Note 18 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

18.  LEASES 

The Company has operating leases for its facilities used for manufacturing, research and development, sales and administration.  There are also operating and finance leases related to manufacturing equipment, office equipment and vehicles.  These leases have remaining lease terms ranging from 1 year to 8 years.  Certain of the leases contain options to extend the term of the lease and certain of the leases contain options to terminate the lease within a specified period of time.  These options to extend or terminate a lease are included in the lease term only when it is reasonably likely that the Company will elect that option.  The Company is not a party to any material sublease arrangements.

The components of lease expense, which are included in cost of sales, research and development costs, and selling, general and administrative expense, based on the underlying use of the ROU asset, were as follows:

	Years Ended December 31,
	2023		2022
Amortization of ROU assets - finance leases	$	491	$	448
Interest on lease liabilities - finance leases		121		137
Operating lease cost (cost resulting from lease payments)		8,127		8,426
Short-term lease cost		207		201
Variable lease cost (cost excluded from lease payments)		397		410
Total lease cost	$	9,343	$	9,622

Supplemental cash flow information related to leases is as follows:

	Years Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,090	$	8,970
Operating cash flows from finance leases		121		137
Finance cash flows from finance leases		527		423
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		5,999		8,052
Finance leases		199		207

Supplemental balance sheet information related to leases was as follows:

	2023			2022
Operating Leases:
Operating lease right-of-use assets	$	20,481		$	21,551
Operating lease liability, current		6,350			5,870
Operating lease liability, long-term		14,212			15,742
Total operating lease liabilities	$	20,562		$	21,612
Finance Leases:
Property, plant and equipment, gross	$	3,484		$	3,096
Accumulated depreciation		(1,613	)		(1,089	)
Property, plant and equipment, net	$	1,871		$	2,007
Other current liabilities	$	485		$	446
Other long-term liabilities		1,539			1,608
Total finance lease liabilities	$	2,024		$	2,054

	2023			2022
Weighted-Average Remaining Lease Term:
Operating leases (in years)		4.3			5.1
Finance leases (in years)		4.3			4.9
Weighted-Average Discount Rate:
Operating leases		6.0	%		6.0	%
Finance leases		6.0	%		6.1	%

Our discount rate is based on our incremental borrowing rate, as adjusted based on the geographic regions in which our lease assets are located.

Maturities of lease liabilities were as follows as of December 31, 2023:

Year Ending	Operating			Finance
December 31,	Leases			Leases
2024	$	6,658		$	705
2025		5,954			439
2026		4,381			411
2027		2,342			324
2028		1,240			263
Thereafter		1,976			4
Total undiscounted cash flows		22,551			2,146
Less imputed interest		(1,989	)		(234	)
Present value of lease liabilities	$	20,562		$	1,912