Leases

12 Months Ended

Dec. 31, 2024

Note 6 – Leases

The Company determines if a contract is or contains a lease at inception. The Company leases certain facilities, vehicles and other equipment. The Company’s leases primarily consist of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and primarily include certain index-based changes in rent and certain non-lease components, such as maintenance and other services provided by the lessor.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Finance lease costs:
Amortization of right-of-use assets (included in depreciation expense)	$	—	$	48	$	96
Interest on lease liabilities		12		21		29
Operating lease costs		22,264		19,280		17,485
Short-term lease costs		704		618		307
Variable lease costs		1,924		1,770		1,892
Total lease costs	$	24,904	$	21,737	$	19,809

A summary of cash flow information related to leases follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	22,018	$	17,702	$	17,277
Operating cash flows used for finance leases		12		21		29
Financing cash flows used for finance leases		181		173		165
Right-of-use assets obtained in exchange for new operating lease liabilities		4,921		56,834		11,694

A summary of other information about our leases follows:


	December 31,
(dollars in thousands)	2024			2023
Operating lease right-of-use assets	$	117,995		$	130,830
Finance lease liabilities, current (included in current installments of long-term debt)	$	174		$	181
Finance lease liabilities, noncurrent (included in long-term debt)	$	—		$	174
Operating lease liabilities, current (included in accrued liabilities)	$	17,170		$	15,486
Operating lease liabilities, noncurrent	$	108,997		$	123,385
Weighted average remaining lease term – finance leases	0.9 years			1.9 years
Weighted average remaining lease term – operating leases	8.9 years			9.7 years
Weighted average discount rate – finance leases		4.8	%		4.8	%
Weighted average discount rate – operating leases		4.6	%		4.5	%

A summary of the Company's future annual minimum lease payments as of December 31, 2024 follows (in thousands):


Year ending December 31,	Operating Leases			Finance Leases
2025	$	22,154		$	177
2026		17,819			—
2027		15,923			—
2028		15,001			—
2029		14,558			—
2030 and thereafter		69,122			—
Total minimum lease payments		154,577			177
Less: imputed interest		(28,410	)		(3	)
Total present value of lease liabilities	$	126,167		$	174

As of December 31, 2024, the Company had no significant lease commitments that had not yet commenced.