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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Rockwell leases its production facilities and administrative offices as well as certain equipment used in its operations including leases on transportation equipment used in the delivery of its products. The lease terms range from monthly to six years. Rockwell occupies a 51,000 square foot facility and a 17,500 square foot facility in Wixom, Michigan under a lease expiring in August 2027. During March 2024, the lease for the Wixom facilities was extended by three years to August 2027, which was accounted for as a modification. As a result of the modification, the operating lease right of use asset and lease liabilities increased by $1.5 million. Rockwell also occupies two other manufacturing facilities, a 51,000 square foot facility in Grapevine, Texas under a lease expiring in December 2025, and a 57,000 square foot facility in Greer, South Carolina under a lease expiring February 2026. In addition, Rockwell occupied 4,100 square feet of office space in Hackensack, New Jersey. This lease was subleased on December 15, 2021 and expired on October 31, 2024.
The following summarizes quantitative information about the Company’s operating and finance leases (dollars in thousands):
For the year ended December 31,
20242023
Operating leases
Operating Lease Cost$1,608 $1,672 
Variable Lease Cost508 497 
Operating Lease Expense2,116 2,169 
Finance leases
Amortization of Right-Of-Use Assets559 565 
Interest on Lease Obligations114 147 
Finance Lease Expense673 712 
Short-term Lease Rent Expense21 17 
Total Rent Expense$2,810 $2,898 
Other information
Operating Cash Flows from Operating Leases$1,753 $1,777 
Operating Cash Flows from Finance Leases$114 $147 
Financing Cash Flows from Finance Leases$558 $522 
Weighted-average Remaining Lease Term – Operating Leases2.42.3
Weighted-average Remaining Lease Term – Finance Leases2.53.5
Weighted-average Discount Rate – Operating Leases6.3 %6.5 %
Weighted-average Discount Rate – Finance Leases6.4 %6.4 %
Future minimum rental payments under operating and finance lease agreements are as follows (table in thousands):
OperatingFinance
Year ending December 31, 2025$1,716 $676 
Year ending December 31, 20261,075 666 
Year Ended December 31, 2027655 311 
Year Ended December 31, 202857 — 
Total3,503 1,653 
Less Present Value Discount(238)(123)
Operating and Finance Lease Liabilities$3,265 $1,530 
Leases Leases
Rockwell leases its production facilities and administrative offices as well as certain equipment used in its operations including leases on transportation equipment used in the delivery of its products. The lease terms range from monthly to six years. Rockwell occupies a 51,000 square foot facility and a 17,500 square foot facility in Wixom, Michigan under a lease expiring in August 2027. During March 2024, the lease for the Wixom facilities was extended by three years to August 2027, which was accounted for as a modification. As a result of the modification, the operating lease right of use asset and lease liabilities increased by $1.5 million. Rockwell also occupies two other manufacturing facilities, a 51,000 square foot facility in Grapevine, Texas under a lease expiring in December 2025, and a 57,000 square foot facility in Greer, South Carolina under a lease expiring February 2026. In addition, Rockwell occupied 4,100 square feet of office space in Hackensack, New Jersey. This lease was subleased on December 15, 2021 and expired on October 31, 2024.
The following summarizes quantitative information about the Company’s operating and finance leases (dollars in thousands):
For the year ended December 31,
20242023
Operating leases
Operating Lease Cost$1,608 $1,672 
Variable Lease Cost508 497 
Operating Lease Expense2,116 2,169 
Finance leases
Amortization of Right-Of-Use Assets559 565 
Interest on Lease Obligations114 147 
Finance Lease Expense673 712 
Short-term Lease Rent Expense21 17 
Total Rent Expense$2,810 $2,898 
Other information
Operating Cash Flows from Operating Leases$1,753 $1,777 
Operating Cash Flows from Finance Leases$114 $147 
Financing Cash Flows from Finance Leases$558 $522 
Weighted-average Remaining Lease Term – Operating Leases2.42.3
Weighted-average Remaining Lease Term – Finance Leases2.53.5
Weighted-average Discount Rate – Operating Leases6.3 %6.5 %
Weighted-average Discount Rate – Finance Leases6.4 %6.4 %
Future minimum rental payments under operating and finance lease agreements are as follows (table in thousands):
OperatingFinance
Year ending December 31, 2025$1,716 $676 
Year ending December 31, 20261,075 666 
Year Ended December 31, 2027655 311 
Year Ended December 31, 202857 — 
Total3,503 1,653 
Less Present Value Discount(238)(123)
Operating and Finance Lease Liabilities$3,265 $1,530