Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Leases

All Leases

We elected to utilize the following practical expedients that are permitted under ASC 842:

•As an accounting policy election by class of underlying asset, elected not to separate nonlease components from lease components and instead to account for each separate lease component and the nonlease components associated with that lease component as a single lease component; and

•As an accounting policy election not to apply the recognition requirements in ASC 842 to short term leases (a lease at commencement date has a lease term of 12 months or less and does not contain a purchase option that the lessee is reasonably certain to exercise).

We have operating and finance leases for manufacturing facilities, corporate offices, and various equipment. Our leases have remaining lease terms of 1 to 13 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense consisted of the following:

	(In thousands)
	Years Ended
	December 31, 2025		December 31, 2024
Operating leases expense	$	11,482	$	10,813
Finance leases expense:
Amortization of right-of-use assets	$	349	$	340
Interest on lease liabilities	69		52
Total finance lease expense	$	418	$	392

Short term and variable lease expenses for the year ended December 31, 2025 were not material.

Supplemental cash flow information related to leases was as follows:

	(In thousands)
	Years Ended
	December 31, 2025		December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,366	$	9,013
Operating cash flows from finance leases	$	63	$	52
Financing cash flows from finance leases	$	316	$	329
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	19,966	$	7,042
Finance leases	$	365	$	1,055

The weighted average remaining lease terms were as follows:

	(In years)
	December 31, 2025	December 31, 2024
Operating leases	9	5
Finance leases	5	5

When a lease is identified, we recognize a right-of-use asset and a corresponding lease liability based on the present value of the lease payments over the lease term discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. As the discount rate in our leases is usually not readily available, we use our own incremental borrowing rate as the discount rate. Our incremental borrowing rate is based on the interest rate on our term loan, Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin, which is a secured rate.

The weighted average discount rates were as follows:

	Years Ended
	December 31, 2025	December 31, 2024
Operating leases	4.9%	3.6%
Finance leases	5.3%	4.6%

Maturity of operating and finance lease liabilities are as follows:

	(In thousands)
	Operating Leases		Finance Leases
2026	$	9,536	$	371
2027	6,293		338
2028	5,865		297
2029	4,079		283
2030	3,774		130
Thereafter	24,020		81
Total lease payments	53,567		1,500
Less imputed interest	11,527		166
Total	$	42,040	$	1,334

Operating lease payments related to options to extend lease terms that are reasonably certain of being exercised are not significant. As of December 31, 2025, there were no legally binding minimum lease payments for operating leases signed but not yet commenced.

Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are not significant. As of December 31, 2025, there were no legally binding minimum lease payments for finance leases signed but not yet commenced.

Leases

Leases

All Leases

We elected to utilize the following practical expedients that are permitted under ASC 842:

•As an accounting policy election by class of underlying asset, elected not to separate nonlease components from lease components and instead to account for each separate lease component and the nonlease components associated with that lease component as a single lease component; and

•As an accounting policy election not to apply the recognition requirements in ASC 842 to short term leases (a lease at commencement date has a lease term of 12 months or less and does not contain a purchase option that the lessee is reasonably certain to exercise).

We have operating and finance leases for manufacturing facilities, corporate offices, and various equipment. Our leases have remaining lease terms of 1 to 13 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense consisted of the following:

	(In thousands)
	Years Ended
	December 31, 2025		December 31, 2024
Operating leases expense	$	11,482	$	10,813
Finance leases expense:
Amortization of right-of-use assets	$	349	$	340
Interest on lease liabilities	69		52
Total finance lease expense	$	418	$	392

Short term and variable lease expenses for the year ended December 31, 2025 were not material.

Supplemental cash flow information related to leases was as follows:

	(In thousands)
	Years Ended
	December 31, 2025		December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,366	$	9,013
Operating cash flows from finance leases	$	63	$	52
Financing cash flows from finance leases	$	316	$	329
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	19,966	$	7,042
Finance leases	$	365	$	1,055

The weighted average remaining lease terms were as follows:

	(In years)
	December 31, 2025	December 31, 2024
Operating leases	9	5
Finance leases	5	5

When a lease is identified, we recognize a right-of-use asset and a corresponding lease liability based on the present value of the lease payments over the lease term discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. As the discount rate in our leases is usually not readily available, we use our own incremental borrowing rate as the discount rate. Our incremental borrowing rate is based on the interest rate on our term loan, Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin, which is a secured rate.

The weighted average discount rates were as follows:

	Years Ended
	December 31, 2025	December 31, 2024
Operating leases	4.9%	3.6%
Finance leases	5.3%	4.6%

Maturity of operating and finance lease liabilities are as follows:

	(In thousands)
	Operating Leases		Finance Leases
2026	$	9,536	$	371
2027	6,293		338
2028	5,865		297
2029	4,079		283
2030	3,774		130
Thereafter	24,020		81
Total lease payments	53,567		1,500
Less imputed interest	11,527		166
Total	$	42,040	$	1,334

Operating lease payments related to options to extend lease terms that are reasonably certain of being exercised are not significant. As of December 31, 2025, there were no legally binding minimum lease payments for operating leases signed but not yet commenced.

Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are not significant. As of December 31, 2025, there were no legally binding minimum lease payments for finance leases signed but not yet commenced.