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Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Components of Lease Expense

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

 

Summary of Operating And Finance Lease Supplemental Cash Flow Information

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

 

Summary of Operating And Finance Lease Supplemental Balance Sheet Information

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

%

Future Annual Minimum Operating Lease Payments and Finance Lease Commitments

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