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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows (in thousands):
December 31, 2024December 31, 2023
Finance lease right-of-use assets, net(1)
$56,702 $67,014 
Finance lease liabilities
Current13,208 11,463 
Noncurrent6,217 8,756 
Total finance lease liabilities$19,425 $20,219 
Weighted average remaining lease term - finance leases (in months)17.920.8
Weighted average discount rate - finance leases(2)
7.25 %7.02 %
(1) Finance lease right-of-use assets, recorded net of accumulated amortization of $50.3 million and $38.5 million, are included in property, plant and equipment, net in the Balance Sheets as of December 31, 2024 and December 31, 2023, respectively. See Note 5 for additional disclosure.
(2) When an implicit discount rate is not readily available in a lease, the Company uses its incremental borrowing rate based on information available at the commencement date when determining the present value of lease payments.
Components of Lease Expense The components of lease expense were as follows (in thousands):
For the year ended December 31,
20242023
Operating lease cost(1):
$34,877 $29,675 
Finance lease cost:
Amortization of leased assets22,184 21,720 
Interest on lease liabilities4,613 1,935 
Net lease cost$61,674 $53,330 
(1) Includes leases that are for periods of 12 months or less.
Maturities of Lease Liabilities
Maturities of lease liabilities are as follows (in thousands):
Finance Leases(1)
2025$15,928 
20262,989 
20271,667 
Thereafter— 
Total20,584 
Less: amount representing interest(1,159)
Present value of lease liabilities$19,425 
(1) Finance lease payments include $2.7 million of future payments required under signed lease agreements that have not yet commenced. These finance leases will commence during fiscal year 2025 with lease terms between one to two years.
Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases was as follows (in thousands):
For the year ended December 31,
20242023
Cash paid (received) for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$4,613 $1,935 
Financing cash outflows from finance leases$17,414 $32,330 
Financing cash inflows from finance leases$(4,503)$— 
Non-cash right-of-use assets obtained in exchange for lease obligations:
Finance leases$12,147 $11,312