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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases, Operating
9. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $47 million, $44 million, and $42 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2024December 31, 2023
Operating lease cost $47,256 $44,322 
Finance lease cost:
Amortization of right of use assets$1,037 $1,037 
Interest on lease liabilities 299 347 
Total finance lease cost$1,336 $1,384 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2024December 31, 2023
Cash used for operating activities:
Operating cash flows used for operating leases$(38,590)$(36,294)
Operating cash flows used for finance leases(299)(347)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$21,831 $14,361 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20242023
Operating Leases
Operating lease right-of-use assets, net$169,350 $141,435 
Other current liabilities$29,772 $30,629 
Long-term operating lease liability148,175 118,611 
Total operating lease liabilities$177,947 $149,240 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated amortization(10,719)(9,682)
Property, plant, and equipment, net$4,842 $5,879 
Other current liabilities$1,269 $1,181 
Other liabilities5,473 6,742 
Total finance lease liabilities$6,742 $7,923 
Weighted average remaining lease term
Operating leases7.6 years7.2 years
Finance leases4.7 years5.7 years
Weighted average discount rate
Operating leases4.37 %3.99 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2024
(In thousands)Operating LeasesFinance Leases
2025$36,768 $1,518 
202632,759 1,556 
202727,549 1,595 
202824,529 1,634 
202919,725 1,108 
Thereafter69,871 — 
Total lease payments211,201 7,411 
Less: imputed interest(33,254)(669)
Total$177,947 $6,742 
Leases, Finance
9. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $47 million, $44 million, and $42 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2024December 31, 2023
Operating lease cost $47,256 $44,322 
Finance lease cost:
Amortization of right of use assets$1,037 $1,037 
Interest on lease liabilities 299 347 
Total finance lease cost$1,336 $1,384 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2024December 31, 2023
Cash used for operating activities:
Operating cash flows used for operating leases$(38,590)$(36,294)
Operating cash flows used for finance leases(299)(347)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$21,831 $14,361 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20242023
Operating Leases
Operating lease right-of-use assets, net$169,350 $141,435 
Other current liabilities$29,772 $30,629 
Long-term operating lease liability148,175 118,611 
Total operating lease liabilities$177,947 $149,240 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated amortization(10,719)(9,682)
Property, plant, and equipment, net$4,842 $5,879 
Other current liabilities$1,269 $1,181 
Other liabilities5,473 6,742 
Total finance lease liabilities$6,742 $7,923 
Weighted average remaining lease term
Operating leases7.6 years7.2 years
Finance leases4.7 years5.7 years
Weighted average discount rate
Operating leases4.37 %3.99 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2024
(In thousands)Operating LeasesFinance Leases
2025$36,768 $1,518 
202632,759 1,556 
202727,549 1,595 
202824,529 1,634 
202919,725 1,108 
Thereafter69,871 — 
Total lease payments211,201 7,411 
Less: imputed interest(33,254)(669)
Total$177,947 $6,742