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LEASES | 12 Months Ended
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Dec. 31, 2024
Lessee Disclosure [Abstract] |
LEASES |
NOTE 6 - | LEASES
The company provides its customers leasing services of APU engines. The results are reported as part of the Company's activity in MRO services for aviation components. The net revenues from the lease services amounted to $5.1, $5.5 and $4.8 million for the years ended December 31, 2024, 2023 and 2022 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. Certain agreements include an automatic renewal clause, allowing termination with a six-months advance notice. The company has excluded agreement where management expects the early termination option to be exercised in 2025. In January 2024, Piedmont has a lease agreement for a building worth approximately $0.5 million, which will last until December 2026. TAT has a new lease agreement for 15 vehicles during 2024 for 3 years, totaling approximately $0.5 million. 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, 2024 |  |  | Year ended December 31, 2023 |
Operating lease expenses |  |  | 1,329 |  |  |  | 1,173 |
Supplemental cash flow information related to leases was as follows:
|  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Operating cash flows from operating leases |  |  | 1,447 |  |  |  | 1,640 |
Right-of-use assets obtained in exchange for lease obligations (non-cash) |  |  | 983 |  |  |  | 1,345 |
Supplemental balance sheet information related to operating leases is as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Operating Leases |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 2,282 |  |  |  | 2,746 |
Current operating lease liabilities |  |  | 939 |  |  |  | 1,033 |
Non-current operating lease liabilities |  |  | 1,345 |  |  |  | 1,697 |
Total operating lease liabilities |  |  | 2,284 |  |  |  | 2,730 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases - Israel |  |  | 3.47 |  |  | 5 years |
Operating leases – United States |  |  | 2.44 |  |  | 3 years |
Weighted Average discount rate |  |  |  |  |  |  |  |
Operating leases - Israel |  |  | 4.52 | % |  |  | 5 | %
Operating leases – United States |  |  | 6.27 | % |  |  | 4.84 | %
As of December 31, 2024, the maturities of lease liabilities were as follows:
Year |  | Amount |
2025 |  |  | 1,038 |
2026 |  |  | 679 |
2027 |  |  | 328 |
2028 |  |  | 233 |
2029 and after |  |  | 214 |
Total lease payments |  | $ | 2,492 |
Less imputed interest |  |  | (208 | )
Total |  | $ | 2,284 |

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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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