| 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, |
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Lease Cost |
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|
Operating lease cost |
|
$ |
4,771 |
|
|
$ |
4,801 |
|
|
$ |
9,393 |
|
|
$ |
9,563 |
|
Short-term lease cost |
|
|
2,270 |
|
|
|
2,796 |
|
|
|
4,972 |
|
|
|
5,314 |
|
Variable lease cost |
|
|
274 |
|
|
|
393 |
|
|
|
615 |
|
|
|
768 |
|
Total lease cost |
|
$ |
7,315 |
|
|
$ |
7,990 |
|
|
$ |
14,980 |
|
|
$ |
15,645 |
|
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 |
|
$ |
4,729 |
|
|
$ |
4,801 |
|
|
$ |
9,305 |
|
|
$ |
9,577 |
|
Right-of-use assets obtained in
exchange for new operating lease
liabilities |
|
|
886 |
|
|
|
38 |
|
|
|
1,202 |
|
|
|
260 |
|
The following table outlines the maturities of lease liabilities as of June 30, 2026.
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(In thousands) |
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Undiscounted Cash Flows: |
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|
|
2026 (excluding the six months ended June 30, 2026) |
|
$ |
9,197 |
|
2027 |
|
|
14,181 |
|
2028 |
|
|
9,820 |
|
2029 |
|
|
8,617 |
|
2030 |
|
|
7,193 |
|
Subsequent to 2030 |
|
|
17,619 |
|
Total Undiscounted Cash Flows |
|
$ |
66,627 |
|
Less: Imputed interest |
|
|
(6,632 |
) |
Present value |
|
$ |
59,995 |
|
Current operating lease liabilities (1) |
|
|
14,967 |
|
Non-current operating lease liabilities |
|
|
45,028 |
|
Total lease liabilities |
|
$ |
59,995 |
|
(1)This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.
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|
|
|
|
Weighted-average remaining lease term-operating leases |
|
6 Years |
|
Weighted-average discount rate-operating leases |
|
|
3.9 |
% |
As of June 30, 2026, the Company had no leases that had not commenced.
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