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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We have entered into various operating lease agreements for automobiles, offices and manufacturing facilities throughout the world. At December 31, 2024, our operating leases had remaining lease terms of up to 36 years, including any reasonably probable extensions. Lease balances within our consolidated balance sheets were as follows:
(In thousands) | December 31, 2024 |  | December 31, 2023
Assets: |  |  |
Operating lease right-of-use assets | $ | 14,322 |  |  | $ | 18,693 |
Liabilities: |  |  |
Other accrued liabilities | $ | 3,553 |  |  | $ | 4,813 |
Long-term operating lease obligations | 9,232 |  |  | 12,560 |
Total lease liabilities | $ | 12,785 |  |  | $ | 17,373 |
We entered into lease amendments for our southwestern PRC and Mexico factories during the year ended December 31, 2023 as a part of our manufacturing footprint optimization efforts. As a result of these modifications, our operating lease right-of-use assets decreased by $1.2 million and our total lease liabilities decreased by $1.3 million. Operating lease expense, operating lease cash flows and supplemental cash flow information were as follows:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Cost of sales | $ | 2,390 |  |  | $ | 3,012 |  |  | $ | 2,822 |
Selling, general and administrative expenses | 5,017 |  |  | 4,378 |  |  | 4,474 |
Total operating lease expense | $ | 7,407 |  |  | $ | 7,390 |  |  | $ | 7,296 |
Operating lease expenses from variable and short-term lease costs | $ | 1,146 |  |  | $ | 1,033 |  |  | $ | 632 |
Operating cash outflows from operating leases | $ | 8,152 |  |  | $ | 7,736 |  |  | $ | 7,427 |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ | 1,249 |  |  | $ | 4,360 |  |  | $ | 8,756 |
The weighted average remaining lease liability term and the weighted average discount rate were as follows:
| Year Ended December 31,
| 2024 |  | 2023
Weighted average lease liability term (in years) | 4.6 |  | 4.9
Weighted average discount rate | 5.45 | % |  | 5.04 | %
The following table reconciles the undiscounted cash flows for each of the first five years and thereafter to the operating lease liabilities recognized in our consolidated balance sheet at December 31, 2024. The reconciliation excludes short-term leases that are not recorded on the balance sheet.
(In thousands) |
2025 | $ | 4,100 |
2026 | 3,744 |
2027 | 2,999 |
2028 | 1,349 |
2029 | 594 |
Thereafter | 1,829 |
Total lease payments | 14,615 |
Less: imputed interest | (1,830) |
Total lease liabilities | $ | 12,785 |
At December 31, 2024, we did not have any operating leases that had not yet commenced. Prepaid Land Lease We operate one factory within the PRC on which the land is leased from the government as of December 31, 2024. This land lease was prepaid to the PRC government at the time our subsidiary occupied the land. We have obtained a land-use right certificate for the land pertaining to this factory. The factory is located in the city of Yangzhou in the Jiangsu province. The remaining net book value of this operating lease ROU asset was $2.1 million at December 31, 2024, and is being amortized on a straight-line basis over the remaining term of approximately 34 years. The buildings located on this land had a net book value of $11.2 million at December 31, 2024 and are being depreciated over a remaining weighted average period of approximately 15 years.

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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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