v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
20262025
Operating lease cost$9,676 $8,732 
Finance lease cost:
Amortization of right of use assets1,609 1,998 
Interest on lease liabilities1,526 1,619 
Total finance lease cost3,135 3,617 
Short-term lease cost5,354 6,166 
Variable lease cost12,979 8,416 
Total lease cost$31,144 $26,931 
Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2026 and 2025 is as follows (in thousands):
Three Months Ended
March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,381 $8,386 
Operating cash flows from finance leases1,526 1,615 
Financing cash flows from finance leases1,237 1,195 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases4,589 9,896 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2026 and December 31, 2025 is as follows (in thousands, except as noted):
March 31, 2026December 31, 2025
Operating leases:
Other assets$112,937 $116,404 
Accrued expenses23,824 24,561 
Other noncurrent liabilities100,336 103,110 
Total operating lease liabilities124,160 127,671 
Finance leases:
Net property, plant and equipment102,659 103,915 
Current portion of long-term debt4,128 4,077 
Long-term debt101,695 102,719 
Total finance lease liabilities105,823 106,796 
Weighted average remaining lease term (in years):
Operating leases13.513.4
Finance leases20.320.5
Weighted average discount rate (%):
Operating leases4.99 %5.01 %
Finance leases5.47 %5.47 %
Maturities of lease liabilities at March 31, 2026 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$21,146 $7,394 
202724,731 9,790 
202820,576 9,652 
202918,003 9,652 
203012,857 9,004 
Thereafter100,854 122,870 
Total lease payments198,167 168,362 
Less imputed interest74,007 62,539 
Total$124,160 $105,823 
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, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
20262025
Operating lease cost$9,676 $8,732 
Finance lease cost:
Amortization of right of use assets1,609 1,998 
Interest on lease liabilities1,526 1,619 
Total finance lease cost3,135 3,617 
Short-term lease cost5,354 6,166 
Variable lease cost12,979 8,416 
Total lease cost$31,144 $26,931 
Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2026 and 2025 is as follows (in thousands):
Three Months Ended
March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,381 $8,386 
Operating cash flows from finance leases1,526 1,615 
Financing cash flows from finance leases1,237 1,195 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases4,589 9,896 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2026 and December 31, 2025 is as follows (in thousands, except as noted):
March 31, 2026December 31, 2025
Operating leases:
Other assets$112,937 $116,404 
Accrued expenses23,824 24,561 
Other noncurrent liabilities100,336 103,110 
Total operating lease liabilities124,160 127,671 
Finance leases:
Net property, plant and equipment102,659 103,915 
Current portion of long-term debt4,128 4,077 
Long-term debt101,695 102,719 
Total finance lease liabilities105,823 106,796 
Weighted average remaining lease term (in years):
Operating leases13.513.4
Finance leases20.320.5
Weighted average discount rate (%):
Operating leases4.99 %5.01 %
Finance leases5.47 %5.47 %
Maturities of lease liabilities at March 31, 2026 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$21,146 $7,394 
202724,731 9,790 
202820,576 9,652 
202918,003 9,652 
203012,857 9,004 
Thereafter100,854 122,870 
Total lease payments198,167 168,362 
Less imputed interest74,007 62,539 
Total$124,160 $105,823