Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. Leases

The Company's ROU assets and lease liabilities are discussed in detail in Note 1 — Description of Business and Summary of Significant Accounting Policies.

The components of lease costs were as follows:

	Years Ended December 31,
	2023		2022		2021
Operating Lease Costs:
Fixed	$	58,665	$	53,428	$	54,397
Variable	8,318		7,512		6,281
Short-term	22,392		22,097		17,847
Total(1)	$	89,375	$	83,037	$	78,525

(1) Finance lease cost and sublease income were immaterial.

Supplemental cash flow information related to leases was as follows:

	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,846	$	54,268	$	55,921
Operating cash flows for finance leases	318		335		357
Financing cash flows for finance leases	3,231		2,917		3,073
Total	$	62,395	$	57,520	$	59,351
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	50,997	$	57,190	$	47,666
Financing leases	3,539		3,149		2,016
Total	$	54,536	$	60,339	$	49,682

Supplemental balance sheet information related to leases were as follows:

	December 31, 2023		December 31, 2022
Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	209,729	$	197,058
Lease liabilities:
Other accrued expenses	$	48,790	$	42,649
Other liabilities	172,983		165,741
Total operating lease liabilities	$	221,773	$	208,390
Finance Leases
Right-of-use assets:
Property, plant and equipment, net (1)	$	7,992	$	7,846
Lease liabilities:
Other accrued expenses	$	3,070	$	2,554
Other liabilities	5,897		6,189
Total finance lease liabilities	$	8,967	$	8,743

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $10,302 and $8,017 for the years ended December 31, 2023 and December 31, 2022, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:

	Operating		Finance
2024	$	55,883	$	3,397
2025	46,650		2,885
2026	34,209		2,249
2027	28,089		1,222
2028	21,688		118
Thereafter	76,345		26
Total lease payments	262,864		9,897
Less interest	(41,091)		(930)
Present value of lease liabilities	$	221,773	$	8,967

Average lease terms and discount rates were as follows:

	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)
Operating leases	7.2		7.8		5.8
Finance leases	3.0		3.6		4.2
Weighted-average discount rate
Operating leases	4.0	%	3.5	%	2.7	%
Finance leases	3.9	%	3.4	%	3.4	%

Leases

7. Leases

The Company's ROU assets and lease liabilities are discussed in detail in Note 1 — Description of Business and Summary of Significant Accounting Policies.

The components of lease costs were as follows:

	Years Ended December 31,
	2023		2022		2021
Operating Lease Costs:
Fixed	$	58,665	$	53,428	$	54,397
Variable	8,318		7,512		6,281
Short-term	22,392		22,097		17,847
Total(1)	$	89,375	$	83,037	$	78,525

(1) Finance lease cost and sublease income were immaterial.

Supplemental cash flow information related to leases was as follows:

	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,846	$	54,268	$	55,921
Operating cash flows for finance leases	318		335		357
Financing cash flows for finance leases	3,231		2,917		3,073
Total	$	62,395	$	57,520	$	59,351
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	50,997	$	57,190	$	47,666
Financing leases	3,539		3,149		2,016
Total	$	54,536	$	60,339	$	49,682

Supplemental balance sheet information related to leases were as follows:

	December 31, 2023		December 31, 2022
Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	209,729	$	197,058
Lease liabilities:
Other accrued expenses	$	48,790	$	42,649
Other liabilities	172,983		165,741
Total operating lease liabilities	$	221,773	$	208,390
Finance Leases
Right-of-use assets:
Property, plant and equipment, net (1)	$	7,992	$	7,846
Lease liabilities:
Other accrued expenses	$	3,070	$	2,554
Other liabilities	5,897		6,189
Total finance lease liabilities	$	8,967	$	8,743

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $10,302 and $8,017 for the years ended December 31, 2023 and December 31, 2022, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:

	Operating		Finance
2024	$	55,883	$	3,397
2025	46,650		2,885
2026	34,209		2,249
2027	28,089		1,222
2028	21,688		118
Thereafter	76,345		26
Total lease payments	262,864		9,897
Less interest	(41,091)		(930)
Present value of lease liabilities	$	221,773	$	8,967

Average lease terms and discount rates were as follows:

	December 31, 2023		December 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)
Operating leases	7.2		7.8		5.8
Finance leases	3.0		3.6		4.2
Weighted-average discount rate
Operating leases	4.0	%	3.5	%	2.7	%
Finance leases	3.9	%	3.4	%	3.4	%