Leases

9 Months Ended

Sep. 30, 2025

LEASES

Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.


(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Lease Cost
Operating lease cost	$	4,894	$	4,612	$	14,457	$	13,573
Short-term lease cost		2,691		2,718		8,005		8,654
Variable lease cost		395		447		1,163		1,312
Total lease cost	$	7,980	$	7,777	$	23,625	$	23,539
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	4,879	$	4,624	$	14,456	$	13,589
Right-of-use assets obtained in exchange for new operating lease liabilities		755		2,353		1,015		3,901

The following table outlines the maturities of lease liabilities as of September 30, 2025.


(In thousands)
Undiscounted Cash Flows:
2025 (excluding the nine months ended September 30, 2025)	$	5,001
2026		16,004
2027		12,103
2028		9,644
2029		8,883
Subsequent to 2029		30,938
Total Undiscounted Cash Flows	$	82,573
Less: Imputed interest		(11,171	)
Present value	$	71,402
Current operating lease liabilities (1)		14,982
Non-current operating lease liabilities		56,420
Total lease liabilities	$	71,402

(1)

This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.


Weighted-average remaining lease term-operating leases	7 Years
Weighted-average discount rate-operating leases		4.0	%

As of September 30, 2025, the Company had no leases that had not already commenced.