Leases

12 Months Ended

Dec. 31, 2024

NOTE 7 – LEASES

The Company has operating and finance leases for facilities and equipment which have remaining terms ranging from 1 to 14 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in lease cost resulting from changes in these indices was included within variable lease cost.

The Company’s lease cost is recognized on a straight-line basis over the lease term and is primarily included within indirect and selling expenses on the consolidated statements of comprehensive income. Lease cost consisted of the following:


	Year Ended December 31,
	2024		2023			2022
Operating lease cost	$	22,085	$	25,037		$	37,889
Finance lease cost - amortization of right-of-use assets		2,040		2,040			598
Finance lease cost - interest		519		602			179
Short-term lease cost		724		669			509
Variable lease cost		289		222			146
Sublease income		—		(28	)		(92	)
Total lease cost	$	25,657	$	28,542		$	39,229

Future minimum lease payments under non-cancellable operating and finance leases as of December 31, 2024 were as follows:


	Operating			Finance
December 31, 2025	$	26,183		$	3,041
December 31, 2026		23,708			3,041
December 31, 2027		18,335			3,041
December 31, 2028		15,281			2,985
December 31, 2029		13,244			2,965
Thereafter		118,158			—
Total future minimum lease payments		214,909			15,073
Less: Interest		(38,253	)		(1,200	)
Total lease liabilities	$	176,656		$	13,873

Lease liabilities - current	$	20,721		$	2,612
Lease liabilities - non-current		155,935			11,261
Total lease liabilities	$	176,656		$	13,873

Other information related to operating and finance leases is as follows:


	Year Ended December 31,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27,267		$	20,368
Financing cash flows from finance leases	$	2,522		$	2,438
Operating cash flows from finance leases	$	519		$	602
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,730		$	18,590
Property and equipment obtained in exchange for finance lease liabilities		—			338
Weighted-average remaining lease term
Operating leases		11.4			11.6
Finance leases		5.0			6.0
Weighted-average discount rate
Operating leases		3.5	%		3.6	%
Finance leases		3.4	%		3.4	%