XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.23.3

LEASES AND RELATED PARTY LEASES | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
LEASES AND RELATED PARTY LEASES | LEASES AND RELATED PARTY LEASES The Company leases administrative, manufacturing, research and distribution facilities and vehicles through operating lease agreements. The Company has no finance leases as of September 30, 2023. Many of the Company's leases include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area or other maintenance costs). For vehicles, the Company has elected the practical expedient to group lease and non-lease components. Most facility leases include one or more options to renew. The exercise of lease renewal options is typically at the Company's sole discretion, therefore, the majority of renewals to extend the lease terms are not included in the Right of Use ("ROU") assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates renewal options and when they are reasonably certain of exercise, the renewal period is included in the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Total operating lease expense for the nine months ended September 30, 2023 and September 30, 2022 was $17.9 million and $16.6 million respectively, which includes $0.2 million, in related party operating lease expense. Supplemental balance sheet information related to operating leases were as follows:
Dollars in thousands, except lease term and discount rate |  |  |  |  | September 30, 2023 |  | December 31, 2022
ROU assets |  |  |  |  | $ | 156,760 |  |  | $ | 148,284 |
Current lease liabilities |  |  |  |  | 14,461 |  |  | 14,624 |
Non-current lease liabilities |  |  |  |  | 168,017 |  |  | 157,420 |
Total lease liabilities |  |  |  |  | $ | 182,478 |  |  | $ | 172,044 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |
Leased facilities |  |  |  |  | 16.6 years |  | 16.9 years
Leased vehicles |  |  |  |  | 2.0 years |  | 2.0 years
Weighted average discount rate: |  |  |  |  |  |  |
Leased facilities |  |  |  |  | 5.5 | % |  | 5.4 | %
Leased vehicles |  |  |  |  | 2.6 | % |  | 2.7 | %
Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and 2022 were as follows:
Dollars in thousands | September 30, 2023 |  | September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 14,778 |  |  | $ | 12,804 |
ROU assets obtained in exchange for lease liabilities: |  |  |
Operating leases | $ | 19,540 |  |  | $ | 75,588 |
Future minimum lease payments under operating leases at September 30, 2023 were as follows:
Dollars in thousands | Related Parties |  | Third Parties |  | Total
Remainder of 2023 | $ | 74 |  |  | $ | 5,415 |  |  | $ | 5,489 |
2024 | 296 |  |  | 21,821 |  |  | 22,117 |
2025 | 296 |  |  | 20,968 |  |  | 21,264 |
2026 | 296 |  |  | 18,147 |  |  | 18,443 |
2027 | 296 |  |  | 17,901 |  |  | 18,197 |
2028 | 296 |  |  | 15,740 |  |  | 16,036 |
Thereafter | 246 |  |  | 173,735 |  |  | 173,981 |
Total minimum lease payments | $ | 1,800 |  |  | $ | 273,727 |  |  | $ | 275,527 |
Less: Imputed interest |  |  |  |  | 93,049 |
Total lease liabilities |  |  |  |  | 182,478 |
Less: Current lease liabilities |  |  |  |  | 14,461 |
Long-term lease liabilities |  |  |  |  | 168,017 |
There were no future minimum lease payments under finance leases at September 30, 2023. Related Party Leases The Company leases its manufacturing facility in Plainsboro, New Jersey, from a general partnership that is 50% owned by a principal stockholder of the Company. The term of the current lease agreement is through October 31, 2029 at an annual rate of approximately $0.3 million. The current lease agreement also provides (i) a 5-year renewal option for the Company to extend the lease from November 1, 2029 through October 31, 2034 at the fair market rental rate of the premises, and (ii) another 5-year renewal option to extend the lease from November 1, 2034 through October 31, 2039 at the fair market rental rate of the premises.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration