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Leases

6 Months Ended

Jun. 30, 2024

8. Leases

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 7 years, with a weighted-average remaining lease term of 4 years at both June 30, 2024 and December 31, 2023. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend.

The components of lease costs for the three- and six-month periods ended June 30, 2024 and 2023 were as follows (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Classification	2024		2023		2024		2023
Operating lease costs⁽¹⁾	Cost of revenues	$	664	$	808	$	1,247	$	1,577
Operating lease costs⁽¹⁾	Selling, general and administrative expenses		77		40		154		80
Rental revenues	Revenues		(100)		(111)		(222)		(228)
Rental revenues	Other (income) expense, net		(26)		(17)		(61)		(33)
Net operating lease costs		$	615	$	720	$	1,118	$	1,396

(1)	Includes the costs of leases with a term of one year or less.

As of June 30, 2024, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):


2024 (excluding the six months ended June 30, 2024)	$	872
2025		1,446
2026		1,360
2027		944
2028		412
Thereafter		119
Total future minimum lease payments		5,153
Less imputed interest		(304)
Present value of lease liabilities	$	4,849

Supplemental cash flow information pertaining to the Company’s leasing activity for the six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash payments for lease liabilities included in operating cash flows	$	931	$	812
Right-of-use assets obtained in exchange for operating lease obligations	$	118	$	81