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LEASES AND RELATED PARTY LEASES | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024. 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 three months ended March 31, 2024 and March 31, 2023 was $6.3 million and $6.0 million, respectively, which includes $0.3 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 |  |  |  |  | March 31, 2024 |  | December 31, 2023
ROU assets |  |  |  |  | $ | 151,834 |  |  | $ | 156,184 |
Current lease liabilities |  |  |  |  | 16,303 |  |  | 15,284 |
Non-current lease liabilities |  |  |  |  | 170,082 |  |  | 166,849 |
Total lease liabilities |  |  |  |  | $ | 186,385 |  |  | $ | 182,133 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |
Leased facilities |  |  |  |  | 16.5 years |  | 16.3 years
Leased vehicles |  |  |  |  | 2.1 years |  | 1.9 years
Weighted average discount rate: |  |  |  |  |  |  |
Leased facilities |  |  |  |  | 5.7 | % |  | 5.9 | %
Leased vehicles |  |  |  |  | 2.7 | % |  | 2.7 | %
Supplemental cash flow information related to leases for the three months ended March 31, 2024 and 2023 were as follows:
Dollars in thousands | March 31, 2024 |  | March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 5,734 |  |  | $ | 4,319 |
ROU assets obtained in exchange for lease liabilities: |  |  |
Operating leases | $ | 746 |  |  | $ | 1,721 |
Future minimum lease payments under operating leases at March 31, 2024 were as follows:
Dollars in thousands | Related Parties |  | Third Parties |  | Total
Remainder of 2024 | $ | 222 |  |  | $ | 17,884 |  |  | $ | 18,106 |
2025 | 296 |  |  | 22,859 |  |  | 23,155 |
2026 | 296 |  |  | 20,210 |  |  | 20,506 |
2027 | 296 |  |  | 18,892 |  |  | 19,188 |
2028 | 296 |  |  | 16,603 |  |  | 16,899 |
2029 | 246 |  |  | 15,771 |  |  | 16,017 |
Thereafter | — |  |  | 163,479 |  |  | 163,479 |
Total minimum lease payments | $ | 1,652 |  |  | $ | 275,698 |  |  | $ | 277,350 |
Less: Imputed interest |  |  |  |  | 90,965 |
Total lease liabilities |  |  |  |  | 186,385 |
Less: Current lease liabilities |  |  |  |  | 16,303 |
Long-term lease liabilities |  |  |  |  | 170,082 |
There were no future minimum lease payments under finance leases at March 31, 2024. 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.

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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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