| Leases |
Leases The Company leases offices and other facilities and certain manufacturing and office equipment under long-term, non-cancelable operating and finance leases. Some leases include options to purchase, terminate, or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Company does not recognize ROU assets and lease obligations for short-term leases.
The components of lease expense related to leases for the period are as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
| |
Years Ended December 31, |
| |
2022 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
(In thousands) |
Lease Cost: |
|
|
|
|
|
Operating lease expense |
$ |
2,969 |
|
|
$ |
2,952 |
|
|
$ |
2,735 |
|
Short-term lease expense |
3,886 |
|
|
3,625 |
|
|
3,358 |
|
Finance lease cost: |
|
|
|
|
|
Amortization of right-of-use assets |
$ |
334 |
|
|
$ |
259 |
|
|
$ |
237 |
|
Interest on lease obligations |
30 |
|
|
24 |
|
|
21 |
|
Total finance lease cost |
364 |
|
|
283 |
|
|
258 |
|
Total lease cost |
$ |
7,219 |
|
|
$ |
6,860 |
|
|
$ |
6,351 |
|
The components of supplemental cash flow information related to leases for the period are as follows:
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|
|
|
|
|
|
|
|
|
|
|
| |
Years Ended December 31, |
| |
2022 |
|
2021 |
|
|
|
|
|
(In thousands) |
Cash flow information: |
|
|
|
Cash paid for amounts included in the measurement of lease obligations for the year ended: |
|
|
|
Operating cash flows for operating leases |
$ |
2,942 |
|
|
$ |
2,787 |
|
Operating cash flows for finance leases |
30 |
|
|
24 |
|
Financing cash flows for finance leases |
298 |
|
|
257 |
|
| |
|
|
|
Non-cash activity: |
|
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
Operating leases |
$ |
1,887 |
|
|
$ |
1,632 |
|
Finance leases |
1,390 |
|
|
53 |
|
| Termination of right-of-use asset, net |
1,300 |
|
|
— |
|
| |
|
|
|
Other information: |
|
|
|
Weighted average remaining lease term: |
|
|
|
Operating leases (in years) |
7 |
|
8 |
Finance leases (in years) |
2 |
|
1 |
| |
|
|
|
Weighted average discount rates: |
|
|
|
Operating leases |
11.8 |
% |
|
11.0 |
% |
Finance leases |
4.6 |
% |
|
6.4 |
% |
The supplemental balance sheet information related to leases for the period is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of |
| |
December 31,
2022 |
|
December 31,
2021 |
|
(In thousands) |
Finance leases |
|
|
|
Long-term right-of-use assets |
$ |
1,308 |
|
|
$ |
252 |
|
| |
|
|
|
Short-term finance lease liabilities |
$ |
532 |
|
|
$ |
258 |
|
Long-term finance lease liabilities |
826 |
|
|
79 |
|
Total finance lease liabilities |
$ |
1,358 |
|
|
$ |
337 |
|
| |
|
|
|
Operating leases |
|
|
|
Long-term right-of-use assets |
$ |
13,231 |
|
|
$ |
14,433 |
|
| |
|
|
|
Short-term operating lease liabilities |
$ |
1,220 |
|
|
$ |
1,384 |
|
Long-term operating lease liabilities |
13,529 |
|
|
13,999 |
|
Total operating lease liabilities |
$ |
14,749 |
|
|
$ |
15,383 |
|
|
| Leases |
Leases The Company leases offices and other facilities and certain manufacturing and office equipment under long-term, non-cancelable operating and finance leases. Some leases include options to purchase, terminate, or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Company does not recognize ROU assets and lease obligations for short-term leases.
The components of lease expense related to leases for the period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Years Ended December 31, |
| |
2022 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
(In thousands) |
Lease Cost: |
|
|
|
|
|
Operating lease expense |
$ |
2,969 |
|
|
$ |
2,952 |
|
|
$ |
2,735 |
|
Short-term lease expense |
3,886 |
|
|
3,625 |
|
|
3,358 |
|
Finance lease cost: |
|
|
|
|
|
Amortization of right-of-use assets |
$ |
334 |
|
|
$ |
259 |
|
|
$ |
237 |
|
Interest on lease obligations |
30 |
|
|
24 |
|
|
21 |
|
Total finance lease cost |
364 |
|
|
283 |
|
|
258 |
|
Total lease cost |
$ |
7,219 |
|
|
$ |
6,860 |
|
|
$ |
6,351 |
|
The components of supplemental cash flow information related to leases for the period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| |
Years Ended December 31, |
| |
2022 |
|
2021 |
|
|
|
|
|
(In thousands) |
Cash flow information: |
|
|
|
Cash paid for amounts included in the measurement of lease obligations for the year ended: |
|
|
|
Operating cash flows for operating leases |
$ |
2,942 |
|
|
$ |
2,787 |
|
Operating cash flows for finance leases |
30 |
|
|
24 |
|
Financing cash flows for finance leases |
298 |
|
|
257 |
|
| |
|
|
|
Non-cash activity: |
|
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
Operating leases |
$ |
1,887 |
|
|
$ |
1,632 |
|
Finance leases |
1,390 |
|
|
53 |
|
| Termination of right-of-use asset, net |
1,300 |
|
|
— |
|
| |
|
|
|
Other information: |
|
|
|
Weighted average remaining lease term: |
|
|
|
Operating leases (in years) |
7 |
|
8 |
Finance leases (in years) |
2 |
|
1 |
| |
|
|
|
Weighted average discount rates: |
|
|
|
Operating leases |
11.8 |
% |
|
11.0 |
% |
Finance leases |
4.6 |
% |
|
6.4 |
% |
The supplemental balance sheet information related to leases for the period is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of |
| |
December 31,
2022 |
|
December 31,
2021 |
|
(In thousands) |
Finance leases |
|
|
|
Long-term right-of-use assets |
$ |
1,308 |
|
|
$ |
252 |
|
| |
|
|
|
Short-term finance lease liabilities |
$ |
532 |
|
|
$ |
258 |
|
Long-term finance lease liabilities |
826 |
|
|
79 |
|
Total finance lease liabilities |
$ |
1,358 |
|
|
$ |
337 |
|
| |
|
|
|
Operating leases |
|
|
|
Long-term right-of-use assets |
$ |
13,231 |
|
|
$ |
14,433 |
|
| |
|
|
|
Short-term operating lease liabilities |
$ |
1,220 |
|
|
$ |
1,384 |
|
Long-term operating lease liabilities |
13,529 |
|
|
13,999 |
|
Total operating lease liabilities |
$ |
14,749 |
|
|
$ |
15,383 |
|
|