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Note 8 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(8) | LEASES
As discussed in “Note (2) Summary of Significant Accounting Policies; (k) Leases,” we account for our leases in accordance with ASC 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 years ended December 31, 2024 and 2023, respectively, were as follows:
|  | Years Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 1,878 |  |  | $ | 1,590 |
Short-term lease cost |  | $ | 14 |  |  | $ | 13 |
The following is additional information about our leases:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Range of remaining lease terms (in years) |  |  | 0.5 | to | 7.2 |  |  |  | 0.3 | to | 7.3 |
Weighted average remaining lease term (in years) |  |  |  | 5.8 |  |  |  |  |  | 4.3 |  |
Weighted average discount rate |  |  |  | 6.6% |  |  |  |  |  | 4.6% |  |
Maturities of lease liabilities at December 31, 2024 were as follows:
(in thousands) |  |  |  |
2025 |  | $ | 2,576 |
2026 |  |  | 2,394 |
2027 |  |  | 2,222 |
2028 |  |  | 1,655 |
2029 |  |  | 1,541 |
Thereafter |  |  | 2,623 |
Total lease payments |  | $ | 13,011 |
Less imputed interest |  |  | (2,001 | )
Total present value of lease liabilities |  | $ | 11,010 |
Cash Flow Information Total amortization of ROU assets for the years ended December 31, 2024 and 2023 was $1.5 million and $1.6 million, respectively. Lease Modifications and Additions Supplemental cash flow information (non-cash increases to operating lease liabilities and ROU assets) was $5.7 million and $0.8 million for the years ended December 31, 2024 and 2023, respectively. As disclosed in “Note (3) Acquisition,” on March 12, 2024, we acquired the stock of Alfamation™, and as such, we assumed several leases. In addition, we also entered into the Lease Agreement for the seller-owned facility where Alfamation™ has its principal operations. The leased premises include warehouse and office space totaling approximately 52 thousand square feet. The impact of the assumption and execution of these leases was a non-cash increase in our ROU assets and operating lease liabilities of approximately $1.7 million at the date of the acquisition. Separately, during the year ended December 31, 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 $5.7 million. During the year ended December 31, 2023, the primary non-cash increases were due to the addition of a new lease in Singapore and the extension of a lease in the Netherlands.

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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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