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Note 6 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 6. Leases The Company has operating leases for manufacturing, upfit and office 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, adjusted as necessary based on the lease term and the Company's credit spread. 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 year ended December 31, 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 Consolidated Statements of Income. Right-of-use assets and lease liabilities recognized related to this sale leaseback transaction were $51,879 and $51,879, respectively. As allowed under ASC 842, the Company has adopted the following practical expedients:
| ● | Short-term lease practical expedient
| o | Allows the Company not to apply the recognition requirements in ASC 842 to short-term leases for all asset classes. Short term leases are leases that, at commencement date, have a term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.
| ● | Separating lease components practical expedient
| o | Allows the Company not to separate lease components from nonlease components for all asset classes and instead account for each separate lease and the nonlease components associated with that lease component as a single lease component.
Lease Expense The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Consolidated Statements of Income, were as follows:
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Operating lease expense |  | $ | 8,604 |  |  | $ | 5,966 |  |  | $ | 5,555 |
Short term lease cost |  | $ | 621 |  |  | $ | 401 |  |  | $ | 395 |
Total lease cost |  | $ | 9,225 |  |  | $ | 6,367 |  |  | $ | 5,950 |
Cash Flow Supplemental cash flow information related to leases is as follows:
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 8,349 |  |  | $ | 6,195 |  |  | $ | 5,753 |
Non-cash lease expense - right-of-use assets |  | $ | 6,319 |  |  | $ | 5,097 |  |  | $ | 4,745 |
Right-of-use assets obtained in exchange for operating lease obligations |  | $ | 59,112 |  |  | $ | 5,853 |  |  | $ | 3,768 |
Balance Sheet Supplemental balance sheet information related to leases is as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Operating Leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 70,801 |  |  | $ | 18,008 |
Other current liabilities |  |  | 7,394 |  |  |  | 5,347 |
Operating lease liabilities |  |  | 64,785 |  |  |  | 13,887 |
Total operating lease liabilities |  | $ | 72,179 |  |  | $ | 19,234 |
Weighted Average Remaining Lease Term (in months) |  |  |  |  |  |  |  |
Operating leases |  |  | 151 |  |  |  | 53 |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 7.05 | % |  |  | 5.36 | %
Lease Maturities Maturities of leases were as follows:
Year ending December 31, |  | Operating Leases |
2025 |  | $ | 12,159 |
2026 |  |  | 10,788 |
2027 |  |  | 8,989 |
2028 |  |  | 7,902 |
2029 |  |  | 7,102 |
Thereafter |  |  | 63,864 |
Total Lease Payments |  |  | 110,804 |
Less: imputed interest |  |  | (38,625 | )
Total |  | $ | 72,179 |

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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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