v3.25.1
Leases
 3 Months Ended
Mar. 31, 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 periods ended March 31, 2025 and 2024 (in thousands):
Three Months Ended
March 31,
20252024
Operating lease cost$8,732 $9,546 
Finance lease cost:
Amortization of right of use assets1,998 1,308 
Interest on lease liabilities1,619 1,459 
Total finance lease cost3,617 2,767 
Short-term lease cost6,166 6,018 
Variable lease cost8,416 7,797 
Total lease cost$26,931 $26,128 
Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2025 and 2024 is as follows (in thousands):
Three Months Ended
March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,386 $8,848 
Operating cash flows from finance leases1,615 1,018 
Financing cash flows from finance leases1,195 560 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases9,896 8,856 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2025 and December 31, 2024 is as follows (in thousands, except as noted):
March 31, 2025December 31, 2024
Operating leases:
Other assets$122,244 $118,839 
Accrued expenses33,357 32,626 
Other noncurrent liabilities101,349 99,514 
Total operating lease liabilities134,706 132,140 
Finance leases:
Net property, plant and equipment115,304 117,038 
Current portion of long-term debt5,283 5,183 
Long-term debt112,589 113,613 
Total finance lease liabilities117,872 118,796 
Weighted average remaining lease term (in years):
Operating leases12.512.9
Finance leases20.220.4
Weighted average discount rate (%):
Operating leases4.55 %4.47 %
Finance leases5.55 %5.55 %
Maturities of lease liabilities at March 31, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$26,068 $9,149 
202626,603 11,338 
202721,032 11,269 
202815,615 11,131 
202913,731 11,131 
Thereafter94,841 134,007 
Total lease payments197,890 188,025 
Less imputed interest63,184 70,153 
Total$134,706 $117,872 
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 periods ended March 31, 2025 and 2024 (in thousands):
Three Months Ended
March 31,
20252024
Operating lease cost$8,732 $9,546 
Finance lease cost:
Amortization of right of use assets1,998 1,308 
Interest on lease liabilities1,619 1,459 
Total finance lease cost3,617 2,767 
Short-term lease cost6,166 6,018 
Variable lease cost8,416 7,797 
Total lease cost$26,931 $26,128 
Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2025 and 2024 is as follows (in thousands):
Three Months Ended
March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,386 $8,848 
Operating cash flows from finance leases1,615 1,018 
Financing cash flows from finance leases1,195 560 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases9,896 8,856 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2025 and December 31, 2024 is as follows (in thousands, except as noted):
March 31, 2025December 31, 2024
Operating leases:
Other assets$122,244 $118,839 
Accrued expenses33,357 32,626 
Other noncurrent liabilities101,349 99,514 
Total operating lease liabilities134,706 132,140 
Finance leases:
Net property, plant and equipment115,304 117,038 
Current portion of long-term debt5,283 5,183 
Long-term debt112,589 113,613 
Total finance lease liabilities117,872 118,796 
Weighted average remaining lease term (in years):
Operating leases12.512.9
Finance leases20.220.4
Weighted average discount rate (%):
Operating leases4.55 %4.47 %
Finance leases5.55 %5.55 %
Maturities of lease liabilities at March 31, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$26,068 $9,149 
202626,603 11,338 
202721,032 11,269 
202815,615 11,131 
202913,731 11,131 
Thereafter94,841 134,007 
Total lease payments197,890 188,025 
Less imputed interest63,184 70,153 
Total$134,706 $117,872