LEASES

12 Months Ended

Dec. 31, 2024

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,
		2024		2023
Operating leases:
Right-of-use lease assets	Right-of-use operating lease assets	$	248,013	$	255,545
Right-of-use lease liability, current	Other current liabilities	45,091		47,965
Right-of-use lease liability, long-term	Right-of-use operating lease liability	255,116		264,647

Finance leases:
Right-of-use lease assets	Property, plant and equipment	232,117		326,427
Right-of-use lease liability, current	Current portion of long-term debt	77,770		123,636
Right-of-use lease liability, long-term	Long-term debt	67,592		104,720

The following provides details of our lease expense:


	Years Ended December 31,
	2024		2023
Operating lease expense, net	$	59,429	$	62,157
Finance lease expense:
Amortization of assets	81,289		95,449
Interest on lease liabilities	15,462		14,912
Total finance lease expense	96,751		110,361
	$	156,180	$	172,518

Other information related to our leases is presented below:


	As of December 31,
	2024			2023
Right-of-use assets acquired in exchange for operating lease obligations	$	41,002		$	60,108
Cash Paid For Amounts Included In Measurement of Liabilities:
Operating cash flows from finance leases	15,462			14,912
Operating cash flows from operating leases	69,818			63,737
Weighted Average Remaining Lease Term:
Operating leases	7.9 years			8.2 years
Finance leases	3.1 years			2.2 years
Weighted Average Discount Rate:
Operating leases	5.72		%	5.70		%
Finance leases	8.17		%	7.78		%

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
2025	$	85,492	$	55,335
2026	34,967		55,731
2027	13,413		52,561
2028	12,174		42,746
2029	7,881		37,745
Thereafter	7,081		134,882
Total future minimum lease payments, undiscounted	161,008		379,000
Less: Imputed interest	(15,646)		(78,793)
Present value of future minimum lease payments	$	145,362	$	300,207