XML 44 R31.htm IDEA: XBRL DOCUMENT v3.24.3

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Expense, Remaining Lease Terms, Discount Rate and Other Information

Information regarding lease expense, remaining lease term, discount rate, and other select lease information are presented below (dollars in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
Lease Costs			2024						2023						2024						2023
Operating lease expense(1)			$	24,615					$	25,285					$	77,045					$	74,711
Short-term lease expense			513						1,346						3,196						4,246
Total lease expense			$	25,128					$	26,631					$	80,241					$	78,957

___________________________ 

(1) Operating lease expense for the three and nine months ended September 30, 2024, includes $0.6 million and $4.8 million respectively, of restructuring charges related to rationalization of our facilities footprint including the early termination or abandonment of select office buildings under operating leases. Refer to Note 13, Restructuring, for further discussion related to our 2024 Restructuring Program.

			Nine Months Ended September 30,
Other Lease Information			2024						2023
Operating cash flows from operating leases			$	72,916					$	72,073
Right-of-use lease assets obtained in exchange for new lease liabilities			57,854						44,184

Lease Term and Discount Rate			As of September 30, 2024						As of December 31, 2023
Weighted average remaining lease term (in years)			5.6						5.9
Weighted average discount rate			4.2		%				3.9		%

Schedule of Maturity of Lease Liabilities

The maturities of lease liabilities as of September 30, 2024, were as follows (in thousands):

Maturity of Lease Liabilities						Operating Leases(1)
Remaining 2024						$	17,514
2025						95,429
2026						81,013
2027						63,626
2028						47,339
Thereafter						109,177
Total lease payments						414,098
Less: Interest						(46,420)
Present value of lease liabilities						$	367,678

_________________________________________

(1) Includes $12.1 million of operating lease liabilities for the Europe Surface Transportation disposal group, which is presented within liabilities held-for-sale on the condensed consolidated balance sheets. Refer to Note 14, Divestitures, for further discussion related to the planned sale of our Europe Surface Transportation business.

X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

+ Details

Name:	us-gaap_LeaseCostTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

+ Details

Name:	us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration