LEASES
Right of Use Assets and Liabilities
The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.
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| | | Year ended December 31, |
| In thousands | | | | | 2025 | | 2024 | | 2023 |
| Lease Cost | | | | | | | | | |
| Operating lease cost | | | | | $ | 13,600 | | | $ | 12,924 | | | $ | 12,536 | |
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| Short-term operating lease cost | | | | | $ | 18,705 | | | $ | 13,784 | | | $ | 12,223 | |
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| Finance lease cost: | | | | | | | | | |
| Amortization of leased assets | | | | | $ | 39,494 | | | $ | 34,424 | | | $ | 27,985 | |
| Interest on lease liabilities | | | | | 5,739 | | | 4,844 | | | 3,762 | |
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| | | | | | | | | |
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| Total finance lease cost | | | | | $ | 45,233 | | | $ | 39,268 | | | $ | 31,747 | |
Supplemental cash flow information related to leases was as follows:
| | | | | | | | | | | | | | | | | | | | | |
| | | Year ended December 31, |
| In thousands | | | | | 2025 | | 2024 | | 2023 |
| Other Information | | | | | | | | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | |
| Operating cash flows from operating leases | | | | | $ | 32,305 | | | $ | 26,709 | | | $ | 24,759 | |
| Operating cash flows from finance leases | | | | | $ | 5,739 | | | $ | 4,844 | | | $ | 3,762 | |
| Financing cash flows from finance leases | | | | | $ | 56,386 | | | $ | 24,524 | | | $ | 24,505 | |
Supplemental balance sheet information related to leases was as follows:
| | | | | | | | | | | |
| In thousands | December 31, 2025 | | December 31, 2024 |
| Operating Leases | | | |
| Other assets, non-current | $ | 15,837 | | | $ | 23,913 | |
| | | |
| Accrued liabilities and other | 11,962 | | | 11,598 | |
| Other long-term liabilities | 6,467 | | | 14,797 | |
| Total operating lease liabilities | $ | 18,429 | | | $ | 26,395 | |
| | | |
| Finance Leases | | | |
| Property and equipment, gross | $ | 123,770 | | | $ | 170,144 | |
| Accumulated depreciation | (75,056) | | | (63,278) | |
| Property and equipment, net | $ | 48,714 | | | $ | 106,866 | |
| | | |
| Debt, current | $ | 16,996 | | | $ | 31,380 | |
| Debt, non-current | 32,745 | | | 73,620 | |
| Total finance lease liabilities | $ | 49,741 | | | $ | 105,000 | |
| | | |
| Weighted Average Remaining Lease Term | | | |
| Weighted-average remaining lease term - finance leases | 1.85 | | 2.12 |
| Weighted-average remaining lease term - operating leases | 3.80 | | 3.97 |
| | | |
| Weighted Average Discount Rate | | | |
| Weighted-average discount rate - finance leases | 6.7 | % | | 6.6 | % |
| Weighted-average discount rate - operating leases | 6.1 | % | | 6.2 | % |
Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:
| | | | | | | | | | | |
| As of December 31, 2025 (In thousands) | | | |
| Operating leases | | Finance leases |
| 2026 | $ | 11,874 | | | $ | 19,615 | |
| 2027 | 1,394 | | | 12,839 | |
| 2028 | 1,142 | | | 12,728 | |
| 2029 | 984 | | | 10,739 | |
| 2030 | 977 | | | — | |
| Thereafter | 3,649 | | | — | |
| Total | $ | 20,020 | | | $ | 55,921 | |
| Less: imputed interest | (1,591) | | | (6,180) | |
| Net lease obligation | $ | 18,429 | | | $ | 49,741 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.