Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases Leases
The Company leases administrative, processing, research and distribution facilities through operating leases. Several of the leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.
Operating lease expense is as follows:
Three Months Ended March 31,
(in thousands) 2023 2022
Operating lease expense $ 1,298  $ 1,408 
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) March 31, 2023 December 31, 2022
Operating Leases
Right-of-use operating assets $ 13,868  $ 14,369 
Current maturities of long-term lease obligations $ 1,043  $ 1,303 
Long-term lease obligations $ 20,073  $ 20,387 
Financing Leases
Right-of-use financing leases (1)
$ 35  $ 41 
Current maturities of long-term lease obligations $ 7  $ 7 
Long-term lease obligations $ 16  $ 18 
Weighted average operating lease term (in years): 11 11
Weighted average financing lease term (in years): 4 4
Weighted average discount rate operating leases 10.65%  10.58% 
Weighted average discount rate financing leases 12.07%  11.91% 
(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.
Future minimum lease payments under operating and financing leases at March 31, 2023, are as follows:
(In thousands)  
2023 (excluding the three months ended March 31, 2023) $ 2,417 
2024 3,253 
2025 3,336 
2026 3,348 
2027 2,920 
Thereafter 20,932 
Total 36,206 
Less: Imputed interest (15,067)
Total lease liability 21,139 
Less: Current lease liability (1,050)
Long-term lease liability $ 20,089 
Leases Leases
The Company leases administrative, processing, research and distribution facilities through operating leases. Several of the leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.
Operating lease expense is as follows:
Three Months Ended March 31,
(in thousands) 2023 2022
Operating lease expense $ 1,298  $ 1,408 
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) March 31, 2023 December 31, 2022
Operating Leases
Right-of-use operating assets $ 13,868  $ 14,369 
Current maturities of long-term lease obligations $ 1,043  $ 1,303 
Long-term lease obligations $ 20,073  $ 20,387 
Financing Leases
Right-of-use financing leases (1)
$ 35  $ 41 
Current maturities of long-term lease obligations $ 7  $ 7 
Long-term lease obligations $ 16  $ 18 
Weighted average operating lease term (in years): 11 11
Weighted average financing lease term (in years): 4 4
Weighted average discount rate operating leases 10.65%  10.58% 
Weighted average discount rate financing leases 12.07%  11.91% 
(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.
Future minimum lease payments under operating and financing leases at March 31, 2023, are as follows:
(In thousands)  
2023 (excluding the three months ended March 31, 2023) $ 2,417 
2024 3,253 
2025 3,336 
2026 3,348 
2027 2,920 
Thereafter 20,932 
Total 36,206 
Less: Imputed interest (15,067)
Total lease liability 21,139 
Less: Current lease liability (1,050)
Long-term lease liability $ 20,089