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Note 9 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(9) | LEASES
As previously discussed in Note 2, we account for our leases in accordance with the guidance in ASC Topic 842. We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through 2032. Total operating lease and short-term lease costs for the three and nine months ended September 30, 2024 and 2023, respectively, were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 529 |  |  | $ | 396 |  |  | $ | 1,489 |  |  | $ | 1,199 |
Short-term lease cost |  | $ | 4 |  |  | $ | 3 |  |  | $ | 10 |  |  | $ | 10 |
The following is additional information about our leases as of September 30, 2024:
Range of remaining lease terms (in years) |  |  | .1 | to | 7.4 |
Weighted average remaining lease term (in years) |  |  |  | 5.9 |  |
Weighted average discount rate |  |  |  | 6.6 | % |
Maturities of lease liabilities as of September 30, 2024 were as follows:
2024 (remainder) |  | $ | 649 |
2025 |  |  | 2,587 |
2026 |  |  | 2,445 |
2027 |  |  | 2,261 |
2028 |  |  | 1,681 |
Thereafter |  |  | 4,185 |
Total lease payments |  | $ | 13,808 |
Less imputed interest |  |  | (2,212 | )
Total |  | $ | 11,596 |
Cash Flow Information Total amortization of ROU assets was $356 and $1,041 for the three months and nine months ended September 30, 2024, respectively, and $390 and $1,172 for the three months and nine months ended September 30, 2023, respectively. During the nine months ended September 30, 2024 we acquired several auto leases in connection with our acquisition of Alfamation. The acquisition is discussed further in Note 3. We also entered into the Lease Agreement, described in Note 3, for the facility where Alfamation has its principal operations. This facility is owned by the seller. The leased premises include warehouse and office space totaling approximately 51,817 square feet. The yearly lease payment is EUR 260. The impact of the acquisition of these leases was a non-cash increase in our ROU assets and operating lease liabilities of approximately $1,706 at the date of the acquisition. During the nine months ended September 30, 2024 we also extended several building leases for certain of our facilities located in the U.S., the Netherlands and Singapore. At the effective dates of these extensions, we recorded non-cash increases in our ROU assets and operating lease liabilities totaling approximately $5,623. During the nine months ended September 30, 2023, we entered into a 25-month lease for a facility for our Environmental Technologies segment’s operation in Germany. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $90. During this same period, we entered into two auto leases, one with a 36-month term and one with a 48-month term, for employees of our Process Technologies segment both of whom are based in Europe. At the effective date of these leases, we recorded non-cash increases in our ROU assets and operating lease liabilities totaling approximately $71.

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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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