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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
We have operating and finance leases for our manufacturing facilities, warehouses, office space, automobiles, and certain equipment. Our leases have remaining lease terms of up to ten years, some of which may include one or more five-year renewal options. We have not included any of the renewal options in our operating lease payments, as we concluded that it is not reasonably certain that we will exercise any of these renewal options. Leases with an initial term of twelve months or
less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Finance leases are not material.
The following tables provide quantitative disclosures related to our operating leases and includes all operating leases acquired from the date of the acquisition (in thousands, except where otherwise indicated):
Year Ended December 31,
Balance Sheet Information20242023
Assets
Operating lease right-of-use assets$109,899 $100,065 
Liabilities
Sundry payables and accrued expenses$19,992 $17,139 
Noncurrent operating lease liabilities98,214 88,974 
Total operating lease liabilities$118,206 $106,113 
Weighted Average Remaining Lease Term7.7 years8.3 years
Weighted Average Discount Rate5.0 %4.8%
Year Ended December 31,
20242023
Lease Expense
Operating lease expense$19,993 $16,434 
Variable and other lease expense(a)
3,907 3,272 
Total lease costs$23,900 $19,706 
(a) Variable and other lease expense relate to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less which are not material.
Year Ended December 31,
20242023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities$18,365 $12,099 
Right-of-use assets obtained in exchange for new lease obligations(a)
$17,873 $66,014 
(a)During the year ended December 31, 2024 includes $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland and $10.8 million of right-of-use assets related to the new lease agreement for our manufacturing facility in Reynosa, Mexico.
Minimum Lease Payments
At December 31, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows (in thousands):
2025$20,889 
202619,169 
202716,906 
202814,579 
202913,990 
Thereafter59,220 
Total lease payments144,753 
Less: Interest(26,547)
Present value of lease liabilities$118,206 
Leases Leases
We have operating and finance leases for our manufacturing facilities, warehouses, office space, automobiles, and certain equipment. Our leases have remaining lease terms of up to ten years, some of which may include one or more five-year renewal options. We have not included any of the renewal options in our operating lease payments, as we concluded that it is not reasonably certain that we will exercise any of these renewal options. Leases with an initial term of twelve months or
less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Finance leases are not material.
The following tables provide quantitative disclosures related to our operating leases and includes all operating leases acquired from the date of the acquisition (in thousands, except where otherwise indicated):
Year Ended December 31,
Balance Sheet Information20242023
Assets
Operating lease right-of-use assets$109,899 $100,065 
Liabilities
Sundry payables and accrued expenses$19,992 $17,139 
Noncurrent operating lease liabilities98,214 88,974 
Total operating lease liabilities$118,206 $106,113 
Weighted Average Remaining Lease Term7.7 years8.3 years
Weighted Average Discount Rate5.0 %4.8%
Year Ended December 31,
20242023
Lease Expense
Operating lease expense$19,993 $16,434 
Variable and other lease expense(a)
3,907 3,272 
Total lease costs$23,900 $19,706 
(a) Variable and other lease expense relate to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less which are not material.
Year Ended December 31,
20242023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities$18,365 $12,099 
Right-of-use assets obtained in exchange for new lease obligations(a)
$17,873 $66,014 
(a)During the year ended December 31, 2024 includes $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland and $10.8 million of right-of-use assets related to the new lease agreement for our manufacturing facility in Reynosa, Mexico.
Minimum Lease Payments
At December 31, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows (in thousands):
2025$20,889 
202619,169 
202716,906 
202814,579 
202913,990 
Thereafter59,220 
Total lease payments144,753 
Less: Interest(26,547)
Present value of lease liabilities$118,206