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Leases | 12 Months Ended
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Dec. 31, 2023
Leases. |
Leases | Note 19: Leases The Company recognizes operating and finance leases with a duration greater than 12 months on the balance sheet with a Right-Of-Use (ROU) asset and liability at the present value of lease payments over the term. Leases that include rental escalation clauses or renewal options are factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. ROU assets exclude lessor incentives received. The Company subleases certain real estate to third parties. Our sublease portfolio consists solely of operating leases. As of December 31, 2023, the Company had no operating leases that had not yet commenced. During the year ended December 31, 2023, the Company entered into new leases or modified existing leases that resulted in an increase of ROU assets in exchange for operating lease liabilities as disclosed below. During the year ended December 31, 2023, the Company assumed certain leases as part of its acquisition of Spinnaker. The disclosures below include the information related to the leases after the acquisition. See note tilted Business Acquisition for further information related to those leases. Lease Position: The table below represents the assets and liabilities related to operating leases recorded on the balance sheet: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2023 |  | 2022
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  |  |  |  | ​ |
Operating lease right-of-use assets | ​ | $ | 24,537 | ​ | $ | 28,864
Finance lease right-of-use assets | ​ | ​ | 1,036 | ​ | ​ | —
Total lease assets | ​ | $ | 25,573 | ​ | $ | 28,864
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Current portion of operating leases | ​ | $ | 7,367 | ​ | $ | 10,728
Current portion of finance lease liabilities and finance obligations | ​ | ​ | 375 | ​ | ​ | —
Long-term finance lease liabilities | ​ | ​ | 819 | ​ | ​ | —
Long-term operating lease liabilities | ​ | ​ | 18,600 | ​ | ​ | 19,517
Total lease liabilities | ​ | $ | 27,161 | ​ | $ | 19,517
​ Lease costs: The components of finance lease are included in depreciation and amortization and interest expense; operating lease expense are included in costs of goods sold, and selling, general and administrative expenses in the consolidated statements of operations as disclosed below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, |  | 2023 | ​ | 2022 | ​ | 2021
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of leased assets | ​ | $ | 129 | ​ | $ | 3,390 | ​ | $ | 1,452
Interest on lease liabilities | ​ | ​ | 13 | ​ | ​ | 283 | ​ | ​ | 116
Total finance lease cost | ​ | $ | 142 | ​ | $ | 3,673 | ​ | $ | 1,568
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest on finance obligation | ​ | $ | 35 | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 15,096 | ​ | $ | 9,615 | ​ | $ | 7,580
Short-term lease cost | ​ | ​ | 1,862 | ​ |  | 9,192 | ​ |  | 3,626
Variable lease cost | ​ | ​ | 774 | ​ |  | 647 | ​ |  | 772
Sublease income | ​ | ​ | (1,400) | ​ |  | (1,021) | ​ |  | (831)
Total operating lease cost | ​ | $ | 16,332 | ​ | $ | 18,433 | ​ | $ | 11,147
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total lease cost | ​ | $ | 16,509 | ​ | $ | 22,106 | ​ | $ | 12,715
​ Other Information:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, | ​ | 2023 | ​ | 2022 | ​
Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) | ​ | $ | 12,475 | ​ | $ | 8,742 | ​
Cash paid for amounts included in the measurement of lease liabilities – finance lease and finance obligations (in thousands) | ​ | $ | 515 | ​ | $ | — | ​
ROU assets obtained in exchange for operating lease liabilities (in thousands) | ​ | $ | 8,151 | ​ | $ | 12,882 | ​
Weighted average remaining lease term – finance lease (years) | ​ | ​ | 4.00 | ​ | ​ | — | ​
Weighted average remaining lease term – operating leases (years) | ​ | ​ | 5.06 | ​ | ​ | 5.14 | ​
Weighted average remaining term – finance obligations (months) | ​ | ​ | 8.00 | ​ | ​ | — | ​
Weighted average discount rate – finance lease | ​ | ​ | 2.3 | % | ​ | — | %
Weighted average discount rate – operating leases | ​ | ​ | 4.42 | % | ​ | 3.93 | %
Weighted average discount rate – finance obligations | ​ | ​ | 8.40 | % | ​ | — | %
​ Lease Commitments: Maturity of lease liabilities and finance obligations: ​
​ | ​ | ​ | ​ | ​
As of December 31, |  | 2023 |
(in thousands) | ​ | ​ | ​ | ​
2024 |  | $ | 9,197 |
2025 |  | ​ | 5,856 |
2026 |  | ​ | 4,957 |
2027 |  | ​ | 3,863 |
2028 |  | ​ | 2,291 |
Thereafter |  | ​ | 4,487 |
Total lease payments |  | ​ | 30,651 |
Less: Amounts representing interest |  | ​ | (3,490) |
Present value of lease liabilities | ​ | $ | 27,161 | ​
​

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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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