Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

We have various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases had original lease terms of three to eleven years and remaining lease terms of one to eight 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, with all other lease payments consisting of variable lease costs. 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 had original lease terms of four and five years and have remaining lease 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 December 31, 2023 and 2022:

	2023		2022
Weighted average discount rate - operating leases	4.3	%	4.2	%
Weighted average discount rate - finance leases	8.3	%	6.1	%
Weighted average remaining lease term in years - operating leases	6.4		7.2
Weighted average remaining lease term in years - finance leases	4.1		2.0

The components of lease expense for the years ended December 31, 2023, 2022, and 2021 were as follows:

	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease costs	$	3,515	$	3,701	$	2,817
Financing lease costs	420		174		166
Short-term lease costs	2,037		2,141		1,727
Total operating lease costs	5,972		6,016		4,710
Variable lease costs	1,292		1,104		749
Total lease expense	$	7,264	$	7,120	$	5,459

Maturities of our lease liabilities as of December 31, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2024	$	3,400	$	487
2025	2,960		424
2026	2,655		389
2027	2,280		386
2028	2,042		134
Thereafter	4,896		—
Total lease payments	18,233		1,820
Less: interest	(2,231)		(275)
Total present value of lease liabilities	$	16,002	$	1,545

Leases

Leases

We have various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases had original lease terms of three to eleven years and remaining lease terms of one to eight 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, with all other lease payments consisting of variable lease costs. 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 had original lease terms of four and five years and have remaining lease 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 December 31, 2023 and 2022:

	2023		2022
Weighted average discount rate - operating leases	4.3	%	4.2	%
Weighted average discount rate - finance leases	8.3	%	6.1	%
Weighted average remaining lease term in years - operating leases	6.4		7.2
Weighted average remaining lease term in years - finance leases	4.1		2.0

The components of lease expense for the years ended December 31, 2023, 2022, and 2021 were as follows:

	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease costs	$	3,515	$	3,701	$	2,817
Financing lease costs	420		174		166
Short-term lease costs	2,037		2,141		1,727
Total operating lease costs	5,972		6,016		4,710
Variable lease costs	1,292		1,104		749
Total lease expense	$	7,264	$	7,120	$	5,459

Maturities of our lease liabilities as of December 31, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2024	$	3,400	$	487
2025	2,960		424
2026	2,655		389
2027	2,280		386
2028	2,042		134
Thereafter	4,896		—
Total lease payments	18,233		1,820
Less: interest	(2,231)		(275)
Total present value of lease liabilities	$	16,002	$	1,545