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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets.
Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities.
The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of December 31, 2024, its leases had remaining lease terms of 1 to 10 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year.
The balance sheet components of the leases were as follows as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Operating leases
Operating lease right-of-use assets$18,480 $14,905 
Other accrued liabilities$3,771 $3,040 
Long-term operating lease liabilities14,709 11,865 
Total operating lease liabilities$18,480 $14,905 
Finance leases
Property, plant, and equipment$1,545 $1,317 
Accumulated amortization(1,072)(1,104)
Property, plant, and equipment - net$473 $213 
Current maturities of long-term debt$167 $102 
Long-term debt306 111 
Total finance lease liabilities$473 $213 
The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Finance lease cost:
Amortization of finance leases$160 $186 
Interest on lease liabilities43 58 
Operating lease cost3,1813,448 
Sublease income(200)(200)
Total lease cost$3,184 $3,492 
The cash flow components of the leases were as follows for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(3,746)$(4,113)
Financing cash flows from finance leases(212)(214)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$6,605 $404 
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
December 31,
20242023
Operating lease weighted-average remaining lease term66
Operating lease weighted-average discount rate5.5 %5.2 %
Finance lease weighted-average remaining lease term42
Finance lease weighted-average discount rate4.8 %3.6 %
As of December 31, 2024, estimated annual maturities of lease liabilities for the year ending December 31, 2025 and thereafter were as follows:
Year Ending December 31,Operating LeasesFinance Leases
2025$4,589 $197 
20264,526 126 
20273,607 66 
20283,151 65 
20292,750 65 
2030 and thereafter2,417 60 
21,040 579 
Interest(2,560)(106)
Total$18,480 $473 
Leases Leases
The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets.
Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities.
The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of December 31, 2024, its leases had remaining lease terms of 1 to 10 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year.
The balance sheet components of the leases were as follows as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Operating leases
Operating lease right-of-use assets$18,480 $14,905 
Other accrued liabilities$3,771 $3,040 
Long-term operating lease liabilities14,709 11,865 
Total operating lease liabilities$18,480 $14,905 
Finance leases
Property, plant, and equipment$1,545 $1,317 
Accumulated amortization(1,072)(1,104)
Property, plant, and equipment - net$473 $213 
Current maturities of long-term debt$167 $102 
Long-term debt306 111 
Total finance lease liabilities$473 $213 
The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Finance lease cost:
Amortization of finance leases$160 $186 
Interest on lease liabilities43 58 
Operating lease cost3,1813,448 
Sublease income(200)(200)
Total lease cost$3,184 $3,492 
The cash flow components of the leases were as follows for the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(3,746)$(4,113)
Financing cash flows from finance leases(212)(214)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$6,605 $404 
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
December 31,
20242023
Operating lease weighted-average remaining lease term66
Operating lease weighted-average discount rate5.5 %5.2 %
Finance lease weighted-average remaining lease term42
Finance lease weighted-average discount rate4.8 %3.6 %
As of December 31, 2024, estimated annual maturities of lease liabilities for the year ending December 31, 2025 and thereafter were as follows:
Year Ending December 31,Operating LeasesFinance Leases
2025$4,589 $197 
20264,526 126 
20273,607 66 
20283,151 65 
20292,750 65 
2030 and thereafter2,417 60 
21,040 579 
Interest(2,560)(106)
Total$18,480 $473