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Leases | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Leases | Leases The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets - net,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the Condensed Consolidated Balance Sheets. Finance leases are included within “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” within the Condensed Consolidated Balance Sheets. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of September 30, 2022, the Company’s leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. The balance sheet components of the Company’s leases were as follows as of September 30, 2022 and December 31, 2021:
|  | September 30, 2022 |  | December 31, 2021
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 12,701 |  |  | $ | 15,131 |
Other accrued liabilities |  | $ | 2,700 |  |  | $ | 2,852 |
Long-term operating lease liabilities |  | 10,001 |  |  | 12,279 |
Total operating lease liabilities |  | $ | 12,701 |  |  | $ | 15,131 |
Finance leases |  |  |  |
Property, plant, and equipment |  | $ | 1,250 |  |  | $ | 1,162 |
Accumulated amortization |  | (1,094) |  |  | (1,011) |
Property, plant, and equipment - net |  | $ | 156 |  |  | $ | 151 |
Current maturities of long-term debt |  | $ | 82 |  |  | $ | 98 |
Long-term debt |  | 74 |  |  | 53 |
Total finance lease liabilities |  | $ | 156 |  |  | $ | 151 |
The components of lease expense within the Company’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of finance leases |  | $ | 44 |  |  | $ | 50 |  |  | $ | 119 |  |  | $ | 152 |
Interest on lease liabilities |  | 7 |  |  | 19 |  |  | 20 |  |  | 61 |
Operating lease cost |  | 706 |  |  | 706 |  |  | 2,188 |  |  | 2,042 |
Sublease income |  | (50) |  |  | (50) |  |  | (150) |  |  | (150) |
Total lease cost |  | $ | 707 |  |  | $ | 725 |  |  | $ | 2,177 |  |  | $ | 2,105 |
The cash flow components of the Company’s leases were as follows for the nine months ended September 30, 2022 and 2021:
|  | Nine Months Ended September 30,
|  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows related to operating leases |  | $ | (2,568) |  |  | $ | (2,462) |
Financing cash flows related to finance leases |  | (110) |  |  | (166) |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |
Operating leases |  | $ | — |  |  | $ | 377 |
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows as of the dates presented:
|  | September 30,
|  | 2022 |  | 2021
Operating lease weighted-average remaining lease term |  | 5 |  | 7
Operating lease weighted-average discount rate |  | 5.2 | % |  | 5.2 | %
Finance lease weighted-average remaining lease term |  | 1 |  | 1
Finance lease weighted-average discount rate |  | 4 | % |  | 4.2 | %
As of September 30, 2022, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2022 and thereafter were as follows:
|  | Operating Leases |  | Finance Leases
Remainder of 2022 |  | $ | 845 |  |  | $ | 32 |
2023 |  | 3,234 |  |  | 77 |
2024 |  | 2,900 |  |  | 41 |
2025 |  | 2,351 |  |  | 20 |
2026 |  | 2,147 |  |  | 9 |
2027 and thereafter |  | 3,092 |  |  | — |
Total undiscounted lease payments |  | 14,569 |  |  | 179 |
Interest |  | (1,868) |  |  | (23) |
Total |  | $ | 12,701 |  |  | $ | 156 |
Leases | Leases The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets - net,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the Condensed Consolidated Balance Sheets. Finance leases are included within “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” within the Condensed Consolidated Balance Sheets. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of September 30, 2022, the Company’s leases had remaining lease terms of 2 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. The balance sheet components of the Company’s leases were as follows as of September 30, 2022 and December 31, 2021:
|  | September 30, 2022 |  | December 31, 2021
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 12,701 |  |  | $ | 15,131 |
Other accrued liabilities |  | $ | 2,700 |  |  | $ | 2,852 |
Long-term operating lease liabilities |  | 10,001 |  |  | 12,279 |
Total operating lease liabilities |  | $ | 12,701 |  |  | $ | 15,131 |
Finance leases |  |  |  |
Property, plant, and equipment |  | $ | 1,250 |  |  | $ | 1,162 |
Accumulated amortization |  | (1,094) |  |  | (1,011) |
Property, plant, and equipment - net |  | $ | 156 |  |  | $ | 151 |
Current maturities of long-term debt |  | $ | 82 |  |  | $ | 98 |
Long-term debt |  | 74 |  |  | 53 |
Total finance lease liabilities |  | $ | 156 |  |  | $ | 151 |
The components of lease expense within the Company’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of finance leases |  | $ | 44 |  |  | $ | 50 |  |  | $ | 119 |  |  | $ | 152 |
Interest on lease liabilities |  | 7 |  |  | 19 |  |  | 20 |  |  | 61 |
Operating lease cost |  | 706 |  |  | 706 |  |  | 2,188 |  |  | 2,042 |
Sublease income |  | (50) |  |  | (50) |  |  | (150) |  |  | (150) |
Total lease cost |  | $ | 707 |  |  | $ | 725 |  |  | $ | 2,177 |  |  | $ | 2,105 |
The cash flow components of the Company’s leases were as follows for the nine months ended September 30, 2022 and 2021:
|  | Nine Months Ended September 30,
|  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows related to operating leases |  | $ | (2,568) |  |  | $ | (2,462) |
Financing cash flows related to finance leases |  | (110) |  |  | (166) |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |
Operating leases |  | $ | — |  |  | $ | 377 |
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows as of the dates presented:
|  | September 30,
|  | 2022 |  | 2021
Operating lease weighted-average remaining lease term |  | 5 |  | 7
Operating lease weighted-average discount rate |  | 5.2 | % |  | 5.2 | %
Finance lease weighted-average remaining lease term |  | 1 |  | 1
Finance lease weighted-average discount rate |  | 4 | % |  | 4.2 | %
As of September 30, 2022, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2022 and thereafter were as follows:
|  | Operating Leases |  | Finance Leases
Remainder of 2022 |  | $ | 845 |  |  | $ | 32 |
2023 |  | 3,234 |  |  | 77 |
2024 |  | 2,900 |  |  | 41 |
2025 |  | 2,351 |  |  | 20 |
2026 |  | 2,147 |  |  | 9 |
2027 and thereafter |  | 3,092 |  |  | — |
Total undiscounted lease payments |  | 14,569 |  |  | 179 |
Interest |  | (1,868) |  |  | (23) |
Total |  | $ | 12,701 |  |  | $ | 156 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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