| LEASES |
LEASES The following table presents lease-related assets and liabilities recorded in the Company's balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
December 2024 |
|
|
December 2023 |
| Assets |
|
|
|
|
|
| Operating lease assets, noncurrent |
|
$ |
47,171 |
|
|
|
$ |
54,812 |
|
| Total lease assets |
|
$ |
47,171
|
|
|
|
$ |
54,812
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
| Operating lease liabilities, current |
|
$ |
20,890 |
|
|
|
$ |
21,003 |
|
| Operating lease liabilities, noncurrent |
|
29,955 |
|
|
|
36,753 |
|
| Total lease liabilities |
|
$ |
50,845
|
|
|
|
$ |
57,756
|
|
|
|
|
|
|
|
| Weighted-average remaining lease term (in years) |
|
|
|
|
|
| Operating leases |
|
4.00 |
|
|
4.19 |
| Weighted-average discount rate |
|
|
|
|
|
| Operating leases |
|
5.76 |
% |
|
|
5.67 |
% |
Lease costs
The following table presents certain information related to lease costs for operating leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2024 |
|
|
2023 |
|
2022 |
| Operating lease costs |
|
$ |
29,163 |
|
|
|
$ |
31,543 |
|
|
$ |
26,634 |
|
| Short-term lease costs (excluding leases of one month or less) |
|
558 |
|
|
|
603 |
|
|
279 |
|
| Variable lease costs |
|
4,929 |
|
|
|
4,070 |
|
|
3,145 |
|
| Total lease costs |
|
$ |
34,650
|
|
|
|
$ |
36,216
|
|
|
$ |
30,058
|
|
Other information
The following table presents supplemental cash flow and non-cash information related to operating leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2024 |
|
|
2023 |
|
2022 |
| Cash paid for amounts included in the measurement of lease liabilities - operating cash flows |
|
$ |
33,037
|
|
|
|
$ |
31,457
|
|
|
$ |
29,977
|
|
| Right-of-use operating lease assets obtained in exchange for new operating lease liabilities - non-cash activity |
|
$ |
7,891
|
|
|
|
$ |
14,964
|
|
|
$ |
17,684
|
|
The following table presents future maturities of operating lease liabilities as of December 2024:
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Lease Obligations |
|
| 2025 |
|
$ |
24,709 |
|
|
| 2026 |
|
12,485 |
|
|
| 2027 |
|
8,279 |
|
|
| 2028 |
|
4,492 |
|
|
| 2029 |
|
2,939 |
|
|
| Thereafter |
|
4,951 |
|
|
| Total future minimum lease payments |
|
57,855
|
|
|
| Less: amounts related to imputed interest |
|
(7,010) |
|
|
| Present value of future minimum lease payments |
|
50,845
|
|
|
| Less: operating lease liabilities, current |
|
(20,890) |
|
|
| Operating lease liabilities, noncurrent |
|
$ |
29,955
|
|
|
As of December 2024, the Company had not entered into any operating lease arrangements that had not yet commenced. The Company continuously monitors lease contracts and may negotiate amendments that include extensions or modifications to existing leases.
Refer to Note 14 to the Company's financial statements in this Form 10-K for additional information on the related fair value measurements.
|