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Note 7 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
7. | Leases
​ The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one year to 15 years, some of which include options to extend the leases for up to 20 years. Such renewal options were not included in the determination of the lease term unless deemed reasonably certain of exercise. The discount rate used in measuring the lease liabilities is based on the Company’s interest rate on its secured Term Loan Credit Agreement. Certain of the Company’s leases contain escalating rental payments based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. During the three and nine months ended September 30, 2024, the Company closed on a sale leaseback transaction with an unrelated third party. Under this transaction, the Company sold seven properties with a combined net book value of $21,852 for gross proceeds of $64,150, which was reduced by transaction costs of $5,494 for net cash proceeds of approximately $58,656. The properties in the sale leaseback transaction are comprised of three facilities located in Milwaukee, Wisconsin and four additional facilities located in each of Huntley, Illinois; Manchester, Iowa; Rockland, Maine; and Madison Heights, Michigan, totaling approximately 780,000 square feet of manufacturing and upfitting space. The lease agreement has an initial term of 15 years, with two optional 10-year renewal options. The Company recognized a gain of $42,298 on this transaction, which is included in Gain on sale leaseback transaction in the Condensed Consolidated Statements of Operations and Comprehensive Income. Right-of-use assets and lease liabilities recognized related to this sale leaseback transaction were $51,879 and $51,879, respectively. ​ ​ Lease Expense ​ The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income, were as follows:
|  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024 |  |  | Three Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2023 |
Operating lease expense |  | $ | 2,126 |  |  | $ | 5,303 |  |  | $ | 1,545 |  |  | $ | 4,354 |
Short term lease cost |  | $ | 341 |  |  | $ | 494 |  |  | $ | 48 |  |  | $ | 316 |
Total lease cost |  | $ | 2,467 |  |  | $ | 5,797 |  |  | $ | 1,593 |  |  | $ | 4,670 |
​ Cash Flow ​ Supplemental cash flow information related to leases is as follows: ​
|  | Nine Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2023 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 5,243 |  |  | $ | 4,597 |
Non-cash lease expense - right-of-use assets |  | $ | 4,264 |  |  | $ | 3,735 |
Right-of-use assets obtained in exchange for operating lease obligations |  | $ | 55,551 |  |  | $ | 3,411 |
​ ​ Balance Sheet ​ Supplemental balance sheet information related to leases is as follows: ​
|  | September 30, 2024 |  |  | December 31, 2023 |
Operating Leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 69,295 |  |  | $ | 18,008 |
Other current liabilities |  |  | 6,848 |  |  |  | 5,347 |
Operating lease liabilities |  |  | 63,802 |  |  |  | 13,887 |
Total operating lease liabilities |  | $ | 70,650 |  |  | $ | 19,234 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases (in months) |  |  | 156 |  |  |  | 53 |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 7.04 | % |  |  | 5.36 | %
​ Lease Maturities ​ Maturities of leases were as follows: ​
Year ending December 31, |  | Operating Leases |
2024 (excluding the nine months ended September 30, 2024) |  | $ | 2,920 |
2025 |  |  | 11,387 |
2026 |  |  | 9,996 |
2027 |  |  | 8,185 |
2028 |  |  | 7,141 |
Thereafter |  |  | 70,267 |
Total Lease Payments |  |  | 109,896 |
Less: imputed interest |  |  | (39,246 | )
Total |  | $ | 70,650 |

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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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