Note 18 - Leases

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

18.  LEASES 

The Company has operating leases for its facilities used for manufacturing, research and development, sales and administration.  There are also operating and finance leases related to manufacturing equipment, office equipment and vehicles.  These leases have remaining lease terms ranging from 1 year to 9 years.  Certain of the leases contain options to extend the term of the lease and certain of the leases contain options to terminate the lease within a specified period of time.  These options to extend or terminate a lease are included in the lease term only when it is reasonably likely that the Company will elect that option.  The Company is not a party to any material sublease arrangements.

The components of lease expense, which are included in cost of sales, research and development costs, and selling, general and administrative expense, based on the underlying use of the ROU asset, were as follows:

	Year Ended December 31,
	2024		2023		2022
Amortization of ROU assets - finance leases	$	819	$	491	$	448
Interest on lease liabilities - finance leases		190		121		137
Operating lease cost (cost resulting from lease payments)		9,441		8,127		8,426
Short-term lease cost		57		207		201
Variable lease cost (cost excluded from lease payments)		1,218		397		410
Total lease cost	$	11,725	$	9,343	$	9,622

Supplemental cash flow information related to leases is as follows:

	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,099	$	8,090	$	8,970
Operating cash flows from finance leases		190		121		137
Finance cash flows from finance leases		790		527		423
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		6,870		5,999		8,052
Finance leases		1,309		199		207

Supplemental balance sheet information related to leases was as follows:

	2024			2023
Operating Leases:
Operating lease right-of-use assets	$	25,125		$	20,481
Operating lease liability, current		7,954			6,350
Operating lease liability, long-term		17,763			14,212
Total operating lease liabilities	$	25,717		$	20,562
Finance Leases:
Property, plant and equipment, gross	$	2,596		$	3,484
Accumulated depreciation		(1,185	)		(1,613	)
Property, plant and equipment, net	$	1,411		$	1,871
Other current liabilities	$	374		$	485
Other long-term liabilities		1,054			1,539
Total finance lease liabilities	$	1,428		$	2,024

	2024			2023			2022
Weighted-Average Remaining Lease Term:
Operating leases (in years)		4.5			4.3			5.1
Finance leases (in years)		3.9			4.3			4.9
Weighted-Average Discount Rate:
Operating leases		6.0	%		6.0	%		6.0	%
Finance leases		6.0	%		6.0	%		6.1	%

Our discount rate is based on our incremental borrowing rate, as adjusted based on the geographic regions in which our lease assets are located.

Maturities of lease liabilities were as follows as of December 31, 2024:

Year Ending	Operating			Finance
December 31,	Leases			Leases
2025	$	9,214		$	486
2026		7,006			459
2027		4,046			376
2028		2,942			320
2029		2,205			75
Thereafter		4,008			24
Total undiscounted cash flows		29,421			1,740
Less imputed interest		(3,704	)		(312	)
Present value of lease liabilities	$	25,717		$	1,428