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Note 4 - Leases | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Lessee, Lease, Disclosure [Text Block] |
4. | Leases
The Company has entered into various equipment and property leases. Certain lease agreements include renewals and/or purchase options set to expire at various dates, and certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is a lease at inception. Leases with an initial term of twelve months or less are not recorded on the balance sheet; costs for these leases are recognized as incurred over the lease term. For leases with an initial term greater than twelve months, right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. When the Company’s leases do not provide an implicit rate of return, the Company uses its revolving loan borrowing rate in determining the present value of lease payments. Some of the Company’s lease agreements contain non-lease components, which are accounted for separately. The following table summarizes the Company’s leases recorded on the Condensed Consolidated Balance Sheets (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Right-of-use assets: |  |  |  |  |  |  |  |
Finance leases, net, included in Property and equipment (1) |  | $ | 6,891 |  |  | $ | 6,497 |
Operating leases |  |  | 88,332 |  |  |  | 87,747 |
Total right-of-use assets |  | $ | 95,223 |  |  | $ | 94,244 |
Lease liabilities: |  |  |  |  |  |  |  |
Finance leases |  | $ | 6,713 |  |  | $ | 6,824 |
Operating leases |  |  | 92,170 |  |  |  | 90,731 |
Total lease liabilities |  | $ | 98,883 |  |  | $ | 97,555 |
( 1) | Finance lease right-of-use assets are presented net of accumulated amortization of $3.3 million and $2.3 million as of September 30, 2025 and December 31, 2024, respectively.
Lease cost consists of the following (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 366 |  |  | $ | 344 |  |  | $ | 1,092 |  |  | $ | 1,028 |
Interest on lease liabilities |  |  | 116 |  |  |  | 120 |  |  |  | 348 |  |  |  | 377 |
Operating lease cost |  |  | 2,098 |  |  |  | 2,118 |  |  |  | 6,395 |  |  |  | 5,827 |
Short-term lease cost |  |  | 398 |  |  |  | 410 |  |  |  | 1,154 |  |  |  | 1,026 |
Variable lease cost |  |  | 386 |  |  |  | 27 |  |  |  | 1,132 |  |  |  | 431 |
Total lease cost |  | $ | 3,364 |  |  | $ | 3,019 |  |  | $ | 10,121 |  |  | $ | 8,689 |
The future payments of lease liabilities as of September 30, 2025 are as follows (in thousands):
|  | Finance Leases |  |  | Operating Leases |
Remainder of 2025 |  | $ | 774 |  |  | $ | 1,831 |
2026 |  |  | 2,290 |  |  |  | 7,301 |
2027 |  |  | 2,057 |  |  |  | 7,229 |
2028 |  |  | 1,591 |  |  |  | 7,350 |
2029 |  |  | 518 |  |  |  | 7,156 |
Thereafter |  |  | 323 |  |  |  | 87,508 |
Total lease payments |  |  | 7,553 |  |  |  | 118,375 |
Amount representing interest |  |  | (840 | ) |  |  | (26,205 | )
Present value of lease liabilities |  |  | 6,713 |  |  |  | 92,170 |
Current portion of lease liabilities (1) |  |  | (2,175 | ) |  |  | (4,769 | )
Long-term lease liabilities (2) |  | $ | 4,538 |  |  | $ | 87,401 |
(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:
|  | September 30, 2025 |  |  | December 31, 2024 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Finance leases |  |  | 3.14 |  |  |  | 3.39 |
Operating leases |  |  | 16.00 |  |  |  | 16.51 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Finance leases |  |  | 6.84 | % |  |  | 7.06 | %
Operating leases |  |  | 2.81 | % |  |  | 2.54 | %
The following table presents other information related to the operating and finance leases (in thousands):
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | (348 | ) |  | $ | (377 | )
Operating cash flows from operating leases |  |  | (5,626 | ) |  |  | (5,036 | )
Financing cash flows from finance leases |  |  | (1,199 | ) |  |  | (1,067 | )
Right-of-use assets obtained in exchange for finance lease liabilities |  |  | 1,088 |  |  |  | 269 |
Right-of-use assets obtained in exchange for operating lease liabilities |  |  | 5,216 |  |  |  | 481 |

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