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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | Note 11. Leases The company has operating leases relating principally to transportation and other equipment, and some real estate. The company determines if an arrangement contains a lease at inception, which generally occurs when the arrangement identifies a specific asset that the company has the right to direct the use of and obtain substantially all of the economic benefit from use of the identified asset. Certain of the lease agreements contain rent escalation clauses (including fixed and index-based escalations), and options to extend or terminate the lease. For purposes of calculating operating lease obligations, the company’s lease terms include options to extend the lease when it is reasonably certain that the company will exercise such option. The company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is the rate of interest the company could borrow on a collateralized basis over a similar term with similar payments. Operating lease expense is recognized on a straight-line basis over the lease term. ​ Note 11. Leases (Continued) Operating lease right-of-use assets and lease obligations included in the consolidated balance sheets at December 31, are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2024 | ​ | ​ | 2023
​ | Right-of-use assets under operating leases: | ​ | ​ | ​ | ​ | ​
​ | Other assets - noncurrent | $ | 113,500 | ​ | $ | 127,499
​ | Lease obligations under operating leases: | ​ | ​ | ​ | ​ | ​
​ | Accrued liabilities | $ | 19,915 | ​ | $ | 21,003
​ | Other liabilities - noncurrent | ​ | 94,417 | ​ | ​ | 107,147
​ | ​ | $ | 114,332 | ​ | $ | 128,150
​ The weighted average remaining lease term for our operating leases is nine years as of December 31, 2024 and 2023. The weighted-average discount rate is 4.46% and 4.31% as of December 31, 2024 and 2023, respectively. Future operating lease liabilities as of December 31, 2024, for the next five years and thereafter are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | $ | 24,207 | ​ | ​
​ | ​ | 2026 | ​ | 19,315 | ​ | ​
​ | ​ | 2027 | ​ | 16,411 | ​ | ​
​ | ​ | 2028 | ​ | 13,673 | ​ | ​
​ | ​ | 2029 | ​ | 10,885 | ​ | ​
​ | ​ | Thereafter | ​ | 54,126 | ​ | ​
​ | ​ | Total undiscounted cash flows | ​ | 138,617 | ​ | ​
​ | ​ | Less imputed interest | ​ | (24,285) | ​ | ​
​ | ​ | Lease obligations under operating leases | $ | 114,332 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Operating lease expense included in the consolidated statements of income was $27.4 million, $27.9 million, and $23.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Cash paid related to operating lease obligations was $23.2 million, $22.8 million, and $20.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. Variable lease costs were not material for the years ended December 31, 2024, 2023, and 2022. Short-term lease expense included in the consolidated statements of income was $51.3 million, $40.4 million, and $35.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities for the years ended December 31, 2024, 2023, and 2022 were $12.8 million, $38.8 million, and $30.9 million with addition of $16.8 million related to ROCA, respectively.

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