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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of December 31, 2023, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.6 million, or 94% of the total lease liabilities on the consolidated balance sheet. During the year ended December 31, 2023, the Company entered into new operating lease agreements resulting in an additional $0.5 million of right-of-use assets and lease liabilities. Balance Sheet Presentation Operating and finance lease amounts from continuing operations are as follows (in thousands):
|  |  |  | Year Ended December 31,
Classification |  | Financial Statement Line Item |  | 2023 |  | 2022
Operating lease assets |  | Right-of-use assets, operating leases |  | $ | 27,784 |  |  | $ | 29,142 |
Finance lease assets |  | Property, plant and equipment, net |  | 1,543 |  |  | 1,494 |
Current liabilities |  | Current portion of lease liabilities, operating leases |  | 1,140 |  |  | 1,015 |
Current liabilities |  | Current portion of lease liabilities, finance leases |  | 292 |  |  | 280 |
Non-current liabilities |  | Non-current portion of lease liabilities, operating leases |  | 29,729 |  |  | 30,869 |
Non-current liabilities |  | Non-current portion of lease liabilities, finance leases |  | $ | 1,307 |  |  | $ | 1,242 |
Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022
Operating lease cost 1 | $ | 3,945 |  |  | $ | 4,108 |
Finance lease cost: |  |  |
Reduction in carrying amount of right-of-use assets | 334 |  |  | 273 |
Interest on finance lease liabilities | 85 |  |  | 36 |
Sublease income | (394) |  |  | (187) |
Total lease cost | $ | 3,970 |  |  | $ | 4,230 |
1 Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the consolidated statements of income (loss). Maturity of Leases The amounts of undiscounted future minimum lease payments under leases as of December 31, 2023 are as follows:
(in thousands) | Operating |  | Finance
2024 | $ | 3,651 |  |  | $ | 367 |
2025 | 3,671 |  |  | 361 |
2026 | 3,691 |  |  | 361 |
2027 | 3,765 |  |  | 361 |
2028 | 3,840 |  |  | 303 |
Thereafter | 32,312 |  |  | 85 |
Total undiscounted minimum future lease payments | 50,930 |  |  | 1,838 |
Imputed Interest | (20,061) |  |  | (239) |
Total lease liabilities | $ | 30,869 |  |  | $ | 1,599 |
Lease Term and Discount Rate
| Year Ended December 31,
| 2023 |  | 2022
Weighted-average discount rate |  |  |
Operating leases | 8.33 | % |  | 8.27 | %
Finance leases | 5.92 | % |  | 2.32 | %
Weighted-average remaining lease term |  |  |
Operating leases | 12.67 years |  | 13.59 years
Finance leases | 5.07 years |  | 6.06 years
Leases | Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of December 31, 2023, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.6 million, or 94% of the total lease liabilities on the consolidated balance sheet. During the year ended December 31, 2023, the Company entered into new operating lease agreements resulting in an additional $0.5 million of right-of-use assets and lease liabilities. Balance Sheet Presentation Operating and finance lease amounts from continuing operations are as follows (in thousands):
|  |  |  | Year Ended December 31,
Classification |  | Financial Statement Line Item |  | 2023 |  | 2022
Operating lease assets |  | Right-of-use assets, operating leases |  | $ | 27,784 |  |  | $ | 29,142 |
Finance lease assets |  | Property, plant and equipment, net |  | 1,543 |  |  | 1,494 |
Current liabilities |  | Current portion of lease liabilities, operating leases |  | 1,140 |  |  | 1,015 |
Current liabilities |  | Current portion of lease liabilities, finance leases |  | 292 |  |  | 280 |
Non-current liabilities |  | Non-current portion of lease liabilities, operating leases |  | 29,729 |  |  | 30,869 |
Non-current liabilities |  | Non-current portion of lease liabilities, finance leases |  | $ | 1,307 |  |  | $ | 1,242 |
Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022
Operating lease cost 1 | $ | 3,945 |  |  | $ | 4,108 |
Finance lease cost: |  |  |
Reduction in carrying amount of right-of-use assets | 334 |  |  | 273 |
Interest on finance lease liabilities | 85 |  |  | 36 |
Sublease income | (394) |  |  | (187) |
Total lease cost | $ | 3,970 |  |  | $ | 4,230 |
1 Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the consolidated statements of income (loss). Maturity of Leases The amounts of undiscounted future minimum lease payments under leases as of December 31, 2023 are as follows:
(in thousands) | Operating |  | Finance
2024 | $ | 3,651 |  |  | $ | 367 |
2025 | 3,671 |  |  | 361 |
2026 | 3,691 |  |  | 361 |
2027 | 3,765 |  |  | 361 |
2028 | 3,840 |  |  | 303 |
Thereafter | 32,312 |  |  | 85 |
Total undiscounted minimum future lease payments | 50,930 |  |  | 1,838 |
Imputed Interest | (20,061) |  |  | (239) |
Total lease liabilities | $ | 30,869 |  |  | $ | 1,599 |
Lease Term and Discount Rate
| Year Ended December 31,
| 2023 |  | 2022
Weighted-average discount rate |  |  |
Operating leases | 8.33 | % |  | 8.27 | %
Finance leases | 5.92 | % |  | 2.32 | %
Weighted-average remaining lease term |  |  |
Operating leases | 12.67 years |  | 13.59 years
Finance leases | 5.07 years |  | 6.06 years
Leases | Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of December 31, 2023, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.6 million, or 94% of the total lease liabilities on the consolidated balance sheet. During the year ended December 31, 2023, the Company entered into new operating lease agreements resulting in an additional $0.5 million of right-of-use assets and lease liabilities. Balance Sheet Presentation Operating and finance lease amounts from continuing operations are as follows (in thousands):
|  |  |  | Year Ended December 31,
Classification |  | Financial Statement Line Item |  | 2023 |  | 2022
Operating lease assets |  | Right-of-use assets, operating leases |  | $ | 27,784 |  |  | $ | 29,142 |
Finance lease assets |  | Property, plant and equipment, net |  | 1,543 |  |  | 1,494 |
Current liabilities |  | Current portion of lease liabilities, operating leases |  | 1,140 |  |  | 1,015 |
Current liabilities |  | Current portion of lease liabilities, finance leases |  | 292 |  |  | 280 |
Non-current liabilities |  | Non-current portion of lease liabilities, operating leases |  | 29,729 |  |  | 30,869 |
Non-current liabilities |  | Non-current portion of lease liabilities, finance leases |  | $ | 1,307 |  |  | $ | 1,242 |
Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022
Operating lease cost 1 | $ | 3,945 |  |  | $ | 4,108 |
Finance lease cost: |  |  |
Reduction in carrying amount of right-of-use assets | 334 |  |  | 273 |
Interest on finance lease liabilities | 85 |  |  | 36 |
Sublease income | (394) |  |  | (187) |
Total lease cost | $ | 3,970 |  |  | $ | 4,230 |
1 Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the consolidated statements of income (loss). Maturity of Leases The amounts of undiscounted future minimum lease payments under leases as of December 31, 2023 are as follows:
(in thousands) | Operating |  | Finance
2024 | $ | 3,651 |  |  | $ | 367 |
2025 | 3,671 |  |  | 361 |
2026 | 3,691 |  |  | 361 |
2027 | 3,765 |  |  | 361 |
2028 | 3,840 |  |  | 303 |
Thereafter | 32,312 |  |  | 85 |
Total undiscounted minimum future lease payments | 50,930 |  |  | 1,838 |
Imputed Interest | (20,061) |  |  | (239) |
Total lease liabilities | $ | 30,869 |  |  | $ | 1,599 |
Lease Term and Discount Rate
| Year Ended December 31,
| 2023 |  | 2022
Weighted-average discount rate |  |  |
Operating leases | 8.33 | % |  | 8.27 | %
Finance leases | 5.92 | % |  | 2.32 | %
Weighted-average remaining lease term |  |  |
Operating leases | 12.67 years |  | 13.59 years
Finance leases | 5.07 years |  | 6.06 years

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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 + Details
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- Definition The entire disclosure for sale leaseback transaction. Includes, but is not limited to, terms and conditions of transaction and gain (loss) from transaction. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//840-40/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-40/tableOfContent + Details
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