Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

NOTE 8 – LEASES

As Lessee

The components of lease expense are as follows:

	December 31,
(Dollars in thousands)	2024		2023		2022
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	41	$	25	$	38
Interest on lease liabilities		5		1		2
Operating lease cost		29,314		32,877		33,422
Variable lease cost		2,809		1,501		619
Total lease cost	$	32,169	$	34,404	$	34,081

Supplemental cash flow information related to leases is as follows:

	December 31,
(Dollars in thousands)	2024		2023
Cash flows relating to lease cost
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	44	$	31
Operating cash flows for operating leases		25,531		33,611
Right-of-use assets obtained in exchange for new operating lease liabilities	$	9,066	$	3,094

Supplemental balance sheet information related to leases is as follows:

	December 31,
(Dollars in thousands)	2024		2023
Operating leases
Operating lease right-of-use assets	$	160,873	$	181,542
Operating lease liabilities - current portion		20,747		23,047
Operating lease liabilities - non-current portion		161,702		180,898
Total operating lease liabilities	$	182,449	$	203,945
Finance leases				—
Property plant and equipment, gross	$	217	$	232
Accumulated depreciation		(175)		(177)
Property plant and equipment, net	$	42	$	55
Other current liabilities		43		40
Other long-term liabilities		—		43
Total finance lease liabilities	$	43	$	83
Other information
Weighted-average remaining lease term - finance leases		1		2
Weighted-average remaining lease term - operating leases		11		11
Weighted-average discount rate - finance leases		7.07%		7.07%
Weighted-average discount rate - operating leases		4.86%		4.62%

The Maturities of our leases were as follows:

(Dollars in thousands)	Operating ‎leases		Finance ‎leases
2025	$	29,167	$	45
2026		26,876		—
2027		25,103		—
2028		22,807		—
2029		21,475		—
Thereafter		110,377		—
Total lease payments	$	235,805	$	45
Less imputed interest		(53,356)		(2)
Total	$	182,449	$	43

As of December 31, 2024, we have no commitments for leases that are yet to commence.

As Lessor

Lease income relating to operating lease payments was as follows:

	December 31,
(Dollars in thousands)	2024		2023
Components of lease income
Lease payments	$	10,919	$	11,096
Variable lease payments		742		783
Total lease income	$	11,661	$	11,879

The book value of underlying assets under operating leases from owned assets was as follows:

	December 31,		December 31,
(Dollars in thousands)	2024		2023
Building and improvements
Gross balance	$	113,424	$	127,222
Accumulated depreciation		(21,692)		(23,270)
Net Book Value	$	91,732	$	103,952

The Maturity of our leases were as follows:

(Dollars in thousands)	Operating ‎leases
2025	$	9,823
2026		10,312
2027		9,826
2028		9,747
2029		9,133
Thereafter		33,484
Total	$	82,325