Leases

6 Months Ended

Jun. 30, 2026

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease Cost
Operating lease cost	$	4,771	$	4,801	$	9,393	$	9,563
Short-term lease cost		2,270		2,796		4,972		5,314
Variable lease cost		274		393		615		768
Total lease cost	$	7,315	$	7,990	$	14,980	$	15,645
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	4,729	$	4,801	$	9,305	$	9,577
Right-of-use assets obtained in exchange for new operating lease liabilities		886		38		1,202		260

The following table outlines the maturities of lease liabilities as of June 30, 2026.


(In thousands)
Undiscounted Cash Flows:
2026 (excluding the six months ended June 30, 2026)	$	9,197
2027		14,181
2028		9,820
2029		8,617
2030		7,193
Subsequent to 2030		17,619
Total Undiscounted Cash Flows	$	66,627
Less: Imputed interest		(6,632	)
Present value	$	59,995
Current operating lease liabilities (1)		14,967
Non-current operating lease liabilities		45,028
Total lease liabilities	$	59,995

(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	6 Years
Weighted-average discount rate-operating leases		3.9	%

As of June 30, 2026, the Company had no leases that had not commenced.