Leases (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Leases [Abstract] |
|
| Schedule of Balances Included in Condensed Consolidated Statement of Financial Position (Unaudited) Related to Leases |
Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to leases include:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
Classification |
|
2025 |
|
|
2024 |
|
Assets: |
|
|
|
|
|
|
|
Operating lease assets |
Right of use asset - operating leases |
|
$ |
26,816 |
|
|
$ |
30,561 |
|
Finance lease assets |
Property, plant and equipment, net |
|
|
7,556 |
|
|
|
7,927 |
|
Total lease assets |
|
|
$ |
34,372 |
|
|
$ |
38,488 |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Current |
Operating lease liability - short-term |
|
$ |
6,396 |
|
|
$ |
6,597 |
|
Long-term |
Operating lease liability - long-term |
|
|
20,306 |
|
|
|
23,700 |
|
Total operating lease liabilities |
|
|
|
26,702 |
|
|
|
30,297 |
|
Current |
Finance lease liability - short-term |
|
|
633 |
|
|
|
621 |
|
Long-term |
Finance lease liability - long-term |
|
|
7,673 |
|
|
|
7,994 |
|
Total finance lease liabilities |
|
|
|
8,306 |
|
|
|
8,615 |
|
Total lease liabilities |
|
|
$ |
35,008 |
|
|
$ |
38,912 |
|
|
| Schedule of Lease Expense |
The components of lease expense include:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
Lease Cost |
|
Classification |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Operating lease cost (1) (2) |
|
Cost of sales |
|
$ |
1,838 |
|
|
$ |
3,617 |
|
|
$ |
3,628 |
|
|
$ |
5,349 |
|
Operating lease cost (1) (3) |
|
Selling, general and administrative expenses |
|
|
2,468 |
|
|
|
967 |
|
|
|
3,455 |
|
|
|
1,931 |
|
Finance lease cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
Cost of sales |
|
|
186 |
|
|
|
186 |
|
|
|
371 |
|
|
|
371 |
|
Interest expense on lease liabilities |
|
Interest expense, net |
|
|
76 |
|
|
|
82 |
|
|
|
153 |
|
|
|
165 |
|
Total lease cost |
|
|
|
$ |
4,568 |
|
|
$ |
4,852 |
|
|
$ |
7,607 |
|
|
$ |
7,816 |
|
(1)Includes short-term leases and variable lease costs, which are immaterial (2)Operating lease costs included in Cost of sales for the quarter and six months ended June 30, 2024, includes a $1.8 million termination charge related to exiting an idled lease facility, as described in Note 4 (3)Operating lease costs included in Selling, general and administrative for the quarter and six months ended June 30, 2025 include $1.6 million in termination charges related to exiting idled lease facilities, as described in Note 4
|
| Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
Supplemental Cash Flow Information |
|
2025 |
|
|
2024 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
5,721 |
|
|
$ |
4,129 |
|
Operating cash flows from finance leases |
|
$ |
153 |
|
|
$ |
165 |
|
Financing cash flows from finance leases |
|
$ |
309 |
|
|
$ |
292 |
|
Right-of-use assets obtained in exchange for new lease liabilities: |
|
|
|
|
|
|
Operating leases |
|
$ |
1,035 |
|
|
$ |
4,761 |
|
Finance leases |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Lease Term and Discount Rate |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Weighted-average remaining lease term (years): |
|
|
|
|
|
|
Operating leases |
|
|
4.64 |
|
|
|
4.93 |
|
Finance leases |
|
|
10.51 |
|
|
|
11.00 |
|
Weighted-average discount rate: |
|
|
|
|
|
|
Operating leases |
|
|
6.2 |
% |
|
|
6.3 |
% |
Finance leases |
|
|
3.7 |
% |
|
|
3.7 |
% |
|
| Maturity of Operating and Finance Lease Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity of Lease Liabilities - As of June 30, 2025 |
|
Operating Leases |
|
|
Finance Leases |
|
|
Total |
|
2025 (1) |
|
$ |
3,939 |
|
|
$ |
462 |
|
|
$ |
4,401 |
|
2026 |
|
|
7,684 |
|
|
|
924 |
|
|
|
8,608 |
|
2027 |
|
|
6,465 |
|
|
|
945 |
|
|
|
7,410 |
|
2028 |
|
|
4,900 |
|
|
|
950 |
|
|
|
5,850 |
|
2029 |
|
|
3,343 |
|
|
|
950 |
|
|
|
4,293 |
|
After 2029 |
|
|
4,018 |
|
|
|
5,758 |
|
|
|
9,776 |
|
Total lease payments |
|
|
30,349 |
|
|
|
9,989 |
|
|
|
40,338 |
|
Less: interest |
|
|
(3,647 |
) |
|
|
(1,683 |
) |
|
|
(5,330 |
) |
Present value of lease liabilities |
|
$ |
26,702 |
|
|
$ |
8,306 |
|
|
$ |
35,008 |
|
(1)Represents amounts due in 2025 after June 30, 2025
|