Note 7 - Leases

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7. Leases

The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one year to 12 years, some of which include options to extend the leases for up to 10 years. Such renewal options were not included in the determination of the lease term unless deemed reasonably certain of exercise. The discount rate used in measuring the lease liabilities is based on the Company’s interest rate on its secured Term Loan Credit Agreement. Certain of the Company’s leases contain escalating rental payments based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Lease Expense

The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss, were as follows:

	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Operating lease expense	$	1,596	$	1,394
Short term lease cost	$	93	$	178
Total lease cost	$	1,689	$	1,572

Cash Flow

Supplemental cash flow information related to leases is as follows:

	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,639	$	1,437
Non-cash lease expense - right-of-use assets	$	1,364	$	1,197
Right-of-use assets obtained in exchange for operating lease obligations	$	43	$	179

Balance Sheet

Supplemental balance sheet information related to leases is as follows:  

	March 31, 2024			December 31, 2023
Operating Leases
Operating lease right-of-use assets	$	16,687		$	18,008
Other current liabilities		5,309			5,347
Operating lease liabilities		12,596			13,887
Total operating lease liabilities	$	17,905		$	19,234
Weighted Average Remaining Lease Term
Operating leases (in months)		51			53
Weighted Average Discount Rate
Operating leases		5.37	%		5.36	%

Lease Maturities

Maturities of leases were as follows:

Year ending December 31,	Operating Leases
2024 (excluding the three months ended March 31, 2024)	$	4,620
2025		5,762
2026		4,078
2027		2,299
2028		1,265
Thereafter		1,849
Total Lease Payments		19,873
Less: imputed interest		(1,968	)
Total	$	17,905