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Leases | 3 Months Ended
--- | ---
Mar. 31, 2025
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 nine 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 include all operating leases acquired from the date of acquisition (in thousands, except where otherwise indicated):
Balance Sheet Information | March 31, 2025 |  | December 31, 2024
Assets |  |  |
Operating lease right-of-use assets | $ | 112,022 |  |  | $ | 109,899 |
Liabilities |  |  |
Sundry payables and accrued expenses | $ | 20,767 |  |  | $ | 19,992 |
Noncurrent operating lease liabilities | 99,885 |  |  | 98,214 |
Total operating lease liabilities | $ | 120,652 |  |  | $ | 118,206 |
Weighted Average Remaining Lease Term | 7.5 Years |  | 7.7 Years
Weighted Average Discount Rate | 5.1 | % |  | 5.0 | %
| Three Months Ended March 31,
Lease Expense | 2025 |  | 2024
Lease expense | $ | 6,223 |  |  | $ | 4,820 |
Variable and other lease expense (a) | 1,728 |  |  | 780 |
Total lease costs | $ | 7,951 |  |  | $ | 5,600 |
(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.
| Three Months Ended March 31,
| 2025 |  | 2024
Supplemental Cash Flow Information |  |  |
Cash paid for the amounts included in the measurement of lease liabilities | $ | 5,819 |  |  | $ | 4,131 |
Right-of-use assets obtained in exchange for new lease obligations (a) | $ | 6,420 |  |  | $ | 5,628 |
(a)Includes $5.7 million related to the lease modification and extension for our manufacturing facility in Reynosa, Mexico and $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland during the three months ended March 31, 2025 and 2024 respectively Minimum Lease Payments At March 31, 2025, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:
2025 | $ | 16,132 |
2026 | 20,572 |
2027 | 18,286 |
2028 | 15,722 |
2029 | 15,041 |
Thereafter | 61,674 |
Total lease payments | $ | 147,427 |
Less: Interest | (26,775) |
Present value of lease liabilities | $ | 120,652 |
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 nine 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 include all operating leases acquired from the date of acquisition (in thousands, except where otherwise indicated):
Balance Sheet Information | March 31, 2025 |  | December 31, 2024
Assets |  |  |
Operating lease right-of-use assets | $ | 112,022 |  |  | $ | 109,899 |
Liabilities |  |  |
Sundry payables and accrued expenses | $ | 20,767 |  |  | $ | 19,992 |
Noncurrent operating lease liabilities | 99,885 |  |  | 98,214 |
Total operating lease liabilities | $ | 120,652 |  |  | $ | 118,206 |
Weighted Average Remaining Lease Term | 7.5 Years |  | 7.7 Years
Weighted Average Discount Rate | 5.1 | % |  | 5.0 | %
| Three Months Ended March 31,
Lease Expense | 2025 |  | 2024
Lease expense | $ | 6,223 |  |  | $ | 4,820 |
Variable and other lease expense (a) | 1,728 |  |  | 780 |
Total lease costs | $ | 7,951 |  |  | $ | 5,600 |
(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.
| Three Months Ended March 31,
| 2025 |  | 2024
Supplemental Cash Flow Information |  |  |
Cash paid for the amounts included in the measurement of lease liabilities | $ | 5,819 |  |  | $ | 4,131 |
Right-of-use assets obtained in exchange for new lease obligations (a) | $ | 6,420 |  |  | $ | 5,628 |
(a)Includes $5.7 million related to the lease modification and extension for our manufacturing facility in Reynosa, Mexico and $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland during the three months ended March 31, 2025 and 2024 respectively Minimum Lease Payments At March 31, 2025, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:
2025 | $ | 16,132 |
2026 | 20,572 |
2027 | 18,286 |
2028 | 15,722 |
2029 | 15,041 |
Thereafter | 61,674 |
Total lease payments | $ | 147,427 |
Less: Interest | (26,775) |
Present value of lease liabilities | $ | 120,652 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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