| Leases |
NOTE 9: LEASES Lease costs consist of the following:
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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Finance lease expense |
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Amortization |
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$ |
347 |
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$ |
254 |
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$ |
691 |
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$ |
598 |
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Interest expense |
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143 |
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237 |
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367 |
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496 |
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Operating lease expense |
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10,687 |
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8,746 |
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21,620 |
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16,431 |
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Short-term lease expense |
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476 |
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366 |
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925 |
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818 |
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$ |
11,653 |
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$ |
9,603 |
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$ |
23,603 |
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$ |
18,343 |
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The impact of leases on the Consolidated Balance Sheets consists of the following:
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Classification on the |
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Consolidated Balance Sheets |
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June 30, 2026 |
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December 31, 2025 |
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(in thousands) |
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Assets |
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Finance lease assets |
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Property, plant and equipment, net |
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$ |
18,178 |
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$ |
18,869 |
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Operating lease assets |
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Operating lease right of use asset, net |
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224,421 |
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222,151 |
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Total lease assets |
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$ |
242,599 |
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$ |
241,020 |
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Current liabilities |
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Finance lease liabilities |
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Current portion of long-term debt |
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$ |
822 |
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$ |
777 |
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Operating lease liabilities |
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Operating lease liabilities |
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25,834 |
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22,308 |
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Non-current liabilities |
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Finance lease liabilities |
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Long-term debt |
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16,929 |
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17,748 |
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Operating lease liabilities |
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Long-term operating lease liabilities |
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212,041 |
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212,365 |
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Total lease liabilities |
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$ |
255,626 |
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$ |
253,198 |
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Supplemental cash flow information related to leases consisted of the following:
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Six months ended June 30, |
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2026 |
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2025 |
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(in thousands) |
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Cash paid for amounts included in measurement of liabilities: |
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Operating cash flows from operating leases |
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$ |
21,265 |
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$ |
15,849 |
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Operating cash flows from finance leases |
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367 |
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496 |
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Financing cash flows from finance leases |
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356 |
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421 |
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Right of use assets obtained in exchange for lease liabilities: |
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Operating lease right of use asset |
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16,815 |
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58,070 |
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Future minimum operating lease payments consist of the following for the twelve months ending December 31:
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Operating
Leases |
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(in thousands) |
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2026 (excluding the six months ended June 30, 2026) |
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$ |
19,995 |
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2027 |
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39,340 |
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2028 |
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36,156 |
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2029 |
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30,871 |
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2030 |
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26,095 |
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Thereafter |
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219,355 |
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Total future minimum payments |
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371,812 |
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Less imputed interest |
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133,937 |
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Present value of minimum payments |
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$ |
237,875 |
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Weighted average remaining lease term and borrowing rate consisted of the following:
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June 30, 2026 |
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December 31, 2025 |
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Operating
Leases |
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Finance
Leases |
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Operating
Leases |
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Finance
Leases |
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Weighted average remaining lease term (in years) |
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15.0 |
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18.6 |
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15.6 |
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19.2 |
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Weighted average borrowing rate |
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6.3 |
% |
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4.7 |
% |
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6.3 |
% |
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4.7 |
% |
Lessor Arrangements The net carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of June 30, 2026 and December 31, 2025 was approximately $62.8 million and $53.3 million, respectively.
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