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, |
|
|
|
2026 |
|
|
2025 |
|
Lease Cost |
|
|
|
|
|
|
Operating lease cost |
|
$ |
4,622 |
|
|
$ |
4,762 |
|
Short-term lease cost |
|
|
2,702 |
|
|
|
2,518 |
|
Variable lease cost |
|
|
341 |
|
|
|
375 |
|
Total lease cost |
|
$ |
7,665 |
|
|
$ |
7,655 |
|
Other Information |
|
|
|
|
|
|
Cash paid for amounts included in the
measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flow from operating leases |
|
$ |
4,575 |
|
|
$ |
4,776 |
|
Right-of-use assets obtained in exchange
for new operating lease liabilities |
|
|
316 |
|
|
|
222 |
|
The following table outlines the maturities of lease liabilities as of March 31, 2026.
|
|
|
|
|
(In thousands) |
|
|
|
Undiscounted Cash Flows: |
|
|
|
2026 (excluding the three months ended March 31, 2026) |
|
$ |
12,736 |
|
2027 |
|
|
12,695 |
|
2028 |
|
|
9,637 |
|
2029 |
|
|
8,513 |
|
2030 |
|
|
7,166 |
|
Subsequent to 2030 |
|
|
17,619 |
|
Total Undiscounted Cash Flows |
|
$ |
68,366 |
|
Less: Imputed interest |
|
|
(7,009 |
) |
Present value |
|
$ |
61,357 |
|
Current operating lease liabilities (1) |
|
|
14,271 |
|
Non-current operating lease liabilities |
|
|
47,086 |
|
Total lease liabilities |
|
$ |
61,357 |
|
(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 |
|
6 Years |
|
Weighted-average discount rate-operating leases |
|
|
3.8 |
% |
As of March 31, 2026, the Company had a railcars lease, valued at approximately $356,000, that had not commenced. The lease will commence during the second quarter of 2026 with a lease term of five years.
|