The Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under ASC Topic 842, Leases, the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the condensed consolidated statements of operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the condensed consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):


	Balance Sheet Classification	March 31, 2025		December 31, 2024
Operating lease ROU assets	Operating lease assets	$	117,600	$	117,027

Operating lease current liabilities	Operating leases current liabilities	11,872		11,999
Operating lease long-term liabilities	Operating leases long-term liabilities	107,802		106,020
Total operating lease liabilities		$	119,674	$	118,019

Finance lease, gross	Property, plant & equipment, net	$	7,123	$	6,801
Finance lease accumulated depreciation	Property, plant & equipment, net	(4,687)		(4,442)
Finance lease, net		$	2,436	$	2,359

Finance lease current liabilities	Other current liabilities	$	953	$	986
Finance lease long-term liabilities	Other long-term liabilities	1,631		1,483
Total finance lease liabilities		$	2,584	$	2,469

At March 31, 2025, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases			Finance Leases
April 1 - December 31, 2025	$	16,493		$	975
2026	18,730			994
2027	15,699			562
2028	13,997			313
2029	13,121			74
Thereafter	119,172			66
Total lease payments	$	197,212		$	2,984
Less imputed interest	77,538			400
	$	119,674		$	2,584

Weighted average remaining lease term (in years)	13.34			2.96
Weighted average discount rate	7.27		%	7.27		%

Supplemental cash flow information related to leases for the three months ended March 31, 2025 were as follows: operating cash flows from operating leases were $5.3 million.

Supplemental cash flow information related to leases for the three months ended March 31, 2024 were as follows: operating cash flows from operating leases were $3.9 million.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):


	Balance Sheet Classification	March 31, 2025		December 31, 2024
Operating lease ROU assets	Operating lease assets	$	117,600	$	117,027

Operating lease current liabilities	Operating leases current liabilities	11,872		11,999
Operating lease long-term liabilities	Operating leases long-term liabilities	107,802		106,020
Total operating lease liabilities		$	119,674	$	118,019

Finance lease, gross	Property, plant & equipment, net	$	7,123	$	6,801
Finance lease accumulated depreciation	Property, plant & equipment, net	(4,687)		(4,442)
Finance lease, net		$	2,436	$	2,359

Finance lease current liabilities	Other current liabilities	$	953	$	986
Finance lease long-term liabilities	Other long-term liabilities	1,631		1,483
Total finance lease liabilities		$	2,584	$	2,469

At March 31, 2025, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases			Finance Leases
April 1 - December 31, 2025	$	16,493		$	975
2026	18,730			994
2027	15,699			562
2028	13,997			313
2029	13,121			74
Thereafter	119,172			66
Total lease payments	$	197,212		$	2,984
Less imputed interest	77,538			400
	$	119,674		$	2,584

Weighted average remaining lease term (in years)	13.34			2.96
Weighted average discount rate	7.27		%	7.27		%

Supplemental cash flow information related to leases for the three months ended March 31, 2025 were as follows: operating cash flows from operating leases were $5.3 million.

Supplemental cash flow information related to leases for the three months ended March 31, 2024 were as follows: operating cash flows from operating leases were $3.9 million.