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Leases
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2021
Leases [Abstract]    
Leases

NOTE 13. LEASES

See Note 1: Summary of Significant Accounting Policies for details on our lease accounting policies.

BALANCE SHEET CLASSIFICATION

The following tables provide supplemental balance sheet information related to our leases as of December 31:

 

(in thousands)

Classification

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

 

Operating lease assets

Other long-term assets

 

$

10,169

 

 

$

9,306

 

Finance lease assets1

Property, plant and equipment, net

 

 

11,281

 

 

 

13,213

 

Total lease assets

 

 

$

21,450

 

 

$

22,519

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

Operating lease liabilities

Accounts payable and accrued liabilities

 

$

2,575

 

 

$

2,570

 

Finance lease liabilities

Accounts payable and accrued liabilities

 

 

4,525

 

 

 

4,834

 

Noncurrent

 

 

 

 

 

 

 

Operating lease liabilities

Other long-term obligations

 

 

7,590

 

 

 

6,716

 

Finance lease liabilities

Other long-term obligations

 

 

6,699

 

 

 

8,179

 

Total lease liabilities

 

 

$

21,389

 

 

$

22,299

 

 

1

Finance lease assets are presented net of accumulated amortization of $9.6 million and $7.9 million as of December 31, 2023 and 2022, respectively.

 

 

 

 

2023

 

 

2022

 

Weighted-average remaining terms (years)

 

 

 

 

 

 

Operating leases

 

 

 

4.97

 

 

 

5.44

 

Finance leases

 

 

 

2.92

 

 

 

3.32

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

 

5.05

%

 

 

4.40

%

Finance leases

 

 

 

4.34

%

 

 

3.49

%

LEASE COSTS

The following table summarizes the components of our lease expense for the year ended December 31:

 

(in thousands)

 

2023

 

 

2022

 

 

2021

 

Operating lease costs1

 

$

3,257

 

 

$

3,525

 

 

$

4,798

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

4,951

 

 

 

4,277

 

 

 

2,825

 

Interest on lease assets

 

 

458

 

 

 

340

 

 

 

227

 

Net lease costs

 

$

8,666

 

 

$

8,142

 

 

$

7,850

 

 

1

Excludes short-term leases and variable lease costs, which are immaterial.

Operating lease costs and amortization of finance lease assets are included within costs of goods sold and selling, general and administrative expenses and interest on lease assets is included in interest expense, net on our Consolidated Statements of Operations.

OTHER LEASE INFORMATION

The following table presents supplemental cash flow information related to leases for the year ended December 31:

 

(in thousands)

 

 

2023

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

3,257

 

 

$

3,591

 

 

$

4,745

 

Operating cash flows for finance leases

 

 

$

458

 

 

$

340

 

 

$

227

 

Financing cash flows for finance leases

 

 

$

4,801

 

 

$

4,421

 

 

$

2,846

 

Lease assets exchanged for new lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

 

$

3,765

 

 

$

3,932

 

 

$

1,907

 

Finance leases

 

 

$

3,458

 

 

$

6,819

 

 

$

6,279

 

 

MATURITY OF LEASE LIABILITIES

At December 31, 2023, the future minimum lease payment obligations under noncancelable leases were as follows:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

2024

 

$

3,025

 

 

$

4,920

 

2025

 

 

2,639

 

 

 

3,732

 

2026

 

 

2,491

 

 

 

2,381

 

2027

 

 

1,519

 

 

 

773

 

2028

 

 

1,004

 

 

 

90

 

Thereafter

 

 

788

 

 

 

68

 

Total lease payments

 

 

11,466

 

 

 

11,964

 

Less: interest

 

 

1,301

 

 

 

740

 

Present value of lease liabilities

 

$

10,165

 

 

$

11,224

 

(in thousands)

 

 

2023

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

3,257

 

 

$

3,591

 

 

$

4,745

 

Operating cash flows for finance leases

 

 

$

458

 

 

$

340

 

 

$

227

 

Financing cash flows for finance leases

 

 

$

4,801

 

 

$

4,421

 

 

$

2,846

 

Lease assets exchanged for new lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

 

$

3,765

 

 

$

3,932

 

 

$

1,907

 

Finance leases

 

 

$

3,458

 

 

$

6,819

 

 

$

6,279