Leases |
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Leases | 10. LEASES The Company leases manufacturing and training facilities, storage warehouses, office space, and certain office and plant equipment under various operating leases. The Company’s operating leases have remaining lease terms of up to 10 years. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For the three months ended March 31, 2025 and March 31, 2024, total operating lease expense was $3.0 million and $2.0 million, respectively. The weighted average remaining lease term at March 31, 2025 and December 31, 2024 was 6.1 years and 6.3 years, respectively. The weighted average discount rate at March 31, 2025 and December 31, 2024 was 4.60% and 4.57%, respectively. The following table includes supplemental cash flow information for the three months ended March 31, 2025 and March 31, 2024, and supplemental balance sheet information at March 31, 2025 and December 31, 2024 related to operating leases (in thousands):
The following table summarizes maturities of operating lease liabilities at March 31, 2025 (in thousands):
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