XML 35 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2023
LEASES |
LEASES | 10. LEASES The Company has operating leases for office space, manufacturing facilities and equipment, computer equipment and automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for a long-term period, and some leases include options to terminate the leases within 30 days. In certain of the Company's lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for capital area maintenance, utilities, inflation and/or changes in other indexes. The Company’s finance lease obligations relate to a manufacturing facility. As of December 31, 2023, finance lease assets of $8,208 are included in property, plant, and equipment, net, finance lease obligations of $412 are included in accrued liabilities, and $8,607 are included in long-term debt on the consolidated balance sheet. For the years ended December 31, 2023 and 2022, the components of operating lease expense were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​ | ​ | December 31,
​ | ​ | 2023 | ​ | ​ | 2022
Fixed operating lease expense | ​ | $ | 6,748 | ​ | $ | 5,507
Variable operating lease expense | ​ | ​ | 646 | ​ | ​ | 187
Short-term lease expense | ​ | ​ | 1,375 | ​ | ​ | 1,246
​ | ​ | $ | 8,769 | ​ | $ | 6,940
​ Supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2023 and 2022 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
Cash paid for operating leases |  | $ | 5,765 | ​ | $ | 5,191
Cash paid for interest on finance lease obligations |  | $ | 376 | ​ | $ | 736
Assets acquired under operating leases | ​ | $ | 6,517 | ​ | $ | 9,592
Assets acquired under finance leases | ​ | $ | — | ​ | $ | 9,471
Operating lease assets obtained in acquisitions | ​ | $ | 224 | ​ | $ | 5,053
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table presents weighted average remaining lease term and discount rates related to the Company’s operating leases as of December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |
​ | ​ | 2023 | ​ | ​ | 2022 | ​
Weighted average remaining lease term (in years) | ​ |  | 6.00 | ​ | ​ |  | 6.75 | ​
Weighted average discount rate | ​ |  | 4.25 | % | ​ |  | 3.66 | %
​ The following table presents the maturity of the Company’s operating and finance lease liabilities as of December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating Leases | ​ | Finance Leases
2024 | ​ | $ | 6,085 | ​ | $ | 815
2025 | ​ |  | 4,965 | ​ |  | 831
2026 | ​ | ​ | 4,365 | ​ | ​ | 848
2027 | ​ | ​ | 3,726 | ​ | ​ | 867
2028 | ​ | ​ | 2,818 | ​ | ​ | 886
Thereafter | ​ |  | 5,861 | ​ |  | 7,883
Total undiscounted cash flows | ​ | $ | 27,820 | ​ | $ | 12,130
Less: present value discount | ​ | ​ | (3,146) | ​ | ​ | (3,111)
Total lease liabilities | ​ | $ | 24,674 | ​ | $ | 9,019
​ The Company leases certain facilities from companies for which a member of management is a part owner. In connection with such leases, the Company made payments to the lessor of $1,631 and $1,529 during the years ended December 31, 2023 and 2022, respectively. Future minimum lease payments under these leases as of December 31, 2023 are $12,914.

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