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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines). The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company’s lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842, “Leases.” Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years. The Company’s leases do not have any significant residual value guarantees or restrictive covenants.
The Company completed the Eviosys acquisition on December 4, 2024. The acquisition included operating lease liabilities of $42,468 with a weighted-average remaining lease maturity term and discount rate of 8.1 years and 4.5%, respectively. The Company completed the acquisitions of the Chattanooga Mill and the remaining interest in RTS Packaging on September 8, 2023, which included operating lease liabilities of $34,604 with a weighted-average remaining lease maturity term and discount rate of 11.5 years and 6.4%, respectively. See Note 4 for additional information about these acquisitions.
The following table sets forth the balance sheet location and values of the Company’s lease assets and lease liabilities at December 31, 2024 and December 31, 2023:
ClassificationBalance Sheet LocationDecember 31, 2024December 31, 2023
Lease Assets
Operating lease assetsRight of Use Asset - Operating Leases$307,688 $233,461 
Finance lease assetsOther Assets76,831 78,949 
Total lease assets$384,519 $312,410 
Lease Liabilities
Current operating lease liabilitiesAccrued expenses and other$52,648 $44,279 
Current finance lease liabilitiesNotes payable and current portion of long-term debt22,284 17,268 
Total current lease liabilities74,932 61,547 
Noncurrent operating lease liabilitiesNoncurrent Operating Lease Liabilities258,735 192,703 
Noncurrent finance lease liabilitiesLong-term Debt, net of current portion45,344 55,341 
Total noncurrent lease liabilities304,079 248,044 
Total lease liabilities$379,011 $309,591 
Certain of the Company’s leases include variable costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, and also non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.
The following table sets forth the components of the Company’s total lease cost for the years ended December 31, 2024, 2023, and 2022:
Lease Cost202420232022
Operating lease cost(a)$49,327 $43,524 $40,485 
Finance lease cost:
     Amortization of lease asset(a) (b)12,871 11,789 10,524 
     Interest on lease liabilities(c)3,711 3,912 4,023 
Variable lease cost(a) (d)31,404 32,016 20,317 
Impairment charges(e)— — 61 
Total lease cost$97,313 $91,241 $75,410 
(a) Production-related and administrative amounts are included in cost of sales and selling, general and administrative expenses, respectively.
(b) Included in depreciation and amortization.
(c) Included in interest expense.
(d) Also includes short-term lease costs, which are deemed immaterial.
(e) Impairment charges are included in “Restructuring/asset impairment charges” in the Company’s Consolidated Statements of Income. See Note 5 for more information.

The following table sets forth the five-year maturity schedule of the Company’s lease liabilities as of December 31, 2024:
Maturity of Lease LiabilitiesOperating LeasesFinance LeasesTotal
2025$55,277 $22,814 $78,091 
202646,883 18,488 65,371 
202740,440 6,038 46,478 
202835,633 5,000 40,633 
202933,545 3,716 37,261 
Beyond 2029183,690 20,795 204,485 
Total lease payments395,468 76,851 472,319 
     Less: Interest84,085 9,223 93,308 
Lease Liabilities$311,383 $67,628 $379,011 
The following tables set forth the Company’s weighted average remaining lease term and discount rates used in the calculation of its outstanding lease liabilities at December 31, 2024, 2023, and 2022, along with other lease-related information for the years ended December 31, 2024, 2023, and 2022:
Lease Term and Discount Rate202420232022
Weighted-average remaining lease term (years):
     Operating leases10.110.010.4
     Finance leases6.77.17.7
Weighted-average discount rate:
     Operating leases4.97%5.07%4.22%
     Finance leases5.16%5.27%5.29%
Other Information202420232022
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows used by operating leases $48,380 $43,638 $40,595 
     Operating cash flows used by finance leases$3,711 $3,912 $4,023 
     Financing cash flows used by finance leases$15,433 $14,617 $11,090 
Leased assets obtained in exchange for new operating lease liabilities$66,585 $18,225 $32,860 
Leased assets obtained in exchange for new finance lease liabilities$11,925 $7,755 $9,349 
Modification to leased assets for increase in operating lease liabilities$37,731 $4,431 $1,215 
Modification to leased assets for increase/(decrease) in finance lease liabilities$53 $18 $(841)
Termination reclasses to decrease operating lease assets$5,765 $5,702 $(3,695)
Termination reclasses to decrease operating lease liabilities$5,768 $6,063 $(4,015)
Termination reclasses to decrease finance lease assets$270 $1,429 $(44)
Termination reclasses to decrease finance lease liabilities$271 $482 $(44)
Leases Leases
The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines). The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company’s lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842, “Leases.” Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years. The Company’s leases do not have any significant residual value guarantees or restrictive covenants.
The Company completed the Eviosys acquisition on December 4, 2024. The acquisition included operating lease liabilities of $42,468 with a weighted-average remaining lease maturity term and discount rate of 8.1 years and 4.5%, respectively. The Company completed the acquisitions of the Chattanooga Mill and the remaining interest in RTS Packaging on September 8, 2023, which included operating lease liabilities of $34,604 with a weighted-average remaining lease maturity term and discount rate of 11.5 years and 6.4%, respectively. See Note 4 for additional information about these acquisitions.
The following table sets forth the balance sheet location and values of the Company’s lease assets and lease liabilities at December 31, 2024 and December 31, 2023:
ClassificationBalance Sheet LocationDecember 31, 2024December 31, 2023
Lease Assets
Operating lease assetsRight of Use Asset - Operating Leases$307,688 $233,461 
Finance lease assetsOther Assets76,831 78,949 
Total lease assets$384,519 $312,410 
Lease Liabilities
Current operating lease liabilitiesAccrued expenses and other$52,648 $44,279 
Current finance lease liabilitiesNotes payable and current portion of long-term debt22,284 17,268 
Total current lease liabilities74,932 61,547 
Noncurrent operating lease liabilitiesNoncurrent Operating Lease Liabilities258,735 192,703 
Noncurrent finance lease liabilitiesLong-term Debt, net of current portion45,344 55,341 
Total noncurrent lease liabilities304,079 248,044 
Total lease liabilities$379,011 $309,591 
Certain of the Company’s leases include variable costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, and also non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.
The following table sets forth the components of the Company’s total lease cost for the years ended December 31, 2024, 2023, and 2022:
Lease Cost202420232022
Operating lease cost(a)$49,327 $43,524 $40,485 
Finance lease cost:
     Amortization of lease asset(a) (b)12,871 11,789 10,524 
     Interest on lease liabilities(c)3,711 3,912 4,023 
Variable lease cost(a) (d)31,404 32,016 20,317 
Impairment charges(e)— — 61 
Total lease cost$97,313 $91,241 $75,410 
(a) Production-related and administrative amounts are included in cost of sales and selling, general and administrative expenses, respectively.
(b) Included in depreciation and amortization.
(c) Included in interest expense.
(d) Also includes short-term lease costs, which are deemed immaterial.
(e) Impairment charges are included in “Restructuring/asset impairment charges” in the Company’s Consolidated Statements of Income. See Note 5 for more information.

The following table sets forth the five-year maturity schedule of the Company’s lease liabilities as of December 31, 2024:
Maturity of Lease LiabilitiesOperating LeasesFinance LeasesTotal
2025$55,277 $22,814 $78,091 
202646,883 18,488 65,371 
202740,440 6,038 46,478 
202835,633 5,000 40,633 
202933,545 3,716 37,261 
Beyond 2029183,690 20,795 204,485 
Total lease payments395,468 76,851 472,319 
     Less: Interest84,085 9,223 93,308 
Lease Liabilities$311,383 $67,628 $379,011 
The following tables set forth the Company’s weighted average remaining lease term and discount rates used in the calculation of its outstanding lease liabilities at December 31, 2024, 2023, and 2022, along with other lease-related information for the years ended December 31, 2024, 2023, and 2022:
Lease Term and Discount Rate202420232022
Weighted-average remaining lease term (years):
     Operating leases10.110.010.4
     Finance leases6.77.17.7
Weighted-average discount rate:
     Operating leases4.97%5.07%4.22%
     Finance leases5.16%5.27%5.29%
Other Information202420232022
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows used by operating leases $48,380 $43,638 $40,595 
     Operating cash flows used by finance leases$3,711 $3,912 $4,023 
     Financing cash flows used by finance leases$15,433 $14,617 $11,090 
Leased assets obtained in exchange for new operating lease liabilities$66,585 $18,225 $32,860 
Leased assets obtained in exchange for new finance lease liabilities$11,925 $7,755 $9,349 
Modification to leased assets for increase in operating lease liabilities$37,731 $4,431 $1,215 
Modification to leased assets for increase/(decrease) in finance lease liabilities$53 $18 $(841)
Termination reclasses to decrease operating lease assets$5,765 $5,702 $(3,695)
Termination reclasses to decrease operating lease liabilities$5,768 $6,063 $(4,015)
Termination reclasses to decrease finance lease assets$270 $1,429 $(44)
Termination reclasses to decrease finance lease liabilities$271 $482 $(44)