Leases

3 Months Ended

Mar. 31, 2025

LEASES

Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.


(In thousands)	Three Months Ended March 31,
	2025		2024
Lease Cost
Operating lease cost	$	4,762	$	4,493
Short-term lease cost		2,518		2,687
Variable lease cost		375		443
Total lease cost	$	7,655	$	7,623
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	4,776	$	4,488
Right-of-use assets obtained in exchange for new operating lease liabilities		222		989

The following table outlines the maturities of lease liabilities as of March 31, 2025.


(In thousands)
Undiscounted Cash Flows:
2025 (excluding the three months ended March 31, 2025)	$	13,800
2026		13,621
2027		10,467
2028		8,190
2029		7,567
Subsequent to 2029		30,106
Total Undiscounted Cash Flows	$	83,751
Less: Imputed interest		(11,772	)
Present value	$	71,979
Current operating lease liabilities (1)		15,019
Non-current operating lease liabilities		56,960
Total lease liabilities	$	71,979

(1)

This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.


Weighted-average remaining lease term-operating leases	8 Years
Weighted-average discount rate-operating leases		4.0	%

As of March 31, 2025, the Company had no leases that had not already commenced.