Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

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 years ended December 31, 2024, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	37,331	$	48,238	$	43,809
Finance lease cost:
Amortization of right of use assets	7,270		5,302		3,377
Interest on lease liabilities	6,435		5,070		3,504
Total finance lease cost	13,705		10,372		6,881
Short-term lease cost	25,651		20,309		13,985
Variable lease cost	34,741		25,075		8,064
Total lease cost	$	111,428	$	103,994	$	72,739

Supplemental cash flow information related to our lease contracts for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35,638	$	49,261	$	36,629
Operating cash flows from finance leases	9,681		4,671		3,389
Financing cash flows from finance leases	4,982		2,165		1,432
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	25,605		48,655		15,913
Finance leases	12,706		46,773		3,976

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2024 and 2023 is as follows (in thousands, except as noted):

	December 31,
	2024			2023
Operating leases:
Other assets	$	118,839		$	137,405
Accrued expenses	32,626			30,583
Other noncurrent liabilities	99,514			113,681
Total operating lease liabilities	132,140			144,264
Finance leases:
Net property, plant and equipment	117,038			112,438
Current portion of long-term debt	5,183			9,702
Long-term debt	113,613			104,484
Total finance lease liabilities	118,796			114,186
Weighted average remaining lease term (in years):
Operating leases	12.9			12.2
Finance leases	20.4			20.7
Weighted average discount rate (%):
Operating leases	4.47		%	4.74		%
Finance leases	5.55		%	4.71		%

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):

	Operating Leases		Finance Leases
2025	$	32,911	$	11,917
2026	24,135		11,291
2027	18,442		11,222
2028	13,559		11,084
2029	12,078		11,084
Thereafter	92,976		133,917
Total lease payments	194,101		190,515
Less imputed interest	61,961		71,719
Total	$	132,140	$	118,796

Leases

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 years ended December 31, 2024, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	37,331	$	48,238	$	43,809
Finance lease cost:
Amortization of right of use assets	7,270		5,302		3,377
Interest on lease liabilities	6,435		5,070		3,504
Total finance lease cost	13,705		10,372		6,881
Short-term lease cost	25,651		20,309		13,985
Variable lease cost	34,741		25,075		8,064
Total lease cost	$	111,428	$	103,994	$	72,739

Supplemental cash flow information related to our lease contracts for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35,638	$	49,261	$	36,629
Operating cash flows from finance leases	9,681		4,671		3,389
Financing cash flows from finance leases	4,982		2,165		1,432
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	25,605		48,655		15,913
Finance leases	12,706		46,773		3,976

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2024 and 2023 is as follows (in thousands, except as noted):

	December 31,
	2024			2023
Operating leases:
Other assets	$	118,839		$	137,405
Accrued expenses	32,626			30,583
Other noncurrent liabilities	99,514			113,681
Total operating lease liabilities	132,140			144,264
Finance leases:
Net property, plant and equipment	117,038			112,438
Current portion of long-term debt	5,183			9,702
Long-term debt	113,613			104,484
Total finance lease liabilities	118,796			114,186
Weighted average remaining lease term (in years):
Operating leases	12.9			12.2
Finance leases	20.4			20.7
Weighted average discount rate (%):
Operating leases	4.47		%	4.74		%
Finance leases	5.55		%	4.71		%

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):

	Operating Leases		Finance Leases
2025	$	32,911	$	11,917
2026	24,135		11,291
2027	18,442		11,222
2028	13,559		11,084
2029	12,078		11,084
Thereafter	92,976		133,917
Total lease payments	194,101		190,515
Less imputed interest	61,961		71,719
Total	$	132,140	$	118,796