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Note 9 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Lease, Disclosure [Text Block] |
9. | LEASES:
The following table summarizes the Company’s leases recorded on the Consolidated Balance Sheets (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Right-of-use assets: |  |  |  |  |  |  |  |
Finance leases, net, included in Property and equipment (1) |  | $ | 6,497 |  |  | $ | 7,092 |
Operating leases |  |  | 87,747 |  |  |  | 88,155 |
Total right-of-use assets |  | $ | 94,244 |  |  | $ | 95,247 |
Lease liabilities: |  |  |  |  |  |  |  |
Finance leases |  | $ | 6,824 |  |  | $ | 7,481 |
Operating leases |  |  | 90,731 |  |  |  | 90,216 |
Total lease liabilities |  | $ | 97,555 |  |  | $ | 97,697 |
| (1) | Finance lease right-of-use assets are presented net of accumulated amortization of $2.3 million and $1.4 million as of December 31, 2024 and 2023, respectively.
Lease cost consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,356 |  |  | $ | 795 |  |  | $ | 577 |
Interest on lease liabilities |  |  | 488 |  |  |  | 266 |  |  |  | 148 |
Operating lease cost |  |  | 7,882 |  |  |  | 7,765 |  |  |  | 7,770 |
Short-term lease cost |  |  | 1,481 |  |  |  | 1,402 |  |  |  | 1,000 |
Variable lease cost |  |  | 494 |  |  |  | 313 |  |  |  | 251 |
Total lease cost |  | $ | 11,701 |  |  | $ | 10,541 |  |  | $ | 9,746 |
The future payments of lease liabilities as of December 31, 2024 are as follows (in thousands):
|  | Finance Leases |  |  | Operating Leases |
2025 |  | $ | 2,171 |  |  | $ | 7,250 |
2026 |  |  | 2,092 |  |  |  | 6,924 |
2027 |  |  | 1,859 |  |  |  | 6,524 |
2028 |  |  | 1,392 |  |  |  | 6,655 |
2029 |  |  | 320 |  |  |  | 6,440 |
Thereafter |  |  | - |  |  |  | 80,565 |
Total lease payments |  |  | 7,834 |  |  |  | 114,358 |
Amount representing interest |  |  | (1,010 | ) |  |  | (23,627 | )
Present value of lease liabilities |  |  | 6,824 |  |  |  | 90,731 |
Current portion of lease liabilities (1) |  |  | (1,741 | ) |  |  | (4,987 | )
Long-term lease liabilities (2) |  | $ | 5,083 |  |  | $ | 85,744 |
| (1) | Current portion of finance lease liabilities are included in Accrued liabilities.
| (2) | Long-term finance lease liabilities, less current portion are included in Other long-term liabilities.
The following table summarizes the lease terms and discount rates for the lease liabilities:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Finance leases |  |  | 3.39 |  |  |  | 3.90 |
Operating leases |  |  | 16.51 |  |  |  | 16.73 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Finance leases |  |  | 7.06 | % |  |  | 6.93 | %
Operating leases |  |  | 2.54 | % |  |  | 2.17 | %
The following table presents other information related to the operating and finance leases (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | (488 | ) |  | $ | (266 | ) |  | $ | (148 | )
Operating cash flows from operating leases |  |  | (7,121 | ) |  |  | (6,930 | ) |  |  | (6,818 | )
Financing cash flows from finance leases |  |  | (1,419 | ) |  |  | (826 | ) |  |  | (597 | )
Right-of-use assets obtained in exchange for finance lease liabilities |  |  | 1,130 |  |  |  | 5,270 |  |  |  | 1,466 |
Right-of-use assets obtained in exchange for operating lease liabilities |  |  | 4,057 |  |  |  | 952 |  |  |  | 568 |

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