Leases

9 Months Ended

Sep. 30, 2025

NOTE 11 – Leases

The Company leases certain assets used in its business, including land, buildings, and equipment. These leased assets are used for operational and administrative purposes.

The components of lease expense are set forth in the table below:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Operating lease expense	$	3,602	$	3,615	$	10,835	$	10,778
Finance lease expense:
Amortization of assets		7		7		21		22
Interest on lease liabilities		1		1		3		3
Short-term lease expense		623		564		1,711		1,685
Variable lease expense		1,393		1,374		3,718		3,676
Total lease expense	$	5,626	$	5,561	$	16,288	$	16,164

The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion:


	September 30, 2025			December 31, 2024
Operating leases:
Operating lease ROU assets	$	55,248		$	53,749

Current operating lease liabilities		11,146			10,863
Noncurrent operating lease liabilities		31,362			28,648
Total operating lease liabilities	$	42,508		$	39,511

Finance leases:
Finance lease ROU assets	$	2,765		$	2,708
Accumulated amortization		(2,630	)		(2,606	)
Finance lease ROU assets, net	$	135		$	102

Current finance lease liabilities	$	43		$	40
Non-current finance lease liabilities		91			63
Total finance lease liabilities	$	134		$	103

Weighted average remaining lease term (in years):
Operating leases		7.3			6.6
Finance leases		3.1			3.3

Weighted average discount rate:
Operating leases		4.1	%		4.0	%
Finance leases		3.6	%		3.6	%

The table below sets forth supplemental cash flow and other information related to leases:


	Nine Months Ended
	September 30, 2025		September 30, 2024
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	14,579	$	15,469
Operating cash outflows from finance leases		2		3
Financing cash outflow from finance leases		73		36

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		10,620		3,630

The table below sets forth information about lease liability maturities:


	September 30, 2025
	Operating Leases			Finance Leases
2025	$	5,203		$	12
2026		12,479			47
2027		8,568			44
2028		5,579			36
2029		2,622			3
2030		2,584			-
2031 and thereafter		12,979			-
Total lease payments		50,014			142
Less: imputed interest		(7,506	)		(8	)
Total lease obligations		42,508			134
Less: current obligations		(11,146	)		(43	)
Long-term lease obligations	$	31,362		$	91