Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

5. Leases

As of March 31, 2024, the weighted average remaining lease term was 8.2 and 3.5 years for operating and finance leases, respectively. As of March 31, 2024, the weighted average discount rate was 3.8% and 3.7% for operating and finance leases, respectively.

The components of lease expense were as follows (U.S. dollars in thousands):

	Three Months Ended March 31,
	2024		2023
Operating lease expense
Operating lease cost	$	6,066	$	8,161
Variable lease cost		1,776		1,075
Finance lease expense
Amortization of right-of-use assets		758		1,000
Interest on lease liabilities		109		134
Total lease expense	$	8,709	$	10,370

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

	Three Months Ended March 31,
	2024		2023
Operating cash outflow from operating leases	$	6,371	$	8,150
Operating cash outflow from finance leases	$	111	$	132
Financing cash outflow from finance leases	$	785	$	912
Right-of-use assets obtained in exchange for operating lease obligations	$	13,034	$	7,981
Right-of-use assets obtained in exchange for finance lease obligations	$	5	$	520

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

Year Ending December 31	Operating Leases		Finance Leases
2024	$	18,576	$	2,541
2025		19,920		3,305
2026		15,170		3,213
2027		11,496		2,882
2028		8,531		47
Thereafter		36,730		—
Total		110,423		11,988
Less: Finance charges		15,306		795
Total principal liability	$	95,117	$	11,193