Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Expense and Cash Flow Information

The following table summarizes the lease expense by category in the Consolidated Statements of Income:

(in thousands)	For the Year Ended December 31,
	2023		2022
Cost of sales	$	8,111	$	6,300
Research, development and engineering expenses	295		267
Selling, general and administrative expenses	180		169
Interest expense	14		21
Total	$	8,600	$	6,757

The following table summarizes the components of lease expense and income:

(in thousands)	For the Year Ended December 31,
	2023		2022
Operating lease cost	$	5,885	$	4,706
Finance lease cost:
Amortization of ROU asset	82		148
Interest expense	14		21
Short-term lease cost	1,005		100
Variable lease cost	1,614		1,782
Sublease income	(619)		(1,062)
Total lease cost, net	$	7,981	$	5,695

The following table presents supplemental cash flow information related to leases:

(in thousands)	For the Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows paid for operating leases	$	4,719	$	4,859
Operating cash flows paid for interest portion of finance leases	14		21
Financing cash flows paid for principal portion of finance leases	90		157
Right-of-use assets obtained in exchange for lease obligations
Operating leases	18,095		3,540
Finance leases	—		—

Supplemental Balance Sheet Information

The following table presents supplemental balance sheet information related to leases:

(in thousands)	As of December 31,
	2023		2022
Operating lease ROU assets, net	$	27,145	$	13,282
Operating lease liabilities, current	3,912		2,894
Operating lease liabilities, non-current	25,070		10,971
Total operating lease liabilities	$	28,982	$	13,865
Finance lease ROU assets, net 1	$	144	$	225
Finance lease liabilities, current	76		90
Finance lease liabilities, non-current	94		170
Total finance lease liabilities	$	170	$	260

1.    Included in Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets.

Maturity Analysis of Operating Lease Liabilities

The following table presents maturity analysis of lease liabilities as of December 31, 2023:

(in thousands)
Year Ending December 31,	Operating Leases		Finance Leases
2024	$	5,981	$	84
2025	6,161		81
2026	5,931		17
2027	5,950		—
2028	4,973		—
Thereafter	7,534		—
Total undiscounted lease payments	36,530		182
Less: imputed interest	7,548		12
Total lease liabilities	$	28,982	$	170

Maturity Analysis of Financing Lease Liabilities

The following table presents maturity analysis of lease liabilities as of December 31, 2023:

(in thousands)
Year Ending December 31,	Operating Leases		Finance Leases
2024	$	5,981	$	84
2025	6,161		81
2026	5,931		17
2027	5,950		—
2028	4,973		—
Thereafter	7,534		—
Total undiscounted lease payments	36,530		182
Less: imputed interest	7,548		12
Total lease liabilities	$	28,982	$	170