Leases

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
(in thousands)	2025		2024
Finance lease costs:
Interest on lease liabilities	$	2	$	4
Operating lease costs		6,057		5,510
Short-term lease costs		135		226
Variable lease costs		493		473
Total lease costs	$	6,687	$	6,213

A summary of cash flow information related to leases follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	5,781	$	5,199
Operating cash flows used for finance leases		2		4
Financing cash flows used for finance leases		47		45
Right-of-use assets obtained in exchange for new operating lease liabilities		255		2,059

A summary of other information about the Company's leases follows:


	March 31,			December 31,
(dollars in thousands)	2025			2024
Operating lease right-of-use assets	$	114,141		$	117,995
Finance lease liabilities, current (included in current installments of long-term debt)	$	127		$	174
Operating lease liabilities, current (included in accrued liabilities)	$	16,517		$	17,170
Operating lease liabilities, noncurrent	$	106,438		$	108,997
Weighted average remaining lease term – finance leases	0.7 yrs			0.9 yrs
Weighted average remaining lease term – operating leases	8.7 yrs			8.9 yrs
Weighted average discount rate – finance leases		4.8	%		4.8	%
Weighted average discount rate – operating leases		4.6	%		4.6	%

A summary of the Company's future annual minimum lease payments as of March 31, 2025 follows (in thousands):


Year ending December 31,	Operating Leases			Finance Leases
Remaining three months of 2025	$	16,658		$	129
2026		17,998			—
2027		16,079			—
2028		15,145			—
2029		14,694			—
2030 and thereafter		69,576			—
Total minimum lease payments		150,150			129
Less: imputed interest		(27,195	)		(2	)
Total present value of lease liabilities	$	122,955		$	127