Leases

12 Months Ended

Dec. 31, 2024

12.

Leases

The Company has operating and finance leases for facilities, ground leases, office space, computers, copier equipment and transportation vehicles that have remaining lease terms of one year to seventy-six years, some of which include options to extend the lease for up to ten years.

Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands):


	Classification on the Balance Sheet	December 31, 2024		December 31, 2023
Assets
Operating lease assets	Operating Lease Right-of-Use Assets, Net	$	95,327	$	102,204
Finance lease assets	Property and Equipment, Net		514		1,205
Total lease assets		$	95,841	$	103,409

Liabilities
Current
Operating	Operating lease liabilities, current portion	$	25,335	$	24,640
Finance [1]	Current portion of long-term debt		337		731
Noncurrent
Operating	Operating Lease Liabilities		73,638		82,114
Finance [1]	Other Non-Current Liabilities		219		549
Total lease liabilities		$	99,529	$	108,034

[1] Also refer to Note 11 - Debt.

Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands):


	Year Ended December 31, 2024			Year Ended December 31, 2023
Operating lease cost	$	34,359		$	34,262
Finance lease cost:
Amortization of right-of-use assets		691			691
Interest on lease liabilities		35			62
Total finance lease cost		726			753
Short-term lease cost		13,302			10,865
Total lease cost	$	48,387		$	45,880
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	35,085		$	34,933
Operating cash flows for finance leases	$	36		$	65
Financing activities for finance leases	$	728		$	694
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21,324		$	35,233
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	—
Weighted average remaining lease term:
Operating leases	5.5			5.9 years
Finance leases	0.9			1.8 years
Weighted average discount rate:
Operating leases		6.60	%		6.27	%
Finance leases		3.90	%		3.90	%

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2024 (in thousands).


	Operating Leases			Finance Leases
2025	$	33,471		$	337
2026		25,103			219
2027		21,457			—
2028		16,128			—
2029		8,247			—
Thereafter		13,514			—
Total minimum lease payments		117,920			556
Less: amount of lease payment representing interest		(18,947	)		—
Present value of future minimum lease payments		98,973			556
Less: current obligations under leases		(25,335	)		(337	)
Long-term lease obligations	$	73,638		$	219