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Lease Obligations
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Obligations Lease Obligations
From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from less than one to nine years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At December 31, 2024 and 2023, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is ongoing and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease.
The following is a summary of the lease-related assets and liabilities recorded:
December 31,
2024		December 31,
2023
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets
Operating lease right-of-use assets$42,648 $35,012 
Finance lease right-of-use assets
Property and equipment, net of accumulated depreciation3,215 2,363 
Total right-of-use lease assets
$45,863 $37,375 
Liabilities
Current
Operating lease obligations
Current portion of operating lease obligations$12,141 $9,237 
Finance lease obligations
Current portion of finance lease obligations1,046 2,039 
Total current obligations
13,187 11,276 
Non-current
Operating lease obligations
Operating lease obligations, net of current maturities30,496 25,775 
Finance lease obligations
Finance lease obligations, net of current maturities1,930 314 
Total non-current obligations
32,426 26,089 
Total lease obligations
$45,613 $37,365 
The following is a summary of the lease terms and discount rates:
December 31,
2024		December 31,
2023
Weighted-average remaining lease term – finance leases3.3 years0.9 years
Weighted-average remaining lease term – operating leases3.7 years4.0 years
Weighted-average discount rate – finance leases3.9 %3.1 %
Weighted-average discount rate – operating leases4.0 %4.0 %
The following is a summary of certain information related to the lease costs for finance and operating leases:
Year ended December 31,
(in thousands)202420232022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$968 $791 $1,138 
Interest on lease liabilities101 83 128 
Operating lease cost15,621 14,302 13,428 
Variable lease costs385 353 415 
Total lease cost$17,075 $15,529 $15,109 
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Year ended December 31,
(in thousands)202420232022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$15,025 $14,519 $13,287 
Right-of-use asset obtained in exchange for new operating lease obligations$19,264 $11,039 $21,663 
Right-of-use asset obtained in exchange for new finance lease obligations$3,226 $— $517 
Information on operating and financing lease right of use assets and corresponding lease obligations acquired with the Powerline Plus Companies is provided in Note 2–Acquisitions to the Financial Statements.
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2024 were as follows:
(in thousands)Finance
Lease
Obligations		Operating Lease
Obligations		Total
Lease
Obligations
2025$1,142 $16,415 $17,557 
2026828 13,218 14,046 
2027829 8,347 9,176 
2028370 6,709 7,079 
2029— 4,062 4,062 
Thereafter— 904 904 
Total minimum lease payments3,169 49,655 52,824 
Financing component(193)(7,018)(7,211)
Net present value of minimum lease payments2,976 42,637 45,613 
Less: current portion of operating lease obligations(1,046)(12,141)(13,187)
Long-term operating lease obligations$1,930 $30,496 $32,426 
The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.
Certain subsidiaries of the Company have operating leases for facilities from third party companies that are owned, in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at market rental rates. Lease expense associated with these leases was $2.5 million, $2.7 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the minimum lease payments required under these leases totaled $10.0 million, which are due over the next 4.7 years.
Lease Obligations Lease Obligations
From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from less than one to nine years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At December 31, 2024 and 2023, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is ongoing and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease.
The following is a summary of the lease-related assets and liabilities recorded:
December 31,
2024		December 31,
2023
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets
Operating lease right-of-use assets$42,648 $35,012 
Finance lease right-of-use assets
Property and equipment, net of accumulated depreciation3,215 2,363 
Total right-of-use lease assets
$45,863 $37,375 
Liabilities
Current
Operating lease obligations
Current portion of operating lease obligations$12,141 $9,237 
Finance lease obligations
Current portion of finance lease obligations1,046 2,039 
Total current obligations
13,187 11,276 
Non-current
Operating lease obligations
Operating lease obligations, net of current maturities30,496 25,775 
Finance lease obligations
Finance lease obligations, net of current maturities1,930 314 
Total non-current obligations
32,426 26,089 
Total lease obligations
$45,613 $37,365 
The following is a summary of the lease terms and discount rates:
December 31,
2024		December 31,
2023
Weighted-average remaining lease term – finance leases3.3 years0.9 years
Weighted-average remaining lease term – operating leases3.7 years4.0 years
Weighted-average discount rate – finance leases3.9 %3.1 %
Weighted-average discount rate – operating leases4.0 %4.0 %
The following is a summary of certain information related to the lease costs for finance and operating leases:
Year ended December 31,
(in thousands)202420232022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$968 $791 $1,138 
Interest on lease liabilities101 83 128 
Operating lease cost15,621 14,302 13,428 
Variable lease costs385 353 415 
Total lease cost$17,075 $15,529 $15,109 
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Year ended December 31,
(in thousands)202420232022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$15,025 $14,519 $13,287 
Right-of-use asset obtained in exchange for new operating lease obligations$19,264 $11,039 $21,663 
Right-of-use asset obtained in exchange for new finance lease obligations$3,226 $— $517 
Information on operating and financing lease right of use assets and corresponding lease obligations acquired with the Powerline Plus Companies is provided in Note 2–Acquisitions to the Financial Statements.
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2024 were as follows:
(in thousands)Finance
Lease
Obligations		Operating Lease
Obligations		Total
Lease
Obligations
2025$1,142 $16,415 $17,557 
2026828 13,218 14,046 
2027829 8,347 9,176 
2028370 6,709 7,079 
2029— 4,062 4,062 
Thereafter— 904 904 
Total minimum lease payments3,169 49,655 52,824 
Financing component(193)(7,018)(7,211)
Net present value of minimum lease payments2,976 42,637 45,613 
Less: current portion of operating lease obligations(1,046)(12,141)(13,187)
Long-term operating lease obligations$1,930 $30,496 $32,426 
The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.
Certain subsidiaries of the Company have operating leases for facilities from third party companies that are owned, in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at market rental rates. Lease expense associated with these leases was $2.5 million, $2.7 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the minimum lease payments required under these leases totaled $10.0 million, which are due over the next 4.7 years.