Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	December 31, 2024		December 31, 2023
Weighted average remaining lease term:
Operating leases	6.4 years		6.7 years
Financing leases	2.9 years		3.5 years
Weighted average discount rate:
Operating leases	4.1	%	3.8	%
Financing leases	5.2	%	5.2	%

Following is a summary of the Company’s leases within the consolidated statements of operations:

	Fiscal Year
(in thousands)	2024		2023		2022
Operating lease costs	$	29,616	$	32,959	$	30,484
Short-term and variable leases	12,816		15,995		15,065
Depreciation expense from financing leases	1,647		1,646		2,315
Interest expense on financing lease obligations	321		447		884
Total lease cost	$	44,400	$	51,047	$	48,748

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2024:

(in thousands)	Operating Leases		Financing Leases
2025	$	26,799	$	2,869
2026	24,578		1,233
2027	21,101		338
2028	16,427		345
2029	15,046		352
Thereafter	27,482		268
Total minimum lease payments including interest	$	131,433	$	5,405
Less:  Amounts representing interest	15,814		374
Present value of minimum lease principal payments	115,619		5,031
Less:  Current portion of lease liabilities - operating and financing leases	23,257		2,685
Noncurrent portion of lease liabilities - operating and financing leases	$	92,362	$	2,346

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023:

(in thousands)	Operating Leases		Financing Leases
2024	$	29,932	$	2,808
2025	24,329		2,869
2026	21,115		1,233
2027	18,614		338
2028	13,890		345
Thereafter	39,022		620
Total minimum lease payments including interest	$	146,902	$	8,213
Less:  Amounts representing interest	18,437		694
Present value of minimum lease principal payments	128,465		7,519
Less:  Current portion of lease liabilities - operating and financing leases	26,194		2,487
Noncurrent portion of lease liabilities - operating and financing leases	$	102,271	$	5,032

Following is a summary of the Company’s leases within the consolidated statements of cash flows:

	Fiscal Year
(in thousands)	2024		2023		2022
Cash flows from operating activities impact:
Operating leases	$	32,102	$	33,013	$	28,891
Interest payments on financing lease obligations	321		447		884
Total cash flows from operating activities impact	$	32,423	$	33,460	$	29,775
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	2,488	$	2,303	$	2,988
Total cash flows from financing activities impact	$	2,488	$	2,303	$	2,988

Leases

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	December 31, 2024		December 31, 2023
Weighted average remaining lease term:
Operating leases	6.4 years		6.7 years
Financing leases	2.9 years		3.5 years
Weighted average discount rate:
Operating leases	4.1	%	3.8	%
Financing leases	5.2	%	5.2	%

Following is a summary of the Company’s leases within the consolidated statements of operations:

	Fiscal Year
(in thousands)	2024		2023		2022
Operating lease costs	$	29,616	$	32,959	$	30,484
Short-term and variable leases	12,816		15,995		15,065
Depreciation expense from financing leases	1,647		1,646		2,315
Interest expense on financing lease obligations	321		447		884
Total lease cost	$	44,400	$	51,047	$	48,748

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2024:

(in thousands)	Operating Leases		Financing Leases
2025	$	26,799	$	2,869
2026	24,578		1,233
2027	21,101		338
2028	16,427		345
2029	15,046		352
Thereafter	27,482		268
Total minimum lease payments including interest	$	131,433	$	5,405
Less:  Amounts representing interest	15,814		374
Present value of minimum lease principal payments	115,619		5,031
Less:  Current portion of lease liabilities - operating and financing leases	23,257		2,685
Noncurrent portion of lease liabilities - operating and financing leases	$	92,362	$	2,346

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023:

(in thousands)	Operating Leases		Financing Leases
2024	$	29,932	$	2,808
2025	24,329		2,869
2026	21,115		1,233
2027	18,614		338
2028	13,890		345
Thereafter	39,022		620
Total minimum lease payments including interest	$	146,902	$	8,213
Less:  Amounts representing interest	18,437		694
Present value of minimum lease principal payments	128,465		7,519
Less:  Current portion of lease liabilities - operating and financing leases	26,194		2,487
Noncurrent portion of lease liabilities - operating and financing leases	$	102,271	$	5,032

Following is a summary of the Company’s leases within the consolidated statements of cash flows:

	Fiscal Year
(in thousands)	2024		2023		2022
Cash flows from operating activities impact:
Operating leases	$	32,102	$	33,013	$	28,891
Interest payments on financing lease obligations	321		447		884
Total cash flows from operating activities impact	$	32,423	$	33,460	$	29,775
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	2,488	$	2,303	$	2,988
Total cash flows from financing activities impact	$	2,488	$	2,303	$	2,988