Leases (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Leases [Abstract] |
|
| Schedule of Finance Lease Liabilities |
Finance lease liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Finance lease liabilities |
$ |
180,669 |
|
|
$ |
191,383 |
|
Less current portion of finance lease liabilities |
|
(24,212 |
) |
|
|
(23,475 |
) |
Finance lease liabilities, long-term |
$ |
156,457 |
|
|
$ |
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 June 30, 2025 is as follows (in thousands):
|
|
|
|
|
|
|
|
Year |
Operating |
|
|
Finance |
|
Remainder of 2025 |
$ |
17,620 |
|
|
$ |
16,617 |
|
2026 |
|
33,516 |
|
|
|
33,235 |
|
2027 |
|
33,514 |
|
|
|
33,235 |
|
2028 |
|
33,878 |
|
|
|
27,584 |
|
2029 |
|
33,778 |
|
|
|
27,571 |
|
Thereafter |
|
75,606 |
|
|
|
85,581 |
|
Total lease payments |
$ |
227,912 |
|
|
$ |
223,823 |
|
Less: imputed interest |
|
(55,597 |
) |
|
|
(43,154 |
) |
Carrying value of lease liabilities |
|
172,315 |
|
|
|
180,669 |
|
Less: current portion |
|
(23,217 |
) |
|
|
(24,212 |
) |
Carrying value of long-term lease liabilities |
$ |
149,098 |
|
|
$ |
156,457 |
|
|
| Schedule of Total Lease Cost |
The Company’s total lease costs for the three and six months ended June 30, 2025 and 2024 recognized in the consolidated statements of income consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Amortization of finance lease right-of-use assets |
$ |
653 |
|
|
$ |
653 |
|
|
$ |
1,305 |
|
|
$ |
1,305 |
|
Interest on finance lease liabilities |
|
2,877 |
|
|
|
3,204 |
|
|
|
5,838 |
|
|
|
6,486 |
|
Operating lease expense |
|
4,954 |
|
|
|
441 |
|
|
|
5,435 |
|
|
|
890 |
|
Short-term lease expense |
|
93 |
|
|
|
281 |
|
|
|
250 |
|
|
|
534 |
|
Total lease costs |
$ |
8,577 |
|
|
$ |
4,579 |
|
|
$ |
12,828 |
|
|
$ |
9,215 |
|
|
| Schedule of Other Information Related to Leases |
Other information related to leases for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Operating cash flows for finance leases |
$ |
2,877 |
|
|
$ |
3,204 |
|
|
$ |
5,838 |
|
|
$ |
6,486 |
|
Financing cash flows for finance leases |
|
5,405 |
|
|
|
5,079 |
|
|
|
10,714 |
|
|
|
10,080 |
|
Operating cash flows for operating leases |
|
4,802 |
|
|
|
585 |
|
|
|
5,276 |
|
|
|
1,105 |
|
|