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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases

NOTE 10. LEASES

We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease.

The following table presents supplemental balance sheet information related to lease assets and liabilities:

 

(in thousands)

Classification

 

September 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

 

Operating lease assets

Other long-term assets

 

$

8,982

 

 

$

10,167

 

Finance lease assets1

Property, plant and equipment, net

 

 

14,880

 

 

 

12,266

 

Total lease assets

 

 

$

23,862

 

 

$

22,433

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

Operating lease liabilities

Accounts payable and accrued liabilities

 

$

3,263

 

 

$

3,027

 

Finance lease liabilities

Accounts payable and accrued liabilities

 

 

6,085

 

 

 

5,257

 

Noncurrent:

 

 

 

 

 

 

 

Operating lease liabilities

Other long-term obligations

 

 

5,499

 

 

 

7,030

 

Finance lease liabilities

Other long-term obligations

 

 

8,650

 

 

 

6,959

 

Total lease liabilities

 

 

$

23,497

 

 

$

22,273

 

 

1.
Finance lease assets are presented net of accumulated amortization of $12.4 million and $12.6 million at September 30, 2025 and December 31, 2024, respectively.

The following table presents the components of lease expense:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease costs1

 

$

921

 

 

$

893

 

 

$

2,737

 

 

$

2,593

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

1,635

 

 

 

1,441

 

 

 

4,501

 

 

 

4,061

 

Interest expense

 

 

188

 

 

 

152

 

 

 

503

 

 

 

431

 

Net lease costs

 

$

2,744

 

 

$

2,486

 

 

$

7,741

 

 

$

7,085

 

 

1.
Excludes short-term leases and variable lease costs, which are immaterial.

The following table presents supplemental cash flow information related to leases:

 

 

 

 

Nine Months Ended September 30,

 

(in thousands)

 

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

2,860

 

 

$

2,757

 

Operating cash flows for finance leases

 

$

503

 

 

$

431

 

Financing cash flows for finance leases

 

$

4,594

 

 

$

4,142

 

Leased assets exchanged for new lease liabilities:

 

 

 

 

 

 

Operating leases

 

$

1,168

 

 

$

2,989

 

Finance leases

 

$

7,116

 

 

$

5,215