v3.25.4
Leases
 12 Months Ended
Dec. 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 years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Operating lease cost$36,507 $37,331 $48,238 
Finance lease cost:
  Amortization of right of use assets7,824 7,270 5,302 
  Interest on lease liabilities6,418 6,435 5,070 
Total finance lease cost14,242 13,705 10,372 
Short-term lease cost24,977 25,651 20,309 
Variable lease cost48,122 34,741 25,075 
Total lease cost$123,848 $111,428 $103,994 
Supplemental cash flow information related to our lease contracts for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
  Operating cash flows from operating leases$35,552 $35,638 $49,261 
  Operating cash flows from finance leases6,401 9,681 4,671 
  Financing cash flows from finance leases4,982 4,982 2,165 
Right-of-use assets obtained in exchange for lease obligations:
  Operating leases44,314 25,605 48,655 
  Finance leases— 12,706 46,773 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2025 and 2024 is as follows (in thousands, except as noted):
December 31,
20252024
Operating leases:
  Other assets$116,404 $118,839 
  Accrued expenses24,561 32,626 
  Other noncurrent liabilities103,110 99,514 
  Total operating lease liabilities127,671 132,140 
Finance leases:
  Net property, plant and equipment103,915 117,038 
  Current portion of long-term debt4,077 5,183 
  Long-term debt102,719 113,613 
  Total finance lease liabilities106,796 118,796 
Weighted average remaining lease term (in years):
  Operating leases13.412.9
  Finance leases20.520.4
Weighted average discount rate (%):
  Operating leases5.01 %4.47 %
  Finance leases5.47 %5.55 %
Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
2026$28,150 $9,852 
202723,571 9,783 
202819,518 9,645 
202917,941 9,645 
203012,904 8,997 
Thereafter99,324 122,808 
Total lease payments201,408 170,730 
Less imputed interest73,737 63,934 
Total$127,671 $106,796 
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, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Operating lease cost$36,507 $37,331 $48,238 
Finance lease cost:
  Amortization of right of use assets7,824 7,270 5,302 
  Interest on lease liabilities6,418 6,435 5,070 
Total finance lease cost14,242 13,705 10,372 
Short-term lease cost24,977 25,651 20,309 
Variable lease cost48,122 34,741 25,075 
Total lease cost$123,848 $111,428 $103,994 
Supplemental cash flow information related to our lease contracts for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
  Operating cash flows from operating leases$35,552 $35,638 $49,261 
  Operating cash flows from finance leases6,401 9,681 4,671 
  Financing cash flows from finance leases4,982 4,982 2,165 
Right-of-use assets obtained in exchange for lease obligations:
  Operating leases44,314 25,605 48,655 
  Finance leases— 12,706 46,773 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at December 31, 2025 and 2024 is as follows (in thousands, except as noted):
December 31,
20252024
Operating leases:
  Other assets$116,404 $118,839 
  Accrued expenses24,561 32,626 
  Other noncurrent liabilities103,110 99,514 
  Total operating lease liabilities127,671 132,140 
Finance leases:
  Net property, plant and equipment103,915 117,038 
  Current portion of long-term debt4,077 5,183 
  Long-term debt102,719 113,613 
  Total finance lease liabilities106,796 118,796 
Weighted average remaining lease term (in years):
  Operating leases13.412.9
  Finance leases20.520.4
Weighted average discount rate (%):
  Operating leases5.01 %4.47 %
  Finance leases5.47 %5.55 %
Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
2026$28,150 $9,852 
202723,571 9,783 
202819,518 9,645 
202917,941 9,645 
203012,904 8,997 
Thereafter99,324 122,808 
Total lease payments201,408 170,730 
Less imputed interest73,737 63,934 
Total$127,671 $106,796