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Note 9 - Leases | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Lease, Disclosure [Text Block] |
9. | LEASES:
The following table summarizes the Company’s leases recorded on the Consolidated Balance Sheets (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Right-of-use assets: |  |  |  |  |  |  |  |
Finance leases, net, included in Property and equipment (1) |  | $ | 7,092 |  |  | $ | 2,618 |
Operating leases |  |  | 88,155 |  |  |  | 93,124 |
Total right-of-use assets |  | $ | 95,247 |  |  | $ | 95,742 |
Lease liabilities: |  |  |  |  |  |  |  |
Finance leases |  | $ | 7,481 |  |  | $ | 3,037 |
Operating leases |  |  | 90,216 |  |  |  | 94,174 |
Total lease liabilities |  | $ | 97,697 |  |  | $ | 97,211 |
| (1) | Finance lease right-of-use assets are presented net of accumulated amortization of $1.4 million and $1.2 million as of December 31, 2023 and 2022, respectively.
Lease cost consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 795 |  |  | $ | 577 |  |  | $ | 413 |
Interest on lease liabilities |  |  | 266 |  |  |  | 148 |  |  |  | 90 |
Operating lease cost |  |  | 7,765 |  |  |  | 7,770 |  |  |  | 4,627 |
Short-term lease cost |  |  | 1,402 |  |  |  | 1,000 |  |  |  | 993 |
Variable lease cost |  |  | 313 |  |  |  | 251 |  |  |  | 158 |
Total lease cost |  | $ | 10,541 |  |  | $ | 9,746 |  |  | $ | 6,281 |
The future maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
|  | Finance Leases |  |  | Operating Leases |
2024 |  | $ | 2,212 |  |  | $ | 6,874 |
2025 |  |  | 1,923 |  |  |  | 6,913 |
2026 |  |  | 1,847 |  |  |  | 6,583 |
2027 |  |  | 1,614 |  |  |  | 6,192 |
2028 |  |  | 1,147 |  |  |  | 6,308 |
Thereafter |  |  | - |  |  |  | 76,453 |
Total lease payments |  |  | 8,743 |  |  |  | 109,323 |
Amount representing interest |  |  | (1,262 | ) |  |  | (19,107 | )
Present value of lease liabilities |  |  | 7,481 |  |  |  | 90,216 |
Current portion of lease liabilities (1) |  |  | (1,721 | ) |  |  | (4,933 | )
Long-term lease liabilities (2) |  | $ | 5,760 |  |  | $ | 85,283 |
| (1) | Current portion of finance lease liabilities are included in Accrued liabilities.
| (2) | Long-term finance lease liabilities, less current portion are included in Other long-term liabilities.
The following table summarizes the lease terms and discount rates for the lease liabilities:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Finance leases |  |  | 3.90 |  |  |  | 3.52 |
Operating leases |  |  | 16.73 |  |  |  | 17.83 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Finance leases |  |  | 6.93 | % |  |  | 5.44 | %
Operating leases |  |  | 2.17 | % |  |  | 2.19 | %
The following table presents other information related to the operating and finance leases (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | (266 | ) |  | $ | (148 | ) |  | $ | (90 | )
Operating cash flows from operating leases |  |  | (6,930 | ) |  |  | (6,818 | ) |  |  | (4,142 | )
Financing cash flows from finance leases |  |  | (826 | ) |  |  | (597 | ) |  |  | (415 | )
Right-of-use assets obtained in exchange for finance lease liabilities |  |  | 5,270 |  |  |  | 1,466 |  |  |  | 853 |
Right-of-use assets obtained in exchange for operating lease liabilities |  |  | 952 |  |  |  | 568 |  |  |  | 16,043 |

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