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LEASES

6 Months Ended

Jun. 30, 2024

14. 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.

Supplemental cash flow information related to the Company’s operating and finance leases for the six months ended June 30, 2024 and 2023 was as follows:


	June 30,
	2024		2023
Cash paid for operating leases	$	3,185	$	2,796
Cash paid for interest on finance lease obligations	$	205	$	214
Assets acquired under operating leases	$	858	$	1,888
Operating lease assets obtained in acquisitions	$	378	$	—

The Company’s finance lease obligations relate to a manufacturing facility. Finance lease assets of $7,892 and $8,208 as of June 30, 2024 and December 31, 2023, respectively, are included in property, plant and equipment, net. As of June 30, 2024, finance lease obligations of $429 are included in accrued liabilities and $8,386 are included in long-term debt on the condensed consolidated balance sheet. As of December 31, 2023, finance lease obligations of $412 are included in accrued liabilities and $8,607 are included in long-term debt on the condensed consolidated balance sheet.

The following table presents the maturity of the Company’s operating and finance lease liabilities as of June 30, 2024:


	Operating Leases		Finance Leases
Remainder of 2024	$	3,033	$	407
2025		5,151		831
2026		4,516		847
2027		3,798		867
2028		2,871		886
Thereafter		5,757		7,884
Total undiscounted cash flows	$	25,126	$	11,722
Less: present value discount		(2,643)		(2,907)
Total lease liabilities	$	22,483	$	8,815

As of June 30, 2024, the Company has entered into leases for building renewal and expansion, with future minimum lease payments of $3,510 that have not yet commenced.

The Company has operating leases for certain facilities from companies for which a member of management is a part owner. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $237 and $473 during the three and six months ended June 30, 2024 and $220 and $441 during the three and six months ended June 30, 2023, respectively, and is obligated to make payments of $433 during the remainder of 2024. Future fixed minimum lease payments under these leases as of June 30, 2024 are $5,828.