v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows (in thousands):
June 30, 2025December 31, 2024
Finance lease right-of-use assets, net(1)
$128,787 $56,702 
Finance lease liabilities
Current24,885 13,208 
Noncurrent56,895 6,217 
Total finance lease liabilities$81,780 $19,425 
Weighted average remaining lease term - finance leases (in months)76.9 17.9 
Weighted average discount rate - finance leases(2)
7.24 %7.25 %
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $59.2 million and $50.3 million and are included in property, plant and equipment, net in the Condensed Balance Sheets as of June 30, 2025 and the Balance Sheets as of December 31, 2024, respectively.
(2) When an implicit discount rate is not readily available in a lease, the Company uses its incremental borrowing rate based on information available at the commencement date when determining the present value of lease payments.
Schedule of Components of Lease Expense
The components of lease expense were as follows (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Operating lease cost(1):
$6,233 $8,206 $12,679 $20,812 
Finance lease cost:
Amortization of leased assets5,733 5,775 11,457 11,533 
Interest on lease liabilities1,858 2,322 3,167 2,673 
Net lease cost$13,824 $16,303 $27,303 $35,018 
(1) Includes leases that are for periods of 12 months or less.
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities for the Company's finance leases as of June 30, 2025 were as follows (in thousands):
Finance Leases(1)
2025$16,704 
202625,831 
202719,285 
202817,617 
20298,135 
Thereafter8,165 
Total95,737 
Less: amount representing interest(13,957)
Present value of lease liabilities$81,780 
(1) Finance lease payments include $3.1 million of future payments required under signed lease agreements that have not yet commenced.
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to the Company's leases was as follows (in thousands):
For the six months ended June 30,
20252024
Cash paid (received) for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$3,167 $2,673 
Financing cash flows from finance leases$(34,284)$8,889 
Non-cash right-of-use assets obtained in exchange for lease obligations:
Finance leases$73,309 $6,282