| Lessee Operating and Finance Leases [Text Block] |
NOTE 9 — LEASES
The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016-02, Leases (“Topic 842”), and the Company elected to apply each available practical expedient. The discount rates used for the leases are based on an interest rate yield curve developed for the leases in the Company’s lease portfolio.
The Company has elected to apply the short-term lease exception to all leases of one year or less. During the three months ended March 31, 2024 and 2023, the Company did not have additional operating leases that resulted in right-of-use assets obtained in exchange for lease obligations. During the three months ended March 31, 2024 and 2023, the Company had additional finance leases associated with property, plant, and equipment of $813 and $0 respectively.
Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them.
Quantitative information regarding the Company’s leases is as follows:
| | | Three Months Ended March 31, | |
| | | 2024 | | | 2023 | |
| Components of lease cost | | | | | | | | |
| Finance lease cost components: | | | | | | | | |
| Amortization of finance lease assets | | $ | 358 | | | $ | 370 | |
| Interest on finance lease liabilities | | | 107 | | | | 98 | |
| Total finance lease costs | | | 465 | | | | 468 | |
| Operating lease cost components: | | | | | | | | |
| Operating lease cost | | | 642 | | | | 704 | |
| Short-term lease cost | | | 46 | | | | 89 | |
| Variable lease cost (1) | | | 369 | | | | 345 | |
| Sublease income | | | (50 | ) | | | (48 | ) |
| Total operating lease costs | | | 1,007 | | | | 1,090 | |
| | | | | | | | | |
| Total lease cost | | $ | 1,472 | | | $ | 1,558 | |
| | | | | | | | | |
| Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2024 and 2023: | | | | | | | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | |
| Operating cash outflow from operating leases | | $ | 810 | | | $ | 864 | |
| | | | | | | | | |
| Weighted-average remaining lease term-finance leases at end of period (in years) | | | 2.9 | | | | 3.2 | |
| Weighted-average remaining lease term-operating leases at end of period (in years) | | | 6.9 | | | | 7.9 | |
| Weighted-average discount rate-finance leases at end of period | | | 8.0 | % | | | 6.3 | % |
| Weighted-average discount rate-operating leases at end of period | | | 8.9 | % | | | 8.8 | % |
| | (1) | Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment. |
As of March 31, 2024, future minimum lease payments under finance leases and operating leases were as follows:
| | | Finance | | | Operating | | | | | |
| | | Leases | | | Leases | | | Total | |
| 2024 | | $ | 2,137 | | | $ | 2,516 | | | $ | 4,653 | |
| 2025 | | | 1,456 | | | | 3,447 | | | | 4,903 | |
| 2026 | | | 1,199 | | | | 3,442 | | | | 4,641 | |
| 2027 | | | 912 | | | | 3,144 | | | | 4,056 | |
| 2028 | | | 671 | | | | 3,153 | | | | 3,824 | |
| 2029 and thereafter | | | 343 | | | | 7,802 | | | | 8,145 | |
| Total lease payments | | | 6,718 | | | | 23,504 | | | | 30,222 | |
| Less—portion representing interest | | | (780 | ) | | | (6,216 | ) | | | (6,996 | ) |
| Present value of lease obligations | | | 5,938 | | | | 17,288 | | | | 23,226 | |
| Less—current portion of lease obligations | | | (2,205 | ) | | | (1,914 | ) | | | (4,119 | ) |
| Long-term portion of lease obligations | | $ | 3,733 | | | $ | 15,374 | | | $ | 19,107 | |
|