Leases

3 Months Ended

Mar. 31, 2024

10.

LEASES

The Company leases manufacturing and training facilities, storage warehouses, office space, and certain plant equipment under various operating leases. The Company’s operating leases have remaining lease terms of 1 year to 5 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, 2024 and March 31, 2023, total operating lease expense was $2.0 million and $2.1 million, respectively. The weighted average remaining lease term at March 31, 2024 and December 31, 2023 was 4.2 years and 4.4 years, respectively. The weighted average discount rate at March 31, 2024 and December 31, 2023 was 2.38% and 2.32%, respectively.

The following table includes supplemental cash flow information for the three months ended March 31, 2024 and March 31, 2023, and supplemental balance sheet information at March 31, 2024 and December 31, 2023 related to operating leases (in thousands):


	Three Months Ended March 31,
Supplemental cash flow information	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,007	$	2,120
Operating ROU assets obtained in exchange for lease liabilities	$	578	$	1,541


Supplemental balance sheet information	March 31, 2024		December 31, 2023
Operating lease ROU assets	$	25,010	$	26,233
Operating lease liabilities:
Accrued expenses and other current liabilities	$	7,629	$	7,663
Operating lease liabilities		17,602		18,840

Total operating lease liabilities	$	25,231	$	26,503

The following table summarizes maturities of operating lease liabilities at March 31, 2024 (in thousands):


Maturities of operating lease liabilities
2024	$	5,942
2025		5,950
2026		5,051
2027		4,549
2028		3,982
Thereafter		934

Total lease payments		26,408
Less imputed interest		(1,177	)

Total operating lease liabilities	$	25,231