Leases
The Company has operating leases for corporate facilities and equipment. The Company's expense related to leases during 2025, 2024 and 2023 was $8,316, $9,571 and $10,334, respectively, and is included in Facilities, supplies and other costs on the accompanying Consolidated Statements of Operations. During 2025, 2024 and 2023 the Company incurred variable lease costs of $1,022, $1,137 and $1,084, respectively included in total expense.
The Company's future minimum lease payments under non-cancelable leases as of December 31, 2025 are as follows:
| | | | | | | | |
| Year | | Future Minimum Lease Payment |
| 2026 | | $ | 9,296 | |
| 2027 | | 6,237 | |
| 2028 | | 3,389 | |
| 2029 | | 3,218 | |
| 2030 | | 3,024 | |
| Thereafter | | 6,933 | |
| Total future minimum lease payments | | 32,097 | |
| Less: Imputed interest | | (3,535) | |
| Total | | $ | 28,562 | |
The following table provides supplemental Consolidated Balance Sheet information related to the Company's leases:
| | | | | | | | | | | | | | |
| | 2025 | | 2024 |
| Current portion of long-term operating lease liabilities | | $ | 8,677 | | | $ | 7,900 | |
| Long-term operating lease liabilities | | 19,885 | | | 24,235 | |
| Total operating lease liabilities | | $ | 28,562 | | | $ | 32,135 | |
| | | | |
| Weighted average remaining lease term | | 5.4 years | | 5.9 years |
| | | | |
| Weighted average discount rate | | 4.01 | % | | 3.86 | % |
The following table provides supplemental cash flow information related to the Company's leases:
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Year Ended December 31,
| | 2025 | | 2024 | | 2023 | | |
| Cash paid for amounts included in the measurement of lease liabilities | | $ | 9,711 | | | $ | 8,531 | | | $ | 11,092 | | | |
| | | | | | | | |
| Right-of-use assets obtained in exchange for lease obligations | | $ | 1,548 | | | $ | 13,076 | | | $ | 6,009 | | | |
As of December 31, 2025, the Company had one material lease commitment for leases that have not commenced. The lease term is for five years and the total estimated future payments are $12,641.
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.