Note 6 - Leases

6 Months Ended

Jun. 30, 2023

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 6 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 17 years, some of which include options to extend the leases for up to 15 years. Our leases do not contain residual value guarantees. Assets recorded under finance leases were immaterial (See "Note 3 – Debt").

Operating lease expenses are classified as Cost of products sold and Operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Operating leases	$	2,983	$	2,571	$	5,947	$	4,809
Short-term leases(1)		370		19		622		57
Total lease expense	$	3,353	$	2,590	$	6,569	$	4,866

⁽¹⁾Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.

The weighted average remaining lease term and weighted average discount rate were as follows:

	June 30,
	2023			2022
Weighted average remaining lease term of operating leases (in years)		7.2			8.4
Weighted average discount rate of operating leases		2.8	%		2.7	%

Supplemental cash flow information related to leases was as follows:

	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	5,622	$	4,287

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	8,672	$	15,331
Finance leases	$	65	$	202

Maturities of operating lease liabilities as of June 30, 2023 are as follows:

Years ending December 31:
2023⁽¹⁾	$	5,805
2024		10,770
2025		10,034
2026		7,867
2027		5,540
Thereafter		20,511
Total lease payments		60,527
Imputed interest		(9,648	)
Total lease liabilities	$	50,879

⁽¹⁾Excluding the six months ended June 30, 2023.