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Leases

12 Months Ended

Dec. 31, 2024

The components of lease expense were as follows:


(In thousands)	2024		2023		2022
Finance leases:
Depreciation expense	$	12,785	$	7,957	$	3,938
Interest on lease liabilities	4,318		2,036		784
Operating leases	38,702		38,062		35,290
Variable and short-term leases	54,475		54,432		52,050
Sublease income	(7)		(7)		(6)
Total lease expense	$	110,273	$	102,480	$	92,056

Supplemental cash flow information related to leases was as follows:


(In thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases	$	37,120	$	37,880	$	34,420
Cash flows used by operating activities - Finance leases	4,203		1,914		798
Cash flows used by financing activities - Finance leases	12,316		7,736		3,975
ROU assets obtained in exchange for lease obligations:
Operating leases	$	21,895	$	27,951	$	32,817
Finance leases	49,316		27,128		11,175

Supplemental balance sheet information related to leases was as follows:


(In thousands)	2024		2023
Operating Leases:
Operating lease ROU assets	$	92,153	$	102,891
Current portion of operating lease liabilities	26,049		28,775
Operating lease liabilities	67,998		75,476
Finance Leases:
Property, plant and equipment, net	$	73,734	$	43,151
Current maturities of long-term debt	16,004		9,723
Long-term debt	63,913		33,911

Supplemental additional information related to leases was as follows:


	2024		2023
Other information:
Weighted average remaining lease term - Operating leases (in years)	6.98		7.03
Weighted average remaining lease term - Finance leases (in years)	5.27		5.33
Weighted average incremental borrowing rate - Operating leases	6.7	%	6.3	%
Weighted average incremental borrowing rate - Finance leases	7.2	%	6.4	%

Maturities of lease liabilities were as follows:


(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2025	$	32,934	$	20,998
2026	25,516		19,462
2027	18,456		17,488
2028	12,803		15,525
2029	8,724		10,938
After 2029	41,883		11,805
Total lease payments	140,316		96,216
Less: Imputed interest	(32,030)		(16,299)
Total lease liabilities (a)	$	108,286	$	79,917

(a) Includes payments for operating leases of approximately $14 million related to fully executed renewal agreements for building leases that will go into effect starting in 2025.

The Company's leases, excluding short-term leases, have remaining terms of less than one year to approximately 26 years, some of which contain options to extend or terminate the lease terms, based on the provisions in the lease agreements. As of December 31, 2024, the Company has approximately $27 million of finance lease obligations to be recognized for vehicles and equipment in CE with expected commencement dates in 2025. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.

Leases

The components of lease expense were as follows:


(In thousands)	2024		2023		2022
Finance leases:
Depreciation expense	$	12,785	$	7,957	$	3,938
Interest on lease liabilities	4,318		2,036		784
Operating leases	38,702		38,062		35,290
Variable and short-term leases	54,475		54,432		52,050
Sublease income	(7)		(7)		(6)
Total lease expense	$	110,273	$	102,480	$	92,056

Supplemental cash flow information related to leases was as follows:


(In thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases	$	37,120	$	37,880	$	34,420
Cash flows used by operating activities - Finance leases	4,203		1,914		798
Cash flows used by financing activities - Finance leases	12,316		7,736		3,975
ROU assets obtained in exchange for lease obligations:
Operating leases	$	21,895	$	27,951	$	32,817
Finance leases	49,316		27,128		11,175

Supplemental balance sheet information related to leases was as follows:


(In thousands)	2024		2023
Operating Leases:
Operating lease ROU assets	$	92,153	$	102,891
Current portion of operating lease liabilities	26,049		28,775
Operating lease liabilities	67,998		75,476
Finance Leases:
Property, plant and equipment, net	$	73,734	$	43,151
Current maturities of long-term debt	16,004		9,723
Long-term debt	63,913		33,911

Supplemental additional information related to leases was as follows:


	2024		2023
Other information:
Weighted average remaining lease term - Operating leases (in years)	6.98		7.03
Weighted average remaining lease term - Finance leases (in years)	5.27		5.33
Weighted average incremental borrowing rate - Operating leases	6.7	%	6.3	%
Weighted average incremental borrowing rate - Finance leases	7.2	%	6.4	%

Maturities of lease liabilities were as follows:


(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2025	$	32,934	$	20,998
2026	25,516		19,462
2027	18,456		17,488
2028	12,803		15,525
2029	8,724		10,938
After 2029	41,883		11,805
Total lease payments	140,316		96,216
Less: Imputed interest	(32,030)		(16,299)
Total lease liabilities (a)	$	108,286	$	79,917

(a) Includes payments for operating leases of approximately $14 million related to fully executed renewal agreements for building leases that will go into effect starting in 2025.

Leases

The components of lease expense were as follows:


(In thousands)	2024		2023		2022
Finance leases:
Depreciation expense	$	12,785	$	7,957	$	3,938
Interest on lease liabilities	4,318		2,036		784
Operating leases	38,702		38,062		35,290
Variable and short-term leases	54,475		54,432		52,050
Sublease income	(7)		(7)		(6)
Total lease expense	$	110,273	$	102,480	$	92,056

Supplemental cash flow information related to leases was as follows:


(In thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases	$	37,120	$	37,880	$	34,420
Cash flows used by operating activities - Finance leases	4,203		1,914		798
Cash flows used by financing activities - Finance leases	12,316		7,736		3,975
ROU assets obtained in exchange for lease obligations:
Operating leases	$	21,895	$	27,951	$	32,817
Finance leases	49,316		27,128		11,175

Supplemental balance sheet information related to leases was as follows:


(In thousands)	2024		2023
Operating Leases:
Operating lease ROU assets	$	92,153	$	102,891
Current portion of operating lease liabilities	26,049		28,775
Operating lease liabilities	67,998		75,476
Finance Leases:
Property, plant and equipment, net	$	73,734	$	43,151
Current maturities of long-term debt	16,004		9,723
Long-term debt	63,913		33,911

Supplemental additional information related to leases was as follows:


	2024		2023
Other information:
Weighted average remaining lease term - Operating leases (in years)	6.98		7.03
Weighted average remaining lease term - Finance leases (in years)	5.27		5.33
Weighted average incremental borrowing rate - Operating leases	6.7	%	6.3	%
Weighted average incremental borrowing rate - Finance leases	7.2	%	6.4	%

Maturities of lease liabilities were as follows:


(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2025	$	32,934	$	20,998
2026	25,516		19,462
2027	18,456		17,488
2028	12,803		15,525
2029	8,724		10,938
After 2029	41,883		11,805
Total lease payments	140,316		96,216
Less: Imputed interest	(32,030)		(16,299)
Total lease liabilities (a)	$	108,286	$	79,917

(a) Includes payments for operating leases of approximately $14 million related to fully executed renewal agreements for building leases that will go into effect starting in 2025.