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Leases (Table)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Leases

Amounts included in the Consolidated Statements of Financial Position related to leases were:

 

 

 

 

December 31,

 

 

December 31,

 

 

Classification

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

28,908

 

 

$

29,285

 

Finance lease assets

Property, plant and equipment, net

 

 

9,075

 

 

 

9,765

 

Total lease assets

 

 

$

37,983

 

 

$

39,050

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

6,177

 

 

$

5,341

 

Long-term

Operating lease liability - long-term

 

 

22,786

 

 

 

23,815

 

Total operating lease liabilities

 

 

 

28,963

 

 

 

29,156

 

Current

Finance lease liability - short-term

 

 

518

 

 

 

500

 

Long-term

Finance lease liability - long-term

 

 

8,919

 

 

 

9,437

 

Total finance lease liabilities

 

 

 

9,437

 

 

 

9,937

 

Total lease liabilities

 

 

$

38,400

 

 

$

39,093

 

Schedule of Lease Expense

The components of lease expense include:

 

 

 

 

 

For the Year Ended December 31,

 

Lease Cost

 

Classification

 

2022

 

 

2021

 

 

2020

 

Operating lease cost (1)

 

Cost of sales

 

$

5,673

 

 

$

5,095

 

 

$

2,008

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

2,884

 

 

 

2,328

 

 

 

1,729

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

689

 

 

 

574

 

 

 

—

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

340

 

 

 

298

 

 

 

—

 

Total lease cost

 

 

 

$

9,586

 

 

$

8,295

 

 

$

3,737

 

 

(1) Includes short-term leases and variable lease costs, which are immaterial

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Year Ended December 31,

 

Supplemental Cash Flow Information

 

2022

 

 

2021

 

 

2020

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

6,941

 

 

$

5,952

 

 

$

2,683

 

Operating cash flows from finance leases

 

$

340

 

 

$

298

 

 

$

—

 

Financing cash flows from finance leases

 

$

500

 

 

$

402

 

 

$

—

 

Right-of-use assets obtained in exchange for new lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

$

4,371

 

 

$

7,438

 

 

$

1,116

 

Finance leases

 

$

—

 

 

$

10,339

 

 

$

—

 

 

Lease Term and Discount Rate

 

December 31, 2022

 

 

December 31, 2021

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

6.44

 

 

 

7.27

 

Finance leases

 

 

13.17

 

 

 

14.17

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.6

%

 

 

3.4

%

Finance leases

 

 

3.5

%

 

 

3.5

%

 

Maturity of Operating and Finance Lease Liabilities

Maturity of Lease Liabilities - As of December 31, 2022

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2023

 

$

6,991

 

 

$

840

 

 

$

7,831

 

2024

 

 

5,375

 

 

 

861

 

 

 

6,236

 

2025

 

 

4,522

 

 

 

865

 

 

 

5,387

 

2026

 

 

3,885

 

 

 

865

 

 

 

4,750

 

2027

 

 

3,235

 

 

 

887

 

 

 

4,122

 

After 2027

 

 

8,361

 

 

 

7,521

 

 

 

15,882

 

Total lease payments

 

 

32,369

 

 

 

11,839

 

 

 

44,208

 

Less: interest

 

 

(3,406

)

 

 

(2,402

)

 

 

(5,808

)

Present value of lease liabilities

 

$

28,963

 

 

$

9,437

 

 

$

38,400