Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

Supplemental balance sheet information related to leases was as follows:

	December 31,
(in thousands)	2023		2022
Operating lease assets	$	4,628	$	3,844
Current operating lease liabilities	$	1,585	$	1,561
Long-term operating lease liabilities	3,008		2,255
Total operating lease liabilities	$	4,593	$	3,816
Finance lease assets	$	960	$	17,532
Current finance lease liabilities	$	296	$	17,537
Long-term finance lease liabilities	595		—
Total finance lease liabilities	$	891	$	17,537

Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows:

	Twelve Months Ended December 31,
(in thousands)	2023		2022
Operating lease cost	$	1,965	$	3,002
Finance lease cost:
Amortization of right-of-use assets	$	732	$	532
Interest on lease obligations	$	1,055	$	95
Variable lease cost	371		560
Total lease cost	$	4,123	$	4,189

Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:

(in thousands)	Operating Leases		Finance Leases
Year Ending December 31,
2024	$	1,622	$	329
2025	1,428		329
2026	819		292
2027	449		-
2028	397		-
After 2029	111		-
Total future minimum lease payments	4,826		950
Less interest	(233)		(59)
Present value of lease liabilities	$	4,593	$	891

As of December 31, 2023, we have no operating or finance leases that have not yet commenced.

Weighted average remaining lease term and discount rate was as follows:

	December 31,
	2023		2022
Weighted Average Remaining Lease Term - operating leases (years)	3.6		2.9
Weighted Average Remaining Lease Term - finance leases (years)	2.6		36.0
Weighted Average Discount Rate - operating leases	2.5	%	1.6	%
Weighted Average Discount Rate - finance leases	4.4	%	5.9	%

Supplemental cash flow information related to leases was as follows:

	Twelve Months Ended December 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,288	$	3,778
Operating cash flows from finance leases	$	1,055	$	95
Financing cash flows from finance leases	$	306	$	531
Lease assets obtained in exchange for new operating lease liabilities	$	2,324	$	898
Lease assets obtained in exchange for new financing lease liabilities	$	240	$	16,167

Leases

Leases

Supplemental balance sheet information related to leases was as follows:

	December 31,
(in thousands)	2023		2022
Operating lease assets	$	4,628	$	3,844
Current operating lease liabilities	$	1,585	$	1,561
Long-term operating lease liabilities	3,008		2,255
Total operating lease liabilities	$	4,593	$	3,816
Finance lease assets	$	960	$	17,532
Current finance lease liabilities	$	296	$	17,537
Long-term finance lease liabilities	595		—
Total finance lease liabilities	$	891	$	17,537

Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows:

	Twelve Months Ended December 31,
(in thousands)	2023		2022
Operating lease cost	$	1,965	$	3,002
Finance lease cost:
Amortization of right-of-use assets	$	732	$	532
Interest on lease obligations	$	1,055	$	95
Variable lease cost	371		560
Total lease cost	$	4,123	$	4,189

Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:

(in thousands)	Operating Leases		Finance Leases
Year Ending December 31,
2024	$	1,622	$	329
2025	1,428		329
2026	819		292
2027	449		-
2028	397		-
After 2029	111		-
Total future minimum lease payments	4,826		950
Less interest	(233)		(59)
Present value of lease liabilities	$	4,593	$	891

As of December 31, 2023, we have no operating or finance leases that have not yet commenced.

Weighted average remaining lease term and discount rate was as follows:

	December 31,
	2023		2022
Weighted Average Remaining Lease Term - operating leases (years)	3.6		2.9
Weighted Average Remaining Lease Term - finance leases (years)	2.6		36.0
Weighted Average Discount Rate - operating leases	2.5	%	1.6	%
Weighted Average Discount Rate - finance leases	4.4	%	5.9	%

Supplemental cash flow information related to leases was as follows:

	Twelve Months Ended December 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,288	$	3,778
Operating cash flows from finance leases	$	1,055	$	95
Financing cash flows from finance leases	$	306	$	531
Lease assets obtained in exchange for new operating lease liabilities	$	2,324	$	898
Lease assets obtained in exchange for new financing lease liabilities	$	240	$	16,167