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LEASES | 12 Months Ended
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Dec. 31, 2023
Lessee Disclosure [Abstract] |
LEASES |
NOTE 7 - | LEASES
During 2021, the Company started to provide to the Company’s customers leasing services of APU engines. The results are reported as part of the Company's activity in MRO services for aviation components. The revenues from the lease services amounted to $5.5, $4.8 and $2.7 million for the years ended December 31, 2023,2022 and 2021 respectively. Limco-Piedmont leases some of its operating and office facilities for various terms under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2029, certain leases contain renewal options as defined in the agreements. TAT had a lease agreement its factory in Gedera from TAT Industries until the end of 2024. In December 2021 the TAT and the landlord agreed on the settlement conditions which signed on January 10, 2022. Pursuant to such agreement, it was agreed that TAT will vacate the facility in Gedera on March 31, 2022. Due to the execution of such agreement, the Company wrote off operating ROU assets of $1.8 million and lease liability of $3.3 million as of December 31, 2021. Net income resulting from the write-off of such lease assets and liability was recognized as operating restructuring expenses. During 2023 TAT sign a lease agreement for a facility in Charlotte, USA, which will expire on April 30, 2029. Due to the new agreement, the Company recognized an operating ROU assets and related operating lease liability of approximately 1$ million The lease cost was as follows:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2022 |
Operating lease expenses |  |  | 1,173 |  |  |  | 1,316 |
Supplemental cash flow information related to leases was as follows:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2022 |
Operating cash flows from operating leases |  |  | 1,640 |  |  |  | 1,316 |
Right-of-use assets obtained in exchange for lease obligations (non-cash) |  |  | 1,345 |  |  |  | 318 |
Supplemental balance sheet information related to operating leases is as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |
Operating Leases |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 2,746 |  |  |  | 2,477 |
Current operating lease liabilities |  |  | 1,033 |  |  |  | 904 |
Non-current operating lease liabilities |  |  | 1,697 |  |  |  | 1,535 |
Total operating lease liabilities |  |  | 2,730 |  |  |  | 2,439 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases - Israel |  | 5 years |  |  | 2 years |
Operating leases – United States |  | 3 years |  |  | 4 years |
Weighted Average discount rate |  |  |  |  |  |  |  |
Operating leases - Israel |  |  | 5 | % |  |  | 4.5 | %
Operating leases – United States |  |  | 4.84 | % |  |  | 4.84 | %
As of December 31, 2023, the maturities of lease liabilities were as follows:
Year |  | Amount |
2024 |  |  | 1,056 |
2025 |  |  | 810 |
2026 |  |  | 385 |
2027 |  |  | 281 |
2028 and after |  |  | 472 |
Total lease payments |  |  | 3,004 |
Less imputed interest |  |  | (274 | )
Total |  | $ | 2,730 |

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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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