Leases

12 Months Ended

Dec. 31, 2024

The Company has operating leases for facilities, vehicles, and machinery and equipment with remaining lease terms up to 10 years. In addition, the Company has land use leases with remaining lease terms up to 90 years.

The Company’s finance leases are included in PP&E in the Consolidated Balance Sheets. See Note 14, Property, Plant and Equipment, for additional information. The Company has no material variable lease costs or sublease income for the years ended December 31, 2024, 2023 and 2022.

During the year ended December 31, 2024, the Company entered into a new lease agreement for office and laboratory space in Radnor, PA for the purposes of relocating its global headquarters. The lease is expected to commence in the third quarter of 2025 with a total lease commitment of $79.7 million.

The components of the Company’s lease expense for the years ended December 31, 2024, 2023 and 2022 are as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease expense	$	15,096	$	14,981	$	15,171
Short-term lease expense	807		760		816

Supplemental cash flow information related to the Company’s leases is as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,923	$	16,020	$	19,215

Non-cash lease liabilities activity
Leased right-of-use assets obtained in exchange for new operating lease liabilities	9,792		10,044		23,356

Supplemental balance sheet information related to the Company’s leases is as follows:


	December 31, 2024			December 31, 2023
Right-of-use lease assets	$	34,120		$	38,614

Other accrued liabilities	10,619			11,965
Long-term lease liabilities	20,028			22,937
Total operating lease liabilities	$	30,647		$	34,902

Weighted average remaining lease term (years)	5.0			5.1
Weighted average discount rate	5.63		%	4.91		%

Maturities of operating lease liabilities as of December 31, 2024 were as follows:



For the year ended December 31, 2025	$	12,753
For the year ended December 31, 2026	9,006
For the year ended December 31, 2027	5,112
For the year ended December 31, 2028	2,974
For the year ended December 31, 2029	1,724
For the year ended December 31, 2030 and beyond	4,827
Total lease payments	36,396
Less: imputed interest	(5,749)
Present value of lease liabilities (1)	$	30,647

(1) The $79.7 million of future lease commitments for the office and laboratory lease that is expected to commence in the third quarter of 2025 was not included in the lease liabilities balance as of December 31, 2024.