v3.26.1
Leases
 6 Months Ended
Jun. 30, 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 and six-month periods ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating lease cost$9,298 $8,605 $18,974 $17,337 
Finance lease cost:
Amortization of right of use assets1,613 2,026 3,222 4,024 
Interest on lease liabilities1,594 1,612 3,120 3,231 
Total finance lease cost3,207 3,638 6,342 7,255 
Short-term lease cost4,143 5,833 9,497 11,999 
Variable lease cost14,432 15,283 27,411 23,699 
Total lease cost$31,080 $33,359 $62,224 $60,290 
Supplemental cash flow information related to our lease contracts for the six-month periods ended June 30, 2026 and 2025 is as follows (in thousands):
Six Months Ended
June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18,389 $17,042 
Operating cash flows from finance leases3,120 3,222 
Financing cash flows from finance leases2,309 2,427 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases10,414 13,258 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at June 30, 2026 and December 31, 2025 is as follows (in thousands, except as noted):
June 30, 2026December 31, 2025
Operating leases:
Other assets$111,662 $116,404 
Accrued expenses26,431 24,561 
Other noncurrent liabilities95,723 103,110 
Total operating lease liabilities122,154 127,671 
Finance leases:
Net property, plant and equipment101,241 103,915 
Current portion of long-term debt4,177 4,077 
Long-term debt100,672 102,719 
Total finance lease liabilities104,849 106,796 
Weighted average remaining lease term (in years):
Operating leases13.113.4
Finance leases20.020.5
Weighted average discount rate (%):
Operating leases5.02 %5.01 %
Finance leases5.47 %5.47 %
Maturities of lease liabilities at June 30, 2026 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$17,073 $4,934 
202724,894 9,799 
202820,678 9,661 
202918,037 9,661 
203012,853 9,013 
Thereafter101,062 122,949 
Total lease payments194,597 166,017 
Less imputed interest72,443 61,168 
Total$122,154 $104,849 
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 and six-month periods ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating lease cost$9,298 $8,605 $18,974 $17,337 
Finance lease cost:
Amortization of right of use assets1,613 2,026 3,222 4,024 
Interest on lease liabilities1,594 1,612 3,120 3,231 
Total finance lease cost3,207 3,638 6,342 7,255 
Short-term lease cost4,143 5,833 9,497 11,999 
Variable lease cost14,432 15,283 27,411 23,699 
Total lease cost$31,080 $33,359 $62,224 $60,290 
Supplemental cash flow information related to our lease contracts for the six-month periods ended June 30, 2026 and 2025 is as follows (in thousands):
Six Months Ended
June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18,389 $17,042 
Operating cash flows from finance leases3,120 3,222 
Financing cash flows from finance leases2,309 2,427 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases10,414 13,258 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at June 30, 2026 and December 31, 2025 is as follows (in thousands, except as noted):
June 30, 2026December 31, 2025
Operating leases:
Other assets$111,662 $116,404 
Accrued expenses26,431 24,561 
Other noncurrent liabilities95,723 103,110 
Total operating lease liabilities122,154 127,671 
Finance leases:
Net property, plant and equipment101,241 103,915 
Current portion of long-term debt4,177 4,077 
Long-term debt100,672 102,719 
Total finance lease liabilities104,849 106,796 
Weighted average remaining lease term (in years):
Operating leases13.113.4
Finance leases20.020.5
Weighted average discount rate (%):
Operating leases5.02 %5.01 %
Finance leases5.47 %5.47 %
Maturities of lease liabilities at June 30, 2026 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$17,073 $4,934 
202724,894 9,799 
202820,678 9,661 
202918,037 9,661 
203012,853 9,013 
Thereafter101,062 122,949 
Total lease payments194,597 166,017 
Less imputed interest72,443 61,168 
Total$122,154 $104,849