| Leases |
NOTE 11 – Leases The Company leases certain assets used in its business, including land, buildings, and equipment. These leased assets are used for operational and administrative purposes. The components of lease expense are set forth in the table below:
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Three Months Ended |
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March 31, |
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2025 |
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2024 |
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Operating lease expense |
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$ |
|
3,522 |
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$ |
|
3,533 |
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Finance lease expense: |
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Amortization of assets |
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7 |
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8 |
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Interest on lease liabilities |
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1 |
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1 |
|
Short-term lease expense |
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542 |
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|
551 |
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Variable lease expense |
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1,152 |
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|
1,245 |
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Total lease expense |
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$ |
|
5,224 |
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$ |
|
5,338 |
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The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion:
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March 31, 2025 |
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December 31, 2024 |
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Operating leases: |
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Operating lease ROU assets |
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$ |
52,768 |
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$ |
53,749 |
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Current operating lease liabilities |
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11,203 |
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10,863 |
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Noncurrent operating lease liabilities |
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27,618 |
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|
28,648 |
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Total operating lease liabilities |
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$ |
38,821 |
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$ |
39,511 |
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Finance leases: |
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Finance lease ROU assets |
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$ |
2,695 |
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$ |
2,708 |
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Accumulated amortization |
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(2,603 |
) |
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(2,606 |
) |
Finance lease ROU assets, net |
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$ |
92 |
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$ |
102 |
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Current finance lease liabilities |
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$ |
33 |
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$ |
40 |
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Non-current finance lease liabilities |
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59 |
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|
63 |
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Total finance lease liabilities |
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$ |
92 |
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$ |
103 |
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Weighted average remaining lease term (in years): |
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Operating leases |
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6.6 |
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6.6 |
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Finance leases |
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3.3 |
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3.3 |
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Weighted average discount rate: |
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Operating leases |
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4.0 |
% |
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4.0 |
% |
Finance leases |
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3.6 |
% |
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3.6 |
% |
The table below sets forth supplemental cash flow and other information related to leases:
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Three Months Ended |
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March 31, 2025 |
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March 31, 2024 |
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Cash paid for the amounts included in the measurements of lease liabilities: |
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Operating cash outflows from operating leases |
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$ |
4,968 |
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$ |
5,241 |
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Operating cash outflows from finance leases |
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1 |
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1 |
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Financing cash outflow from finance leases |
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10 |
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14 |
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ROU assets obtained in exchange for lease liabilities incurred: |
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Operating leases |
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1,695 |
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|
3,613 |
|
The table below sets forth information about lease liability maturities:
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March 31, 2025 |
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Operating Leases |
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Finance Leases |
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2025 |
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$ |
|
11,368 |
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$ |
|
30 |
|
2026 |
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10,954 |
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24 |
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2027 |
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7,311 |
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22 |
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2028 |
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4,406 |
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20 |
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2029 |
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|
1,480 |
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2 |
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2030 |
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1,459 |
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- |
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2031 and thereafter |
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8,461 |
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- |
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Total lease payments |
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45,439 |
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|
98 |
|
Less: imputed interest |
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(6,618 |
) |
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|
(6 |
) |
Total lease obligations |
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38,821 |
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|
92 |
|
Less: current obligations |
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(11,203 |
) |
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(33 |
) |
Long-term lease obligations |
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$ |
|
27,618 |
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$ |
|
59 |
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|