Leases

12 Months Ended

Dec. 31, 2024

The Company leases certain office spaces, warehouses, production facilities, vehicles and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include renewal options, which can extend the lease term into the future. The Company determines the lease term by assuming options that are reasonably certain of being renewed will be exercised. Certain of the Company’s leases include rental payments adjusted for inflation. The right-of-use lease asset is recorded on the Consolidated Balance Sheets, with the current lease liability being included in Accrued liabilities and noncurrent lease liability being included in Other liabilities. Operating lease expense was $24.9 million, $25.4 million and $21.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.


	December 31, 2024
	(In thousands)
Future lease payments by year:
2025	$	24,478
2026	17,555
2027	12,403
2028	9,861
2029	8,438
Thereafter	25,628
Total	98,363
Less: present value discount	(10,862)
Present value of lease liabilities	$	87,501
Weighted-average remaining lease term (in years):
Operating leases	6.18
Weighted-average discount rate:
Operating leases	4.4		%