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Note 5 - Leases
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Lessee, Leases [Text Block]

5. Leases

 

The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one to ten years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases have terms between one and five years.

 

Our financing leases relate to research equipment, machinery, and other equipment. 

 

The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of September 30, 2022 and December 31, 2021:

 

  

September 30,

  

December 31,

 

(In thousands)

 

2022

  

2021

 

Weighted average discount rate - operating leases

  3.8

%

  3.8

%

Weighted average discount rate - finance leases

  6.1

%

  6.1

%

Weighted average remaining lease term in years - operating leases

  7.3   7.8 

Weighted average remaining lease term in years - finance leases

  2.3   3.0 

 

The components of lease expense for the three and nine months ended September 30, 2022 and 2021 were as follows:

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 

(In thousands)

 

2022

  

2021

  

2022

  

2021

 

Operating lease costs

 $909  $805  $2,745  $1,998 

Short-term lease costs

  534   498   1,627   1,158 

Total operating lease costs

  1,443   1,303   4,372   3,156 
                 

Variable lease costs

  250   193   809   477 

Total lease costs

 $1,693  $1,496  $5,181  $3,633 

 

Maturities of our lease liabilities as of September 30, 2022 are as follows: 

 

(In thousands)

 

Operating

Leases

  

Financing

Leases

 

2022 (3 months remaining)

 $1,014  $43 

2023

  3,158   171 

2024

  2,882   101 

2025

  2,428   28 

2026

  1,997   2 

Thereafter

  8,278   - 

Total lease payments

  19,757   345 

Less: interest

  (2,514)  (23)

Total present value of lease liabilities

 $17,243  $322