| Leases |
NOTE 8 – LEASES As Lessee The components of lease expense are as follows: | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2025 | | 2024 | | 2023 | Lease cost | | | | | | | | | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | $ | 41 | | $ | 41 | | $ | 25 | Interest on lease liabilities | | | 2 | | | 5 | | | 1 | Operating lease cost | | | 28,653 | | | 29,314 | | | 32,877 | Variable lease cost | | | (11) | | | 2,809 | | | 1,501 | Total lease cost | | $ | 28,685 | | $ | 32,169 | | $ | 34,404 |
Supplemental cash flow information related to leases is as follows: | | | | | | | | | December 31, | (Dollars in thousands) | | 2025 | | 2024 | Cash flows relating to lease cost | | | | | | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows for finance leases | | $ | 44 | | $ | 44 | Operating cash flows for operating leases | | | 23,503 | | | 25,531 | Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 8,231 | | $ | 9,066 |
Supplemental balance sheet information related to leases is as follows: | | | | | | | | | December 31, | (Dollars in thousands) | | 2025 | | 2024 | Operating leases | | | | | | | Operating lease right-of-use assets | | $ | 159,659 | | $ | 160,873 | Operating lease liabilities - current portion | | | 20,081 | | | 20,747 | Operating lease liabilities - non-current portion | | | 162,919 | | | 161,702 | Total operating lease liabilities | | $ | 183,000 | | $ | 182,449 | Finance leases | | | | | | | Property plant and equipment, gross | | $ | 225 | | $ | 217 | Accumulated depreciation | | | (225) | | | (175) | Property plant and equipment, net | | $ | — | | $ | 42 | Other current liabilities | | | — | | | 43 | Other long-term liabilities | | | — | | | — | Total finance lease liabilities | | $ | — | | $ | 43 | | | | | | | | Other information | | | | | | | Weighted-average remaining lease term - finance leases | | | - | | | 1 | Weighted-average remaining lease term - operating leases | | | 10 | | | 11 | Weighted-average discount rate - finance leases | | | Nil | | | 7.07% | Weighted-average discount rate - operating leases | | | 5.04% | | | 4.86% |
The Maturities of our leases were as follows: | | | | | | | (Dollars in thousands) | | Operating
leases | | Finance
leases | 2026 | | $ | 29,197 | | $ | — | 2027 | | | 26,662 | | | — | 2028 | | | 25,293 | | | — | 2029 | | | 23,851 | | | — | 2030 | | | 21,653 | | | — | Thereafter | | | 111,402 | | | — | Total lease payments | | $ | 238,058 | | $ | — | Less imputed interest | | | (55,058) | | | — | Total | | $ | 183,000 | | $ | — |
As of December 31, 2025, we have no commitments for leases that are yet to commence. As Lessor Lease income relating to operating lease payments was as follows: | | | | | | | | | December 31, | (Dollars in thousands) | | 2025 | | 2024 | Components of lease income | | | | | | | Lease payments | | $ | 10,194 | | $ | 10,919 | Variable lease payments | | | 524 | | | 742 | Total lease income | | $ | 10,718 | | $ | 11,661 |
The Maturity of our leases were as follows: | | | | | | | (Dollars in thousands) | | | | | Operating
leases | 2026 | | | | | $ | 10,037 | 2027 | | | | | | 9,745 | 2028 | | | | | | 9,683 | 2029 | | | | | | 9,104 | 2030 | | | | | | 8,226 | Thereafter | | | | | | 23,656 | Total | | | | | $ | 70,451 |
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