LEASES

12 Months Ended

Dec. 31, 2025

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 $50 million, $47 million, and $44 million for the years ended December 31, 2025, 2024, and 2023, 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 December 31,
(In thousands)	2025		2024		2023
Operating lease cost	$	50,394	$	47,256	$	44,322
Finance lease cost:
Amortization of right of use assets	$	951	$	1,037	$	1,037
Interest on lease liabilities	231		299		347
Total finance lease cost	$	1,182	$	1,336	$	1,384

Supplemental cash flow information related to leases was as follows:

	Year Ended December 31,
(In thousands)	2025		2024		2023
Cash used for operating activities:
Operating cash flows used for operating leases	$	(40,206)	$	(38,590)	$	(36,294)
Operating cash flows used for finance leases	(231)		(299)		(347)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	19,764	$	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)	2025			2024
Operating Leases
Operating lease right-of-use assets, net	$	198,603		$	169,350
Other current liabilities	$	31,732		$	29,772
Long-term operating lease liability	178,466			148,175
Total operating lease liabilities	$	210,198		$	177,947
Finance Leases
Property, plant, and equipment	$	—		$	15,561
Accumulated amortization	—			(10,719)
Property, plant, and equipment, net	$	—		$	4,842
Other current liabilities	$	—		$	1,269
Other liabilities	—			5,473
Total finance lease liabilities	$	—		$	6,742
Weighted average remaining lease term
Operating leases	7.9 years			7.6 years
Finance leases	—			4.7 years
Weighted average discount rate
Operating leases	4.67		%	4.37		%
Finance leases	—		%	4.05		%

Maturities of lease liabilities were as follows:

	As of December 31, 2025
(In thousands)	Operating Leases
2026	$	40,825
2027	36,331
2028	33,185
2029	27,973
2030	24,636
Thereafter	90,285
Total lease payments	253,235
Less: imputed interest	(43,037)
Total	$	210,198

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 $50 million, $47 million, and $44 million for the years ended December 31, 2025, 2024, and 2023, 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 December 31,
(In thousands)	2025		2024		2023
Operating lease cost	$	50,394	$	47,256	$	44,322
Finance lease cost:
Amortization of right of use assets	$	951	$	1,037	$	1,037
Interest on lease liabilities	231		299		347
Total finance lease cost	$	1,182	$	1,336	$	1,384

Supplemental cash flow information related to leases was as follows:

	Year Ended December 31,
(In thousands)	2025		2024		2023
Cash used for operating activities:
Operating cash flows used for operating leases	$	(40,206)	$	(38,590)	$	(36,294)
Operating cash flows used for finance leases	(231)		(299)		(347)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	19,764	$	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)	2025			2024
Operating Leases
Operating lease right-of-use assets, net	$	198,603		$	169,350
Other current liabilities	$	31,732		$	29,772
Long-term operating lease liability	178,466			148,175
Total operating lease liabilities	$	210,198		$	177,947
Finance Leases
Property, plant, and equipment	$	—		$	15,561
Accumulated amortization	—			(10,719)
Property, plant, and equipment, net	$	—		$	4,842
Other current liabilities	$	—		$	1,269
Other liabilities	—			5,473
Total finance lease liabilities	$	—		$	6,742
Weighted average remaining lease term
Operating leases	7.9 years			7.6 years
Finance leases	—			4.7 years
Weighted average discount rate
Operating leases	4.67		%	4.37		%
Finance leases	—		%	4.05		%

Maturities of lease liabilities were as follows:

	As of December 31, 2025
(In thousands)	Operating Leases
2026	$	40,825
2027	36,331
2028	33,185
2029	27,973
2030	24,636
Thereafter	90,285
Total lease payments	253,235
Less: imputed interest	(43,037)
Total	$	210,198