We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2025 and 2031. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.


	Three Months Ended March 31,
	2025		2024

	(Dollars in thousands)
Operating lease costs	$	1,081	$	1,106
Variable lease costs ⁽¹⁾		—		—
Total lease costs	$	1,081	$	1,106

Short-term lease costs, which were excluded from the above table, are not material to our financial statements.

The following is a schedule of maturities of operating lease liabilities as of March 31, 2025:


	Operating Leases
	(Dollars in thousands)
2025, excluding the quarter ended March 31, 2025	$	3,645
2026		4,153
2027		2,437
2028		1,451
2029		877
Thereafter		311
Total lease payments		12,874
Less: imputed interest		(1,030)
Present value of operating lease liabilities	$	11,844

The operating lease liabilities were classified in the Condensed Consolidated Balance Sheets as follows:


	March 31,		December 31,
		2025		2024

	(Dollars in thousands)
Operating lease liabilities - current	$	4,358	$	4,033
Operating lease liabilities - non-current		7,486		7,034
Total	$	11,844	$	11,067

We determined the present value of our lease liabilities using a weighted-average discount rate of 4.87%. As of March 31, 2025, our leases had a weighted-average remaining lease term of 3.2 years.

Supplemental cash flow information related to our operating leases is as follows:


	Three Months Ended March 31,
	2025		2024

	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	1,213	$	1,141
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$	1,783	$	—