Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
 3 Months Ended
Mar. 31, 2024
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) 2024 2023
Operating lease expense $ 1,206  $ 1,298 
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) March 31, 2024 December 31, 2023
Operating Leases
Right-of-use operating assets $ 15,247  $ 15,562 
Current maturities of long-term lease obligations $ 1,639  $ 1,541 
Long-term lease obligations $ 20,663  $ 21,123 
Financing Leases
Right-of-use financing leases (1)
$ 24  $ 28 
Current maturities of long-term lease obligations $ 5  $ 6 
Long-term lease obligations $ 18  $ 19 
Weighted average operating lease term (in years): 9.4 9.6
Weighted average financing lease term (in years): 3.8 6.5
Weighted average discount rate operating leases 10.98%  10.99% 
Weighted average discount rate financing leases 13.99%  13.22% 
(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, 2024, are as follows:
(In thousands)  
2024 (excluding three months ended March 31, 2024) $ 2,951 
2025 4,134 
2026 4,269 
2027 3,106 
2028 3,104 
Thereafter 18,565 
Total 36,129 
Less: Imputed interest (13,804)
Total lease liability 22,325 
Less: Current lease liability (1,644)
Long-term lease liability $ 20,681 
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) 2024 2023
Operating lease expense $ 1,206  $ 1,298 
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) March 31, 2024 December 31, 2023
Operating Leases
Right-of-use operating assets $ 15,247  $ 15,562 
Current maturities of long-term lease obligations $ 1,639  $ 1,541 
Long-term lease obligations $ 20,663  $ 21,123 
Financing Leases
Right-of-use financing leases (1)
$ 24  $ 28 
Current maturities of long-term lease obligations $ 5  $ 6 
Long-term lease obligations $ 18  $ 19 
Weighted average operating lease term (in years): 9.4 9.6
Weighted average financing lease term (in years): 3.8 6.5
Weighted average discount rate operating leases 10.98%  10.99% 
Weighted average discount rate financing leases 13.99%  13.22% 
(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, 2024, are as follows:
(In thousands)  
2024 (excluding three months ended March 31, 2024) $ 2,951 
2025 4,134 
2026 4,269 
2027 3,106 
2028 3,104 
Thereafter 18,565 
Total 36,129 
Less: Imputed interest (13,804)
Total lease liability 22,325 
Less: Current lease liability (1,644)
Long-term lease liability $ 20,681