Leases

12 Months Ended

Dec. 31, 2024

The Company leases certain transportation and mobile manufacturing equipment such as railcars and forklifts, as well as real estate.

The components of lease expense are as follows:


	Year Ended December 31,
	2024		2023		2022
	(Dollars in thousands)
Operating lease cost	$	3,966	$	4,896	$	5,441

Finance lease cost:
Amortization of lease assets	91		39		—
Interest on lease liabilities	27		13		—
Short-term lease cost	130		123		163
Variable lease cost	335		743		756
Total lease cost	$	4,549	$	5,814	$	6,360

Supplemental cash-flow and other information related to leases is as follows:


	Year Ended December 31,
	2024		2023		2022
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - payments on operating leases	$	(2,815)	$	(3,919)	$	(4,015)
Operating cash outflows - interest payments on finance leases	(27)		(13)		—
Financing cash outflows - payments on finance lease obligations	(82)		(36)		—
Right-of-use assets obtained in exchange for operating lease obligations	4,775		2,621		2,303
Right-of-use assets obtained in exchange for finance lease obligations	130		291		—

Supplemental balance sheet information related to leases is as follows:


		December 31,
		2024			2023
		(Dollars in thousands)
	Location
Operating Leases
Operating lease right-of-use assets	Other assets	$	6,261		$	5,003

Current operating lease liabilities	Other accrued liabilities	2,050			2,568
Non-current operating lease liabilities	Other long-term obligations	4,077			2,542
Total operating lease liabilities		$	6,127		$	5,110

Finance Leases
Property, plant and equipment	Property, plant and equipment	$	484		$	330
Accumulated depreciation	Accumulated depreciation	130			39
Finance lease assets, net		$	354		$	291
Other liabilities and accrued items	Other liabilities and accrued items	$	119		$	83
Finance lease liabilities	Other long-term obligations	248			210
Total principal payable on finance leases		$	367		$	293

Weighted-Average Remaining Lease Term
Operating leases		5.1 years			2.4 years
Finance leases		3.6 years			4.1 years

Weighted-Average Discount Rate
Operating leases		6.46		%	6.63		%
Finance leases		7.55		%	7.93		%

As of December 31, 2024, future minimum lease payments under noncancellable operating leases were as follows:


	Finance Leases		Operating Leases
	(Dollars in thousands)
2025	124		2,061
2026	124		1,790
2027	87		779
2028	68		490
2029	15		466
2030 and thereafter	—		1,854
Total lease payments	$	418	$	7,440
Less: Imputed interest	(51)		(1,313)
Present value of lease payments	$	367	$	6,127

As of December 31, 2024, the Company has not entered into any material lease commitments that have yet to commence.