The Company leases certain equipment, vehicles, office and storage facilities via various operating and financing lease agreements. Our leases have initial lease terms ranging from one year to seventeen years. Certain lease agreements require the Company to pay taxes, insurance, and maintenance, and provide for options to extend the term beyond the initial lease termination date. We use judgment to determine whether it is reasonably possible that we will extend the lease beyond the initial term and the length of the possible extension. Leases that have terms of less than 12 months are treated as short-term and we do not recognize right-of-use assets or lease liabilities for such leases. We generally estimate discount rates using our incremental borrowing rate, and based on other information available, at commencement date of a lease when determining the present value of future payments, as most of our leases do not provide an implicit rate.

The Company includes financing lease right-of-use assets in other assets, short-term financing lease liabilities in accrued expenses, and long-term financing lease liabilities in other liabilities on the consolidated balance sheet. Operating lease expense is recognized on a straight-line basis over the term of the lease as a component of operating income on the consolidated statement of operations and comprehensive income. Finance leases amortize the right-of-use assets and amortize the interest on the lease liability over the term of the lease.

Amounts reported in the consolidated balance sheet were as follows:


	December 31,
(In thousands)	2024		2023
Asset:
Operating lease right-of-use asset	$	49,647	$	59,931
Finance lease right-of-use asset		518		797
Total leased assets	$	50,165	$	60,728

Liabilities:
Current:
Operating lease liability		10,249		11,967
Finance lease liability		233		475
Long-term:
Operating lease liability		83,588		91,037
Finance lease liability		298		337
Total lease liabilities	$	94,368	$	103,816

The table below summarizes the Company’s lease costs arising from the operating and financing lease obligations:


	Twelve Months Ended
	December 31,
(In thousands)	2024		2023		2022
Lease expense:
Operating lease expense	$	25,272	$	19,471	$	2,588
Finance lease expense
Depreciation of right-of-use asset		585		903		—
Interest expense on lease liabilities		92		67		—
Total lease expense	$	25,949	$	20,441	$	2,588

Future minimum lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(In thousands)		Finance ‎Leases		Operating ‎Leases
2025	$	257	$	16,297
2026		190		14,663
2027		95		13,400
2028		25		11,547
2029		5		11,440
Thereafter		—		62,585
Total minimum lease payments	$	573	$	129,932
Less: amount representing interest		(42)		(36,095)
Present value of obligations under leases		531		93,837
Less: current portion		(233)		(10,249)
Long-term lease obligations	$	298	$	83,588

The table below summarizes the Company’s supplemental cash flow information and assumptions used:


	Twelve Months Ended
	December 31,
(In thousands, except weighted average lease term and discount rate)	2024		2023		2022
Other supplemental cash flow information:
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	14,300	$	19,773	$	2,545
Operating cash flows for finance leases		92		67		—
Financing cash flows for finance leases		1,003		913		—
Total cash paid for amounts included in the measurement of lease liabilities	$	15,395	$	20,753	$	2,545

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	2,289	$	9,043	$	1,915
Financing leases	$	394	$	—	$	—
Weighted-average remaining lease term
Operating leases		7.7		14.9		2.4
Financing leases		2.4		2.6		—
Weighted-average discount rate
Operating leases		4.8%		8.3%		3.5%
Financing leases		5.3%		4.4%		—