,166 |  |  | 903 |
Total lease costs | $ | 1,973 |  |  | $ | 1,619 |  |  | 5,241 |  |  | 4,629 |
Maturities of our lease liabilities as of September 30, 2024 are as follows:
(In thousands) | Operating Leases |  | Financing Leases
2024 (3 months remaining) | $ | 857 |  |  | $ | 103 |
2025 | 3,630 |  |  | 413 |
2026 | 3,249 |  |  | 389 |
2027 | 2,970 |  |  | 387 |
2028 | 3,021 |  |  | 134 |
Thereafter | 7,794 |  |  | - |
Total lease payments | 21,521 |  |  | 1,426 |
Less: interest | (3,544) |  |  | (190) |
Total present value of lease liabilities | $ | 17,977 |  |  | $ | 1,236 |
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 had original lease terms of three to eleven years and have remaining lease terms of one to eight 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, with all other lease payments consisting of variable lease costs. 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 had original lease terms of four to five years and have remaining 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, 2024 and December 31, 2023:
| September 30, |  | December 31,
(In thousands) | 2024 |  | 2023
Weighted average discount rate - operating leases | 5.8 | % |  | 4.4 | %
Weighted average discount rate - finance leases | 8.4 | % |  | 8.3 | %
Weighted average remaining lease term in years - operating leases | 6.1 |  | 6.6
Weighted average remaining lease term in years - finance leases | 3.5 |  | 4.1
The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 1,018 |  |  | $ | 810 |  |  | $ | 2,639 |  |  | $ | 2,460 |
Financing lease costs | 57 |  |  | - |  |  | 173 |  |  | - |
Short-term lease costs | 452 |  |  | 510 |  |  | 1,263 |  |  | 1,266 |
Total operating lease costs | 1,527 |  |  | 1,320 |  |  | 4,075 |  |  | 3,726 |
Variable lease costs | 446 |  |  | 299 |  |  | 1,166 |  |  | 903 |
Total lease costs | $ | 1,973 |  |  | $ | 1,619 |  |  | 5,241 |  |  | 4,629 |
Maturities of our lease liabilities as of September 30, 2024 are as follows:
(In thousands) | Operating Leases |  | Financing Leases
2024 (3 months remaining) | $ | 857 |  |  | $ | 103 |
2025 | 3,630 |  |  | 413 |
2026 | 3,249 |  |  | 389 |
2027 | 2,970 |  |  | 387 |
2028 | 3,021 |  |  | 134 |
Thereafter | 7,794 |  |  | - |
Total lease payments | 21,521 |  |  | 1,426 |
Less: interest | (3,544) |  |  | (190) |
Total present value of lease liabilities | $ | 17,977 |  |  | $ | 1,236 |

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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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