XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
LEASES |
| 10. | LEASES.
The Company leases equipment and land for certain of its facilities. Operating lease right of use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate, unless an implicit rate is readily determinable, as the discount rate for each lease in determining the present value of lease payments. For the years ended December 31, 2023 and 2022, the Company’s weighted-average discount rate was 7.50%. Operating lease expense is recognized on a straight-line basis over the lease term. Upon the adoption of ASC 842, the Company elected the following practical expedients allowable under the guidance: not to reassess whether any expired or existing contracts are or contain leases; not to reassess the lease classification for any expired or existing leases; not to reassess initial direct costs for any existing leases; not to separately identify lease and non-lease components; and not to evaluate historical land easements. Additionally, the Company elected the short-term lease exemption policy, applying the requirements of ASC 842 to only long-term (greater than 1 year) leases. The Company determines if an arrangement is a lease or contains a lease at inception. The Company’s leases have remaining lease terms of approximately 1 year to 52 years, which includes options to extend the lease when it is reasonably certain the Company will exercise those options. For the year ended December 31, 2023, the weighted-average remaining lease terms of equipment and land-related leases were 4.73 years and 15.41 years, respectively. The Company does not have lease arrangements with residual value guarantees, sale-leaseback terms or material restrictive covenants. The Company does not have any material finance lease obligations nor sublease agreements. Leases consist of the following (in thousands):
|  |  |  | December 31, |
|  | Classification |  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |
Operating |  | Right of use operating lease assets, net |  | $ | 22,597 |  |  | $ | 18,937 |
Liabilites: |  |  |  |  |  |  |  |  |  |
Operating - Current |  | Current portion, operating leases |  | $ | 4,333 |  |  | $ | 3,849 |
Operating - Noncurrent |  | Operating leases, net of current portion |  | $ | 19,029 |  |  | $ | 15,062 |
The Components of lease costs were as follows (in thousands):
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Fixed lease cost |  | $ | 5,722 |  |  | $ | 5,224 |  |  | $ | 4,500 |
Variable lease cost |  |  | 871 |  |  |  | 124 |  |  |  | 238 |
Net lease cost |  | $ | 6,593 |  |  | $ | 5,348 |  |  | $ | 4,738 |
The following table summarizes the remaining maturities of the Company’s operating lease liabilities, assuming all land lease extensions are taken, as of December 31, 2023 (in thousands):
Year Ended: |  |  | Equipment |  |  | Land Related |
2024 |  |  | $ | 4,959 |  |  | $ | 991 |
2025 |  |  |  | 4,506 |  |  |  | 1,178 |
2026 |  |  |  | 3,860 |  |  |  | 1,156 |
2027 |  |  |  | 3,350 |  |  |  | 1,129 |
2028 |  |  |  | 2,655 |  |  |  | 1,142 |
2029-76 |  |  |  | 1,278 |  |  |  | 4,666 |
Less interest |  |  |  | (3,720 | ) |  |  | (3,788 | )
|  |  | $ | 16,888 |  |  | $ | 6,474 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration