Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expense and Cash Flow Information

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

(in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of sales	$	1,935	$	2,243	$	5,719	$	6,214
Research and development expenses	82		64		247		190
Selling, general and administrative expenses	45		19		187		56
Interest expense	2		39		7		80
Total	$	2,064	$	2,365	$	6,160	$	6,540

The following table summarizes the components of lease expense:

(in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	1,531	$	1,561	$	4,595	$	4,353
Finance lease cost
Amortization of right-of-use (“ROU”) asset	16		20		50		61
Interest expense	2		3		7		11
Short-term lease cost	265		408		838		809
Variable lease cost	250		373		670		1,305
Sublease income	—		(87)		—		(619)
Total lease cost, net	$	2,064	$	2,278	$	6,160	$	5,920

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

(in thousands)	For the Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows paid for operating leases	$	4,525	$	3,315
Operating cash flows paid for interest portion of finance leases	7		11
Financing cash flows paid for principal portion of finance leases	57		67
ROU assets obtained in exchange for lease obligations
Operating leases	1,139		17,838

Schedule of Supplemental Balance Sheet Information Related to Leases

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

(in thousands)	September 30, 2024		December 31, 2023
Operating lease ROU assets, net	$	24,319	$	27,145
Operating lease liabilities, current	4,373		3,912
Operating lease liabilities, non-current	21,845		25,070
Total operating lease liabilities	$	26,218	$	28,982
Finance lease ROU assets, net 1	$	94	$	144
Finance lease liabilities, current	78		76
Finance lease liabilities, non-current	35		94
Total finance lease liabilities	$	113	$	170

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

Schedule of Maturity Analysis of Operating Lease Liabilities

The following table presents maturity analysis of lease liabilities as of September 30, 2024:

(in thousands)	Operating Leases		Finance Leases
Three months ending December 31, 2024	$	1,538	$	21
Year ending December 31, 2025	6,250		81
Year ending December 31, 2026	5,946		16
Year ending December 31, 2027	5,950		—
Year ending December 31, 2028	4,972		—
Year ending December 31, 2029	4,000		—
Thereafter	3,534		—
Total undiscounted lease payments	32,190		118
Less: imputed interest	5,972		5
Total lease liabilities	$	26,218	$	113

Schedule of Maturity Analysis of Financing Lease Liabilities

The following table presents maturity analysis of lease liabilities as of September 30, 2024:

(in thousands)	Operating Leases		Finance Leases
Three months ending December 31, 2024	$	1,538	$	21
Year ending December 31, 2025	6,250		81
Year ending December 31, 2026	5,946		16
Year ending December 31, 2027	5,950		—
Year ending December 31, 2028	4,972		—
Year ending December 31, 2029	4,000		—
Thereafter	3,534		—
Total undiscounted lease payments	32,190		118
Less: imputed interest	5,972		5
Total lease liabilities	$	26,218	$	113