XML 38 R22.htm IDEA: XBRL DOCUMENT v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
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 three-month and nine-month periods ended September 30, 2025 and 2024 (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operating lease cost$9,499 $9,184 $26,836 $28,302 
Finance lease cost:
Amortization of right of use assets1,891 1,653 5,915 5,318 
Interest on lease liabilities1,603 1,568 4,834 4,769 
Total finance lease cost3,494 3,221 10,749 10,087 
Short-term lease cost6,733 4,639 18,732 19,443 
Variable lease cost12,065 9,618 35,764 26,630 
Total lease cost$31,791 $26,662 $92,081 $84,462 
Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2025 and 2024 is as follows (in thousands):
Nine Months Ended
September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$26,239 $26,760 
Operating cash flows from finance leases4,820 8,176 
Financing cash flows from finance leases3,694 3,733 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases42,968 16,595 
Finance leases— 6,200 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2025 and December 31, 2024 is as follows (in thousands, except as noted):
September 30, 2025December 31, 2024
Operating leases:
Other assets$126,024 $118,839 
Accrued expenses29,128 32,626 
Other noncurrent liabilities108,645 99,514 
Total operating lease liabilities137,773 132,140 
Finance leases:
Net property, plant and equipment112,046 117,038 
Current portion of long-term debt5,517 5,183 
Long-term debt110,653 113,613 
Total finance lease liabilities116,170 118,796 
Weighted average remaining lease term (in years):
Operating leases12.912.9
Finance leases19.620.4
Weighted average discount rate (%):
Operating leases5.00 %4.47 %
Finance leases5.55 %5.55 %
Maturities of lease liabilities at September 30, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$9,761 $3,569 
202629,771 11,476 
202723,992 11,407 
202819,676 11,268 
202918,062 11,268 
Thereafter110,686 134,301 
Total lease payments211,948 183,289 
Less imputed interest74,175 67,119 
Total$137,773 $116,170 
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 three-month and nine-month periods ended September 30, 2025 and 2024 (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operating lease cost$9,499 $9,184 $26,836 $28,302 
Finance lease cost:
Amortization of right of use assets1,891 1,653 5,915 5,318 
Interest on lease liabilities1,603 1,568 4,834 4,769 
Total finance lease cost3,494 3,221 10,749 10,087 
Short-term lease cost6,733 4,639 18,732 19,443 
Variable lease cost12,065 9,618 35,764 26,630 
Total lease cost$31,791 $26,662 $92,081 $84,462 
Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2025 and 2024 is as follows (in thousands):
Nine Months Ended
September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$26,239 $26,760 
Operating cash flows from finance leases4,820 8,176 
Financing cash flows from finance leases3,694 3,733 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases42,968 16,595 
Finance leases— 6,200 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2025 and December 31, 2024 is as follows (in thousands, except as noted):
September 30, 2025December 31, 2024
Operating leases:
Other assets$126,024 $118,839 
Accrued expenses29,128 32,626 
Other noncurrent liabilities108,645 99,514 
Total operating lease liabilities137,773 132,140 
Finance leases:
Net property, plant and equipment112,046 117,038 
Current portion of long-term debt5,517 5,183 
Long-term debt110,653 113,613 
Total finance lease liabilities116,170 118,796 
Weighted average remaining lease term (in years):
Operating leases12.912.9
Finance leases19.620.4
Weighted average discount rate (%):
Operating leases5.00 %4.47 %
Finance leases5.55 %5.55 %
Maturities of lease liabilities at September 30, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$9,761 $3,569 
202629,771 11,476 
202723,992 11,407 
202819,676 11,268 
202918,062 11,268 
Thereafter110,686 134,301 
Total lease payments211,948 183,289 
Less imputed interest74,175 67,119 
Total$137,773 $116,170