v3.25.1
Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Finance Lease Liabilities

Finance lease liabilities as of March 31, 2025 and December 31, 2024 consisted of the following (in thousands):

 

March 31, 2025

 

 

December 31, 2024

 

Finance lease liabilities

$

186,074

 

 

$

191,383

 

Less current portion of finance lease liabilities

 

(23,841

)

 

 

(23,475

)

Finance lease liabilities, long-term

$

162,233

 

 

$

167,908

 

Schedule of Maturities of Operating and Finance Lease Liabilities

A maturity analysis of the Company’s operating and finance lease liabilities (excluding short-term leases) at March 31, 2025 is as follows (in thousands):

Year

Operating

 

 

Finance

 

Remainder of 2025

$

1,319

 

 

$

24,926

 

2026

 

1,512

 

 

 

33,235

 

2027

 

1,116

 

 

 

33,235

 

2028

 

982

 

 

 

27,584

 

2029

 

544

 

 

 

27,571

 

Thereafter

 

16

 

 

 

85,581

 

Total lease payments

$

5,489

 

 

$

232,132

 

Less: imputed interest

 

(583

)

 

 

(46,058

)

Carrying value of lease liabilities

 

4,906

 

 

 

186,074

 

Less: current portion

 

(1,481

)

 

 

(23,841

)

Carrying value of long-term lease liabilities

$

3,425

 

 

$

162,233

 

Schedule of Total Lease Cost

The Company’s total lease costs for the three months ended March 31, 2025 and 2024 recognized in the consolidated statements of income consisted of the following (in thousands):

 

For the three months ended March 31,

 

 

2025

 

 

2024

 

Amortization of finance lease right-of-use assets

$

652

 

 

$

652

 

Interest on finance lease liabilities

 

2,961

 

 

 

3,282

 

Operating lease expense

 

481

 

 

 

449

 

Short-term lease expense

 

157

 

 

 

253

 

Total lease costs

$

4,251

 

 

$

4,636

 

Schedule of Other Information Related to Leases

Other information related to leases for the three months ended March 31, 2025 and 2024 are as follows (in thousands):

 

For the three months ended March 31,

 

 

2025

 

 

2024

 

Operating cash flows for finance leases

$

2,961

 

 

$

3,282

 

Financing cash flows for finance leases

 

5,309

 

 

 

5,001

 

Operating cash flows for operating leases

 

474

 

 

 

520