Leases (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Leases [Abstract] |
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| Schedule of Operating and Finance Leases Recorded in Consolidated Balance Sheet |
Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
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| Classification |
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Financial Statement Line Item |
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March 31, 2025 |
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December 31, 2024 |
| Long-term Assets |
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Right-of-use assets, operating leases |
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$ |
27,813 |
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$ |
28,225 |
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| Long-term Assets |
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Property, plant and equipment |
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1,181 |
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1,267 |
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| Current liabilities |
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Current portion of lease liabilities, operating leases |
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1,566 |
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1,513 |
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| Current liabilities |
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Current portion of lease liabilities, finance leases |
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330 |
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334 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, operating leases |
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29,638 |
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30,039 |
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| Non-current liabilities |
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Non-current portion of lease liabilities, finance leases |
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939 |
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1,015 |
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| Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Leases |
Individual components of the total lease cost incurred by the Company are as follows:
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Three Months Ended March 31, |
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| (in thousands) |
2025 |
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2024 |
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Operating lease cost1
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$ |
962 |
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$ |
985 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
85 |
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82 |
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| Interest on finance lease liabilities |
19 |
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23 |
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| Sublease income |
(147) |
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(92) |
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| Total lease cost |
$ |
919 |
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$ |
998 |
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1Includes short term leases, which are immaterial
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| Weighted-average remaining lease term |
March 31, 2025 |
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December 31, 2024 |
| Operating leases |
11.36 years |
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11.61 years |
| Finance leases |
3.80 years |
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4.03 years |
| Weighted-average discount rate |
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| Operating leases |
7.17 |
% |
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7.17 |
% |
| Finance leases |
5.96 |
% |
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5.97 |
% |
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| Schedule of Maturities For Sub Leases |
Future expected cash receipts from the Company's sublease as of March 31, 2025 are as follows:
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| (in thousands) |
Sublease Receipts |
| Remainder of 2025 |
$ |
490 |
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| 2026 |
594 |
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| 2027 |
606 |
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| 2028 |
618 |
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| 2029 |
631 |
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| Thereafter |
4,597 |
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| Total sublease receipts |
$ |
7,536 |
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| Schedule of Maturities For Operating Leases After Adoption of 842 |
The amounts of undiscounted future minimum lease payments under leases in continuing operations as of March 31, 2025 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2025 |
$ |
2,800 |
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$ |
304 |
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| 2026 |
3,750 |
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361 |
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| 2027 |
3,825 |
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361 |
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| 2028 |
3,903 |
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303 |
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| 2029 |
3,971 |
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85 |
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| Thereafter |
27,966 |
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— |
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| Total undiscounted minimum future lease payments |
46,215 |
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1,414 |
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| Imputed interest |
(15,011) |
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(145) |
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| Present value of lease liabilities |
$ |
31,204 |
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$ |
1,269 |
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| Schedule of Maturities For Finance Leases After Adoption of 842 |
The amounts of undiscounted future minimum lease payments under leases in continuing operations as of March 31, 2025 are as follows:
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| (in thousands) |
Operating |
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Finance |
| Remainder of 2025 |
$ |
2,800 |
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$ |
304 |
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| 2026 |
3,750 |
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361 |
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| 2027 |
3,825 |
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361 |
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| 2028 |
3,903 |
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303 |
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| 2029 |
3,971 |
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85 |
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| Thereafter |
27,966 |
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— |
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| Total undiscounted minimum future lease payments |
46,215 |
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1,414 |
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| Imputed interest |
(15,011) |
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(145) |
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| Present value of lease liabilities |
$ |
31,204 |
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$ |
1,269 |
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