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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of Lease Expense

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

 

Summary of Operating And Finance Lease Supplemental Cash Flow Information

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

 

Summary of Operating And Finance Lease Supplemental Balance Sheet Information

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

%

Future Annual Minimum Operating Lease Payments and Finance Lease Commitments

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