Clarus Corp Leases Disclosure
NOTE 19. LEASES
The Company has entered into leases for certain facilities, vehicles and other equipment. Our leases have remaining contractual terms of up to ten years, some of which include options to extend the leases for up to five years. Our lease costs are primarily related to facility leases for inventory warehousing, administration offices and vehicles. The Company’s finance leases are immaterial.
Lease ROU assets and liabilities as of December 31, 2024 and 2023, were as follows:
Balance Sheet Classification | December 31, 2024 | December 31, 2023 | ||||||
Assets | ||||||||
$ | 13,825 | $ | 15,180 | |||||
Liabilities | ||||||||
$ | 3,470 | $ | 3,179 | |||||
$ | 11,288 | $ | 13,030 | |||||
Lease costs were as follows:
Affected line item in the Consolidated | Year Ended | |||||||
Statements of Comprehensive Loss | December 31, 2024 | December 31, 2023 | ||||||
Lease costs | Cost of goods sold, Selling, general and administrative | $ | 3,956 | $ | 4,147 | |||
Variable lease costs | Cost of goods sold, Selling, general and administrative | 900 | 1,255 | |||||
Short-term lease costs | Cost of goods sold, Selling, general and administrative | 635 | 624 | |||||
$ | 5,491 | $ | 6,026 | |||||
The maturity of lease liabilities as of December 31, 2024 are as follows:
Years Ending December 31, | Lease Payments | |
2025 | $ | 4,037 |
2026 | 3,288 | |
2027 | 2,516 | |
2028 | 2,543 | |
2029 | 2,459 | |
Thereafter | 1,732 | |
Total future lease payments | 16,575 | |
Less: amount representing interest | (1,817) | |
Present value of future lease payments | 14,758 | |
Less: current lease obligations | (3,470) | |
Long-term lease obligations | $ | 11,288 |
As of December 31, 2024, our leases have a weighted-average remaining lease term of 5.11 years and a weighted-average discount rate of 4.23%.
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About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.