Leases (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Leases [Abstract] |
|
| Summary of Components of Lease Costs |
The following table summarizes the components of lease costs included in the statements of operations for the periods indicated (in thousands):
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|
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|
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|
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|
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 |
|
|
| Summary of Balance Sheet Information Related to Leases |
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):
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|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Operating leases: |
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|
|
|
|
|
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 |
% |
|
| Summary of Cash Flow Information Related to Leases |
The following table provides the details of cash flow information related to leases for the periods indicated (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
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 |
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):
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|
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 |
|
|