Note 6 - Leases

6 Months Ended

Jun. 30, 2024

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 16 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,
	2024		2023		2024		2023
Operating leases	$	2,746	$	2,983	$	5,490	$	5,947
Short-term leases(1)		328		370		646		622
Total lease expense	$	3,074	$	3,353	$	6,136	$	6,569

⁽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,
	2024			2023
Weighted average remaining lease term of operating leases (in years)		6.9			7.2
Weighted average discount rate of operating leases		3.0	%		2.8	%

Supplemental cash flow information related to leases was as follows:

	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	5,857	$	5,622

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	2,204	$	8,672
Finance leases	$	290	$	65

Maturities of operating lease liabilities as of June 30, 2024 are as follows:

Years ending December 31:
2024⁽¹⁾	$	5,743
2025		10,682
2026		8,547
2027		5,792
2028		4,160
2029		3,650
Thereafter		10,716
Total lease payments		49,290
Imputed interest		(4,732	)
Total lease liabilities	$	44,558

⁽¹⁾Excluding the six months ended June 30, 2024.