Leasing Activities (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Leases [Abstract] |
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| Summary of Weighted Average Remaining Lease Term and Discount Rate |
The following summarizes the weighted average remaining lease term and discount rate as of December 31, 2024 and 2023:
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Weighted Average Remaining Lease Term |
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Operating leases |
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12.5 years |
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14.1 years |
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Finance leases |
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9.1 years |
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9.1 years |
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Weighted Average Discount Rate |
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Operating leases |
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7.46 |
% |
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7.01 |
% |
Finance leases |
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7.11 |
% |
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7.49 |
% |
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| Schedule of Maturities of Operating and Finance Leases Liabilities |
The maturities of lease liabilities as of December 31, 2024 were as follows:
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Year Ending December 31: |
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2025 |
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$ |
17,102 |
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$ |
7,711 |
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2026 |
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19,225 |
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6,501 |
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2027 |
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18,356 |
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6,666 |
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2028 |
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16,918 |
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5,823 |
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2029 |
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14,864 |
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5,414 |
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Thereafter |
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125,470 |
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26,992 |
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Total lease payments |
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211,935 |
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59,107 |
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Less: interest |
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(78,334 |
) |
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(16,260 |
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Present value of lease liabilities |
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$ |
133,601 |
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$ |
42,847 |
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| Schedule of Components of Lease Expense |
The following summarizes the line items in the income statements which include the components of lease expense for the years ended December 31, 2024 and 2023:
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Operating lease expense |
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$ |
27,729 |
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$ |
28,860 |
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Included in |
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Cost of sales |
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15,727 |
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16,794 |
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Selling, general and administrative expenses |
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12,002 |
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12,066 |
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Finance lease costs: |
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12,042 |
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14,015 |
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Amortization of lease assets included in cost of sales |
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5,842 |
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7,146 |
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Amortization of lease assets included in selling, general and administrative costs |
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2,730 |
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2,691 |
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Interest on lease liabilities included in interest (expense) income, net |
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3,470 |
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4,178 |
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Total lease costs |
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$ |
39,771 |
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$ |
42,875 |
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| Schedule of Cash Flow Information Related to Leases |
The following summarizes cash flow information related to leases for the year ended December 31, 2024 and 2023:
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
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$ |
25,595 |
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$ |
26,547 |
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Operating cash flows from finance leases |
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3,464 |
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4,177 |
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Financing cash flows from finance leases |
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6,904 |
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6,788 |
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Lease assets obtained in exchange for lease obligations: |
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Operating leases |
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9,256 |
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5,114 |
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Finance leases |
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7 |
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991 |
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Lease assets obtained in business acquisitions |
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Operating leases |
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$ |
— |
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$ |
— |
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