Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Leases

The Company leases administrative, processing, research and distribution facilities through operating leases. Several of the leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.

Operating lease expense is as follows:

	Three Months Ended March 31,
(in thousands)	2023		2022
Operating lease expense	$	1,298	$	1,408

Supplemental balance sheet information related to the operating and financing leases is as follows:

(In thousands, except lease term and discount rate)	March 31, 2023		December 31, 2022
Operating Leases
Right-of-use operating assets	$	13,868	$	14,369
Current maturities of long-term lease obligations	$	1,043	$	1,303
Long-term lease obligations	$	20,073	$	20,387
Financing Leases
Right-of-use financing leases (1)	$	35	$	41
Current maturities of long-term lease obligations	$	7	$	7
Long-term lease obligations	$	16	$	18
Weighted average operating lease term (in years):	11		11
Weighted average financing lease term (in years):	4		4
Weighted average discount rate operating leases	10.65%		10.58%
Weighted average discount rate financing leases	12.07%		11.91%

(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.

Future minimum lease payments under operating and financing leases at March 31, 2023, are as follows:

(In thousands)
2023 (excluding the three months ended March 31, 2023)	$	2,417
2024	3,253
2025	3,336
2026	3,348
2027	2,920
Thereafter	20,932
Total	36,206
Less: Imputed interest	(15,067)
Total lease liability	21,139
Less: Current lease liability	(1,050)
Long-term lease liability	$	20,089

Leases

Leases

The Company leases administrative, processing, research and distribution facilities through operating leases. Several of the leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.

Operating lease expense is as follows:

	Three Months Ended March 31,
(in thousands)	2023		2022
Operating lease expense	$	1,298	$	1,408

Supplemental balance sheet information related to the operating and financing leases is as follows:

(In thousands, except lease term and discount rate)	March 31, 2023		December 31, 2022
Operating Leases
Right-of-use operating assets	$	13,868	$	14,369
Current maturities of long-term lease obligations	$	1,043	$	1,303
Long-term lease obligations	$	20,073	$	20,387
Financing Leases
Right-of-use financing leases (1)	$	35	$	41
Current maturities of long-term lease obligations	$	7	$	7
Long-term lease obligations	$	16	$	18
Weighted average operating lease term (in years):	11		11
Weighted average financing lease term (in years):	4		4
Weighted average discount rate operating leases	10.65%		10.58%
Weighted average discount rate financing leases	12.07%		11.91%

(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.

Future minimum lease payments under operating and financing leases at March 31, 2023, are as follows:

(In thousands)
2023 (excluding the three months ended March 31, 2023)	$	2,417
2024	3,253
2025	3,336
2026	3,348
2027	2,920
Thereafter	20,932
Total	36,206
Less: Imputed interest	(15,067)
Total lease liability	21,139
Less: Current lease liability	(1,050)
Long-term lease liability	$	20,089