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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Note 8 — Leases The Company has operating and finance leases for real estate, office equipment, automobiles, forklifts and certain other equipment. Certain real estate leases are for land which have a remaining lease term of one to 38 years, and some of these arrangements have an end date that is at the discretion of the lessee. Excluding land leases, our leases have remaining lease terms ranging from less than one year to nine years and may include options to extend the lease. We do not have lease arrangements with related parties. Components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Lease cost: |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 10,747 |  |  | $ | 9,606 |  |  | $ | 8,040 |
Amortization of ROU assets - finance leases |  |  | 370 |  |  |  | 390 |  |  |  | 168 |
Interest on lease liabilities - finance leases |  |  | 14 |  |  |  | 28 |  |  |  | 16 |
Short-term lease cost |  |  | 3,684 |  |  |  | 2,651 |  |  |  | 1,773 |
Sublease income |  |  | — |  |  |  | — |  |  |  | (101 | )
Total lease cost |  | $ | 14,815 |  |  | $ | 12,675 |  |  | $ | 9,896 |
Other information related to leases is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 10,428 |  |  | $ | 9,249 |
Operating cash flows for finance leases |  |  | 14 |  |  |  | 81 |
Financing cash flows for finance leases |  |  | 383 |  |  |  | 390 |
Right-of-use lease assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 30,720 |  |  | $ | 4,704 |
|  | December 31, 2024 |  |  | December 31, 2023 |
Weighted average remaining lease term: |  |  |  |  |  |
Operating leases |  | 9.3 years |  |  | 5.6 years |
Finance leases |  | 1.5 years |  |  | 1.9 years |
Weighted average discount rate: |  |  |  |  |  |
Operating leases |  |  | 6.09 | % |  |  | 4.96 | %
Finance leases |  |  | 3.46 | % |  |  | 3.53 | %
A summary of operating leases as of December 31, 2024, under all non-cancellable operating leases with terms exceeding one year is as follows:
2025 |  | $ | 9,285 |
2026 |  |  | 7,450 |
2027 |  |  | 5,701 |
2028 |  |  | 5,208 |
2029 |  |  | 4,911 |
2030 or later |  |  | 26,593 |
Total future minimum lease payments |  |  | 59,148 |
Less imputed interest |  |  | (14,579 | )
Total |  | $ | 44,569 |
A summary of finance leases as of December 31, 2024, under all non-cancellable finance leases with terms exceeding one year is as follows:
2025 |  | $ | 137 |
2026 |  |  | 64 |
Total |  | $ | 201 |
As of December 31, 2024 the Company has various operating leases that have not yet commenced with future undiscounted payments of $19,878. These operating leases will commence in 2025 and have initial lease terms of two to 15 years. The most significant of these leases relates to the Company's new corporate headquarters building in Novi, Michigan. In connection with our move to a new location, we completed the sale of our former headquarters building in Northville, Michigan in January 2025. The sale resulted in cash proceeds of $3,740 and is expected to result in a loss on sale of $2,311 that will be recognized in the first quarter of 2025.

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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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