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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 13. Leases The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to ten years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the statement of financial position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in Right of use asset – operating leases (“ROU assets”), Operating lease liability – short term, and Operating lease liability – long term and finance leases are included in Property, plant and equipment, Finance lease liability – short term, and Finance lease liability – long term in the Condensed Consolidated Statements of Financial Position (Unaudited). The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to leases include:
|  |  | September 30, |  |  | December 31, |
| Classification |  | 2025 |  |  | 2024 |
Assets: |  |  |  |  |  |  |
Operating lease assets | Right of use asset - operating leases |  | $ | 26,429 |  |  | $ | 30,561 |
Finance lease assets | Property, plant and equipment, net |  |  | 7,371 |  |  |  | 7,927 |
Total lease assets |  |  | $ | 33,800 |  |  | $ | 38,488 |
Liabilities: |  |  |  |  |  |  |
Current | Operating lease liability - short-term |  | $ | 6,699 |  |  | $ | 6,597 |
Long-term | Operating lease liability - long-term |  |  | 19,701 |  |  |  | 23,700 |
Total operating lease liabilities |  |  |  | 26,400 |  |  |  | 30,297 |
Current | Finance lease liability - short-term |  |  | 639 |  |  |  | 621 |
Long-term | Finance lease liability - long-term |  |  | 7,512 |  |  |  | 7,994 |
Total finance lease liabilities |  |  |  | 8,151 |  |  |  | 8,615 |
Total lease liabilities |  |  | $ | 34,551 |  |  | $ | 38,912 |
The components of lease expense include:
|  |  |  | For the Quarter Ended September 30, |  |  | For the Nine Months Ended September 30, |
Lease Cost |  | Classification |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost (1) (2) |  | Cost of sales |  | $ | 1,819 |  |  | $ | 1,713 |  |  | $ | 5,447 |  |  | $ | 7,062 |
Operating lease cost (1) (3) |  | Selling, general and administrative expenses |  |  | 743 |  |  |  | 1,001 |  |  |  | 4,198 |  |  |  | 2,932 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization expense |  | Cost of sales |  |  | 185 |  |  |  | 185 |  |  |  | 556 |  |  |  | 556 |
Interest expense on lease liabilities |  | Interest expense, net |  |  | 76 |  |  |  | 82 |  |  |  | 229 |  |  |  | 247 |
Total lease cost |  |  |  | $ | 2,823 |  |  | $ | 2,981 |  |  | $ | 10,430 |  |  | $ | 10,797 |
(1) Includes short-term leases and variable lease costs, which are immaterial (2) Operating lease costs included in Cost of sales for the nine months ended September 30, 2024, include a $1.8 million termination charge related to exiting an idled lease facility, as described in Note 4 (3) Operating lease costs included in Selling, general and administrative for the nine months ended September 30, 2025 include $1.6 million in termination charges related to exiting idled lease facilities, as described in Note 4 Supplemental cash flow information related to leases was as follows:
|  | For the Nine Months Ended September 30, |
Supplemental Cash Flow Information |  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,750 |  |  | $ | 6,117 |
Operating cash flows from finance leases |  | $ | 229 |  |  | $ | 247 |
Financing cash flows from finance leases |  | $ | 464 |  |  | $ | 442 |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |
Operating leases |  | $ | 2,345 |  |  | $ | 5,218 |
Finance leases |  | $ | — |  |  | $ | — |
Lease Term and Discount Rate |  | September 30, 2025 |  |  | December 31, 2024 |
Weighted-average remaining lease term (years): |  |  |  |  |  |
Operating leases |  |  | 4.46 |  |  |  | 4.93 |
Finance leases |  |  | 10.26 |  |  |  | 11.00 |
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  |  | 6.3 | % |  |  | 6.3 | %
Finance leases |  |  | 3.7 | % |  |  | 3.7 | %
Maturity of Lease Liabilities - As of September 30, 2025 |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2025 (1) |  | $ | 2,050 |  |  | $ | 231 |  |  | $ | 2,281 |
2026 |  |  | 8,023 |  |  |  | 924 |  |  |  | 8,947 |
2027 |  |  | 6,803 |  |  |  | 945 |  |  |  | 7,748 |
2028 |  |  | 5,239 |  |  |  | 950 |  |  |  | 6,189 |
2029 |  |  | 3,661 |  |  |  | 950 |  |  |  | 4,611 |
After 2029 |  |  | 4,138 |  |  |  | 5,758 |  |  |  | 9,896 |
Total lease payments |  |  | 29,914 |  |  |  | 9,758 |  |  |  | 39,672 |
Less: interest |  |  | (3,514 | ) |  |  | (1,607 | ) |  |  | (5,121 | )
Present value of lease liabilities |  | $ | 26,400 |  |  | $ | 8,151 |  |  | $ | 34,551 |
(1) Represents amounts due in 2025 after September 30, 2025

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- Definition Entire disclosure of leases. + References No definition available. + Details
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