Leases

12 Months Ended

Dec. 31, 2024

The Company has lease arrangements for certain administrative, manufacturing and warehousing facilities and equipment. Lease expiration dates, including expected renewal options, range from February 2025 to November 2033, with the weighted average remaining term being 6.6 years. The discount rates used to calculate the present value of lease payments range from 1.3% to 6.6% as of December 31, 2024. All leases are classified as operating leases.


		December 31,
	Balance Sheet Classification	2024		2023
		(in thousands)
Right-of-use assets	Right of use assets	$	15,436	$	11,774
Current lease liability	Accrued liabilities	2,481		2,021
Noncurrent lease liability	Other long-term liabilities	13,592		10,201

Since 2018, the Company has leased the manufacturing, engineering and office space used by our operations in Parkville, Missouri. The lease term is through December 2032.

In November 2022, the Company entered into a lease arrangement for additional storage facilities in Tulsa, Oklahoma to support our operations. The lease added an additional 198,000 square feet to 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 January 2039.

In July 2023, the Company entered into a lease agreement with a start date of September 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term will expire November 2033 with additional renewal options.

We also lease six properties near our Redmond location. In the aggregate, these leases contain approximately 61,000 square feet of additional warehouse space, office space, as well as outside storage. These leases have expiring terms from February 2025 to May 2028.

Total undiscounted future lease payments are as follows:


	(in thousands)
2025	$	3,370
2026	3,295
2027	3,259
2028	3,130
2029	1,486
Thereafter	4,917