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Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023 (in thousands):

												December 31,
						Classification						2024						2023
Assets
Operating lease assets						Operating lease assets						$	70,389					$	55,399
Finance lease assets						Property and equipment, net						3,579						3,063
Total lease assets												$	73,968					$	58,462
Liabilities
Current
Operating						Accrued liabilities						$	11,056					$	9,200
Finance						Current portion of long-term debt						1,866						1,186
Noncurrent
Operating						Operating lease liabilities						73,145						61,450
Finance						Long-term debt, net of current portion						1,507						1,678
Total lease liabilities												$	87,574					$	73,514

The following table summarizes the components of lease expenses (in thousands):

												Year ended December 31,
Lease Cost						Classification						2024						2023
Operating lease cost						Cost of sales and Selling, general and administrative expenses						$	16,622					$	14,641
Finance lease cost
Amortization of leased assets						Selling, general and administrative expenses						1,720						1,265
Interest on lease liabilities						Interest expense						269						180
Sublease income						Cost of sales and Selling, general and administrative expenses						(875)						(1,238)
Net lease cost												$	17,736					$	14,848

The maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):

						Operating Leases						Finance Leases						Total
2025						$	16,721					$	2,045					$	18,766
2026						14,699						1,135						15,834
2027						13,608						444						14,052
2028						11,746						14						11,760
2029						10,698						—						10,698
Thereafter						46,759						—						46,759
Total lease payments						114,231						3,638						117,869
Less: present value discount						(30,030)						(265)						(30,295)
Present value of lease liabilities						$	84,201					$	3,373					$	87,574

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2024 and 2023:

						Year ended December 31,
						2024						2023
Weighted-average remaining lease term (years)
Operating leases						8.8						7.9
Financing leases						1.9						2.3
Weighted-average discount rate
Operating leases						6.85		%				6.60		%
Financing leases						7.51		%				6.89		%

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 (in thousands):

						Year ended December 31,
						2024						2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	15,904					$	14,027
Operating cash flows from finance leases						269						180
Financing cash flows from finance leases						1,725						1,247

Sale-leaseback transactions

In November 2024, the Company sold and leased back land and buildings for net proceeds of $20.3 million. The initial annual rent for the assets is $1.7 million with initial term of 15 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease assets and liabilities of approximately $19.1 million were recorded in the consolidated balance sheets.

Leases

Leases

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023 (in thousands):

												December 31,
						Classification						2024						2023
Assets
Operating lease assets						Operating lease assets						$	70,389					$	55,399
Finance lease assets						Property and equipment, net						3,579						3,063
Total lease assets												$	73,968					$	58,462
Liabilities
Current
Operating						Accrued liabilities						$	11,056					$	9,200
Finance						Current portion of long-term debt						1,866						1,186
Noncurrent
Operating						Operating lease liabilities						73,145						61,450
Finance						Long-term debt, net of current portion						1,507						1,678
Total lease liabilities												$	87,574					$	73,514

The following table summarizes the components of lease expenses (in thousands):

												Year ended December 31,
Lease Cost						Classification						2024						2023
Operating lease cost						Cost of sales and Selling, general and administrative expenses						$	16,622					$	14,641
Finance lease cost
Amortization of leased assets						Selling, general and administrative expenses						1,720						1,265
Interest on lease liabilities						Interest expense						269						180
Sublease income						Cost of sales and Selling, general and administrative expenses						(875)						(1,238)
Net lease cost												$	17,736					$	14,848

The maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):

						Operating Leases						Finance Leases						Total
2025						$	16,721					$	2,045					$	18,766
2026						14,699						1,135						15,834
2027						13,608						444						14,052
2028						11,746						14						11,760
2029						10,698						—						10,698
Thereafter						46,759						—						46,759
Total lease payments						114,231						3,638						117,869
Less: present value discount						(30,030)						(265)						(30,295)
Present value of lease liabilities						$	84,201					$	3,373					$	87,574

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2024 and 2023:

						Year ended December 31,
						2024						2023
Weighted-average remaining lease term (years)
Operating leases						8.8						7.9
Financing leases						1.9						2.3
Weighted-average discount rate
Operating leases						6.85		%				6.60		%
Financing leases						7.51		%				6.89		%

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 (in thousands):

						Year ended December 31,
						2024						2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	15,904					$	14,027
Operating cash flows from finance leases						269						180
Financing cash flows from finance leases						1,725						1,247

Sale-leaseback transactions

In November 2024, the Company sold and leased back land and buildings for net proceeds of $20.3 million. The initial annual rent for the assets is $1.7 million with initial term of 15 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease assets and liabilities of approximately $19.1 million were recorded in the consolidated balance sheets.

Leases

Leases

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023 (in thousands):

												December 31,
						Classification						2024						2023
Assets
Operating lease assets						Operating lease assets						$	70,389					$	55,399
Finance lease assets						Property and equipment, net						3,579						3,063
Total lease assets												$	73,968					$	58,462
Liabilities
Current
Operating						Accrued liabilities						$	11,056					$	9,200
Finance						Current portion of long-term debt						1,866						1,186
Noncurrent
Operating						Operating lease liabilities						73,145						61,450
Finance						Long-term debt, net of current portion						1,507						1,678
Total lease liabilities												$	87,574					$	73,514

The following table summarizes the components of lease expenses (in thousands):

												Year ended December 31,
Lease Cost						Classification						2024						2023
Operating lease cost						Cost of sales and Selling, general and administrative expenses						$	16,622					$	14,641
Finance lease cost
Amortization of leased assets						Selling, general and administrative expenses						1,720						1,265
Interest on lease liabilities						Interest expense						269						180
Sublease income						Cost of sales and Selling, general and administrative expenses						(875)						(1,238)
Net lease cost												$	17,736					$	14,848

The maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):

						Operating Leases						Finance Leases						Total
2025						$	16,721					$	2,045					$	18,766
2026						14,699						1,135						15,834
2027						13,608						444						14,052
2028						11,746						14						11,760
2029						10,698						—						10,698
Thereafter						46,759						—						46,759
Total lease payments						114,231						3,638						117,869
Less: present value discount						(30,030)						(265)						(30,295)
Present value of lease liabilities						$	84,201					$	3,373					$	87,574

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2024 and 2023:

						Year ended December 31,
						2024						2023
Weighted-average remaining lease term (years)
Operating leases						8.8						7.9
Financing leases						1.9						2.3
Weighted-average discount rate
Operating leases						6.85		%				6.60		%
Financing leases						7.51		%				6.89		%

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 (in thousands):

						Year ended December 31,
						2024						2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	15,904					$	14,027
Operating cash flows from finance leases						269						180
Financing cash flows from finance leases						1,725						1,247

Sale-leaseback transactions

In November 2024, the Company sold and leased back land and buildings for net proceeds of $20.3 million. The initial annual rent for the assets is $1.7 million with initial term of 15 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease assets and liabilities of approximately $19.1 million were recorded in the consolidated balance sheets.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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

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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

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The entire disclosure for sale leaseback transaction. Includes, but is not limited to, terms and conditions of transaction and gain (loss) from transaction.

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