v3.25.2
Leases (Notes)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lessee, Finance and Operating Leases Leases
The majority of the Company's lease obligations are non-cancelable operating leases for certain equipment and facilities. The Company's finance leases are for certain equipment as part of the Company's acquisition of Aarts. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term.
Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):
Balance Sheet LocationJune 30, 2025December 31, 2024
Assets
Operating leasesOperating lease right-of-use assets$45,760 $40,480 
Finance leases
Property and equipment, net (a)
2,280 2,110 
Total lease assets$48,040 $42,590 
Liabilities
Current:
Operating leasesLease liabilities, current portion$9,140 $7,580 
Finance leasesLease liabilities, current portion530 460 
Long-term:
Operating leasesLease liabilities39,520 35,520 
Finance leasesLease liabilities1,080 1,160 
Total lease liabilities$50,270 $44,720 
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(a)     Finance leases were recorded net of accumulated depreciation of $0.6 million and $0.4 million as of June 30, 2025 and December 31, 2024, respectively.
The components of lease expense are as follows (dollars in thousands):
Three months ended June 30,Six months ended June 30,
Statement of Income Location2025202420252024
Operating lease costCost of sales and Selling, general and administrative expenses$2,920 $2,560 $5,500 $4,840 
Finance lease cost:
Depreciation of lease assetsCost of sales70 50 130 110 
Interest on lease liabilitiesInterest expense10 20 20 30 
Short-term, variable and other lease costsCost of sales and Selling, general and administrative expenses1,050 1,060 2,140 2,150 
Total lease cost$4,050 $3,690 $7,790 $7,130 
Maturities of lease liabilities are as follows (dollars in thousands):
Year ended December 31,
Operating Leases(a)
Finance Leases(a)
2025 (excluding the six months ended June 30, 2025)$5,390 $280 
202611,090 650 
20279,710 750 
20287,740 — 
20296,330 — 
Thereafter14,100 — 
Total lease payments54,360 1,680 
Less: Imputed interest(5,700)(70)
Present value of lease liabilities$48,660 $1,610 
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(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.
Other information related to the Company's leases are as follows (dollars in thousands):
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,740 $2,320 $5,410 $4,680 
Operating cash flows from finance leases10 20 20 30 
Financing cash flows from finance leases120 120 240 240 
Lease assets obtained in exchange for new lease liabilities:
Operating leases2,010 80 8,670 950 
The weighted-average remaining lease term of the Company's operating leases and finance leases as of June 30, 2025 is 5.9 years and 2.1 years, respectively. The weighted-average discount rate for the operating leases and finance leases as of June 30, 2025 is 4.6% and 2.6%, respectively.