Leases

9 Months Ended

Sep. 30, 2024

The Company has various lease arrangements for certain manufacturing and warehousing facilities, equipment rental, as well as administrative facilities. Lease expiration dates, including expected renewal options, range from April 2025 to November 2033. The discount rates used to calculate the present value of lease payment range from 1.3% to 6.6% as of September 30, 2024. Currently, all leases are classified as operating leases.

The following table presents the balances by lease type:


Operating Leases	Balance Sheet Classification	September 30, 2024		December 31, 2023
		(in thousands)
Right of use assets	Right of use assets	$	15,505	$	11,774
Lease liability, short-term	Accrued liabilities	2,298		2,021
Lease liability, long-term	Other long-term liabilities	13,788		10,201

Since 2018, the Company has leased the manufacturing, engineering, and office space used by our operations in Parkville, Missouri. The lease provides approximately 86,000 square feet of manufacturing and office space. The lease expires December 31, 2032.

In November 2022, the Company entered into a lease agreement for land and facilities in Tulsa, Oklahoma which provides an additional 198,000 square feet to support our operations. In January 2024, we amended the lease for an additional 157,550 square feet for operations and parts distribution. The amended lease term will expire November 30, 2029.

In July 2023, the Company entered into a lease agreement with a start date of September 1, 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term is approximately five years with additional renewal options.

We also lease several properties near our Redmond, Oregon location. In the aggregate, these leases contain approximately 104,500 square feet of additional warehouse space. These leases have expiring terms from February 2025 to November 2033.

Total undiscounted future lease payments are as follows:


	(in thousands)
2024	$	822
2025	3,126
2026	3,046
2027	3,136
2028	3,130
Thereafter	6,403