LEASES

12 Months Ended

Dec. 31, 2023

Our operating leases are comprised primarily of facility leases and our finance leases are comprised primarily of vehicle and equipment leases. We determine if an arrangement is a lease at inception and lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. We generally use our incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease agreement. The lease term will include options to extend the lease when it is reasonably certain that we will exercise that option.

Balance sheet information related to our leases is presented below:


	Balance Sheet location	December 31,
		2023		2022
Operating leases:
Right-of-use lease assets	Right-of-use operating lease assets	$	255,545	$	250,601
Right-of-use lease liability, current	Other current liabilities	47,965		38,740
Right-of-use lease liability, long-term	Right-of-use operating lease liability	264,647		260,237

Finance leases:
Right-of-use lease assets	Property, plant and equipment	326,427		332,217
Right-of-use lease liability, current	Current portion of long-term debt	123,636		129,657
Right-of-use lease liability, long-term	Long-term debt	104,720		114,938

The following provides details of our lease expense:


	Years Ended December 31,
	2023		2022
Operating lease expense, net	$	62,157	$	58,124
Finance lease expense:
Amortization of assets	95,449		86,455
Interest on lease liabilities	14,912		11,332
Total finance lease expense	110,361		97,787
	$	172,518	$	155,911

Other information related to our leases is presented below:


	As of December 31,
	2023			2022
Right-of-use assets acquired in exchange for operating lease obligations	$	60,108		$	74,063
Cash Paid For Amounts Included In Measurement of Liabilities:
Operating cash flows from finance leases	14,912			11,332
Operating cash flows from operating leases	63,737			65,879
Weighted Average Remaining Lease Term:
Operating leases	8.2 years			8.1 years
Finance leases	2.2 years			2.0 years
Weighted Average Discount Rate:
Operating leases	5.70		%	5.63		%
Finance leases	7.78		%	5.49		%

The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows:


	Finance leases		Operating leases
2024	$	136,863	$	58,367
2025	76,968		54,781
2026	26,475		50,883
2027	4,921		47,799
2028	3,743		38,055
Thereafter	809		146,237
Total future minimum lease payments, undiscounted	249,779		396,122
Less: Imputed interest	(21,423)		(83,510)
Present value of future minimum lease payments	$	228,356	$	312,612