Leases

3 Months Ended

Mar. 31, 2025

NOTE 9: LEASES

Lease costs consist of the following:

The impact of leasing on the Consolidated Balance Sheets consists of the following:


	Classification on the
	Consolidated Balance Sheets	March 31, 2025		December 31, 2024
		(in thousands)
Assets
Finance lease assets	Property, plant and equipment, net	$	19,919	$	20,262
Operating lease assets	Operating lease right of use asset, net		168,918		172,206
Total lease assets		$	188,837	$	192,468
Current liabilities
Finance lease liabilities	Current portion of long-term debt	$	833	$	835
Operating lease liabilities	Operating lease liabilities		17,003		17,663
Non-current liabilities
Finance lease liabilities	Long-term debt		17,467		17,540
Operating lease liabilities	Long-term operating lease liabilities		161,790		164,224
Total lease liabilities		$	197,093	$	200,262

Supplemental cash flow information related to leases consisted of the following:


	Three Months Ended March 31,
	2025		2024
	(in thousands)
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	7,487	$	6,970
Operating cash flows from finance leases		259		233
Financing cash flows from finance leases		225		207
Right of use assets obtained in exchange for lease liabilities:
Operating lease right of use asset		1,430		764
Finance lease asset		—		111

Future minimum operating lease payments consist of the following for the twelve months ending December 31:


	Operating Leases
	(in thousands)
2025 (excluding the three months ended March 31, 2025)	$	21,111
2026		24,215
2027		22,680
2028		22,214
2029		19,636
Thereafter		171,040
Total future minimum payments		280,896
Less imputed interest		102,103
Present value of minimum payments	$	178,793

Weighted average remaining lease term and borrowing rate consisted of the following:


	March 31, 2025						December 31, 2024
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Weighted average remaining lease term (in years)		16.0			19.3			16.0			19.5
Weighted average borrowing rate		6.2	%		4.7	%		6.2	%		4.7	%