LEASES (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| LEASES |
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| Balance Sheet Information For Leases |
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(In thousands) |
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September 30, |
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December 31, |
Leases |
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Balance Sheet Classification |
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2025 |
|
2024 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
54,254 |
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$ |
55,957 |
Finance lease assets |
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Property and Equipment, Net(1) |
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|
4,127 |
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|
4,245 |
Finance lease assets |
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Finance Lease Right-of-Use Assets, Net(2) |
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|
2,401 |
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|
976 |
Total lease assets |
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$ |
60,782 |
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$ |
61,178 |
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Liabilities |
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Current |
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Operating |
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Current Portion of Operating Lease Obligations |
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$ |
3,770 |
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$ |
4,226 |
Finance |
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Current Portion of Finance Lease Obligations |
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|
1,771 |
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|
1,610 |
Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion |
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|
51,589 |
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|
52,324 |
Finance |
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Finance Lease Obligations, Net of Current Portion |
|
|
2,000 |
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|
1,095 |
Total lease liabilities |
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|
|
$ |
59,130 |
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$ |
59,255 |
__________
| (1) |
Finance lease assets are recorded net of accumulated amortization of $3.0 million and $2.9 million at September 30, 2025 and December 31, 2024, respectively.
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| (2) |
These finance lease assets are recorded separately from Property and Equipment due to meeting qualifying classification criteria under ASC 842, but ownership of such assets is not expected to transfer to the Company upon term expiration. Additionally, amortization of these assets are expensed over the duration of the lease term or their estimated useful lives, whichever is earlier. |
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| Components of Lease Expense |
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(In thousands) |
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Three Months Ended |
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Nine Months Ended |
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Classification within |
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September 30, |
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September 30, |
Lease Costs |
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Statement of Operations |
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2025 |
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2024 |
|
2025 |
|
2024 |
Operating leases: |
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Fixed/base rent |
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Selling, General and Administrative Expenses |
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$ |
1,999 |
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$ |
2,030 |
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$ |
6,083 |
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$ |
5,957 |
Short-term payments(1) |
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Selling, General and Administrative Expenses |
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|
76 |
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|
31 |
|
|
433 |
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|
31 |
Variable payments |
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Selling, General and Administrative Expenses |
|
|
299 |
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|
340 |
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|
905 |
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|
919 |
Finance leases: |
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Amortization of leased assets |
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Depreciation and Amortization |
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|
363 |
|
|
382 |
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|
1,113 |
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|
1,131 |
Interest on lease liabilities |
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Interest Expense, Net |
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|
40 |
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|
61 |
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|
115 |
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|
210 |
Total lease costs |
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|
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$ |
2,777 |
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$ |
2,844 |
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$ |
8,649 |
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$ |
8,248 |
__________
| (1) |
Includes payments for the leaseback of Stockman’s real estate totaling $0.2 million during the first quarter of 2025.
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| Operating Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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Finance |
Years Ending December 31, |
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Leases |
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Leases |
2025 (excluding the nine months ended September 30, 2025) |
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$ |
1,862 |
|
$ |
499 |
2026 |
|
|
7,249 |
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|
1,998 |
2027 |
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|
7,221 |
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|
1,585 |
2028 |
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|
6,900 |
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— |
2029 |
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|
6,951 |
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— |
Thereafter |
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|
319,377 |
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|
— |
Total future minimum lease payments |
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|
349,560 |
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|
4,082 |
Less: Amount representing interest |
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|
(294,201) |
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|
(311) |
Present value of lease liabilities |
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|
55,359 |
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|
3,771 |
Less: Current lease obligations |
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(3,770) |
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|
(1,771) |
Long-term lease obligations |
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$ |
51,589 |
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$ |
2,000 |
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| Finance Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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Finance |
Years Ending December 31, |
|
Leases |
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Leases |
2025 (excluding the nine months ended September 30, 2025) |
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$ |
1,862 |
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$ |
499 |
2026 |
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|
7,249 |
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|
1,998 |
2027 |
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|
7,221 |
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|
1,585 |
2028 |
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|
6,900 |
|
|
— |
2029 |
|
|
6,951 |
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|
— |
Thereafter |
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|
319,377 |
|
|
— |
Total future minimum lease payments |
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|
349,560 |
|
|
4,082 |
Less: Amount representing interest |
|
|
(294,201) |
|
|
(311) |
Present value of lease liabilities |
|
|
55,359 |
|
|
3,771 |
Less: Current lease obligations |
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|
(3,770) |
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|
(1,771) |
Long-term lease obligations |
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$ |
51,589 |
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$ |
2,000 |
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| Other Information Related To Lease Term And Discount Rate |
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September 30, |
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December 31, |
Lease Term and Discount Rate |
|
2025 |
|
2024 |
Weighted-average remaining lease term |
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Operating leases |
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56.1 |
years |
|
55.8 |
years |
Finance leases |
|
2.0 |
years |
|
2.0 |
years |
Weighted-average discount rate |
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|
|
|
|
|
Operating leases |
|
10.88 |
% |
|
10.86 |
% |
Finance leases |
|
7.58 |
% |
|
6.75 |
% |
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| Supplemental Cash Flow Information Related To Leases |
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(In thousands) |
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Nine Months Ended |
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|
September 30, |
Cash paid for amounts included in the measurement of lease liabilities: |
|
2025 |
|
2024 |
Operating cash flows for operating leases |
|
$ |
5,664 |
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$ |
5,727 |
Operating cash flows for finance leases |
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$ |
115 |
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$ |
210 |
Financing cash flows for finance leases |
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$ |
1,354 |
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$ |
1,257 |
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