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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
We lease office facilities, transportation, and other equipment for use in our operations. Most of our leases are non-cancelable operating lease agreements with remaining terms of one to 10 years. Some of these leases include options to extend for up to six years. We have no finance leases as of March 31, 2025. Right-of-use lease assets and lease liabilities for our operating leases are recorded in the condensed consolidated balance sheets.
The components of operating lease expense were as follows:
Lease CostsThree Months Ended March 31,
20252024
Operating lease cost$2,344 $2,165 
Short-term lease cost564 551 
Variable lease cost248 238 
Net lease cost$3,156 $2,954 
Supplemental information related to leases is as follows:
Other InformationThree Months Ended March 31,
20252024
Cash flows:
Cash paid amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$3,131 $3,185 
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$3,795 $1,389 
Lease term and discount rate:
Weighted average remaining lease term (years)5.86.6
Weighted average discount rate3.16 %1.67 %
Rental income from third parties
We own office buildings in Bangor, Falmouth, Yarmouth and Orono, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; Moraine, Ohio; and Kingston Springs, Tennessee. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2025 and 2032, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset.
Rental income from third-party tenants for the three months ended March 31, 2025 and 2024, totaled $806,000 and $761,000, respectively. Rental income is included in hardware and other revenue on the condensed consolidated statements of income. As of March 31, 2025, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31,Amount
2025 (Remaining)$1,676 
20262,124 
20271,850 
20281,590 
2029903 
Thereafter2,569 
Total $10,712 
Leases Leases
We lease office facilities, transportation, and other equipment for use in our operations. Most of our leases are non-cancelable operating lease agreements with remaining terms of one to 10 years. Some of these leases include options to extend for up to six years. We have no finance leases as of March 31, 2025. Right-of-use lease assets and lease liabilities for our operating leases are recorded in the condensed consolidated balance sheets.
The components of operating lease expense were as follows:
Lease CostsThree Months Ended March 31,
20252024
Operating lease cost$2,344 $2,165 
Short-term lease cost564 551 
Variable lease cost248 238 
Net lease cost$3,156 $2,954 
Supplemental information related to leases is as follows:
Other InformationThree Months Ended March 31,
20252024
Cash flows:
Cash paid amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$3,131 $3,185 
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$3,795 $1,389 
Lease term and discount rate:
Weighted average remaining lease term (years)5.86.6
Weighted average discount rate3.16 %1.67 %
Rental income from third parties
We own office buildings in Bangor, Falmouth, Yarmouth and Orono, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; Moraine, Ohio; and Kingston Springs, Tennessee. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2025 and 2032, and some have options to extend the lease for up to 10 years. We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset.
Rental income from third-party tenants for the three months ended March 31, 2025 and 2024, totaled $806,000 and $761,000, respectively. Rental income is included in hardware and other revenue on the condensed consolidated statements of income. As of March 31, 2025, future minimum operating rental income based on contractual agreements is as follows:
Year ending December 31,Amount
2025 (Remaining)$1,676 
20262,124 
20271,850 
20281,590 
2029903 
Thereafter2,569 
Total $10,712