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Note 6 - Leases

6 Months Ended

Jun. 30, 2024

6. LEASES

Lessee

The Company has operating leases primarily for administrative, sales and marketing offices, manufacturing operations and R&D facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than one year to 20 years. Some of these leases include options to renew the lease term for up to five years or on a month-to-month basis. The Company does not have finance lease arrangements.

The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands):

		*June 30,*		*December 31,*
	*Financial Statement Line Item*	*2024*		*2023*
Operating lease ROU assets	Other long-term assets	$	15,956	$	8,355

Operating lease liabilities	Other accrued liabilities	$	2,446	$	2,303
	Other long-term liabilities	$	13,045	$	5,565

The following tables summarize certain information related to the leases (in thousands, except percentages and years):

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2024*		*2023*		*2024*		*2023*
Lease costs:
Operating lease costs	$	1,014	$	759	$	1,911	$	1,475
Other		648		554		1,198		1,092
Total lease costs	$	1,662	$	1,313	$	3,109	$	2,567

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2024*		*2023*		*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,027	$	774	$	1,700	$	1,638
ROU assets obtained in exchange for new operating lease liabilities	$	7,809	$	290	$	9,271	$	4,835

	*June 30,*			*December 31,*
	*2024*			*2023*
Weighted-average remaining lease term (in years)		12.1			4.7
Weighted-average discount rate		5.4	%		4.3	%

As of June 30, 2024, the maturities of the lease liabilities were as follows (in thousands):

2024 (remaining six months)	$	1,617
2025		2,997
2026		2,249
2027		2,012
2028		1,380
Thereafter		12,534
Total remaining lease payments		22,789
Less: imputed interest		(7,298	)
Total lease liabilities	$	15,491

As of June 30, 2024, operating leases that have not yet commenced are not material.

Lessor

The Company owns certain office buildings and leases a portion of these properties to third parties under arrangements that are classified as operating leases. These leases have remaining lease terms ranging from less than one year to five years. Some of these leases include a tenant option to renew the lease term for up to five years.

For the three months ended June 30, 2024 and 2023, income related to lease payments was $0.2 million and $0.3 million, respectively. For the six months ended June 30, 2024 and 2023, income related to lease payments was $0.4 million and $0.8 million, respectively. As of June 30, 2024, future income related to lease payments was as follows (in thousands):

2024 (remaining six months)	$	525
2025		578
2026		402
2027		373
2028		384
Thereafter		129
Total	$	2,391