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Leases (Tables)
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on lease liabilities

 

$

1

 

 

$

3

 

 

$

3

 

 

$

7

 

Operating lease costs

 

 

5,800

 

 

 

5,555

 

 

 

11,857

 

 

 

11,065

 

Short-term lease costs

 

 

143

 

 

 

202

 

 

 

278

 

 

 

428

 

Variable lease costs

 

 

551

 

 

 

490

 

 

 

1,044

 

 

 

963

 

Total lease costs

 

$

6,495

 

 

$

6,250

 

 

$

13,182

 

 

$

12,463

 

Summary of Operating And Finance Lease Supplemental Cash Flow Information

A summary of cash flow information related to leases follows:

 

 

Six Months Ended
June 30,

 

(in thousands)

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows used for operating leases

$

11,407

 

 

$

10,650

 

Operating cash flows used for finance leases

 

3

 

 

 

7

 

Financing cash flows used for finance leases

 

94

 

 

 

90

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

464

 

 

 

3,044

 

Summary of Operating And Finance Lease Supplemental Balance Sheet Information

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

 

 

 

June 30,

 

 

December 31,

 

(dollars in thousands)

 

2025

 

 

2024

 

Operating lease right-of-use assets

 

$

110,771

 

 

$

117,995

 

Finance lease liabilities, current (included in current installments of long-term debt)

 

$

80

 

 

$

174

 

Operating lease liabilities, current (included in accrued liabilities)

 

$

15,952

 

 

$

17,170

 

Operating lease liabilities, noncurrent

 

$

104,896

 

 

$

108,997

 

Weighted average remaining lease term – finance leases

 

0.4 years

 

 

0.9 yrs

 

Weighted average remaining lease term – operating leases

 

8.6 years

 

 

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 June 30, 2025 follows (in thousands):

 

Year ending December 31,

 

Operating
Leases

 

 

Finance
Leases

 

Remaining six months of 2025

 

$

11,346

 

 

$

81

 

2026

 

 

18,444

 

 

 

 

2027

 

 

16,375

 

 

 

 

2028

 

 

15,431

 

 

 

 

2029

 

 

14,975

 

 

 

 

2030 and thereafter

 

 

70,526

 

 

 

 

Total minimum lease payments

 

 

147,097

 

 

 

81

 

Less: imputed interest

 

 

(26,249

)

 

 

(1

)

Total present value of lease liabilities

 

$

120,848

 

 

$

80