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Note 8 - Leases

3 Months Ended

Mar. 31, 2022

Lessee Operating and Finance Leases [Text Block]

NOTE 8 — LEASES

The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016-02, Leases (“Topic 842”) and the Company elected to apply each available practical expedient. The discount rates used for the leases are based on an interest rate yield curve developed for the leases in the Company’s lease portfolio.

The Company has elected to apply the short-term lease exception to all leases of one year or less. During the three months ended March 31, 2022 and 2021, the Company had additional operating leases that resulted in right-of-use assets obtained in exchange for lease obligations of $0 and $907, respectively. Additionally, during the three months ended March 31, 2022 and 2021, the Company had additional finance leases that resulted in property, plant, and equipment obtained in exchange for lease obligations of $92 and $263, respectively.

Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them.

Quantitative information regarding the Company’s leases is as follows:

	*Three Months Ended March 31,*
	*2022*			*2021*
Components of lease cost
Finance lease cost components:
Amortization of finance lease assets	$	288		$	186
Interest on finance lease liabilities		80			68
Total finance lease costs		368			254
Operating lease cost components:
Operating lease cost		698			759
Short-term lease cost		151			196
Variable lease cost (1)		226			230
Sublease income		(47	)		(46	)
Total operating lease costs		1,028			1,139

Total lease cost	$	1,396		$	1,393

Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2022 and 2021:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	869		$	887

Weighted-average remaining lease term-finance leases at end of period (in years)		2.9			1.9
Weighted-average remaining lease term-operating leases at end of period (in years)		8.7			9.5
Weighted-average discount rate-finance leases at end of period		6.2	%		9.0	%
Weighted-average discount rate-operating leases at end of period		8.6	%		8.5	%

(1)

Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment.

As of March 31, 2022, future minimum lease payments under finance leases and operating leases were as follows:

	*Finance*			*Operating*
	*Leases*			*Leases*			*Total*
2022	$	2,006		$	2,605		$	4,611
2023		1,921			3,388			5,309
2024		1,038			2,933			3,971
2025		634			3,015			3,649
2026		422			3,059			3,481
2027 and thereafter		722			14,045			14,767
Total lease payments		6,743			29,045			35,788
Less—portion representing interest		(780	)		(9,296	)		(10,076	)
Present value of lease obligations		5,963			19,749			25,712
Less—current portion of lease obligations		(2,250	)		(1,798	)		(4,048	)
Long-term portion of lease obligations	$	3,713		$	17,951		$	21,664