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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
We had $0.4 million and $4.0 million of legally binding minimum lease payments for operating leases signed but not yet commenced as of December 31, 2024 and 2023. We did not have material subleases, leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.
In conjunction with our close process for the third quarter of 2022, the Company identified an accounting error related to certain operating real estate leases that have escalating rent payments which were not correctly recorded on a straight-line basis in the amount of $6.4 million. Approximately $5.8 million of the error impacted the Company’s consolidated statements of income prior to adoption of ASU No. 2016-02, Leases (Topic 842) in 2019 and the remaining immaterial amount impacted each period subsequent to adoption. To correct the cumulative impact of the error the Company recorded an adjustment of $6.4 million of incremental operating lease expense in the third quarter of 2022 ($5.5 million classified as SG&A and $0.9 million classified as COS), with the offsetting adjustment to reduce operating lease right-of-use assets, net on our consolidated balance sheet for the period ended September 30, 2022. There was no impact to our statements of cash flows as a result of the correction of the error.
Other information related to our leases is as follows:
December 31,
20242023
(Amounts in thousands)
Finance Leases:
ROU assets recorded under finance leases $32,385 $35,523 
Accumulated depreciation associated with finance leases(17,020)(16,828)
Total finance leases ROU assets, net(1)$15,365 $18,695 
Total finance leases liabilities(2)$19,990 $19,374 
        The costs components of operating and finance leases are as follows:
December 31,
202420232022
(Amounts in thousands)
Operating Lease Costs:
Fixed lease expense(3)$57,862 $55,588 $59,782 
Variable lease expense(3)8,990 8,131 7,412 
Total operating lease expense $66,852 $63,719 $67,194 
Finance Lease Costs:
Depreciation of finance lease ROU assets(3)$6,800 $6,655 $5,984 
Interest on lease liabilities(4)1,047 885 604 
Total finance lease expense$7,847 $7,540 $6,588 
_____________________
(1) Included in property, plant and equipment, net
(2) Included in debt due within one year and long-term debt due after one year, accordingly
(3) Included in cost of sales and selling, general and administrative expense, accordingly
(4) Included in interest expense

Supplemental cash flows information related to our leases is as follows:
December 31,
(Amounts in thousands, except lease term and discount rate)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)$64,976 $62,303 $57,712 
Financing cash flows from finance leases(2)6,964 8,234 6,039 
ROU assets obtained in exchange for lease obligations:
Operating leases$51,219 $18,570 $26,581 
Finance leases8,623 8,259 7,906 
Weighted average remaining lease term (in years)
Operating leases7 years8 years8 years
Finance leases3 years5 years6 years
Weighted average discount rate (percent)
Operating leases5.2 %4.1 %4.0 %
Finance leases5.6 %4.6 %3.9 %
_____________________
(1) Included in our consolidated statement of cash flows, operating activities, prepaid expenses and other assets, net and retirement obligations and other
(2) Included in our consolidated statement of cash flows, financing activities, payments under other financing arrangements
Future undiscounted lease payments under operating and finance leases as of December 31, 2024, were as follows:
Year ending December 31, Operating
Leases 		Finance Leases
(Amounts in thousands)
202541,712 7,430 
202635,243 5,692 
202730,024 3,442 
202825,553 1,703 
202920,703 781 
Thereafter66,382 3,565 
Total future minimum lease payments$219,617 $22,613 
Less: Imputed interest(36,220)(2,623)
Total$183,397 $19,990 
Other current liabilities$33,559 $— 
Operating lease liabilities149,838 — 
Debt due within one year— 6,505 
Long-term debt due after one year— 13,485 
Total $183,397 $19,990 
Leases LEASES
We had $0.4 million and $4.0 million of legally binding minimum lease payments for operating leases signed but not yet commenced as of December 31, 2024 and 2023. We did not have material subleases, leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.
In conjunction with our close process for the third quarter of 2022, the Company identified an accounting error related to certain operating real estate leases that have escalating rent payments which were not correctly recorded on a straight-line basis in the amount of $6.4 million. Approximately $5.8 million of the error impacted the Company’s consolidated statements of income prior to adoption of ASU No. 2016-02, Leases (Topic 842) in 2019 and the remaining immaterial amount impacted each period subsequent to adoption. To correct the cumulative impact of the error the Company recorded an adjustment of $6.4 million of incremental operating lease expense in the third quarter of 2022 ($5.5 million classified as SG&A and $0.9 million classified as COS), with the offsetting adjustment to reduce operating lease right-of-use assets, net on our consolidated balance sheet for the period ended September 30, 2022. There was no impact to our statements of cash flows as a result of the correction of the error.
Other information related to our leases is as follows:
December 31,
20242023
(Amounts in thousands)
Finance Leases:
ROU assets recorded under finance leases $32,385 $35,523 
Accumulated depreciation associated with finance leases(17,020)(16,828)
Total finance leases ROU assets, net(1)$15,365 $18,695 
Total finance leases liabilities(2)$19,990 $19,374 
        The costs components of operating and finance leases are as follows:
December 31,
202420232022
(Amounts in thousands)
Operating Lease Costs:
Fixed lease expense(3)$57,862 $55,588 $59,782 
Variable lease expense(3)8,990 8,131 7,412 
Total operating lease expense $66,852 $63,719 $67,194 
Finance Lease Costs:
Depreciation of finance lease ROU assets(3)$6,800 $6,655 $5,984 
Interest on lease liabilities(4)1,047 885 604 
Total finance lease expense$7,847 $7,540 $6,588 
_____________________
(1) Included in property, plant and equipment, net
(2) Included in debt due within one year and long-term debt due after one year, accordingly
(3) Included in cost of sales and selling, general and administrative expense, accordingly
(4) Included in interest expense

Supplemental cash flows information related to our leases is as follows:
December 31,
(Amounts in thousands, except lease term and discount rate)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)$64,976 $62,303 $57,712 
Financing cash flows from finance leases(2)6,964 8,234 6,039 
ROU assets obtained in exchange for lease obligations:
Operating leases$51,219 $18,570 $26,581 
Finance leases8,623 8,259 7,906 
Weighted average remaining lease term (in years)
Operating leases7 years8 years8 years
Finance leases3 years5 years6 years
Weighted average discount rate (percent)
Operating leases5.2 %4.1 %4.0 %
Finance leases5.6 %4.6 %3.9 %
_____________________
(1) Included in our consolidated statement of cash flows, operating activities, prepaid expenses and other assets, net and retirement obligations and other
(2) Included in our consolidated statement of cash flows, financing activities, payments under other financing arrangements
Future undiscounted lease payments under operating and finance leases as of December 31, 2024, were as follows:
Year ending December 31, Operating
Leases 		Finance Leases
(Amounts in thousands)
202541,712 7,430 
202635,243 5,692 
202730,024 3,442 
202825,553 1,703 
202920,703 781 
Thereafter66,382 3,565 
Total future minimum lease payments$219,617 $22,613 
Less: Imputed interest(36,220)(2,623)
Total$183,397 $19,990 
Other current liabilities$33,559 $— 
Operating lease liabilities149,838 — 
Debt due within one year— 6,505 
Long-term debt due after one year— 13,485 
Total $183,397 $19,990