| Leases |
Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.
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(In thousands) |
|
Three Months Ended
June 30, |
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|
Six Months Ended
June 30, |
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|
|
2025 |
|
|
2024 |
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|
2025 |
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|
2024 |
|
Lease Cost |
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Operating lease cost |
|
$ |
4,801 |
|
|
$ |
4,468 |
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|
$ |
9,563 |
|
|
$ |
8,961 |
|
Short-term lease cost |
|
|
2,796 |
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|
|
3,249 |
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|
|
5,314 |
|
|
|
5,936 |
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Variable lease cost |
|
|
393 |
|
|
|
422 |
|
|
|
768 |
|
|
|
865 |
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Total lease cost |
|
$ |
7,990 |
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|
$ |
8,139 |
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|
$ |
15,645 |
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|
$ |
15,762 |
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Other Information |
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Cash paid for amounts included in the
measurement of lease liabilities: |
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Operating cash flow from operating leases |
|
$ |
4,801 |
|
|
$ |
4,477 |
|
|
$ |
9,577 |
|
|
$ |
8,965 |
|
Right-of-use assets obtained in exchange
for new operating lease liabilities |
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|
38 |
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|
|
559 |
|
|
|
260 |
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|
|
1,548 |
|
The following table outlines the maturities of lease liabilities as of June 30, 2025.
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(In thousands) |
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Undiscounted Cash Flows: |
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|
|
2025 (excluding the six months ended June 30, 2025) |
|
$ |
9,289 |
|
2026 |
|
|
14,248 |
|
2027 |
|
|
10,599 |
|
2028 |
|
|
8,301 |
|
2029 |
|
|
7,670 |
|
Subsequent to 2029 |
|
|
30,257 |
|
Total Undiscounted Cash Flows |
|
$ |
80,364 |
|
Less: Imputed interest |
|
|
(11,216 |
) |
Present value |
|
$ |
69,148 |
|
Current operating lease liabilities (1) |
|
|
14,487 |
|
Non-current operating lease liabilities |
|
|
54,661 |
|
Total lease liabilities |
|
$ |
69,148 |
|
(1)This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.
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|
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Weighted-average remaining lease term-operating leases |
|
8 Years |
|
Weighted-average discount rate-operating leases |
|
|
4.0 |
% |
As of June 30, 2025, the Company had no leases that had not already commenced.
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