Most leases held by the Company expire between 2026 and 2037. In the U.K., where longer lease terms are more common, the Company has a land lease that extends through 2078. Certain leases include terms such as one or more options to renew, with renewal terms that can extend the lease term from one to 10 years, and options to terminate the leases within one year. The exercise of lease renewal or termination option is at the Company’s sole discretion; therefore, the majority of renewals to extend the lease terms are not included in the Company’s right-of-use assets and operating lease liabilities as they are not reasonably certain of being exercised. The Company regularly evaluates the renewal options and includes the renewal periods in the lease term when they are reasonably certain of being exercised. The depreciable life of right-of-use assets and leasehold improvements is limited to the expected lease terms.

The following table summarizes the components of lease costs included in the statements of operations for the periods indicated (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	11,506	$	12,109	$	10,475
Finance lease cost
Amortization of right-of-use assets		602		602		602
Interest on lease liabilities		195		236		274
Variable lease cost		1,220		1,192		1,007
Total lease cost	$	13,523	$	14,139	$	12,358

The following table provides the details of balance sheet information related to leases as of the dates indicated (in thousands, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease right-of-use assets	$	41,697		$	42,908

Current portion of operating lease liabilities	$	9,857		$	9,879
Operating lease liabilities		38,873			40,548
Total operating lease liabilities	$	48,730		$	50,427

Finance leases:
Property, plant and equipment, gross	$	9,582		$	9,582
Accumulated depreciation		(7,476	)		(6,874	)
Finance lease assets included in property, plant and equipment, net	$	2,106		$	2,708

Accrued expenses and other current liabilities	$	828		$	759
Other liabilities		2,348			3,175
Total finance lease liabilities	$	3,176		$	3,934

Weighted-average remaining lease term (in years):
Operating leases		7.3			7.4
Finance leases		3.5			4.5
Weighted-average discount rate:
Operating leases		4.92	%		4.82	%
Finance leases		5.54	%		5.54	%

The following table provides the details of cash flow information related to leases for the periods indicated (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in lease liabilities:
Operating cash flows from finance leases	$	195	$	236	$	274
Operating cash flows from operating leases	$	12,047	$	11,169	$	7,826
Financing cash flows from finance leases	$	759	$	718	$	657
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities(1)	$	6,315	$	14,237	$	4,046
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	—	$	—

Future minimum lease payments under operating and finance leases expiring subsequent to December 31, 2025, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands):


Year Ending December 31,	Operating Leases			Finance Leases
2026	$	11,572		$	979
2027		10,447			1,003
2028		7,495			1,003
2029		6,476			502
2030		6,166			—
Thereafter		17,195			—
Total minimum lease payments		59,351			3,487
Less: interest		(10,621	)		(311	)
Present value of lease liabilities	$	48,730		$	3,176