7. Leases (Notes)

3 Months Ended

Mar. 31, 2025

7. Leases

Our lease arrangements include our corporate and administrative offices, warehouses, land for our manufacturing facilities, and certain of our manufacturing equipment. Such leases primarily relate to assets located in the United States, Malaysia, India, and Vietnam.

The following table presents certain quantitative information related to our lease arrangements for the three months ended March 31, 2025 and 2024, and as of March 31, 2025 and December 31, 2024 (in thousands):


							Three Months Ended March 31,
							2025			2024
Finance lease cost:
Amortization of right-of-use assets							$	398		$	116
Interest on lease liabilities							532			230
Operating lease cost							4,115			3,221
Variable lease cost							895			709
Short-term lease cost							274			184
Total lease cost							$	6,214		$	4,460

Cash paid for amounts included in the measurement of:
Operating lease liabilities							$	3,846		$	3,001
Finance lease liabilities							465			46

Lease assets obtained in exchange for operating lease liabilities							$	1,167		$	506


	March 31, 2025						December 31, 2024
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Lease assets	$	110,221		$	28,841		$	114,283		$	29,262
Lease liabilities – current	11,946			1,709			11,799			1,482
Lease liabilities – noncurrent	62,238			29,356			66,211			29,532

Weighted-average remaining lease term	9 years			27 years			9 years			28 years
Weighted-average discount rate	5.5		%	6.6		%	5.5		%	6.6		%

As of March 31, 2025, the future payments associated with our lease liabilities were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2025	$	11,446	$	1,452
2026	14,344		2,785
2027	11,452		2,829
2028	10,880		2,882
2029	9,151		2,960
2030	3,738		3,001
Thereafter	35,254		52,241
Total future payments	96,265		68,150
Less: interest	(22,081)		(37,085)
Total lease liabilities	$	74,184	$	31,065

Lessee, Finance Leases

7. Leases


							Three Months Ended March 31,
							2025			2024
Finance lease cost:
Amortization of right-of-use assets							$	398		$	116
Interest on lease liabilities							532			230
Operating lease cost							4,115			3,221
Variable lease cost							895			709
Short-term lease cost							274			184
Total lease cost							$	6,214		$	4,460

Cash paid for amounts included in the measurement of:
Operating lease liabilities							$	3,846		$	3,001
Finance lease liabilities							465			46

Lease assets obtained in exchange for operating lease liabilities							$	1,167		$	506


	March 31, 2025						December 31, 2024
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Lease assets	$	110,221		$	28,841		$	114,283		$	29,262
Lease liabilities – current	11,946			1,709			11,799			1,482
Lease liabilities – noncurrent	62,238			29,356			66,211			29,532

Weighted-average remaining lease term	9 years			27 years			9 years			28 years
Weighted-average discount rate	5.5		%	6.6		%	5.5		%	6.6		%

As of March 31, 2025, the future payments associated with our lease liabilities were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2025	$	11,446	$	1,452
2026	14,344		2,785
2027	11,452		2,829
2028	10,880		2,882
2029	9,151		2,960
2030	3,738		3,001
Thereafter	35,254		52,241
Total future payments	96,265		68,150
Less: interest	(22,081)		(37,085)
Total lease liabilities	$	74,184	$	31,065