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Leases

3 Months Ended

Mar. 31, 2022

Leases:

We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.

Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides details of our lease contracts for the three-month periods ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
		2022		2021
Operating lease cost		$	10,611	$	9,412
Finance lease cost:
Amortization of right of use assets		430		157
Interest on lease liabilities		853		755
Total finance lease cost		1,283		912

Short-term lease cost		2,699		2,604
Variable lease cost		717		2,365


Total lease cost		$	15,310	$	15,293

Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2022 and 2021 is as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,637	$	8,381
Operating cash flows from finance leases	599		439
Financing cash flows from finance leases	515		159
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	999		707

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2022 and December 31, 2021 is as follows (in thousands, except as noted):


	March 31, 2022			December 31, 2021
Operating leases:
Other assets	$	144,594		$	154,741

Accrued expenses	35,285			31,603
Other noncurrent liabilities	116,736			126,997
Total operating lease liabilities	152,021			158,600
Finance leases:
Net property, plant and equipment	74,398			75,302

Current portion of long-term debt(a)	3,996			3,768
Long-term debt	73,109			74,011
Total finance lease liabilities	77,105			77,779
Weighted average remaining lease term (in years):
Operating leases	12.8			12.9
Finance leases	24.4			24.5
Weighted average discount rate (%):
Operating leases	3.48		%	3.44		%
Finance leases	4.46		%	4.47		%

(a) Balance includes accrued interest of finance lease recorded in Accrued liabilities.

Maturities of lease liabilities at March 31, 2022 were as follows (in thousands):


	Operating Leases		Finance Leases
Remainder of 2022	$	29,496	$	4,015
2023	34,363		6,156
2024	20,847		6,156
2025	12,298		6,156
2026	9,784		5,497
Thereafter	122,294		97,469
Total lease payments	229,082		125,449
Less imputed interest	77,061		48,344
Total	$	152,021	$	77,105

Leases