Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Leases [Abstract] |
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| Summary of Lease Costs |
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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| Schedule of Impact of Leases on Consolidated Balance Sheets |
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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| Schedule of Supplemental Cash Flow Information Related to Leases |
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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| Schedule of Future Minimum Operating Lease Payments |
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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| Schedule of Weighted Average Remaining Lease Term and Borrowing Rate |
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 |
% |
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