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Note 14 - Lease Commitments and Purchase Obligations | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
14. | Lease commitments and purchase obligations
The Company leases railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its biofuels segment. The lease fees are fixed with no option to purchase and no upfront fees or residual value guarantees. All railcar leases are direct, and no subleases exist. The Company determines lease existence and classification at inception when an agreement conveys the right to control the identified property for a period of time in exchange for consideration. These leases expire by the end of December 31, 2024. As operating leases do not provide a readily determinable implicit interest rate, the Company uses an incremental borrowing rate based on information available at the commencement date in determining present value of the lease payments. Following are supplemental income statement and cash flow information related to leases.
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease expense |  | $ | 881 |  |  | $ | 862 |  |  | $ | 887 |
Short-term lease expense |  | $ | 8 |  |  | $ | 31 |  |  | $ | 23 |
Cash paid for operating leases |  | $ | 881 |  |  | $ | 862 |  |  | $ | 887 |
Right of use assets obtained in exchange for lease obligations |  | $ | - |  |  | $ | 707 |  |  | $ | 269 |
Weighted average discount rate, per annum |  |  | 5.5 | % |  |  | 5.2 | % |  |  | 3.6 | %
On December 31, 2023 and 2022, a right of use asset was reported as other noncurrent assets of $389 and $1,019, other current liabilities of $389 and $630, and other noncurrent liabilities of $0 and $389, respectively. The imputed interest of the other noncurrent asset at December 31,2023 was $9. Purchase obligations The Company has entered into contracts for the purchase of goods and services including contracts for feedstocks for biodiesel, expansion of the Company’s specialty chemicals segment, and related infrastructure with less than one-year terms. The Company holds one non-cancelable obligation for software maintenance with payment obligations presented as follows.
2024 |  | $ | 37 |
2025 - 2026 |  |  | 43 |
Total |  | $ | 80 |

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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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